GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

1.4%

9,252

Axon

Enterprise,

Inc.*

$

2,304,303

18,484

Lockheed

Martin

Corp.

7,937,214

12,413

Northrop

Grumman

Corp.

5,545,632

15,787,149

Automobiles

–

1.8%

110,548

Tesla,

Inc.*

20,704,535

Beverages

–

1.2%

244,051

Monster

Beverage

Corp.*

13,427,686

Biotechnology

–

1.1%

13,679

AbbVie,

Inc.

2,248,827

1,852

Natera,

Inc.*

122,121

61,684

Neurocrine

Biosciences,

Inc.*

8,621,573

14,294

Sarepta

Therapeutics,

Inc.*

1,700,843

12,693,364

Broadline

Retail

–

5.8%

420,873

Amazon.com,

Inc.*

65,319,489

10,775

Ollie's

Bargain

Outlet

Holdings,

Inc.*

775,046

66,094,535

Building

Products

–

0.1%

9,078

Advanced

Drainage

Systems,

Inc.

1,183,953

Capital

Markets

–

1.3%

12,314

Ameriprise

Financial,

Inc.

4,763,425

27,908

Coinbase

Global,

Inc.,

Class

A*

3,577,805

3,985

FactSet

Research

Systems,

Inc.

1,896,541

16,876

Morningstar,

Inc.

4,713,467

14,951,238

Communications

Equipment

–

0.8%

6,974

Arista

Networks,

Inc.*

1,804,034

22,496

Motorola

Solutions,

Inc.

7,187,472

8,991,506

Consumer

Finance

–

0.1%

22,189

OneMain

Holdings,

Inc.

1,056,196

Consumer

Staples

Distribution

&

Retail

–

2.3%

37,922

Costco

Wholesale

Corp.

26,351,239

Distributors

–

0.1%

4,730

Pool

Corp.

1,756,013

Diversified

Consumer

Services

–

0.4%

14,127

Grand

Canyon

Education,

Inc.*

1,844,845

58,402

H&R

Block,

Inc.

2,735,550

4,580,395

Electrical

Equipment

–

0.6%

27,958

Rockwell

Automation,

Inc.

7,081,202

Entertainment

–

1.6%

31,940

Netflix,

Inc.*

18,017,673

Financial

Services

–

3.5%

30,124

Equitable

Holdings,

Inc.

984,754

12,902

Mastercard,

Inc.,

Class

A

5,795,965

120,716

Visa,

Inc.,

Class

A

32,986,854

39,767,573

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Food

Products

–

1.0%

178,167

General

Mills,

Inc.

$

11,564,820

Ground

Transportation

–

0.3%

275,844

Lyft,

Inc.,

Class

A*

3,445,292

Health

Care

Equipment

&

Supplies

–

0.1%

13,121

Edwards

Lifesciences

Corp.*

1,029,605

Health

Care

Providers

&

Services

–

1.6%

35,439

UnitedHealth

Group,

Inc.

18,135,554

Health

Care

Technology

–

0.9%

51,121

Veeva

Systems,

Inc.,

Class

A*

10,603,007

Hotel

&

Resort

REITs

–

1.2%

503,593

Host

Hotels

&

Resorts,

Inc.

REIT

9,679,057

263,924

Park

Hotels

&

Resorts,

Inc.

REIT

3,979,974

13,659,031

Hotels,

Restaurants

&

Leisure

–

3.3%

77,579

Airbnb,

Inc.,

Class

A*

11,182,237

3,038

Booking

Holdings,

Inc.*

10,655,694

6,184

Chipotle

Mexican

Grill,

Inc.*

14,895,834

1,511

Wingstop,

Inc.

424,757

37,158,522

Household

Products

–

0.5%

48,822

Kimberly-Clark

Corp.

5,905,997

Industrial

REITs

–

0.1%

19,585

Rexford

Industrial

Realty,

Inc.

REIT

1,029,975

Insurance

–

2.3%

23,673

Kinsale

Capital

Group,

Inc.

9,411,675

91,394

Progressive

Corp.

(The)

16,290,980

25,702,655

Interactive

Media

&

Services

–

10.6%

216,194

Alphabet,

Inc.,

Class

A*

30,288,780

369,228

Alphabet,

Inc.,

Class

C*

52,356,530

97,213

Meta

Platforms,

Inc.,

Class

A*

37,926,680

120,571,990

IT

Services

–

0.7%

40,921

Cloudflare,

Inc.,

Class

A*

3,234,805

1,148

Gartner,

Inc.*

525,141

2,705

Globant

SA*

637,866

2,417

MongoDB,

Inc.*

968,057

13,235

Okta,

Inc.*

1,093,873

5,684

Snowflake,

Inc.,

Class

A*

1,112,018

7,571,760

Leisure

Products

–

0.3%

73,689

YETI

Holdings,

Inc.*

3,240,105

Life

Sciences

Tools

&

Services

–

2.3%

90,761

Bruker

Corp.

6,490,319

43,528

IQVIA

Holdings,

Inc.*

9,063,836

22,607

Medpace

Holdings,

Inc.*

6,591,749

3,707

Mettler-Toledo

International,

Inc.*

4,437,983

26,583,887

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Additional

Investment

Information 

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Media

–

1.0%

164,444

Trade

Desk,

Inc.

(The),

Class

A*

$

11,252,903

Oil,

Gas

&

Consumable

Fuels

–

0.8%

55,572

Cheniere

Energy,

Inc.

9,113,252

Pharmaceuticals

–

1.6%

20,969

Eli

Lilly

&

Co.

13,537,796

26,279

Zoetis,

Inc.

4,935,459

18,473,255

Professional

Services

–

0.1%

6,949

Equifax,

Inc.

1,697,919

Real

Estate

Management

&

Development

–

0.2%

25,321

CoStar

Group,

Inc.*

2,113,797

Semiconductors

&

Semiconductor

Equipment

–

8.4%

45,696

Applied

Materials,

Inc.

7,507,853

9,908

Broadcom,

Inc.

11,691,440

3,245

KLA

Corp.

1,927,660

43,997

Lattice

Semiconductor

Corp.*

2,677,658

2,668

Microchip

Technology,

Inc.

227,260

5,582

Monolithic

Power

Systems,

Inc.

3,364,383

101,915

NVIDIA

Corp.

62,705,242

33,770

Texas

Instruments,

Inc.

5,407,252

95,508,748

Software

–

22.8%

2,537

Adobe,

Inc.*

1,567,308

68,568

Confluent,

Inc.,

Class

A*

1,533,180

49,789

Crowdstrike

Holdings,

Inc.,

Class

A*

14,563,283

31,484

DocuSign,

Inc.*

1,918,005

368,308

Dropbox,

Inc.,

Class

A*

11,667,997

31,478

Intuit,

Inc.

19,873,006

42,432

Manhattan

Associates,

Inc.*

10,292,306

366,522

Microsoft

Corp.

145,721,817

75,317

Salesforce,

Inc.*

21,170,856

24,642

ServiceNow,

Inc.*

18,860,987

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

20,717

Smartsheet,

Inc.,

Class

A*

$

931,643

25,782

UiPath,

Inc.,

Class

A*

592,470

44,074

Zscaler,

Inc.*

10,386,920

259,079,778

Specialty

Retail

–

2.4%

6,219

Burlington

Stores,

Inc.*

1,188,762

43,380

Five

Below,

Inc.*

7,784,975

13,166

Home

Depot,

Inc.

(The)

4,647,071

95,371

Ross

Stores,

Inc.

13,378,644

26,999,452

Technology

Hardware,

Storage

&

Peripherals

–

13.5%

754,003

Apple,

Inc.

139,038,153

150,868

Dell

Technologies,

Inc.,

Class

C

12,503,940

114,202

Hewlett

Packard

Enterprise

Co.

1,746,149

153,288,242

Textiles,

Apparel

&

Luxury

Goods

–

0.3%

7,214

Lululemon

Athletica,

Inc.*

3,273,858

Trading

Companies

&

Distributors

–

0.2%

11,377

Ferguson

PLC

2,137,283

TOTAL

INVESTMENTS

–

98.6%

(Cost

$686,210,865)

$

1,121,584,944

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

15,686,134

NET

ASSETS

–

100.0%

$

1,137,271,078

  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.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

January

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

20

03/15/24

$

4,870,500

$

103,711

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Aerospace

&

Defense

–

3.3%

12,095

Curtiss-Wright

Corp.

$

2,691,984

15,897

General

Dynamics

Corp.

4,212,546

10,530

Northrop

Grumman

Corp.

4,704,383

1,459

Woodward,

Inc.

201,006

11,809,919

Air

Freight

&

Logistics

–

1.3%

32,045

United

Parcel

Service,

Inc.,

Class

B

4,547,186

Automobile

Components

–

1.3%

8,473

Aptiv

PLC*

689,109

29,184

Lear

Corp.

3,878,554

4,567,663

Automobiles

–

0.1%

15,487

Rivian

Automotive,

Inc.,

Class

A*

237,106

Banks

–

4.8%

235,742

Bank

of

America

Corp.

8,017,586

998

BOK

Financial

Corp.

83,672

10,925

Cullen/Frost

Bankers,

Inc.

1,159,361

877

First

Citizens

BancShares,

Inc.,

Class

A

1,324,270

30,357

JPMorgan

Chase &

Co.

5,293,047

1,833

M&T

Bank

Corp.

253,137

17,678

Prosperity

Bancshares,

Inc.

1,129,801

17,260,874

Biotechnology

–

1.1%

28,263

Gilead

Sciences,

Inc.

2,211,862

18,771

Moderna,

Inc.*

1,896,810

4,108,672

Building

Products

–

0.7%

6,072

Lennox

International,

Inc.

2,599,788

Capital

Markets

–

5.6%

39,079

Bank

of

New

York

Mellon

Corp.

(The)

2,167,321

21,572

CME

Group,

Inc.

4,440,381

18,492

Coinbase

Global,

Inc.,

Class

A*

2,370,675

28,463

Interactive

Brokers

Group,

Inc.,

Class

A

2,526,091

51,807

Nasdaq,

Inc.

2,992,890

50,153

Northern

Trust

Corp.

3,994,185

25,647

Robinhood

Markets,

Inc.,

Class

A*

275,449

2,636

Stifel

Financial

Corp.

192,296

1,384

Tradeweb

Markets,

Inc.,

Class

A

132,020

34,466

XP,

Inc.,

Class

A

(Brazil)

847,174

19,938,482

Chemicals

–

3.3%

24,391

Axalta

Coating

Systems

Ltd.*

790,756

14,120

Corteva,

Inc.

642,178

24,767

Dow,

Inc.

1,327,511

2,386

International

Flavors

&

Fragrances,

Inc.

192,503

15,299

Linde

PLC

6,193,494

2,231

PPG

Industries,

Inc.

314,660

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Chemicals

–

(continued)

22,140

RPM

International,

Inc.

$

2,361,452

11,822,554

Communications

Equipment

–

2.0%

142,378

Cisco

Systems,

Inc.

7,144,528

Construction

Materials

–

1.9%

7,653

Martin

Marietta

Materials,

Inc.

3,890,938

13,200

Vulcan

Materials

Co.

2,983,332

6,874,270

Consumer

Finance

–

2.4%

35,577

Capital

One

Financial

Corp.

4,814,280

30,962

OneMain

Holdings,

Inc.

1,473,791

61,279

Synchrony

Financial

2,381,915

8,669,986

Consumer

Staples

Distribution

&

Retail

–

1.5%

5,302

Costco

Wholesale

Corp.

3,684,254

32,211

Grocery

Outlet

Holding

Corp.*

798,188

6,363

Walmart,

Inc.

1,051,486

5,533,928

Distributors

–

0.6%

48,314

LKQ

Corp.

2,254,814

Diversified

Consumer

Services

–

0.2%

5,805

Grand

Canyon

Education,

Inc.*

758,075

Electric

Utilities

–

2.9%

13,181

Constellation

Energy

Corp.

1,608,082

964

Edison

International

65,051

22,378

Entergy

Corp.

2,232,429

63,382

Exelon

Corp.

2,206,327

72,016

Xcel

Energy,

Inc.

4,311,598

10,423,487

Electrical

Equipment

–

2.3%

28,479

AMETEK,

Inc.

4,615,022

57,553

nVent

Electric

PLC

3,455,482

8,070,504

Electronic

Equipment,

Instruments

&

Components

–

0.1%

10,398

Avnet,

Inc.

471,029

Energy

Equipment

&

Services

–

1.1%

68,963

Baker

Hughes

Co.

1,965,445

36,184

Schlumberger

NV

1,762,161

5,668

TechnipFMC

PLC

(United

Kingdom)

109,619

3,837,225

Entertainment

–

1.4%

29,144

Electronic

Arts,

Inc.

4,009,631

1,971

Netflix,

Inc.*

1,111,861

5,121,492

Financial

Services

–

6.1%

13,991

Affirm

Holdings,

Inc.*

566,775

42,912

Berkshire

Hathaway,

Inc.,

Class

B*

16,467,051

21,404

Fiserv,

Inc.*

3,036,586

6,500

Visa,

Inc.,

Class

A

1,776,190

21,846,602

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Food

Products

–

1.2%

68,970

General

Mills,

Inc.

$

4,476,843

Gas

Utilities

–

0.6%

20,363

Atmos

Energy

Corp.

2,320,160

Ground

Transportation

–

0.2%

22,407

CSX

Corp.

799,930

Health

Care

Equipment

&

Supplies

–

1.6%

90,841

Boston

Scientific

Corp.*

5,746,602

Health

Care

Providers

&

Services

–

4.7%

18,353

Centene

Corp.*

1,382,165

10,737

Elevance

Health,

Inc.

5,298,065

27,709

Encompass

Health

Corp.

1,968,447

901

Humana,

Inc.

340,632

369

Laboratory

Corp.

of

America

Holdings

82,029

24,144

Quest

Diagnostics,

Inc.

3,100,814

885

UnitedHealth

Group,

Inc.

452,890

26,368

Universal

Health

Services,

Inc.,

Class

B

4,187,502

16,812,544

Health

Care

REITs

–

0.7%

30,844

Welltower,

Inc.

REIT

2,668,314

Hotel

&

Resort

REITs

–

1.8%

210,078

Host

Hotels

&

Resorts,

Inc.

REIT

4,037,699

149,882

Park

Hotels

&

Resorts,

Inc.

REIT

2,260,221

6,297,920

Hotels,

Restaurants

&

Leisure

–

0.9%

118,110

Carnival

Corp.*

1,958,264

274

Chipotle

Mexican

Grill,

Inc.*

660,003

4,720

Wynn

Resorts

Ltd.

445,709

3,063,976

Household

Durables

–

2.3%

30,950

D.R.

Horton,

Inc.

4,423,064

36,182

PulteGroup,

Inc.

3,783,190

8,206,254

Household

Products

–

1.2%

22,175

Kimberly-Clark

Corp.

2,682,510

9,509

Procter &

Gamble

Co.

(The)

1,494,244

4,176,754

Industrial

REITs

–

1.2%

35,029

First

Industrial

Realty

Trust,

Inc.

REIT

1,804,694

47,929

Rexford

Industrial

Realty,

Inc.

REIT

2,520,586

4,325,280

Insurance

–

4.2%

13,867

Arch

Capital

Group

Ltd.*

1,143,057

23,369

CNA

Financial

Corp.

1,029,872

4,188

Globe

Life,

Inc.

514,370

25,801

Principal

Financial

Group,

Inc.

2,040,859

24,359

Progressive

Corp.

(The)

4,341,992

22,563

Travelers

Cos.,

Inc.

