NPORT-EX 2 563979GS113024.htm
GOLDMAN
SACHS
ENHANCED
CORE
EQUITY
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
0.5%
12,414
Woodward,
Inc.
$
2,238,493
Air
Freight
&
Logistics
–
0.7%
21,115
United
Parcel
Service,
Inc.,
Class
B
2,865,728
Automobiles
–
1.3%
16,525
Tesla,
Inc.*
5,703,769
Banks
–
4.3%
108,617
Bank
of
America
Corp.
5,160,394
21,403
East
West
Bancorp,
Inc.
2,347,481
33,066
JPMorgan
Chase &
Co.
8,257,241
13,601
M&T
Bank
Corp.
2,992,084
18,757,200
Beverages
–
0.6%
10,039
Coca-Cola
Co.
(The)
643,299
23,388
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
1,814,441
2,457,740
Biotechnology
–
2.5%
25,921
AbbVie,
Inc.
4,741,728
11,394
Amgen,
Inc.
3,223,021
9,097
Biogen,
Inc.*
1,461,251
9,529
Neurocrine
Biosciences,
Inc.*
1,207,801
10,633,801
Broadline
Retail
–
3.3%
67,838
Amazon.com,
Inc.*
14,102,842
Capital
Markets
–
1.0%
2,678
MSCI,
Inc.
1,632,589
32,576
Nasdaq,
Inc.
2,703,482
4,336,071
Chemicals
–
1.7%
15,765
RPM
International,
Inc.
2,187,867
7,716
Sherwin-Williams
Co.
(The)
3,066,339
16,626
Westlake
Corp.
2,134,778
7,388,984
Communications
Equipment
–
0.4%
3,100
Motorola
Solutions,
Inc.
1,549,070
Construction
&
Engineering
–
0.5%
4,523
Comfort
Systems
USA,
Inc.
2,231,060
Consumer
Finance
–
0.9%
12,718
American
Express
Co.
3,874,920
Consumer
Staples
Distribution
&
Retail
–
2.1%
24,154
BJ's
Wholesale
Club
Holdings,
Inc.*
2,326,030
1,406
Costco
Wholesale
Corp.
1,366,463
23,101
Performance
Food
Group
Co.*
2,038,432
36,609
Walmart,
Inc.
3,386,333
9,117,258
Containers
&
Packaging
–
0.5%
10,887
Avery
Dennison
Corp.
2,242,178
Diversified
Telecommunication
Services
–
0.8%
149,447
AT&T,
Inc.
3,461,193
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electric
Utilities
–
1.0%
10,754
NRG
Energy,
Inc.
$
1,092,714
42,447
Xcel
Energy,
Inc.
3,079,954
4,172,668
Electrical
Equipment
–
1.9%
14,330
AMETEK,
Inc.
2,785,465
9,059
GE
Vernova,
Inc.*
3,026,793
8,498
Rockwell
Automation,
Inc.
2,508,100
8,320,358
Entertainment
–
1.3%
16,183
Electronic
Arts,
Inc.
2,648,671
3,622
Netflix,
Inc.*
3,212,026
5,860,697
Financial
Services
–
4.1%
10,869
Berkshire
Hathaway,
Inc.,
Class
B*
5,249,944
6,400
Corpay,
Inc.*
2,439,552
19,461
Fidelity
National
Information
Services,
Inc.
1,660,023
12,119
Mastercard,
Inc.,
Class
A
6,458,700
5,781
Visa,
Inc.,
Class
A
1,821,478
17,629,697
Food
Products
–
0.5%
63,590
Kraft
Heinz
Co.
(The)
2,032,972
Ground
Transportation
–
1.2%
10,946
Old
Dominion
Freight
Line,
Inc.
2,464,383
4,466
Saia,
Inc.*
2,541,511
5,005,894
Health
Care
Equipment
&
Supplies
–
1.3%
30,584
Abbott
Laboratories
3,632,462
24,352
Boston
Scientific
Corp.*
2,207,752
5,840,214
Health
Care
Providers
&
Services
–
2.7%
9,281
Cencora,
Inc.