(The)

4,768,916

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

13,580

W

R

Berkley

Corp.

$

1,111,930

14,950,996

IT

Services

–

3.2%

28,515

International

Business

Machines

Corp.

5,237,065

30,859

Okta,

Inc.*

2,550,496

17,866

VeriSign,

Inc.*

3,553,190

11,340,751

Life

Sciences

Tools

&

Services

–

0.2%

2,005

Bio-Rad

Laboratories,

Inc.,

Class

A*

643,384

1,035

IQVIA

Holdings,

Inc.*

215,518

858,902

Machinery

–

2.3%

17,916

Otis

Worldwide

Corp.

1,584,491

9,876

Parker-Hannifin

Corp.

4,587,402

17,098

Westinghouse

Air

Brake

Technologies

Corp.

2,249,584

8,421,477

Media

–

1.4%

1,630

Cable

One,

Inc.

894,756

60,338

News

Corp.,

Class

A

1,486,728

71,018

Paramount

Global,

Class

B

1,036,153

21,358

Trade

Desk,

Inc.

(The),

Class

A*

1,461,528

4,879,165

Metals

&

Mining

–

1.5%

4,855

Nucor

Corp.

907,545

8,264

Royal

Gold,

Inc.

945,319

27,704

Steel

Dynamics,

Inc.

3,343,596

5,196,460

Oil,

Gas

&

Consumable

Fuels

–

5.4%

80,774

Antero

Resources

Corp.*

1,804,491

21,255

Cheniere

Energy,

Inc.

3,485,607

6,378

Chevron

Corp.

940,309

20,262

ConocoPhillips

2,266,710

54,002

Devon

Energy

Corp.

2,269,164

35,604

Exxon

Mobil

Corp.

3,660,447

125,739

Kinder

Morgan,

Inc.

2,127,504

4,943

Marathon

Petroleum

Corp.

818,561

13,323

Valero

Energy

Corp.

1,850,565

19,223,358

Personal

Care

Products

–

0.4%

71,236

Kenvue,

Inc.

1,478,859

Pharmaceuticals

–

4.2%

94,058

Bristol-Myers

Squibb

Co.

4,596,614

48,063

Johnson &

Johnson

7,637,211

4,118

Merck &

Co.,

Inc.

497,372

81,526

Royalty

Pharma

PLC,

Class

A

2,314,523

15,045,720

Professional

Services

–

0.3%

6,304

FTI

Consulting,

Inc.*

1,207,909

Real

Estate

Management

&

Development

–

0.4%

26,353

Zillow

Group,

Inc.,

Class

C*

1,497,905

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

3.4%

84,831

American

Homes

4

Rent,

Class

A

REIT

$

2,973,327

23,409

AvalonBay

Communities,

Inc.

REIT

4,190,445

18,181

Equity

Residential

REIT

1,094,314

118,574

Invitation

Homes,

Inc.

REIT

3,904,642

12,162,728

Semiconductors

&

Semiconductor

Equipment

–

2.6%

25,712

Intel

Corp.

1,107,673

46,702

Micron

Technology,

Inc.

4,004,697

14,648

Skyworks

Solutions,

Inc.

1,530,130

17,850

Texas

Instruments,

Inc.

2,858,142

9,500,642

Software

–

1.9%

423

Crowdstrike

Holdings,

Inc.,

Class

A*

123,727

5,572

Dropbox,

Inc.,

Class

A*

176,521

11,415

Oracle

Corp.

1,275,056

16,299

Salesforce,

Inc.*

4,581,486

10,800

Zoom

Video

Communications,

Inc.,

Class

A*

697,788

6,854,578

Specialized

REITs

–

0.3%

5,436

SBA

Communications

Corp.

REIT

1,216,903

Specialty

Retail

–

0.9%

22,721

Ross

Stores,

Inc.

3,187,302

Technology

Hardware,

Storage

&

Peripherals

–

2.6%

7,970

Apple,

Inc.

1,469,668

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

(continued)

48,363

Dell

Technologies,

Inc.,

Class

C

$

4,008,325

257,230

Hewlett

Packard

Enterprise

Co.

3,933,047

9,411,040

Textiles,

Apparel

&

Luxury

Goods

–

1.2%

15,876

Ralph

Lauren

Corp.

2,280,905

29,913

Skechers

USA,

Inc.,

Class

A*

1,867,768

4,148,673

Tobacco

–

0.5%

21,160

Philip

Morris

International,

Inc.

1,922,386

Trading

Companies

&

Distributors

–

1.7%

47,941

Core

&

Main,

Inc.,

Class

A*

1,980,443

21,962

Ferguson

PLC

4,125,781

6,106,224

TOTAL

INVESTMENTS

–

99.0%

(Cost

$321,767,557)

$

355,404,739

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.0%

3,767,917

NET

ASSETS

–

100.0%

$

359,172,656

  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.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

January

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

1

03/15/24

$

243,525

$

2,950

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.4%

Aerospace

&

Defense

–

0.6%

19,820

AAR

Corp.*

$

1,205,452

12,926

Cadre

Holdings,

Inc.

439,355

11,770

National

Presto

Industries,

Inc.

931,831

2,576,638

Automobile

Components

–

1.9%

36,017

Adient

PLC*

1,250,150

80,853

Atmus

Filtration

Technologies,

Inc.*

(a)

1,805,448

6,212

Dorman

Products,

Inc.*

505,719

3,254

Fox

Factory

Holding

Corp.*

205,132

180,429

Goodyear

Tire

&

Rubber

Co.

(The)*

2,515,180

25,753

Holley,

Inc.*

122,842

14,449

Modine

Manufacturing

Co.*

998,281

7,402,752

Banks

–

8.6%

28,001

Amalgamated

Financial

Corp.

743,707

33,912

Ameris

Bancorp

1,683,392

5,283

Axos

Financial,

Inc.*

292,837

15,464

BancFirst

Corp.

1,368,719

36,008

Bancorp,

Inc.

(The)*

1,571,389

13,131

BankUnited,

Inc.

371,082

8,894

Banner

Corp.

414,282

2,103

Business

First

Bancshares,

Inc.

47,423

20,551

Byline

Bancorp,

Inc.

448,834

6,775

Capital

City

Bank

Group,

Inc.

193,629

57,848

Central

Pacific

Financial

Corp.

1,114,731

3,202

Civista

Bancshares,

Inc.

54,722

6,122

Community

Trust

Bancorp,

Inc.

254,063

78,211

CVB

Financial

Corp.

1,311,598

2,139

Esquire

Financial

Holdings,

Inc.

106,651

6,945

First

Bancorp,

Inc.

(The)

173,625

97,839

First

BanCorp.

(Puerto

Rico)

1,631,955

3,367

First

Bancshares,

Inc.

(The)

85,623

89,191

First

Commonwealth

Financial

Corp.

1,249,566

39,381

First

Financial

Bancorp

882,922

11,423

First

Financial

Bankshares,

Inc.

356,740

2,595

Fulton

Financial

Corp.

40,456

30,022

Hancock

Whitney

Corp.

1,354,292

58,535

Hanmi

Financial

Corp.

980,461

8,456

Heartland

Financial

USA,

Inc.

299,934

8,049

Heritage

Commerce

Corp.

71,556

64,299

Heritage

Financial

Corp.

1,295,625

3,912

Home

Bancorp,

Inc.

155,776

2,460

HomeTrust

Bancshares,

Inc.

66,789

6,512

Hope

Bancorp,

Inc.

72,153

10,085

Independent

Bank

Corp.

256,562

30,352

International

Bancshares

Corp.

1,604,407

4,589

Macatawa

Bank

Corp.

48,919

6,385

Metrocity

Bankshares,

Inc.

152,601

39,697

National

Bank

Holdings

Corp.,

Class

A

1,389,395

18,159

Northeast

Community

Bancorp,

Inc.

312,880

39,178

OFG

Bancorp

(Puerto

Rico)

1,440,575

31,861

Old

Second

Bancorp,

Inc.

433,947

2,926

Origin

Bancorp,

Inc.

89,243

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

22,687

PCB

Bancorp

$

380,007

1,812

Peoples

Bancorp,

Inc.

53,092

16,351

Preferred

Bank

1,174,656

78,437

Provident

Financial

Services,

Inc.

1,298,132

15,585

Renasant

Corp.

492,954

43,165

Southside

Bancshares,

Inc.

1,351,064

26,422

Texas

Capital

Bancshares,

Inc.*

1,611,742

4,325

Timberland

Bancorp,

Inc.

120,970

39,394

TrustCo

Bank

Corp.

1,138,487

21,319

UMB

Financial

Corp.

1,758,817

11,190

Veritex

Holdings,

Inc.

235,102

1,754

WesBanco,

Inc.

51,462

473

Westamerica

BanCorp

22,572

34,112,118

Beverages

–

0.4%

116,349

Primo

Water

Corp.

1,696,368

Biotechnology

–

6.2%

21,152

89bio,

Inc.*

209,405

18,301

ACADIA

Pharmaceuticals,

Inc.*

474,179

4,423

ADMA

Biologics,

Inc.*

22,955

9,825

Agios

Pharmaceuticals,

Inc.*

222,241

14,675

Allogene

Therapeutics,

Inc.*

51,656

5,286

Alpine

Immune

Sciences,

Inc.*

140,660

10,692

AnaptysBio,

Inc.*

252,331

1,417

Apogee

Therapeutics,

Inc.*

47,469

4,177

Arcturus

Therapeutics

Holdings,

Inc.*

137,716

23,482

Arcus

Biosciences,

Inc.*

355,517

201,641

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

1,520,373

4,485

BioCryst

Pharmaceuticals,

Inc.*

23,771

25,517

Biohaven

Ltd.*

1,134,996

2,087

Blueprint

Medicines

Corp.*

165,979

7,505

Bridgebio

Pharma,

Inc.*

257,346

14,343

Cogent

Biosciences,

Inc.*

63,539

67,507

Coherus

Biosciences,

Inc.*

(a)

145,140

9,709

Cytokinetics,

Inc.*

758,564

5,242

Day

One

Biopharmaceuticals,

Inc.*

78,892

66,354

Deciphera

Pharmaceuticals,

Inc.*

950,189

62,052

Design

Therapeutics,

Inc.*

147,063

6,367

Eagle

Pharmaceuticals,

Inc.*

37,311

45,810

Emergent

BioSolutions,

Inc.*

76,503

17,031

Enanta

Pharmaceuticals,

Inc.*

206,927

20,886

Erasca,

Inc.*

34,880

45,602

Generation

Bio

Co.*

85,732

8,262

Ideaya

Biosciences,

Inc.*

359,645

65,911

Iovance

Biotherapeutics,

Inc.*

509,492

37,160

iTeos

Therapeutics,

Inc.*

369,742

1,593

Keros

Therapeutics,

Inc.*

88,188

84,385

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

1,487,708

43,533

Kodiak

Sciences,

Inc.*

174,567

9,012

Krystal

Biotech,

Inc.*

1,002,585

15,347

Kura

Oncology,

Inc.*

309,089

8,630

Kymera

Therapeutics,

Inc.*

282,891

27,683

MacroGenics,

Inc.*

395,867

262,633

MannKind

Corp.*

877,194

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

8,099

Mirum

Pharmaceuticals,

Inc.*

$

214,300

11,866

Morphic

Holding,

Inc.*

376,034

5,427

Mural

Oncology

PLC*

23,825

37,572

Nurix

Therapeutics,

Inc.*

296,819

36,292

Olema

Pharmaceuticals,

Inc.*

473,248

90,020

PMV

Pharmaceuticals,

Inc.*

158,435

83,968

Poseida

Therapeutics,

Inc.*

288,850

56,328

Relay

Therapeutics,

Inc.*

521,034

2,213

REVOLUTION

Medicines,

Inc.*

61,411

14,648

Rhythm

Pharmaceuticals,

Inc.*

646,123

30,309

Rigel

Pharmaceuticals,

Inc.*

35,462

19,152

Rocket

Pharmaceuticals,

Inc.*

550,237

21,660

Sana

Biotechnology,

Inc.*

118,913

17,798

SpringWorks

Therapeutics,

Inc.*

785,426

150,714

Sutro

Biopharma,

Inc.*

654,099

22,614

Syndax

Pharmaceuticals,

Inc.*

463,361

73,900

TG

Therapeutics,

Inc.*

1,200,136

21,548

Veracyte,

Inc.*

539,131

28,780

Verve

Therapeutics,

Inc.*

311,400

95,945

Viking

Therapeutics,

Inc.*

2,316,112

6,529

Viridian

Therapeutics,

Inc.*

125,683

75,722

Y-mAbs

Therapeutics,

Inc.*

968,484

24,586,825

Broadline

Retail

–

0.0%

12,473

Big

Lots,

Inc.

71,595

107

Dillard's,

Inc.,

Class

A

41,438

4,282

Savers

Value

Village,

Inc.*

80,031

193,064

Building

Products

–

1.0%

16,223

American

Woodmark

Corp.*

1,480,836

156,888

Masterbrand,

Inc.*

2,207,414

11,594

Resideo

Technologies,

Inc.*

194,431

320

Simpson

Manufacturing

Co.,

Inc.

57,917

3,940,598

Capital

Markets

–

1.0%

21,062

AssetMark

Financial

Holdings,

Inc.*

645,972

14,316

Moelis

&

Co.,

Class

A

786,951

31,036

Open

Lending

Corp.*

227,804

49,317

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

703,754

2,074

Piper

Sandler

Cos.

359,818

20,179

StoneX

Group,

Inc.*

1,326,769

2,603

Victory

Capital

Holdings,

Inc.,

Class

A

87,799

4,138,867

Chemicals

–

1.5%

26,433

HB

Fuller

Co.

2,002,828

22,892

Innospec,

Inc.

2,657,990

3,473

Koppers

Holdings,

Inc.

177,609

6,095

Mativ

Holdings,

Inc.

73,323

14,670

Minerals

Technologies,

Inc.

958,685

11,295

Orion

SA

(Germany)

253,008

6,123,443

Commercial

Services

&

Supplies

–

0.7%

1,501

Cimpress

PLC

(Ireland)*

112,905

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Commercial

Services

&

Supplies

–

(continued)

34,032

Deluxe

Corp.

$

643,545

60,529

Ennis,

Inc.

1,232,976

63,903

Healthcare

Services

Group,

Inc.*

603,244

16,489

Steelcase,

Inc.,

Class

A

209,081

2,801,751

Communications

Equipment

–

0.8%

6,004

Calix,

Inc.*

199,213

81,539

NetScout

Systems,

Inc.*

1,753,904

141,714

Viavi

Solutions,

Inc.*

1,393,048

3,346,165

Construction

&

Engineering

–

2.2%

15,253

Comfort

Systems

USA,

Inc.

3,317,070

5,139

Dycom

Industries,

Inc.*

574,026

26,300

Fluor

Corp.*

991,773

10,720

IES

Holdings,

Inc.*

878,611

2,413

Limbach

Holdings,

Inc.*

103,759

40,451

Primoris

Services

Corp.

1,326,793

22,261

Sterling

Infrastructure,

Inc.*

1,671,801

8,863,833

Construction

Materials

–

0.7%

3,696

Knife

River

Corp.*

242,051

72,405

Summit

Materials,

Inc.,

Class

A*

2,619,613

2,861,664

Consumer

Finance

–

0.2%

1,923

Nelnet,

Inc.,

Class

A

167,551

12,963

Regional

Management

Corp.

316,038

13,691

Upstart

Holdings,

Inc.*

(a)

434,826

918,415

Consumer

Staples

Distribution

&

Retail

–

0.3%

6,995

PriceSmart,

Inc.

531,760

8,720

Weis

Markets,

Inc.

529,740

1,061,500

Distributors

–

0.0%

815

Weyco

Group,

Inc.

26,170

Diversified

Consumer

Services

–

3.1%

15,784

Adtalem

Global

Education,

Inc.*

796,776

135,706

Coursera,

Inc.*

2,597,413

15,136

Duolingo,

Inc.*

2,707,679

57,285

European

Wax

Center,

Inc.,

Class

A*

850,109

72,681

Frontdoor,

Inc.*

2,381,030

40,044

Laureate

Education,

Inc.

505,355

10,299

Perdoceo

Education

Corp.

186,412

25,313

Strategic

Education,

Inc.

2,380,941

25,131

WW

International,

Inc.*

94,493

12,500,208

Diversified

REITs

–

0.3%

57,745

American

Assets

Trust,

Inc.

REIT

1,295,220

Diversified

Telecommunication

Services

–

0.1%

6,496

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

45,732

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Diversified

Telecommunication

Services

–

(continued)

41,192

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

$

293,287

339,019

Electrical

Equipment

–

3.4%

2,978

Allient,

Inc.

82,967

16,714

Atkore,

Inc.*

2,549,386

13,790

Encore

Wire

Corp.

3,109,645

6,167

Enovix

Corp.*

(a)

57,415

168,247

FTC

Solar,

Inc.*

84,376

49,142

NEXTracker,

Inc.,

Class

A*

2,224,658

24,388

Powell

Industries,

Inc.

2,890,710

4,276

Shoals

Technologies

Group,

Inc.,

Class

A*

56,315

55,723

Thermon

Group

Holdings,

Inc.*

1,826,600

13,849

TPI

Composites,

Inc.*

(a)

37,392

14,341

Vicor

Corp.*

540,226

13,459,690

Electronic

Equipment,

Instruments

&

Components

–

2.3%

15,936

Badger

Meter,

Inc.

2,294,624

28,802

ePlus,

Inc.*

2,175,703

7,778

Fabrinet

(Thailand)*

1,660,681

4,995

Insight

Enterprises,

Inc.*

922,776

10,319

Itron,

Inc.*

744,413

5,188

PC

Connection,

Inc.

334,678

25,275

Vishay

Precision

Group,

Inc.*

805,767

8,938,642

Energy

Equipment

&

Services

–

2.1%

93,458

Archrock,

Inc.

1,527,104

65,269

Borr

Drilling

Ltd.

(Mexico)*

401,404

28,976

Cactus,

Inc.,

Class

A

1,229,741

49,554

ChampionX

Corp.

1,358,275

4,997

Diamond

Offshore

Drilling,

Inc.*

60,963

23,241

Dril-Quip,

Inc.*

466,447

22,836

Helix

Energy

Solutions

Group,

Inc.*

214,658

3,625

Helmerich

&

Payne,

Inc.

145,943

14,559

Nabors

Industries

Ltd.*

1,231,400

63,247

Newpark

Resources,

Inc.*

410,473

52,816

Oil

States

International,

Inc.*

325,875

12,782

ProFrac

Holding

Corp.,

Class

A*

(a)

101,106

54,886

ProPetro

Holding

Corp.*

464,336

3,301

Tidewater,

Inc.*

221,794

8,159,519

Entertainment

–

0.1%

83,298

Vivid

Seats,

Inc.,

Class

A*

478,131

Financial

Services

–

3.8%

32,429

A-Mark

Precious

Metals,

Inc.

874,610

94,623

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

2,275,683

101,596

Flywire

Corp.*

2,171,106

38,476

I3

Verticals,

Inc.,

Class

A*

721,040

361,489

Marqeta,

Inc.,

Class

A*

2,172,549

23,954

Merchants

Bancorp

1,047,748

17,053

Mr

Cooper

Group,

Inc.*

1,148,690

4,046

NMI

Holdings,

Inc.,

Class

A*

129,148

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

22,372

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

$

287,928

235,049

Payoneer

Global,

Inc.*

1,100,029

70,984

Remitly

Global,

Inc.*

1,216,666

5,485

Repay

Holdings

Corp.*

43,002

96,294

StoneCo

Ltd.,

Class

A

(Brazil)*

1,655,294

14,843,493

Food

Products

–

0.3%

6,780

J

&

J

Snack

Foods

Corp.

1,079,579

Gas

Utilities

–

0.0%

1,292

Northwest

Natural

Holding

Co.

47,623

Ground

Transportation

–

0.1%

28,361

Marten

Transport

Ltd.

524,678

Health

Care

Equipment

&

Supplies

–

1.6%

38,974

Artivion,

Inc.*

651,645

35,529

AtriCure,

Inc.*

1,210,118

2,685

Axonics,

Inc.*

182,258

4,942

CVRx,

Inc.*

124,143

53,287

Embecta

Corp.

913,339

518

Glaukos

Corp.*

46,117

22,160

Inari

Medical,

Inc.*

1,262,012

11,038

Lantheus

Holdings,

Inc.*

573,203

450

LeMaitre

Vascular,

Inc.

26,118

38,644

Pulmonx

Corp.*

513,192

10,465

Surmodics,

Inc.*

368,473

1,772

UFP

Technologies,

Inc.*

298,600

4,585

Utah

Medical

Products,

Inc.

363,178

6,532,396

Health

Care

Providers

&

Services

–

3.0%

28,992

Accolade,

Inc.*

328,189

3,321

Addus

HomeCare

Corp.*

287,599

41,470

Agiliti,

Inc.*

294,022

61,210

Alignment

Healthcare,

Inc.*

410,107

135,809

Brookdale

Senior

Living,

Inc.*

742,875

2,680

Castle

Biosciences,

Inc.*

61,854

12,714

Community

Health

Systems,

Inc.*

46,660

46,572

HealthEquity,

Inc.*

3,519,912

166,863

Hims

&

Hers

Health,

Inc.*

1,431,685

69,832

Joint

Corp.

(The)*

681,560

7,845

ModivCare,

Inc.*

311,996

58,702

OPKO

Health,

Inc.*

(a)

59,876

16,128

Option

Care

Health,

Inc.*

503,839

64,674

Pennant

Group,

Inc.

(The)*

970,757

8,867

PetIQ,

Inc.*

159,340

2,647

Progyny,

Inc.*

100,824

57,201

Select

Medical

Holdings

Corp.

1,486,654

9,539

Surgery

Partners,

Inc.*

292,752

24,822

Viemed

Healthcare,

Inc.*

201,555

11,892,056

Health

Care

REITs

–

0.1%

15,253

LTC

Properties,

Inc.

REIT

475,436

Health

Care

Technology

–

0.6%

3,317

Computer

Programs

and

Systems,

Inc.*

33,601

11,096

Evolent

Health,

Inc.,

Class

A*

326,333

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Technology

–

(continued)

28,815

Health

Catalyst,

Inc.*

$

281,523

18,277

Phreesia,

Inc.*

465,698

45,341

Schrodinger,

Inc.*

1,199,270

2,306,425

Hotel

&

Resort

REITs

–

2.9%

182,012

Chatham

Lodging

Trust

REIT

1,911,126

276,341

DiamondRock

Hospitality

Co.

REIT

2,525,757

225,878

RLJ

Lodging

Trust

REIT

2,615,667

23,981

Ryman

Hospitality

Properties,

Inc.

REIT

2,635,512

208,333

Service

Properties

Trust

REIT

1,610,414

30,570

Summit

Hotel

Properties,

Inc.

REIT

198,094

11,496,570

Hotels,

Restaurants

&

Leisure

–

1.8%

20,316

Cheesecake

Factory,

Inc.

(The)

698,261

38,836

Chuy's

Holdings,

Inc.*

1,313,045

3,077

Dine

Brands

Global,

Inc.

143,542

77,975

Everi

Holdings,

Inc.*

811,720

27,313

International

Game

Technology

PLC

709,045

41,948

Life

Time

Group

Holdings,

Inc.*

557,908

11,463

PlayAGS,

Inc.*

99,843

98,675

Portillo's,

Inc.,

Class

A*

1,355,794

8,585

Shake

Shack,

Inc.,

Class

A*

648,683

61,061

Xponential

Fitness,

Inc.,

Class

A*

675,335

7,013,176

Household

Durables

–

2.3%

2,516

Beazer

Homes

USA,

Inc.*

79,883

45,925

Dream

Finders

Homes,

Inc.,

Class

A*

1,509,555

21,206

Green

Brick

Partners,

Inc.*

1,106,317

228

Hovnanian

Enterprises,

Inc.,

Class

A*

38,525

27,117

KB

Home

1,615,902

14,440

LGI

Homes,

Inc.*

1,704,065

23,641

M/I

Homes,

Inc.*

3,012,336

9,066,583

Household

Products

–

0.2%

3,454

WD-40

Co.

894,517

Industrial

REITs

–

0.9%

242,814

LXP

Industrial

Trust

REIT

2,207,179

21,239

Terreno

Realty

Corp.

REIT

1,268,605

3,475,784

Insurance

–

2.7%

30,930

Ambac

Financial

Group,

Inc.*

502,613

9,017

BRP

Group,

Inc.,

Class

A*

202,341

49,778

CNO

Financial

Group,

Inc.

1,352,966

57,445

Employers

Holdings,

Inc.

2,396,605

66,097

Genworth

Financial,

Inc.,

Class

A*

407,818

32,430

Goosehead

Insurance,

Inc.,

Class

A*

2,503,596

64,329

James

River

Group

Holdings

Ltd.

615,629

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

20,310

Palomar

Holdings,

Inc.*

$

1,215,960

1,193

Selective

Insurance

Group,

Inc.

125,098

12,139

Skyward

Specialty

Insurance

Group,

Inc.*

377,523

65,191

Universal

Insurance

Holdings,

Inc.

1,083,474

10,783,623

Interactive

Media

&

Services

–

1.9%

67,084

Bumble,

Inc.,

Class

A*

920,393

50,870

Cars.com,

Inc.*

886,664

40,191

DHI

Group,

Inc.*

92,037

108,999

Eventbrite,

Inc.,

Class

A*

912,322

116,282

fuboTV,

Inc.*

289,542

56,441

Grindr,

Inc.

(Singapore)*

489,908

559,961

Vimeo,

Inc.*

2,223,045

32,926

Yelp,

Inc.*

1,439,854

17,863

ZipRecruiter,

Inc.,

Class

A*

248,653

7,502,418

IT

Services

–

0.8%

32,241

DigitalOcean

Holdings,

Inc.*

1,087,167

53,441

Fastly,

Inc.,

Class

A*

1,075,233

2,623

Perficient,

Inc.*

178,705

18,703

Rackspace

Technology,

Inc.*

31,421

66,232

Thoughtworks

Holding,

Inc.*

309,966

1,746

Tucows,

Inc.,

Class

A*

(a)

40,367

81,234

Unisys

Corp.*

547,517

3,270,376

Leisure

Products

–

0.8%

15,128

Acushnet

Holdings

Corp.

958,208

79,560

Funko,

Inc.,

Class

A*

562,489

1,641

JAKKS

Pacific,

Inc.*

51,462

12,049

Malibu

Boats,

Inc.,

Class

A*

503,046

25,758

MasterCraft

Boat

Holdings,

Inc.*

498,932

6,588

Sturm

Ruger

&

Co.,

Inc.

287,632

2,861,769

Life

Sciences

Tools

&

Services

–

0.2%

45,540

Adaptive

Biotechnologies

Corp.*

167,132

999

Mesa

Laboratories,

Inc.

91,528

116,639

NanoString

Technologies,

Inc.*

48,008

9,545

Pacific

Biosciences

of

California,

Inc.*

62,138

16,198

Quanterix

Corp.*

357,814

726,620

Machinery

–

3.0%

6,937

Chart

Industries,

Inc.*

809,687

18,552

Douglas

Dynamics,

Inc.

466,583

13,132

Federal

Signal

Corp.

1,010,901

18,914

Franklin

Electric

Co.,

Inc.

1,782,834

8,620

Gorman-Rupp

Co.

(The)

287,822

9,340

John

Bean

Technologies

Corp.

922,418

922

Omega

Flex,

Inc.

64,319

8,914

Proto

Labs,

Inc.*

321,706

4,843

Standex

International

Corp.

715,117

8,669

Terex

Corp.

532,537

71,135

Trinity

Industries,

Inc.

1,788,334

63,872

Wabash

National

Corp.

1,615,961

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

8,476

Watts

Water

Technologies,

Inc.,

Class

A

$

1,678,333

11,996,552

Marine

Transportation

–

0.3%

54,325

Costamare,

Inc.

(Monaco)

581,821

27,592

Golden

Ocean

Group

Ltd.

(Norway)

291,647

14,836

Pangaea

Logistics

Solutions

Ltd.

138,272

119,422

Safe

Bulkers,

Inc.

(Greece)

482,465

1,494,205

Media

–

0.7%

6,187

Cardlytics,

Inc.*

47,269

648

Daily

Journal

Corp.*

208,215

4,514

EW

Scripps

Co.

(The),

Class

A*

35,977

7,462

Gray

Television,

Inc.

71,262

98,908

Magnite,

Inc.*

875,336

16,701

TechTarget,

Inc.*

570,673

50,176

Thryv

Holdings,

Inc.*

1,025,597

2,834,329

Metals

&

Mining

–

2.0%

1,283

Alpha

Metallurgical

Resources,

Inc.

512,225

71,732

ATI,

Inc.*

2,931,687

39,723

Carpenter

Technology

Corp.

2,446,539

22,834

Haynes

International,

Inc.

1,271,169

1,712

Kaiser

Aluminum

Corp.

111,109

8,181

Olympic

Steel,

Inc.

552,872

16,950

SunCoke

Energy,

Inc.

173,737

7,999,338

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.2%

2,294

Angel

Oak

Mortgage

REIT,

Inc.

REIT

24,477

174,021

Arbor

Realty

Trust,

Inc.

REIT

2,314,479

59,567

BrightSpire

Capital,

Inc.

REIT

425,904

52,660

Chimera

Investment

Corp.

REIT

252,768

15,602

Invesco

Mortgage

Capital,

Inc.

REIT

137,454

54,034

Ladder

Capital

Corp.

REIT

590,592

40,847

PennyMac

Mortgage

Investment

Trust

REIT

585,746

41,105

Two

Harbors

Investment

Corp.

REIT

512,168

4,843,588

Multi-Utilities

–

1.0%

55,947

Avista

Corp.

1,902,758

43,153

Black

Hills

Corp.

2,233,599

4,136,357

Office

REITs

–

0.6%

119,058

Equity

Commonwealth

REIT

2,275,198

Oil,

Gas

&

Consumable

Fuels

–

5.0%

9,971

CONSOL

Energy,

Inc.

943,257

216,931

DHT

Holdings,

Inc.

2,412,273

8,360

Dorian

LPG

Ltd.

312,999

90,770

Equitrans

Midstream

Corp.

924,946

17,723

Excelerate

Energy,

Inc.,

Class

A

271,516

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

5,259

FLEX

LNG

Ltd.

(Norway)

$

157,612

81,233

Golar

LNG

Ltd.

(Cameroon)

1,771,692

16,925

Hallador

Energy

Co.*

144,370

25,797

International

Seaways,

Inc.

1,383,751

80,618

Kosmos

Energy

Ltd.

(Ghana)*

488,545

9,100

Matador

Resources

Co.

499,499

474,652

Nordic

American

Tankers

Ltd.

2,112,201

13,829

PBF

Energy,

Inc.,

Class

A

698,503

20,918

Peabody

Energy

Corp.