2,334,636
7,680
Humana,
Inc.
2,276,198
11,510
UnitedHealth
Group,
Inc.
7,023,402
11,634,236
Health
Care
REITs
–
0.5%
17,731
Alexandria
Real
Estate
Equities,
Inc.
REIT
1,954,488
Hotels,
Restaurants
&
Leisure
–
1.7%
4,658
Domino's
Pizza,
Inc.
2,218,093
9,906
McDonald's
Corp.
2,932,275
9,758
Starbucks
Corp.
999,805
6,313
Texas
Roadhouse,
Inc.
1,295,869
7,446,042
Household
Durables
–
0.6%
14,055
Lennar
Corp.,
Class
A
2,451,051
Household
Products
–
1.4%
16,098
Colgate-Palmolive
Co.
1,555,550
26,008
Procter &
Gamble
Co.
(The)
4,662,194
6,217,744
GOLDMAN
SACHS
ENHANCED
CORE
EQUITY
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Independent
Power
and
Renewable
Electricity
Producers
–
0.6%
16,877
Vistra
Corp.
$
2,697,620
Industrial
Conglomerates
–
0.8%
14,267
Honeywell
International,
Inc.
3,323,212
Insurance
–
3.0%
13,452
Allstate
Corp.
(The)
2,789,810
17,539
American
Financial
Group,
Inc.
2,575,778
20,754
Arch
Capital
Group
Ltd.
2,090,343
14,452
Marsh
&
McLennan
Cos.,
Inc.
3,370,640
28,465
Unum
Group
2,188,958
13,015,529
Interactive
Media
&
Services
–
7.2%
60,146
Alphabet,
Inc.,
Class
A
10,161,667
46,046
Alphabet,
Inc.,
Class
C
7,850,382
22,551
Meta
Platforms,
Inc.,
Class
A
12,951,491
30,963,540
IT
Services
–
1.3%
11,376
Accenture
PLC,
Class
A
(Ireland)
4,122,321
7,694
International
Business
Machines
Corp.
1,749,693
5,872,014
Life
Sciences
Tools
&
Services
–
1.5%
13,560
Danaher
Corp.
3,250,196
1,752
Mettler-Toledo
International,
Inc.*
2,192,102
2,745
West
Pharmaceutical
Services,
Inc.
893,992
6,336,290
Machinery
–
3.1%
10,099
Caterpillar,
Inc.
4,101,305
27,370
Fortive
Corp.
2,171,262
10,275
IDEX
Corp.
2,369,723
10,265
Illinois
Tool
Works,
Inc.
2,848,743
13,053
ITT,
Inc.
2,037,834
13,528,867
Metals
&
Mining
–
0.6%
16,829
Steel
Dynamics,
Inc.
2,444,749
Multi-Utilities
–
0.5%
33,798
CMS
Energy
Corp.
2,356,059
Oil,
Gas
&
Consumable
Fuels
–
3.2%
14,153
Chevron
Corp.
2,291,795
23,284
ConocoPhillips
2,522,588
20,366
DT
Midstream,
Inc.
2,161,240
37,329
Exxon
Mobil
Corp.
4,403,329
18,219
Phillips
66
2,440,982
13,819,934
Passenger
Airlines
–
0.4%
16,777
United
Airlines
Holdings,
Inc.*
1,624,517
Personal
Care
Products
–
0.7%
123,902
Kenvue,
Inc.
2,983,560
Pharmaceuticals
–
2.3%
25,123
AstraZeneca
PLC
ADR
(United
Kingdom)
1,698,817
4,512
Eli
Lilly
&
Co.
3,588,619
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Pharmaceuticals
–
(continued)
4,882
Johnson &
Johnson
$
756,759
40,584
Merck &
Co.,
Inc.
4,124,958
10,169,153
Residential
REITs
–
1.6%
50,670
American
Homes
4
Rent,
Class
A
REIT
1,940,154
12,782
AvalonBay
Communities,
Inc.