558,511

43,262

Scorpio

Tankers,

Inc.

(Monaco)

3,058,623

157,660

Teekay

Corp.

(Bermuda)*

1,417,363

43,365

Teekay

Tankers

Ltd.,

Class

A

(Canada)

2,712,481

19,868,142

Passenger

Airlines

–

0.1%

8,683

SkyWest,

Inc.*

462,457

Personal

Care

Products

–

1.3%

21,839

elf

Beauty,

Inc.*

3,483,975

135,019

Herbalife

Ltd.*

1,626,979

165

Inter

Parfums,

Inc.

22,960

5,133,914

Pharmaceuticals

–

1.0%

12,448

Amylyx

Pharmaceuticals,

Inc.*

199,168

11,055

Axsome

Therapeutics,

Inc.*

995,282

22,797

Intra-Cellular

Therapies,

Inc.*

1,535,150

19,600

Ocular

Therapeutix,

Inc.*

95,256

47,691

Phibro

Animal

Health

Corp.,

Class

A

515,540

12,851

Prestige

Consumer

Healthcare,

Inc.*

790,850

4,131,246

Professional

Services

–

3.7%

191,383

Alight,

Inc.,

Class

A*

1,707,136

35,901

Asure

Software,

Inc.*

317,365

40,432

CBIZ,

Inc.*

2,573,901

27,903

CSG

Systems

International,

Inc.

1,403,800

93,663

ExlService

Holdings,

Inc.*

2,929,779

12,749

Franklin

Covey

Co.*

515,570

17,627

IBEX

Holdings

Ltd.*

317,639

5,193

Legalzoom.com,

Inc.*

53,540

35,131

Parsons

Corp.*

2,288,785

955

TriNet

Group,

Inc.*

108,583

164,530

Upwork,

Inc.*

2,255,706

14,471,804

Real

Estate

Management

&

Development

–

0.8%

83,749

Compass,

Inc.,

Class

A*

288,097

29,632

Douglas

Elliman,

Inc.

64,005

40,932

Forestar

Group,

Inc.*

1,279,534

154,699

Opendoor

Technologies,

Inc.*

529,071

106,470

Redfin

Corp.*

868,795

3,029,502

Residential

REITs

–

0.6%

4,320

Centerspace

REIT

236,563

55,988

NexPoint

Residential

Trust,

Inc.

REIT

1,710,433

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

(continued)

36,736

UMH

Properties,

Inc.

REIT

$

555,081

2,502,077

Retail

REITs

–

1.3%

5,629

Alexander's,

Inc.

REIT

1,237,198

105,259

Kite

Realty

Group

Trust

REIT

2,252,543

17,484

Macerich

Co.

(The)

REIT

276,072

10,005

Tanger,

Inc.

REIT

269,135

41,210

Urban

Edge

Properties

REIT

711,697

4,746,645

Semiconductors

&

Semiconductor

Equipment

–

1.9%

30,705

Amkor

Technology,

Inc.

972,120

14,409

Axcelis

Technologies,

Inc.*

1,873,891

2,463

Credo

Technology

Group

Holding

Ltd.*

50,516

2,573

FormFactor,

Inc.*

99,755

8,707

Ichor

Holdings

Ltd.*

315,193

6,778

Onto

Innovation,

Inc.*

1,094,647

45,719

PDF

Solutions,

Inc.*

1,426,433

12,389

Photronics,

Inc.*

362,007

18,653

Rambus,

Inc.*

1,278,290

1,621

SiTime

Corp.*

172,750

7,645,602

Software

–

6.3%

14,783

A10

Networks,

Inc.

197,649

21,174

Alarm.com

Holdings,

Inc.*

1,287,803

11,349

Amplitude,

Inc.,

Class

A*

147,083

5,273

Appfolio,

Inc.,

Class

A*

1,156,158

40,771

Asana,

Inc.,

Class

A*

710,231

17,047

Braze,

Inc.,

Class

A*

921,390

6,082

C3.ai,

Inc.,

Class

A*

(a)

150,712

74,450

Cleanspark,

Inc.*

599,323

110,850

Clear

Secure,

Inc.,

Class

A

2,109,475

16,759

Everbridge,

Inc.*

374,731

46,887

Freshworks,

Inc.,

Class

A*

1,040,891

26,190

LiveRamp

Holdings,

Inc.*

1,033,981

25,401

Marathon

Digital

Holdings,

Inc.*

450,360

1,759

MicroStrategy,

Inc.,

Class

A*

881,628

41,382

Q2

Holdings,

Inc.*

1,760,804

16,848

Qualys,

Inc.*

3,187,136

5,594

Red

Violet,

Inc.*

104,496

45,683

Riot

Platforms,

Inc.*

497,945

6,020

Sapiens

International

Corp.

NV

(Israel)

164,346

87,758

SolarWinds

Corp.*

1,037,300

10,650

SPS

Commerce,

Inc.*

1,957,470

39,791

Tenable

Holdings,

Inc.*

1,874,156

65,876

Varonis

Systems,

Inc.*

2,956,515

46,060

Yext,

Inc.*

273,136

16,528

Zeta

Global

Holdings

Corp.,

Class

A*

159,991

25,034,710

Specialized

REITs

–

0.0%

20,958

Uniti

Group,

Inc.

REIT

110,239

Specialty

Retail

–

3.2%

9,360

Aaron's

Co.,

Inc.

(The)

96,315

12,181

Abercrombie

&

Fitch

Co.,

Class

A*

1,241,244

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

16,344

Academy

Sports

&

Outdoors,

Inc.

$

1,025,259

40,131

American

Eagle

Outfitters,

Inc.

795,396

4,068

Boot

Barn

Holdings,

Inc.*

291,838

43,116

Buckle,

Inc.

(The)

1,603,484

95,618

CarParts.com,

Inc.*

257,213

19,663

Carvana

Co.*

846,689

9,031

Cato

Corp.

(The),

Class

A

61,050

80,062

Foot

Locker,

Inc.

2,254,546

1,118

Group

1

Automotive,

Inc.

290,747

6,887

Shoe

Carnival,

Inc.

175,618

12,050

Sleep

Number

Corp.*

124,115

24,724

Stitch

Fix,

Inc.,

Class

A*

79,117

50,797

Urban

Outfitters,

Inc.*

1,930,286

38,498

Warby

Parker,

Inc.,

Class

A*

490,849

1,359

Winmark

Corp.

490,151

31,039

Zumiez,

Inc.*

532,940

12,586,857

Technology

Hardware,

Storage

&

Peripherals

–

1.4%

49,106

Eastman

Kodak

Co.*

169,415

9,898

Super

Micro

Computer,

Inc.*

5,242,080

5,411,495

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

38,489

Figs,

Inc.,

Class

A*

221,697

19,764

Oxford

Industries,

Inc.

1,876,196

2,097,893

Tobacco

–

0.1%

25,195

Vector

Group

Ltd.

263,792

Trading

Companies

&

Distributors

–

0.7%

2,097

Beacon

Roofing

Supply,

Inc.*

173,820

110,729

DNOW,

Inc.*

1,117,255

7,085

H&E

Equipment

Services,

Inc.

381,102

2,938

McGrath

RentCorp

369,160

71,651

MRC

Global,

Inc.*

763,800

1,756

Rush

Enterprises,

Inc.,

Class

A

78,862

1,502

Xometry,

Inc.,

Class

A*

48,334

2,932,333

Water

Utilities

–

0.0%

3,395

York

Water

Co.

(The)

121,813

Wireless

Telecommunication

Services

–

0.1%

13,663

Telephone

and

Data

Systems,

Inc.

262,466

TOTAL

COMMON

STOCKS

(Cost

$350,728,286)

391,006,276

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

227,697

5.223%

227,697

(Cost

$227,697)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$350,955,983)

391,233,973

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

2,755,280

5.223%

$

2,755,280

(Cost

$2,755,280)

TOTAL

INVESTMENTS

–

99.2%

(Cost

$353,711,263)

$

393,989,253

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

3,192,722

NET

ASSETS

–

100.0%

$

397,181,975

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.9%

Aerospace

&

Defense

–

0.3%

8,878

Cadre

Holdings,

Inc.

$

301,763

Automobile

Components

–

1.5%

10,484

Atmus

Filtration

Technologies,

Inc.*

(a)

234,108

6,106

Dorman

Products,

Inc.*

497,089

3,537

Fox

Factory

Holding

Corp.*

222,973

38,340

Goodyear

Tire

&

Rubber

Co.

(The)*

534,459

5,099

Luminar

Technologies,

Inc.*

(a)

13,869

3,353

Modine

Manufacturing

Co.*

231,659

1,734,157

Banks

–

1.3%

1,187

BancFirst

Corp.

105,061

12,565

Bancorp,

Inc.

(The)*

548,337

7,312

First

Financial

Bankshares,

Inc.

228,354

1,393

Hanmi

Financial

Corp.

23,333

1,409

International

Bancshares

Corp.

74,480

9,228

OFG

Bancorp

(Puerto

Rico)

339,313

2,742

Stock

Yards

Bancorp,

Inc.

136,332

1,455,210

Beverages

–

0.3%

1,048

National

Beverage

Corp.*

48,460

10,907

Primo

Water

Corp.

159,024

6,963

Vita

Coco

Co.,

Inc.

(The)*

137,101

344,585

Biotechnology

–

8.4%

22,937

89bio,

Inc.*

227,076

14,567

ACADIA

Pharmaceuticals,

Inc.*

377,431

8,832

Aldeyra

Therapeutics,

Inc.*

27,644

7,622

Alector,

Inc.*

45,427

17,405

Alkermes

PLC*

470,805

2,209

Alpine

Immune

Sciences,

Inc.*

58,782

7,135

Amicus

Therapeutics,

Inc.*

88,688

7,112

AnaptysBio,

Inc.*

167,843

2,759

Arcellx,

Inc.*

170,617

3,886

Arcus

Biosciences,

Inc.*

58,834

76,282

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

575,166

13,428

BioCryst

Pharmaceuticals,

Inc.*

71,168

1,519

Biohaven

Ltd.*

67,565

2,700

Biomea

Fusion,

Inc.*

(a)

48,816

7,293

Blueprint

Medicines

Corp.*

580,012

3,536

Bridgebio

Pharma,

Inc.*

121,249

1,389

Catalyst

Pharmaceuticals,

Inc.*

20,002

12,045

Cogent

Biosciences,

Inc.*

53,359

36,226

Coherus

Biosciences,

Inc.*

(a)

77,886

7,492

Cytokinetics,

Inc.*

585,350

4,961

Day

One

Biopharmaceuticals,

Inc.*

74,663

11,672

Deciphera

Pharmaceuticals,

Inc.*

167,143

2,689

Denali

Therapeutics,

Inc.*

43,051

7,770

Design

Therapeutics,

Inc.*

18,415

737

Ideaya

Biosciences,

Inc.*

32,082

1,995

Keros

Therapeutics,

Inc.*

110,443

8,207

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

144,689

4,227

Krystal

Biotech,

Inc.*

470,254

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

5,582

Kymera

Therapeutics,

Inc.*

$

182,978

575

Madrigal

Pharmaceuticals,

Inc.*

124,608

155,970

MannKind

Corp.*

520,940

2,295

Merrimack

Pharmaceuticals,

Inc.*

30,753

4,474

Mirum

Pharmaceuticals,

Inc.*

118,382

4,798

Morphic

Holding,

Inc.*

152,049

3,475

Mural

Oncology

PLC*

15,255

11,610

Precigen,

Inc.*

16,022

2,721

Prothena

Corp.

PLC

(Ireland)*

77,249

8,463

Relay

Therapeutics,

Inc.*

78,283

5,144

REVOLUTION

Medicines,

Inc.*

142,746

8,671

Rhythm

Pharmaceuticals,

Inc.*

382,478

71,962

Rigel

Pharmaceuticals,

Inc.*

84,196

14,317

Rocket

Pharmaceuticals,

Inc.*

411,327

10,235

SpringWorks

Therapeutics,

Inc.*

451,671

5,221

Sutro

Biopharma,

Inc.*

22,659

11,717

Syndax

Pharmaceuticals,

Inc.*

240,081

33,670

TG

Therapeutics,

Inc.*

546,801

196

Vaxcyte,

Inc.*

13,998

4,951

Verve

Therapeutics,

Inc.*

53,570

28,989

Viking

Therapeutics,

Inc.*

699,795

1,863

Viridian

Therapeutics,

Inc.*

35,863

5,525

Voyager

Therapeutics,

Inc.*

40,167

26,043

Y-mAbs

Therapeutics,

Inc.*

333,090

9,729,421

Broadline

Retail

–

0.2%

458

Dillard's,

Inc.,

Class

A

177,370

Building

Products

–

1.4%

6,909

AAON,

Inc.

484,735

2,600

American

Woodmark

Corp.*

237,328

1,739

CSW

Industrials,

Inc.

367,920

2,016

Masonite

International

Corp.*

185,573

2,139

Simpson

Manufacturing

Co.,

Inc.

387,138

1,662,694

Capital

Markets

–

1.7%

13,469

AssetMark

Financial

Holdings,

Inc.*

413,094

2,188

Moelis

&

Co.,

Class

A

120,275

9,242

Open

Lending

Corp.*

67,836

24,516

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

349,843

1,568

Piper

Sandler

Cos.

272,032

5,048

PJT

Partners,

Inc.,

Class

A

485,466

1,794

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

29,924

1,756

StoneX

Group,

Inc.*

115,457

2,650

Victory

Capital

Holdings,

Inc.,

Class

A

89,385

1,943,312

Chemicals

–

2.0%

2,395

Hawkins,

Inc.

159,435

11,332

HB

Fuller

Co.

858,626

7,144

Innospec,

Inc.

829,490

10,870

Orion

SA

(Germany)

243,488

1,015

Quaker

Chemical

Corp.

192,789

2,283,828

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Commercial

Services

&

Supplies

–

0.3%

26,746

Healthcare

Services

Group,

Inc.*

$

252,482

2,783

Montrose

Environmental

Group,

Inc.*

81,291

2,424

Pitney

Bowes,

Inc.

9,963

343,736

Communications

Equipment

–

0.6%

2,796

Calix,

Inc.*

92,771

3,274

NetScout

Systems,

Inc.*

70,424

57,616

Viavi

Solutions,

Inc.*

566,365

729,560

Construction

&

Engineering

–

3.3%

6,208

Comfort

Systems

USA,

Inc.

1,350,054

4,347

Dycom

Industries,

Inc.*

485,560

14,483

Fluor

Corp.*

546,154

8,317

IES

Holdings,

Inc.*

681,661

9,444

Sterling

Infrastructure,

Inc.*

709,244

3,772,673

Construction

Materials

–

0.5%

2,594

Summit

Materials,

Inc.,

Class

A*

93,851

2,061

United

States

Lime

&

Minerals,

Inc.

533,119

626,970

Consumer

Finance

–

0.5%

2,815

FirstCash

Holdings,

Inc.

323,078

7,800

Upstart

Holdings,

Inc.*

(a)

247,728

570,806

Consumer

Staples

Distribution

&

Retail

–

0.1%

815

Natural

Grocers

by

Vitamin

Cottage,

Inc.

12,184

1,522

PriceSmart,

Inc.

115,702

840

Sprouts

Farmers

Market,

Inc.*

42,311

170,197

Diversified

Consumer

Services

–

3.4%

45,134

Coursera,

Inc.*

863,865

5,829

Duolingo,

Inc.*

1,042,750

18,388

European

Wax

Center,

Inc.,

Class

A*

272,878

25,469

Frontdoor,

Inc.*

834,364

26,340

Laureate

Education,

Inc.

332,411

2,381

Strategic

Education,

Inc.

223,957

3,630

Stride,

Inc.*

217,618

11,018

Udemy,

Inc.*

149,735

3,937,578

Electrical

Equipment

–

3.4%

9,835

Allient,

Inc.

274,003

7,652

Atkore,

Inc.*

1,167,160

1,225

Encore

Wire

Corp.

276,237

7,648

Enovix

Corp.*

(a)

71,203

51,867

FTC

Solar,

Inc.*

26,011

19,455

NEXTracker,

Inc.,

Class

A*

880,728

3,936

Powell

Industries,

Inc.

466,534

11,063

Shoals

Technologies

Group,

Inc.,

Class

A*

145,700

3,787

Thermon

Group

Holdings,

Inc.*

124,138

10,385

TPI

Composites,

Inc.*

(a)

28,039

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

10,918

Vicor

Corp.*

$

411,281

3,871,034

Electronic

Equipment,

Instruments

&

Components

–

2.4%

6,581

Badger

Meter,

Inc.

947,598

210

Belden,

Inc.

15,578

5,128

Fabrinet

(Thailand)*

1,094,879

2,995

Insight

Enterprises,

Inc.*

553,296

2,414

Napco

Security

Technologies,

Inc.

83,887

309

OSI

Systems,

Inc.*

39,561

2,734,799

Energy

Equipment

&

Services

–

2.0%

33,318

Borr

Drilling

Ltd.

(Mexico)*

204,906

15,329

Cactus,

Inc.,

Class

A

650,563

20,567

ChampionX

Corp.

563,741

4,545

Nabors

Industries

Ltd.*

384,416

3,760

Noble

Corp.

PLC

165,929

3,578

Tidewater,

Inc.*

240,406

1,148

Weatherford

International

PLC*

102,803

2,312,764

Financial

Services

–

2.7%

16,753

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

402,910

37,330

Flywire

Corp.*

797,742

21,371

I3

Verticals,

Inc.,

Class

A*

400,493

935

International

Money

Express,

Inc.*

19,261

24,833

Marqeta,

Inc.,

Class

A*

149,246

97,283

Payoneer

Global,

Inc.*

455,284

31,860

Remitly

Global,

Inc.*

546,080

17,430

StoneCo

Ltd.,

Class

A

(Brazil)*

299,622

3,070,638

Food

Products

–

0.7%

4,829

J

&

J

Snack

Foods

Corp.

768,922

Ground

Transportation

–

0.3%

18,253

Marten

Transport

Ltd.

337,681

3,268

PAM

Transportation

Services,

Inc.*

67,680

405,361

Health

Care

Equipment

&

Supplies

–

3.4%

9,294

AtriCure,

Inc.*

316,554

3,408

Axonics,

Inc.*

231,335

3,489

CONMED

Corp.

333,548

2,643

CVRx,

Inc.*

66,392

2,219

Embecta

Corp.

38,034

2,818

Glaukos

Corp.*

250,886

9,102

Inari

Medical,

Inc.*

518,359

11,521

Lantheus

Holdings,

Inc.*

598,285

2,916

LeMaitre

Vascular,

Inc.

169,245

2,089

Merit

Medical

Systems,

Inc.*

163,569

17,186

Pulmonx

Corp.*

228,230

6,295

Surmodics,

Inc.*

221,647

1,933

Tactile

Systems

Technology,

Inc.*

29,324

2,688

UFP

Technologies,

Inc.*

452,955

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

3,186

Utah

Medical

Products,

Inc.

$

252,363

3,870,726

Health

Care

Providers

&

Services

–

4.9%

12,738

Accolade,

Inc.*

144,194

551

Addus

HomeCare

Corp.*

47,717

29,144

Agiliti,

Inc.*

206,631

21,470

Alignment

Healthcare,

Inc.*

143,849

912

CorVel

Corp.*

214,630

105

Ensign

Group,

Inc.

(The)

11,888

2,395

Guardant

Health,

Inc.*

52,522

17,196

HealthEquity,

Inc.*

1,299,674

60,450

Hims

&

Hers

Health,

Inc.*

518,661

21,616

Joint

Corp.

(The)*

210,972

2,695

ModivCare,

Inc.*

107,180

12,946

Option

Care

Health,

Inc.*

404,433

23,120

Pennant

Group,

Inc.

(The)*

347,031

4,741

PetIQ,

Inc.*

85,196

5,759

Privia

Health

Group,

Inc.*

116,101

13,667

Progyny,

Inc.*

520,576

27,128

Select

Medical

Holdings

Corp.

705,057

8,143

Surgery

Partners,

Inc.*

249,909

30,500

Viemed

Healthcare,

Inc.*

247,660

5,633,881

Health

Care

Technology

–

0.6%

1,407

Evolent

Health,

Inc.,

Class

A*

41,380

12,199

Health

Catalyst,

Inc.*

119,184

8,559

Phreesia,

Inc.*

218,084

12,918

Schrodinger,

Inc.*

341,681

720,329

Hotel

&

Resort

REITs

–

2.3%

40,807

Chatham

Lodging

Trust

REIT

428,473

20,673

DiamondRock

Hospitality

Co.

REIT

188,951

51,203

RLJ

Lodging

Trust

REIT

592,931

11,409

Ryman

Hospitality

Properties,

Inc.

REIT

1,253,849

21,946

Service

Properties

Trust

REIT

169,643

2,633,847

Hotels,

Restaurants

&

Leisure

–

2.4%

1,199

Brinker

International,

Inc.*

51,305

9,450

Cheesecake

Factory,

Inc.

(The)

324,796

15,269

Chuy's

Holdings,

Inc.*

516,245

2,974

Dine

Brands

Global,

Inc.

138,737

21,185

Everi

Holdings,

Inc.*

220,536

2,745

Global

Business

Travel

Group

I*

15,894

19,071

International

Game

Technology

PLC

495,083

14,875

ONE

Group

Hospitality,

Inc.

(The)*

65,450

34,274

Portillo's,

Inc.,

Class

A*

470,925

4,427

Shake

Shack,

Inc.,

Class

A*

334,504

15,817

Xponential

Fitness,

Inc.,

Class

A*

174,936

2,808,411

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Household

Durables

–

0.9%

5,497

Dream

Finders

Homes,

Inc.,

Class

A*

$

180,687

889

LGI

Homes,

Inc.*

104,911

5,496

M/I

Homes,

Inc.*

700,300

985,898

Household

Products

–

0.7%

2,928

WD-40

Co.

758,293

Insurance

–

1.6%

15,450

BRP

Group,

Inc.,

Class

A*

346,698

3,864

Crawford

&

Co.,

Class

A

46,909

10,464

Goosehead

Insurance,

Inc.,

Class

A*

807,821

604

HCI

Group,

Inc.

54,161

13,880

James

River

Group

Holdings

Ltd.

132,831

5,198

Palomar

Holdings,

Inc.*

311,204

929

Selective

Insurance

Group,

Inc.

97,415

1,797,039

Interactive

Media

&

Services

–

2.3%

617

Bumble,

Inc.,

Class

A*

8,465

19,237

Cars.com,

Inc.*

335,301

40,523

Eventbrite,

Inc.,

Class

A*

339,178

21,676

fuboTV,

Inc.*

53,973

26,452

Grindr,

Inc.

(Singapore)*

229,603

136,270

Vimeo,

Inc.*

540,992

18,107

Yelp,

Inc.*

791,819

22,105

ZipRecruiter,

Inc.,

Class

A*

307,702

2,607,033

IT

Services

–

1.2%

15,278

DigitalOcean

Holdings,

Inc.*

515,174

22,135

Fastly,

Inc.,

Class

A*

445,356

3,904

Information

Services

Group,

Inc.

17,256

5,470

Perficient,

Inc.*

372,671

30,346

Rackspace

Technology,

Inc.*

50,981

33,273

Thoughtworks

Holding,

Inc.*

155,718

1,557,156

Leisure

Products

–

1.2%

12,055

Acushnet

Holdings

Corp.

763,564

30,384

Funko,

Inc.,

Class

A*

214,815

10,250

MasterCraft

Boat

Holdings,

Inc.*

198,543

3,402

Sturm

Ruger

&

Co.,

Inc.

148,531

1,325,453

Life

Sciences

Tools

&

Services

–

0.1%

12,451

Adaptive

Biotechnologies

Corp.*

45,695

4,697

Harvard

Bioscience,

Inc.*

20,667

407

Mesa

Laboratories,

Inc.

37,289

32,227

NanoString

Technologies,

Inc.*

13,265

3,197

Pacific

Biosciences

of

California,

Inc.*

20,812

137,728

Machinery

–

4.5%

4,786

Chart

Industries,

Inc.*

558,622

10,025

Douglas

Dynamics,

Inc.

252,129

12,052

Federal

Signal

Corp.

927,763

8,900

Franklin

Electric

Co.,

Inc.

838,914

4,661

John

Bean

Technologies

Corp.

460,321

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

1,749

Omega

Flex,

Inc.

$

122,010

2,029

Shyft

Group,

Inc.

(The)

21,974

3,472

Standex

International

Corp.

512,676

3,919

Terex

Corp.

240,744

4,980

Trinity

Industries,

Inc.

125,197

26,331

Wabash

National

Corp.

666,174

2,134

Watts

Water

Technologies,

Inc.,

Class

A

422,553

5,149,077

Media

–

0.5%

137

Daily

Journal

Corp.*

44,021

12,447

Magnite,

Inc.*

110,156

13,935

TechTarget,

Inc.*

476,159

630,336

Metals

&

Mining

–

1.5%

26,820

ATI,

Inc.*

1,096,133

8,836

Carpenter

Technology

Corp.

544,209

1,431

Haynes

International,

Inc.

79,664

642

Kaiser

Aluminum

Corp.

41,666

1,761,672

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.1%

4,880

Arbor

Realty

Trust,

Inc.

REIT

64,904

Oil,

Gas

&

Consumable

Fuels

–

1.9%

155

CONSOL

Energy,

Inc.

14,663

48,654

DHT

Holdings,

Inc.

541,032

1,231

Dorian

LPG

Ltd.

46,089

4,421

Energy

Fuels,

Inc.*

33,379

4,152

Excelerate

Energy,

Inc.,

Class

A

63,609

12,669

Kosmos

Energy

Ltd.

(Ghana)*

76,774

123,949

Nordic

American

Tankers

Ltd.

551,573

844

Peabody

Energy

Corp.

22,535

5,989

Scorpio

Tankers,

Inc.

(Monaco)

423,422

7,250

Teekay

Tankers

Ltd.,

Class

A

(Canada)

453,487

2,226,563

Personal

Care

Products

–

1.6%

8,885

elf

Beauty,

Inc.*

1,417,424

39,597

Herbalife

Ltd.*

477,144

1,894,568

Pharmaceuticals

–

2.0%

8,081

Amylyx

Pharmaceuticals,

Inc.*

129,296

3,409

Arvinas,

Inc.*

141,474

6,545

Axsome

Therapeutics,

Inc.*

589,246

1,413

Cassava

Sciences,

Inc.*

(a)

33,841

3,222

Corcept

Therapeutics,

Inc.*

67,984

4,116

Cymabay

Therapeutics,

Inc.*

96,767

12,656

Intra-Cellular

Therapies,

Inc.*

852,255

31,443

Ocular

Therapeutix,

Inc.*

152,813

3,328

Phibro

Animal

Health

Corp.,

Class

A

35,976

5,906

Supernus

Pharmaceuticals,

Inc.*

163,478

2,263,130

Professional

Services

–

4.6%

14,694

CBIZ,

Inc.*

935,420

14,371

CSG

Systems

International,

Inc.

723,005

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Professional

Services

–

(continued)

35,338

ExlService

Holdings,

Inc.*

$

1,105,373

3,044

Exponent,

Inc.

268,450

1,691

Forrester

Research,

Inc.*

43,087

6,428

Franklin

Covey

Co.*

259,948

1,095

Huron

Consulting

Group,

Inc.*

113,365

4,728

IBEX

Holdings

Ltd.*

85,199

2,079

Insperity,

Inc.

238,441

9,406

Parsons

Corp.*

612,801

2,016

TriNet

Group,

Inc.*

229,219

52,799

Upwork,

Inc.*

723,874

5,338,182

Real

Estate

Management

&

Development

–

0.5%

35,170

Redfin

Corp.*

286,987

4,262

St

Joe

Co.

(The)

235,263

522,250

Residential

REITs

–

0.3%

12,656

NexPoint

Residential

Trust,

Inc.

REIT

386,641

Retail

REITs

–

0.6%

2,972

Alexander's,

Inc.

REIT

653,216

2,230

Tanger,

Inc.

REIT

59,987

713,203

Semiconductors

&

Semiconductor

Equipment

–

3.6%

6,350

Axcelis

Technologies,

Inc.*

825,817

8,149

Credo

Technology

Group

Holding

Ltd.*

167,136

7,308

FormFactor,

Inc.*

283,331

3,505

inTEST

Corp.*

41,815

2,033

MACOM

Technology

Solutions

Holdings,

Inc.*

175,306

177

NVE

Corp.

14,158

5,256

Onto

Innovation,

Inc.*

848,844

21,229

PDF

Solutions,

Inc.*

662,345

13,905

Rambus,

Inc.*

952,910

2,081

SiTime

Corp.*

221,772

4,193,434

Software

–

10.9%

14,747

A10

Networks,

Inc.

197,167

1,189

Agilysys,

Inc.*

99,531

8,025

Alarm.com

Holdings,

Inc.*

488,081

2,654

Alkami

Technology,

Inc.*

65,341

8,649

Amplitude,

Inc.,

Class

A*

112,091

2,964

Appfolio,

Inc.,

Class

A*

649,887

21,087

Asana,

Inc.,

Class

A*

367,336

1,459

Blackbaud,

Inc.*

118,062

9,009

Braze,

Inc.,

Class

A*

486,936

3,900

C3.ai,

Inc.,

Class

A*

(a)

96,642

1,570

Cleanspark,

Inc.*

12,639

36,631

Clear

Secure,

Inc.,

Class

A

697,088

4,680

Domo,

Inc.,

Class

B*

50,872

11,781

Everbridge,

Inc.*

263,423

23,163

Expensify,

Inc.,

Class

A*

37,524

34,455

Freshworks,

Inc.,

Class

A*

764,901

9,596

Instructure

Holdings,

Inc.*

236,349

1,463

Intapp,

Inc.*

63,026

17,281

Marathon

Digital

Holdings,

Inc.*

306,392

1,078

MicroStrategy,

Inc.,

Class

A*

540,304

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

3,919

Mitek

Systems,

Inc.*

$

49,379

15,940

Q2

Holdings,

Inc.*

678,247

6,686

Qualys,

Inc.*

1,264,791

6,186

Rapid7,

Inc.*

340,416

9,165

Red

Violet,

Inc.*

171,202

17,772

Riot

Platforms,

Inc.*

193,715

12,485

Sapiens

International

Corp.

NV

(Israel)

340,841

6,033

SPS

Commerce,

Inc.*

1,108,865

23,454

Tenable

Holdings,

Inc.*

1,104,683

23,961

Varonis

Systems,

Inc.*

1,075,370

6,355

Verint

Systems,

Inc.*

188,680

729

Weave

Communications,

Inc.*

9,142

46,028

Yext,

Inc.*

272,946

11,008

Zeta

Global

Holdings

Corp.,

Class

A*

106,557

12,558,426

Specialty

Retail

–

2.5%

13,622

Academy

Sports

&

Outdoors,

Inc.

854,508

4,409

Boot

Barn

Holdings,

Inc.*

316,302

17,629

Buckle,

Inc.

(The)

655,623

29,342

CarParts.com,

Inc.*

78,930

3,423

Carvana

Co.*

147,394

3,587

Foot

Locker,

Inc.

101,010

9,056

Urban

Outfitters,

Inc.*

344,128

29,958

Warby

Parker,

Inc.,

Class

A*

381,964

2,879,859

Technology

Hardware,

Storage

&

Peripherals

–

2.3%

10,783

Eastman

Kodak

Co.*

37,201

4,877

Super

Micro

Computer,

Inc.*

2,582,908

2,620,109

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

14,680

Figs,

Inc.,

Class

A*

84,557

6,114

Oxford

Industries,

Inc.

580,402

664,959

Trading

Companies

&

Distributors

–

1.5%

2,424

Applied

Industrial

Technologies,

Inc.

427,739

6,432

H&E

Equipment

Services,

Inc.

345,978

1,223

Herc

Holdings,

Inc.

180,380

4,995

McGrath

RentCorp

627,622

11,114

MRC

Global,

Inc.*

118,475

1,700,194

Water

Utilities

–

0.5%

4,103

American

States

Water

Co.

306,084

7,716

York

Water

Co.

(The)

276,850

582,934

TOTAL

COMMON

STOCKS

(Cost

$100,737,522)

113,933,613

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

143,434

5.223%

$

143,434

(Cost

$143,434)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$100,880,956)

114,077,047

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

857,425

5.223%

857,425

(Cost

$857,425)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$101,738,381)

$

114,934,472

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

376,102

NET

ASSETS

–

100.0%

$

115,310,574

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Aerospace

&

Defense

–

2.8%

16,226

General

Dynamics

Corp.

$

4,299,728

26,120

Lockheed

Martin

Corp.

11,216,189

25,986

Northrop

Grumman

Corp.

11,609,505

27,125,422

Air

Freight

&

Logistics

–

1.0%

69,858

United

Parcel

Service,

Inc.,

Class

B

9,912,850

Automobile

Components

–

0.6%

16,663

Aptiv

PLC*

1,355,202

34,698

Lear

Corp.

4,611,364

5,966,566

Automobiles

–

0.7%

36,532

Tesla,

Inc.*

6,842,078

Banks

–

1.8%

346,561

Bank

of

America

Corp.

11,786,539

22,407

Cullen/Frost

Bankers,

Inc.

2,377,831

982

First

Citizens

BancShares,

Inc.,

Class

A

1,482,820

12,258

JPMorgan

Chase &

Co.

2,137,305

17,784,495

Beverages

–

1.1%

191,210

Monster

Beverage

Corp.*

10,520,374

Biotechnology

–

0.6%

16,781

Moderna,

Inc.*

1,695,720

26,570

Neurocrine

Biosciences,

Inc.*

3,713,689

1,151

Vertex

Pharmaceuticals,

Inc.*

498,820

5,908,229

Broadline

Retail

–

3.7%

233,458

Amazon.com,

Inc.*

36,232,682

Building

Products

–

0.1%

1,195

Lennox

International,

Inc.

511,651

Capital

Markets

–

2.7%

6,580

Ameriprise

Financial,

Inc.

2,545,342

30,567

CME

Group,

Inc.

6,291,911

34,436

Coinbase

Global,

Inc.,

Class

A*

4,414,695

126,983

Northern

Trust

Corp.

10,112,926

80,319

Robinhood

Markets,

Inc.,

Class

A*

862,626

13,149

Tradeweb

Markets,

Inc.,

Class

A

1,254,283

11,956

XP,

Inc.,

Class

A

(Brazil)

293,879

25,775,662

Chemicals

–

1.9%

11,301

Axalta

Coating

Systems

Ltd.*

366,378

19,318

Corteva,

Inc.

878,583

19,425

Linde

PLC

7,863,823

34,581

PPG

Industries,

Inc.

4,877,304

38,582

RPM

International,

Inc.

4,115,156

18,101,244

Communications

Equipment

–

2.3%

2,659

Arista

Networks,

Inc.*

687,830

287,909

Cisco

Systems,

Inc.

14,447,274

21,113

Motorola

Solutions,

Inc.

6,745,603

21,880,707

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

Materials

–

1.5%

9,993

Martin

Marietta

Materials,

Inc.

$

5,080,641

42,058

Vulcan

Materials

Co.

9,505,529

14,586,170

Consumer

Finance

–

1.4%

89,541

Capital

One

Financial

Corp.

12,116,688

25,572

Synchrony

Financial

993,984

13,110,672

Consumer

Staples

Distribution

&

Retail

–

1.8%

25,001

Costco

Wholesale

Corp.

17,372,695

Distributors

–

0.2%

44,821

LKQ

Corp.

2,091,796

798

Pool

Corp.

296,258

2,388,054

Electric

Utilities

–

0.5%

151,575

Exelon

Corp.

5,276,326

Electrical

Equipment

–

1.5%

67,129

AMETEK,

Inc.

10,878,254

38,897

nVent

Electric

PLC

2,335,376

5,531

Rockwell

Automation,

Inc.

1,400,892

14,614,522

Energy

Equipment

&

Services

–

0.5%

137,983

Baker

Hughes

Co.

3,932,515

14,231

Schlumberger

NV

693,050

4,625,565

Entertainment

–

1.4%

1,543

Electronic

Arts,

Inc.

212,286

23,703

Netflix,

Inc.*

13,371,099

13,583,385

Financial

Services

–

5.8%

71,128

Berkshire

Hathaway,

Inc.,

Class

B*

27,294,659

55,276

Fiserv,

Inc.*

7,842,006

2,447

Jack

Henry

&

Associates,

Inc.

405,786

76,515

Visa,

Inc.,

Class

A

20,908,489

56,450,940

Food

Products

–

1.1%

166,526

General

Mills,

Inc.

10,809,203

Gas

Utilities

–

0.1%

7,512

Atmos

Energy

Corp.

855,917

Ground

Transportation

–

0.1%

29,645

CSX

Corp.

1,058,326

31,750

Lyft,

Inc.,

Class

A*

396,558

1,454,884

Health

Care

Equipment

&

Supplies

–

1.1%

136,845

Boston

Scientific

Corp.*

8,656,815

23,872

Edwards

Lifesciences

Corp.*

1,873,236

10,530,051

Health

Care

Providers

&

Services

–

4.0%

26,521

Elevance

Health,

Inc.

13,086,523

15,196

Encompass

Health

Corp.

1,079,524

2,451

Humana,

Inc.

926,625

42,011

UnitedHealth

Group,

Inc.

21,498,709

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

10,941

Universal

Health

Services,

Inc.,

Class

B

$

1,737,540

38,328,921

Health

Care

REITs

–

0.1%

12,454

Welltower,

Inc.

REIT

1,077,396

Health

Care

Technology

–

0.5%

23,108

Veeva

Systems,

Inc.,

Class

A*

4,792,830

Hotel

&

Resort

REITs

–

1.7%

528,184

Host

Hotels

&

Resorts,

Inc.

REIT

10,151,696

394,544

Park

Hotels

&

Resorts,

Inc.

REIT

5,949,724

16,101,420

Hotels,

Restaurants

&

Leisure

–

2.8%

47,033

Airbnb,

Inc.,

Class

A*

6,779,337

2,488

Booking

Holdings,

Inc.*

8,726,585

4,834

Chipotle

Mexican

Grill,

Inc.*

11,643,994

4,401

Wynn

Resorts

Ltd.

415,587

27,565,503

Household

Durables

–

1.3%

66,172

D.R.

Horton,

Inc.

9,456,640

31,137

PulteGroup,

Inc.

3,255,685

12,712,325

Household

Products

–

1.1%

84,791

Kimberly-Clark

Corp.

10,257,167

Industrial

REITs

–

0.3%

55,186

Rexford

Industrial

Realty,

Inc.

REIT

2,902,232

Insurance

–

2.7%

5,688

Kinsale

Capital

Group,

Inc.

2,261,378

74,665

Progressive

Corp.

(The)

13,309,036

51,735

Travelers

Cos.,

Inc.

(The)

10,934,710

26,505,124

Interactive

Media

&

Services

–

6.1%

54,251

Alphabet,

Inc.,

Class

A*

7,600,565

221,419

Alphabet,

Inc.,

Class

C*

31,397,214

51,011

Meta

Platforms,

Inc.,

Class

A*

19,901,432

58,899,211

IT

Services

–

1.3%

31,288

International

Business

Machines

Corp.

5,746,354

17,974

Okta,

Inc.*

1,485,551

26,451

VeriSign,

Inc.*

5,260,575

12,492,480

Life

Sciences

Tools

&

Services

–

1.8%

30,789

Bruker

Corp.

2,201,721

41,120

IQVIA

Holdings,

Inc.*

8,562,418

3,169

Medpace

Holdings,

Inc.*

924,017

4,892

Mettler-Toledo

International,

Inc.*

5,856,654

17,544,810

Machinery

–

0.7%

47,212

Otis

Worldwide

Corp.

4,175,429

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

6,317

Parker-Hannifin

Corp.

$

2,934,247

7,109,676

Media

–

0.7%

25,890

Paramount

Global,

Class

B

377,735

91,028

Trade

Desk,

Inc.

(The),

Class

A*

6,229,046

6,606,781

Metals

&

Mining

–

0.6%

1,382

Nucor

Corp.

258,337

44,619

Steel

Dynamics,

Inc.

5,385,067

5,643,404

Oil,

Gas

&

Consumable

Fuels

–

1.8%

132,783

Antero

Resources

Corp.*

2,966,372

59,789

Cheniere

Energy,

Inc.

9,804,798

58,227

Devon

Energy

Corp.

2,446,699

15,477

Valero

Energy

Corp.

2,149,755

17,367,624

Personal

Care

Products

–

0.4%

210,991

Kenvue,

Inc.

4,380,173

Pharmaceuticals

–

1.8%

81,390

Bristol-Myers

Squibb

Co.

3,977,529

2,527

Eli

Lilly

&

Co.

1,631,457

1,117

Johnson &

Johnson

177,491

27,627

Royalty

Pharma

PLC,

Class

A

784,331

60,151

Zoetis,

Inc.

11,296,959

17,867,767

Professional

Services

–

0.1%

4,673

FTI

Consulting,

Inc.*

895,393

Real

Estate

Management

&

Development

–

0.6%

55,870

CoStar

Group,

Inc.*

4,664,028

17,280

Zillow

Group,

Inc.,

Class

C*

982,195

5,646,223

Residential

REITs

–

1.1%

131,980

American

Homes

4

Rent,

Class

A

REIT

4,625,899

27,616

AvalonBay

Communities,

Inc.

REIT

4,943,540

23,736

Invitation

Homes,

Inc.

REIT

781,626

10,351,065

Semiconductors

&

Semiconductor

Equipment

–

5.7%

41,892

Applied

Materials,

Inc.

6,882,856

1,834

Broadcom,

Inc.

2,164,120

6,643

Microchip

Technology,

Inc.

565,851

31,371

Micron

Technology,

Inc.

2,690,063

48,071

NVIDIA

Corp.

29,576,644

1,511

Skyworks

Solutions,

Inc.

157,839

81,341

Texas

Instruments,

Inc.

13,024,321

55,061,694

Software

–

13.5%

28,935

Crowdstrike

Holdings,

Inc.,

Class

A*

8,463,488

210,014

Dropbox,

Inc.,

Class

A*

6,653,244

22,650

Intuit,

Inc.

14,299,624

178,143

Microsoft

Corp.

70,826,094

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

15,494

Oracle

Corp.

$

1,730,680

60,869

Salesforce,

Inc.*

17,109,667

11,723

ServiceNow,

Inc.*

8,972,784

12,008

Zscaler,

Inc.*

2,829,925

130,885,506

Specialized

REITs

–

0.1%

5,747

SBA

Communications

Corp.

REIT

1,286,523

Specialty

Retail

–

1.1%

78,473

Ross

Stores,

Inc.

11,008,193

Technology

Hardware,

Storage

&

Peripherals

–

9.8%

400,512

Apple,

Inc.

73,854,413

130,078

Dell

Technologies,

Inc.,

Class

C

10,780,864

665,772

Hewlett

Packard

Enterprise

Co.

10,179,654

94,814,931

Textiles,

Apparel

&

Luxury

Goods

–

0.4%

16,864

Ralph

Lauren

Corp.

2,422,851

18,983

Skechers

USA,

Inc.,

Class

A*

1,185,298

3,608,149

Trading

Companies

&

Distributors

–

0.6%

48,567

Core

&

Main,

Inc.,

Class

A*

2,006,303

18,518

Ferguson

PLC

3,478,791

5,485,094

TOTAL

INVESTMENTS

–

99.0%

(Cost

$721,413,126)

$

959,417,959

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.0%

9,748,586

NET

ASSETS

–

100.0%

$

969,166,545

  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.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.9%

Aerospace

&

Defense

–

1.3%

88,292

AAR

Corp.*

$

5,369,919

130,412

Kratos

Defense &

Security

Solutions,

Inc.*

2,207,875

28,546

National

Presto

Industries,

Inc.

2,259,987

107,587

Triumph

Group,

Inc.*

1,742,909

11,580,690

Automobile

Components

–

1.9%

137,909

Adient

PLC*

4,786,822

79,220

Atmus

Filtration

Technologies,

Inc.*

(a)

1,768,983

585,967

Goodyear

Tire

&

Rubber

Co.

(The)*

8,168,380

73,551

Holley,

Inc.*

350,838

22,088

Modine

Manufacturing

Co.*

1,526,060

16,601,083

Banks

–

16.6%

43,006

1st

Source

Corp.

2,247,924

104,024

Amalgamated

Financial

Corp.

2,762,877

96,494

Ameris

Bancorp

4,789,962

6,625

Atlantic

Union

Bankshares

Corp.

226,310

56,838

Axos

Financial,

Inc.*

3,150,530

42,155

BancFirst

Corp.

3,731,139

59,836

Bancorp,

Inc.

(The)*

2,611,243

134,746

BankUnited,

Inc.

3,807,922

2,063

Bankwell

Financial

Group,

Inc.

57,248

64,027

Banner

Corp.

2,982,378

65,001

BayCom

Corp.

1,326,670

60,315

Business

First

Bancshares,

Inc.

1,360,103

41,043

Byline

Bancorp,

Inc.

896,379

37,404

Cadence

Bank

995,694

26,315

Capital

Bancorp,

Inc.

572,614

10,631

Cathay

General

Bancorp

437,678

156,037

Central

Pacific

Financial

Corp.

3,006,833

5,588

City

Holding

Co.

571,149

2,413

Community

Bank

System,

Inc.

110,443

32,481

Community

Trust

Bancorp,

Inc.

1,347,962

223,403

CVB

Financial

Corp.

3,746,468

15,434

Eagle

Bancorp,

Inc.

382,609

65,989

Enterprise

Financial

Services

Corp.

2,747,122

20,629

Financial

Institutions,

Inc.

431,146

266,413

First

BanCorp.

(Puerto

Rico)

4,443,769

20,342

First

Bancshares,

Inc.

(The)

517,297

249,953

First

Commonwealth

Financial

Corp.

3,501,842

177,604

First

Financial

Bancorp

3,981,882

3,817

First

Financial

Corp.

150,466

129,595

Fulton

Financial

Corp.

2,020,386

55,562

Glacier

Bancorp,

Inc.

2,148,027

42,507

Great

Southern

Bancorp,

Inc.

2,214,190

117,246

Hancock

Whitney

Corp.

5,288,967

162,315

Hanmi

Financial

Corp.

2,718,776

100,438

Heartland

Financial

USA,

Inc.

3,562,536

119,485

Heritage

Commerce

Corp.

1,062,222

155,261

Heritage

Financial

Corp.

3,128,509

49,753

Home

BancShares,

Inc.

1,166,210

34,702

HomeTrust

Bancshares,

Inc.

942,159

207,645

Hope

Bancorp,

Inc.

2,300,707

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

8,983

Independent

Bank

Corp.

$

503,856

113,783

Independent

Bank

Corp.

2,894,640

11,321

Independent

Bank

Group,

Inc.

547,370

87,029

International

Bancshares

Corp.

4,600,353

8,535

Macatawa

Bank

Corp.

90,983

100,375

National

Bank

Holdings

Corp.,

Class

A

3,513,125

24,598

Northeast

Community

Bancorp,

Inc.

423,824

103,341

OFG

Bancorp

(Puerto

Rico)

3,799,849

49,626

Old

National

Bancorp

817,340

81,591

Old

Second

Bancorp,

Inc.

1,111,269

97,694

Origin

Bancorp,

Inc.

2,979,667

38,022

PCB

Bancorp

636,869

37,666

Preferred

Bank

2,705,925

201,671

Provident

Financial

Services,

Inc.

3,337,655

91,938

Renasant

Corp.

2,907,999

56,544

Sierra

Bancorp

1,173,288

9,849

Southern

First

Bancshares,

Inc.*

369,239

102,792

Southside

Bancshares,

Inc.

3,217,390

35,712

SouthState

Corp.

2,967,667

75,334

Texas

Capital

Bancshares,

Inc.*

4,595,374

8,608

Timberland

Bancorp,

Inc.

240,766

101,983

TrustCo

Bank

Corp.

2,947,309

63,858

UMB

Financial

Corp.

5,268,285

95,242

United

Bankshares,

Inc.

3,414,426

6,496

United

Community

Banks,

Inc.

177,601

16,548

Unity

Bancorp,

Inc.

453,250

45,827

Valley

National

Bancorp

440,856

148,652

Veritex

Holdings,

Inc.

3,123,179

3,860

WaFd,

Inc.

112,094

55,641

WesBanco,

Inc.

1,632,507

17,556

WSFS

Financial

Corp.

781,418

145,233,721

Beverages

–

0.6%

336,396

Primo

Water

Corp.

4,904,654

Biotechnology

–

4.8%

16,745

4D

Molecular

Therapeutics,

Inc.*

288,851

30,167

Agios

Pharmaceuticals,

Inc.*

682,378

170,966

Allogene

Therapeutics,

Inc.*

601,800

7,417

Alpine

Immune

Sciences,

Inc.*

197,366

18,301

Arcturus

Therapeutics

Holdings,

Inc.*

603,384

61,725

Arcus

Biosciences,

Inc.*

934,516

350,613

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

2,643,622

16,304

Avidity

Biosciences,

Inc.*

199,398

88,540

Biohaven

Ltd.*

3,938,259

16,620

CareDx,

Inc.*

142,267

103,830

Deciphera

Pharmaceuticals,

Inc.*

1,486,846

69,894

Design

Therapeutics,

Inc.*

165,649

263,690

Emergent

BioSolutions,

Inc.*

440,362

65,774

Enanta

Pharmaceuticals,

Inc.*

799,154

128,574

Erasca,

Inc.*

214,719

30,313

Fate

Therapeutics,

Inc.*

186,728

167,719

Generation

Bio

Co.*

315,312

33,685

Inozyme

Pharma,

Inc.*

185,268

4,331

Intellia

Therapeutics,

Inc.*

103,164

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

321,496

Iovance

Biotherapeutics,

Inc.*

$

2,485,164

143,640

iTeos

Therapeutics,

Inc.*

1,429,218

26,697

KalVista

Pharmaceuticals,

Inc.*

421,012

186,335

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

3,285,086

173,967

Kodiak

Sciences,

Inc.*

697,608

52,180

Kura

Oncology,

Inc.*

1,050,905

70,074

MacroGenics,

Inc.*

1,002,058

392,821

MannKind

Corp.*

1,312,022

142,721

Nurix

Therapeutics,

Inc.*

1,127,496

87,033

Olema

Pharmaceuticals,

Inc.*

1,134,910

249,012

PMV

Pharmaceuticals,

Inc.*

438,261

103,321

Poseida

Therapeutics,

Inc.*

355,424

45,006

REGENXBIO,

Inc.*

554,474

187,570

Relay

Therapeutics,

Inc.*

1,735,022

149,316

Sana

Biotechnology,

Inc.*

819,745

34,809

Scholar

Rock

Holding

Corp.*

485,586

431,856

Sutro

Biopharma,

Inc.*

1,874,255

80,663

TG

Therapeutics,

Inc.*

1,309,967

175,885

Vanda

Pharmaceuticals,

Inc.*

633,186

101,780

Veracyte,

Inc.*

2,546,536

74,591

Verve

Therapeutics,

Inc.*

807,075

73,283

Viking

Therapeutics,

Inc.*

1,769,052

7,392

Vir

Biotechnology,

Inc.*

69,485

59,651

Y-mAbs

Therapeutics,

Inc.*

762,936

42,235,526

Broadline

Retail

–

0.1%

109,480

Big

Lots,

Inc.

628,415

19,282

ContextLogic,

Inc.,

Class

A*

84,262

712,677

Building

Products

–

1.4%

41,478

American

Woodmark

Corp.*

3,786,112

411,112

Masterbrand,

Inc.*

5,784,346

14,770

Quanex

Building

Products

Corp.

461,119

119,515

Resideo

Technologies,

Inc.*

2,004,267

12,035,844

Capital

Markets

–

0.6%

79,268

StoneX

Group,

Inc.*

5,211,871

Chemicals

–

1.3%

31,380

Aspen

Aerogels,

Inc.*

352,397

6,201

Core

Molding

Technologies,

Inc.*

107,277

39,069

Innospec,

Inc.

4,536,302

10,475

Koppers

Holdings,

Inc.

535,691

40,352

Mativ

Holdings,

Inc.

485,435

82,780

Minerals

Technologies,

Inc.

5,409,673

11,426,775

Commercial

Services

&

Supplies

–

1.2%

31,442

BrightView

Holdings,

Inc.*

280,777

130,034

Deluxe

Corp.

2,458,943

172,982

Ennis,

Inc.

3,523,643

224,407

Steelcase,

Inc.,

Class

A

2,845,481

8,109

UniFirst

Corp.

1,373,827

10,482,671

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

0.6%

254,039

NetScout

Systems,

Inc.*

$

5,464,379

Construction

&

Engineering

–

1.1%

7,165

Arcosa,

Inc.

560,876

5,984

Comfort

Systems

USA,

Inc.

1,301,341

15,161

Limbach

Holdings,

Inc.*

651,923

178,811

Primoris

Services

Corp.

5,865,001

21,291

Sterling

Infrastructure,

Inc.*

1,598,954

9,978,095

Construction

Materials

–

1.1%

18,487

Knife

River

Corp.*

1,210,713

234,627

Summit

Materials,

Inc.,

Class

A*

8,488,805

9,699,518

Consumer

Finance

–

0.4%

3,299

Encore

Capital

Group,

Inc.*

165,214

16,050

Enova

International,

Inc.*

873,602

23,299

Green

Dot

Corp.,

Class

A*

209,924

19,846

Nelnet,

Inc.,

Class

A

1,729,182

1,301

World

Acceptance

Corp.*

170,834

3,148,756

Consumer

Staples

Distribution

&

Retail

–

0.4%

47,638

Natural

Grocers

by

Vitamin

Cottage,

Inc.

712,188

38,443

Weis

Markets,

Inc.

2,335,412

3,047,600

Diversified

Consumer

Services

–

2.3%

31,752

Adtalem

Global

Education,

Inc.*

1,602,841

203,644

Coursera,

Inc.*

3,897,746

19,899

Duolingo,

Inc.*

3,559,732

6,705

European

Wax

Center,

Inc.,

Class

A*

99,502

3,339

Frontdoor,

Inc.*

109,386

2,135

Graham

Holdings

Co.,

Class

B

1,538,054

114,899

Perdoceo

Education

Corp.

2,079,672

68,893

Strategic

Education,

Inc.

6,480,075

145,867

WW

International,

Inc.*

548,460

19,915,468

Diversified

REITs

–

0.6%

224,923

American

Assets

Trust,

Inc.

REIT

5,045,023

9,345

Essential

Properties

Realty

Trust,

Inc.

REIT

232,784

5,277,807

Diversified

Telecommunication

Services

–

0.3%

8,985

Bandwidth,

Inc.,

Class

A*

124,353

32,341

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

227,681

340,230

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

2,422,437

127,550

Lumen

Technologies,

Inc.*

155,611

2,930,082

Electrical

Equipment

–

2.7%

2,189

Atkore,

Inc.*

333,888

36,840

Encore

Wire

Corp.

8,307,420

165,917

FTC

Solar,

Inc.*

83,207

17,193

NEXTracker,

Inc.,

Class

A*

778,327

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

62,969

Powell

Industries,

Inc.

$

7,463,716

174,461

Thermon

Group

Holdings,

Inc.*

5,718,832

17,431

Vicor

Corp.*

656,626

23,342,016

Electronic

Equipment,

Instruments

&

Components

–

1.5%

76,967

ePlus,

Inc.*

5,814,087

45,783

Itron,

Inc.*

3,302,786

26,612

PC

Connection,

Inc.

1,716,740

71,058

Vishay

Precision

Group,

Inc.*

2,265,329

13,098,942

Energy

Equipment

&

Services

–

2.2%

137,187

Archrock,

Inc.

2,241,636

31,244

Atlas

Energy

Solutions,

Inc.

542,708

49,011

Diamond

Offshore

Drilling,

Inc.*

597,934

14,760

DMC

Global,

Inc.*

251,215

112,537

Dril-Quip,

Inc.*

2,258,618

202,224

Helix

Energy

Solutions

Group,

Inc.*

1,900,906

44,171

Helmerich

&

Payne,

Inc.

1,778,324

9,409

Nabors

Industries

Ltd.*

795,813

148,292

Newpark

Resources,

Inc.*

962,415

331,553

Oil

States

International,

Inc.*

2,045,682

224,091

Patterson-UTI

Energy,

Inc.

2,485,169

72,459

ProFrac

Holding

Corp.,

Class

A*

(a)

573,151

347,343

ProPetro

Holding

Corp.*

2,938,522

19,372,093

Entertainment

–

0.1%

160,556

Vivid

Seats,

Inc.,

Class

A*

921,591

Financial

Services

–

4.1%

105,785

A-Mark

Precious

Metals,

Inc.

2,853,021

244,018

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

5,868,633

11,449

Enact

Holdings,

Inc.

326,182

68,964

Essent

Group

Ltd.

3,804,054

90,685

Flywire

Corp.*

1,937,939

1,002,643

Marqeta,

Inc.,

Class

A*

6,025,884

121,076

Merchants

Bancorp

5,295,864

82,426

Mr

Cooper

Group,

Inc.*

5,552,215

12,853

NMI

Holdings,

Inc.,

Class

A*

410,268

21,998

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

283,114

162,799

Payoneer

Global,

Inc.*

761,899

8,045

PennyMac

Financial

Services,

Inc.

701,685

18,679

Remitly

Global,

Inc.*

320,158

88,732

Repay

Holdings

Corp.*

695,659

114,471

StoneCo

Ltd.,

Class

A

(Brazil)*

1,967,757

1,111

Walker &

Dunlop,

Inc.

107,311

36,911,643

Food

Products

–

0.0%

5,692

B&G

Foods,

Inc.

57,262

Gas

Utilities

–

0.6%

120,197

Northwest

Natural

Holding

Co.

4,430,462

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Gas

Utilities

–

(continued)

7,022

ONE

Gas,

Inc.

$

430,940

4,861,402

Ground

Transportation

–

0.0%

19,859

FTAI

Infrastructure,

Inc.

84,599

23,902

Heartland

Express,

Inc.

309,531

394,130

Health

Care

Equipment

&

Supplies

–

0.5%

13,282

AtriCure,

Inc.*

452,385

192,688

Embecta

Corp.

3,302,672

9,614

Inari

Medical,

Inc.*

547,517

2,023

OmniAb,

Inc.

12.5

Earnout*

(b)

—

2,023

OmniAb,

Inc.

15.00

Earnout*

(b)

—

23,455

Varex

Imaging

Corp.*

451,978

4,754,552

Health

Care

Providers

&

Services

–

1.2%

10,176

Accolade,

Inc.*

115,192

601,246

Brookdale

Senior

Living,

Inc.*

3,288,816

72,356

Community

Health

Systems,

Inc.*

265,547

54,314

HealthEquity,

Inc.*

4,105,052

82,572

Hims

&

Hers

Health,

Inc.*

708,468

37,571

Joint

Corp.

(The)*

366,693

440,908

OPKO

Health,

Inc.*

(a)

449,726

69,650

Pennant

Group,

Inc.

(The)*

1,045,446

10,344,940

Health

Care

REITs

–

0.3%

78,799

LTC

Properties,

Inc.

REIT

2,456,165

Health

Care

Technology

–

0.1%

124,224

American

Well

Corp.,

Class

A*

130,435

16,415

Computer

Programs

and

Systems,

Inc.*

166,284

20,589

Health

Catalyst,

Inc.*

201,155

18,633

Schrodinger,

Inc.*

492,843

990,717

Hotel

&

Resort

REITs

–

3.4%

486,873

Chatham

Lodging

Trust

REIT

5,112,166

738,549

DiamondRock

Hospitality

Co.

REIT

6,750,338

595,275

RLJ

Lodging

Trust

REIT

6,893,284

697,111

Service

Properties

Trust

REIT

5,388,668

333,426

Summit

Hotel

Properties,

Inc.

REIT

2,160,600

329,971

Sunstone

Hotel

Investors,

Inc.

REIT

3,520,791

11,921

Xenia

Hotels

&

Resorts,

Inc.

REIT

158,907

29,984,754

Hotels,

Restaurants

&

Leisure

–

0.8%

47,397

Chuy's

Holdings,

Inc.*

1,602,493

110,356

Everi

Holdings,

Inc.*

1,148,806

14,280

International

Game

Technology

PLC

370,709

87,781

Life

Time

Group

Holdings,

Inc.*

1,167,487

61,060

Lindblad

Expeditions

Holdings,

Inc.*

564,194

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

73,465

Portillo's,

Inc.,

Class

A*

$

1,009,409

133,571

Sabre

Corp.*

547,641

43,580

Xponential

Fitness,

Inc.,

Class

A*

481,995

6,892,734

Household

Durables

–

4.1%

32,980

Beazer

Homes

USA,

Inc.*

1,047,115

4,737

Century

Communities,

Inc.

410,698

32,398

Dream

Finders

Homes,

Inc.,

Class

A*

1,064,922

57,681

Green

Brick

Partners,

Inc.*

3,009,218

5,928

Hovnanian

Enterprises,

Inc.,

Class

A*

1,001,654

124,648

KB

Home

7,427,774

50,780

LGI

Homes,

Inc.*

5,992,548

61,617

M/I

Homes,

Inc.*

7,851,238

24,233

Meritage

Homes

Corp.

4,013,227

32,647

Taylor

Morrison

Home

Corp.*

1,702,215

65,374

Tri

Pointe

Homes,

Inc.*

2,257,364

35,777,973

Industrial

REITs

–

1.7%

751,832

LXP

Industrial

Trust

REIT

6,834,153

129,101

Terreno

Realty

Corp.

REIT

7,711,203

14,545,356

Insurance

–

3.0%

164,167

Ambac

Financial

Group,

Inc.*

2,667,714

192,148

CNO

Financial

Group,

Inc.

5,222,583

157,216

Employers

Holdings,

Inc.

6,559,051

455,708

Genworth

Financial,

Inc.,

Class

A*

2,811,718

39,633

Goosehead

Insurance,

Inc.,

Class

A*

3,059,667

1,728

Investors

Title

Co.

289,008

184,624

James

River

Group

Holdings

Ltd.

1,766,852

2,955

Lemonade,

Inc.*

(a)

46,748

6,790

Mercury

General

Corp.

271,939

58,587

Skyward

Specialty

Insurance

Group,

Inc.*

1,822,056

109,043

Universal

Insurance

Holdings,

Inc.

1,812,295

26,329,631

Interactive

Media

&

Services

–

1.0%

227,073

Bumble,

Inc.,

Class

A*

3,115,442

25,569

Eventbrite,

Inc.,

Class

A*

214,013

369,753

fuboTV,

Inc.*

920,685

1,184,118

Vimeo,

Inc.*

4,700,948

8,951,088

IT

Services

–

0.5%

14,336

DigitalOcean

Holdings,

Inc.*

483,410

67,364

Fastly,

Inc.,

Class

A*

1,355,364

148,925

Rackspace

Technology,

Inc.*

250,194

369,864

Unisys

Corp.*

2,492,883

4,581,851

Leisure

Products

–

0.4%

75,581

Funko,

Inc.,

Class

A*

534,358

18,205

JAKKS

Pacific,

Inc.*

570,909

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Leisure

Products

–

(continued)

77,711

Latham

Group,

Inc.*

$

196,609

123,337

Topgolf

Callaway

Brands

Corp.*

1,624,348

2,926,224

Life

Sciences

Tools

&

Services

–

0.1%

22,604

Adaptive

Biotechnologies

Corp.*

82,957

23,484

Pacific

Biosciences

of

California,

Inc.*

152,881

39,224

Quanterix

Corp.*

866,458

1,102,296

Machinery

–

1.2%

9,168

Astec

Industries,

Inc.

326,381

26,374

Columbus

McKinnon

Corp.

1,030,432

15,549

Gorman-Rupp

Co.

(The)

519,181

65,796

Manitowoc

Co.,

Inc.

(The)*

1,059,316

259,212

Microvast

Holdings,

Inc.*

(a)

243,141

26,092

Miller

Industries,

Inc.

1,050,203

24,723

Proto

Labs,

Inc.*

892,253

6,239

Terex

Corp.

383,262

184,475

Trinity

Industries,

Inc.

4,637,701

10,983

Wabash

National

Corp.

277,870

10,419,740

Marine

Transportation

–

1.1%

324,338

Costamare,

Inc.

(Monaco)

3,473,660

155,621

Golden

Ocean

Group

Ltd.

(Norway)

1,644,914

19,164

Matson,

Inc.

2,146,943

31,682

Pangaea

Logistics

Solutions

Ltd.

295,276

599,332

Safe

Bulkers,

Inc.

(Greece)

2,421,301

9,982,094

Media

–

1.0%

22,446

AMC

Networks,

Inc.,

Class

A*

406,048

21,403

Cardlytics,

Inc.*

163,519

1,317

Daily

Journal

Corp.*

423,178

146,837

EW

Scripps

Co.

(The),

Class

A*

1,170,291

91,400

Gray

Television,

Inc.

872,870

9,246

John

Wiley

&

Sons,

Inc.,

Class

A

312,885

214,694

Magnite,

Inc.*

1,900,042

11,757

TechTarget,

Inc.*

401,737

151,128

Thryv

Holdings,

Inc.*

3,089,056

52,910

WideOpenWest,

Inc.*

196,296

8,935,922

Metals

&

Mining

–

2.6%

4,956

Alpha

Metallurgical

Resources,

Inc.

1,978,633

3,950

Arch

Resources,

Inc.

698,992

20,984

ATI,

Inc.*

857,616

118,656

Carpenter

Technology

Corp.

7,308,023

256,531

Coeur

Mining,

Inc.*

690,068

93,749

Haynes

International,

Inc.

5,219,007

52,011

Olympic

Steel,

Inc.

3,514,903

18,499

Ryerson

Holding

Corp.

634,886

155,598

SunCoke

Energy,

Inc.

1,594,880

22,497,008

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

2.1%

460,920

Arbor

Realty

Trust,

Inc.

REIT

6,130,236

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

(continued)

40,810

Ares

Commercial

Real

Estate

Corp.

REIT

$

388,103

6,020

ARMOUR

Residential

REIT,

Inc.

REIT

114,681

283,598

BrightSpire

Capital,

Inc.

REIT

2,027,726

337,089

Chimera

Investment

Corp.

REIT

1,618,027

95,969

Invesco

Mortgage

Capital,

Inc.

REIT

845,487

11,832

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

144,824

244,811

Ladder

Capital

Corp.

REIT

2,675,784

14,605

MFA

Financial,

Inc.

REIT

161,677

3,452

Nexpoint

Real

Estate

Finance,

Inc.

REIT

50,296

212,521

PennyMac

Mortgage

Investment

Trust

REIT

3,047,551

131,794

Two

Harbors

Investment

Corp.

REIT

1,642,153

18,846,545

Multi-Utilities

–

1.4%

136,709

Avista

Corp.

4,649,473

138,672

Black

Hills

Corp.

7,177,663

11,827,136

Office

REITs

–

0.8%

49,815

Brandywine

Realty

Trust

REIT

236,123

149,089

City

Office

REIT,

Inc.

REIT

782,717

305,761

Equity

Commonwealth

REIT

5,843,093

6,861,933

Oil,

Gas

&

Consumable

Fuels

–

7.4%

60,809

Ardmore

Shipping

Corp.

(Ireland)

1,007,605

372

Chord

Energy

Corp.

57,199

44,432

CONSOL

Energy,

Inc.

4,203,267

586,025

DHT

Holdings,

Inc.

6,516,598

15,822

Dorian

LPG

Ltd.

592,376

82,864

Encore

Energy

Corp.

(Canada)*

(a)

382,003

197,315

Equitrans

Midstream

Corp.

2,010,640

287,660

Golar

LNG

Ltd.

(Cameroon)

6,273,864

73,653

Hallador

Energy

Co.*

628,260

117,602

International

Seaways,

Inc.

6,308,171

29,213

Matador

Resources

Co.

1,603,501

37,387

Murphy

Oil

Corp.

1,446,877

1,274,545

Nordic

American

Tankers

Ltd.

5,671,725

69,837

PBF

Energy,

Inc.,

Class

A

3,527,467

98,708

Peabody

Energy

Corp.

2,635,504

116,624

Scorpio

Tankers,

Inc.

(Monaco)

8,245,317

60,210

SM

Energy

Co.

2,232,587

433,409

Teekay

Corp.

(Bermuda)*

3,896,347

113,323

Teekay

Tankers

Ltd.,

Class

A

(Canada)

7,088,354

21,238

Vitesse

Energy,

Inc.

446,210

64,773,872

Passenger

Airlines

–

0.3%

46,791

SkyWest,

Inc.*

2,492,089

26,545

Spirit

Airlines,

Inc.

(a)

166,968

2,659,057

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Personal

Care

Products

–

0.6%

23,636

elf

Beauty,

Inc.*

$

3,770,651

124,193

Herbalife

Ltd.*

1,496,526

5,267,177

Pharmaceuticals

–

0.4%

76,315

Assertio

Holdings,

Inc.*

67,356

4,983

Axsome

Therapeutics,

Inc.*

448,619

2,961

Ligand

Pharmaceuticals,

Inc.*

216,449

44,098

Prestige

Consumer

Healthcare,

Inc.*

2,713,791

3,446,215

Professional

Services

–

2.0%

768,510

Alight,

Inc.,

Class

A*

6,855,109

67,697

Asure

Software,

Inc.*

598,442

159,675

ExlService

Holdings,

Inc.*

4,994,634

43,758

Parsons

Corp.*

2,850,834

187,433

Upwork,

Inc.*

2,569,706

17,868,725

Real

Estate

Management

&

Development

–

1.5%

157,079

Anywhere

Real

Estate,

Inc.*

1,118,402

90,604

Compass,

Inc.,

Class

A*

311,678

10,768

DigitalBridge

Group,

Inc.

211,484

262,656

Douglas

Elliman,

Inc.

567,337

129,762

Forestar

Group,

Inc.*

4,056,360

46,924

Kennedy-Wilson

Holdings,

Inc.

490,356

225,039

Newmark

Group,

Inc.,

Class

A

2,284,146

759,736

Opendoor

Technologies,

Inc.*

2,598,297

160,745

Redfin

Corp.*

1,311,679

12,949,739

Residential

REITs

–

0.6%

39,747

Centerspace

REIT

2,176,546

126,822

NexPoint

Residential

Trust,

Inc.

REIT

3,874,412

21,752

UMH

Properties,

Inc.

REIT

328,673

6,379,631

Retail

REITs

–

1.3%

350,870

Kite

Realty

Group

Trust

REIT

7,508,618

122,142

Macerich

Co.

(The)

REIT

1,928,622

24,923

Tanger,

Inc.

REIT

670,429

52,388

Urban

Edge

Properties

REIT

904,741

11,012,410

Semiconductors

&

Semiconductor

Equipment

–

1.2%

166,006

Amkor

Technology,

Inc.

5,255,750

32,040

Cohu,

Inc.*

1,020,794

42,541

Ichor

Holdings

Ltd.*

1,539,984

56,062

Photronics,

Inc.*

1,638,132

11,169

Synaptics,

Inc.*

1,192,961

2,441

Veeco

Instruments,

Inc.*

77,819

10,725,440

Software

–

2.2%

426

Appfolio,

Inc.,

Class

A*

93,405

259,817

Cleanspark,

Inc.*

2,091,527

215,576

Clear

Secure,

Inc.,

Class

A

4,102,411

20,220

Freshworks,

Inc.,

Class

A*

448,884

97,588

LiveRamp

Holdings,

Inc.*

3,852,774

11,478

ON24,

Inc.

87,807

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

10,394

Q2

Holdings,

Inc.*

$

442,265

12,275

Qualys,

Inc.*

2,322,062

78,859

Riot

Platforms,

Inc.*

859,563

276,815

SolarWinds

Corp.*

3,271,953

47,636

Varonis

Systems,

Inc.*

2,137,903

19,710,554

Specialized

REITs

–

0.3%

18,013

Four

Corners

Property

Trust,

Inc.

REIT

421,684

322,215

Uniti

Group,

Inc.

REIT

1,694,851

2,116,535

Specialty

Retail

–

3.8%

59,721

Aaron's

Co.,

Inc.

(The)

614,529

15,569

Abercrombie

&

Fitch

Co.,

Class

A*

1,586,481

226,201

American

Eagle

Outfitters,

Inc.

4,483,304

31,808

Beyond,

Inc.*

699,458

29,227

Buckle,

Inc.

(The)

1,086,952

46,695

Carvana

Co.*

2,010,687

11,745

Cato

Corp.

(The),

Class

A

79,396

223,931

Foot

Locker,

Inc.

6,305,897

12,410

Group

1

Automotive,

Inc.

3,227,345

29,283

National

Vision

Holdings,

Inc.*

556,670

110,068

Rent

the

Runway,

Inc.,

Class

A*

(a)

67,604

66,925

Shoe

Carnival,

Inc.

1,706,587

53,073

Sleep

Number

Corp.*

546,652

28,388

Stitch

Fix,

Inc.,

Class

A*

90,841

119,259

Urban

Outfitters,

Inc.*

4,531,842

20,916

Warby

Parker,

Inc.,

Class

A*

266,679

10,330

Winmark

Corp.

3,725,721

110,854

Zumiez,

Inc.*

1,903,363

33,490,008

Technology

Hardware,

Storage

&

Peripherals

–

0.2%

145,018

Eastman

Kodak

Co.*

500,312

3,053

Super

Micro

Computer,

Inc.*

1,616,899

2,117,211

Textiles,

Apparel

&

Luxury

Goods

–

0.2%

138,513

Allbirds,

Inc.,

Class

A*

132,903

18,576

Oxford

Industries,

Inc.

1,763,420

1,896,323

Tobacco

–

0.1%

66,230

Vector

Group

Ltd.

693,428

Trading

Companies

&

Distributors

–

1.5%

9,959

Beacon

Roofing

Supply,

Inc.*

825,502

19,083

Boise

Cascade

Co.

2,584,983

298,484

DNOW,

Inc.*

3,011,704

6,752

DXP

Enterprises,

Inc.*

217,549

148,161

MRC

Global,

Inc.*

1,579,396

95,207

Rush

Enterprises,

Inc.,

Class

A

4,275,746

19,860

Xometry,

Inc.,

Class

A*

639,095

13,133,975

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Water

Utilities

–

0.0%

9,648

Consolidated

Water

Co.

Ltd.

(Cayman

Islands)

$

308,061

Wireless

Telecommunication

Services

–

0.2%

106,389

Telephone

and

Data

Systems,

Inc.

2,043,733

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$798,636,843)

868,447,049

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.4%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

3,193,990

5.223%

3,193,990

(Cost

$3,193,990)

TOTAL

INVESTMENTS

–

99.3%

(Cost

$801,830,833)

$

871,641,039

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.7%

5,811,003

NET

ASSETS

–

100.0%

$

877,452,042

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

January

31,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

rule

2a-5

under

the

Investment

Company

Act

of

1940

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivatives

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

January

31,

2024:

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Large

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

1,121,584,944

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

103,711

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Large

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

109,619

$

—

$

—

North

America

354,447,946

—

—

South

America

847,174

—

—

Total

$

355,404,739

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

2,950

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Small

Cap

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

2,260,237

$

—

$

—

Asia

2,314,935

—

—

Europe

4,938,081

—

—

North

America

379,549,801

—

—

South

America

1,943,222

—

—

Investment

Company

227,698

—

—

Securities

Lending

Reinvestment

Vehicle

2,755,280

—

—

Total

$

393,989,254

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

(“SEC”)

and

the

terms

and

conditions

contained

therein,

the

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

€

1.00

€

1.00

€

1.00

Small

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

76,774

$

—

$

—

Asia

1,665,323

—

—

Europe

744,159

—

—

North

America

111,147,735

—

—

South

America

299,622

—

—

Investment

Company

143,434

—

—

Securities

Lending

Reinvestment

Vehicle

857,425

—

—

Total

$

114,934,472

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Small

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

6,273,864

$

—

$

—

Europe

16,792,797

—

—

North

America

843,129,517

—

—

South

America

2,250,871

—

—

Securities

Lending

Reinvestment

Vehicle

3,193,990

—

—

Total

$

871,641,039

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

U.S.

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

959,124,080

$

—

$

—

South

America

293,879

—

—

Total

$

959,417,959

$

—

$

—

€

1.00

€

1.00

€

1.00

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.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

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:

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

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.

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,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2024

(Unaudited)

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Large

Cap

Growth

Insights

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

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.

Portfolio

Turnover

Rate

Risk

—

A

high

rate

of

portfolio

turnover

may

involve

correspondingly

greater

expenses

which

must

be

borne

by

the

Fund

and

its

shareholders,

and

is

also

likely

to

result

in

short-term

capital

gains

taxable

to

shareholders..

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)