REIT
3,008,244
29,431
Equity
LifeStyle
Properties,
Inc.
REIT
2,099,313
7,047,711
Semiconductors
&
Semiconductor
Equipment
–
10.6%
16,653
Applied
Materials,
Inc.
2,909,446
52,406
Broadcom,
Inc.
8,493,965
25,938
Enphase
Energy,
Inc.*
1,850,676
3,777
KLA
Corp.
2,443,832
24,219
Marvell
Technology,
Inc.
2,244,859
13,425
MKS
Instruments,
Inc.
1,525,617
192,645
NVIDIA
Corp.
26,633,171
46,101,566
Software
–
10.4%
7,825
Adobe,
Inc.*
4,037,152
6,579
AppLovin
Corp.,
Class
A*
2,215,478
37,484
Dynatrace,
Inc.*
2,106,226
68,687
Microsoft
Corp.
29,086,197
15,779
Salesforce,
Inc.
5,206,912
3,832
Tyler
Technologies,
Inc.*
2,410,980
45,062,945
Specialized
REITs
–
0.5%
70,303
VICI
Properties,
Inc.
REIT
2,292,581
Specialty
Retail
–
2.5%
4,000
Home
Depot,
Inc.
(The)
1,716,520
12,759
Lowe’s
Cos.,
Inc.
3,475,934
20,102
Ross
Stores,
Inc.
3,113,197
6,240
Ulta
Beauty,
Inc.*
2,412,634
10,718,285
Technology
Hardware,
Storage
&
Peripherals
–
7.6%
138,844
Apple,
Inc.
32,951,847
Textiles,
Apparel
&
Luxury
Goods
–
0.5%
21,145
PVH
Corp.
2,291,484
Trading
Companies
&
Distributors
–
0.7%
35,003
Fastenal
Co.
2,924,851
TOTAL
COMMON
STOCKS
(Cost
$303,253,235)
428,052,682
a
Exchange-Traded
Fund
–
0.1%
719
SPDR
S&P
500
ETF
Trust
(Cost
$421,470)
433,233
GOLDMAN
SACHS
ENHANCED
CORE
EQUITY
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,908,695
4.541%
$
3,908,695
(Cost
$3,908,695)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$307,583,400)
$
432,394,610
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
383,638
NET
ASSETS
–
100.0%
$
432,778,248
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
LARGE
CAP
CORE
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.8%
Aerospace
&
Defense
–
1.1%
37,990
Boeing
Co.
(The)*
$
5,905,166
36,111
General
Electric
Co.
6,577,980
1,847
TransDigm
Group,
Inc.
2,314,235
14,797,381
Air
Freight
&
Logistics
–
0.8%
81,068
United
Parcel
Service,
Inc.,
Class
B
11,002,549
Automobiles
–
1.1%
44,174
Tesla,
Inc.*
15,247,098
Banks
–
3.8%
458,672
Bank
of
America
Corp.
21,791,507
127,133
JPMorgan
Chase &
Co.
31,747,653
53,539,160
Beverages
–
0.9%
110,922
Coca-Cola
Co.
(The)
7,107,882
81,046
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
6,287,549
13,395,431
Biotechnology
–
2.1%
91,515
AbbVie,
Inc.
16,740,839
10,653
Alnylam
Pharmaceuticals,
Inc.*
2,695,955
14,157
Amgen,
Inc.
4,004,591
2,648
Argenx
SE
ADR
(Netherlands)*
1,632,624
33,854
Exact
Sciences
Corp.*
2,101,656
20,196
Neurocrine
Biosciences,
Inc.*
2,559,843
29,735,508
Broadline
Retail
–
3.6%
241,882
Amazon.com,
Inc.*
50,284,849
Building
Products
–
0.5%
21,196
Fortune
Brands
Innovations,
Inc.
1,659,647
13,504
Trane
Technologies
PLC
5,620,635
7,280,282
Capital
Markets
–
1.9%
4,901
Blackrock,
Inc.
5,012,743
19,500
Blackstone,
Inc.
3,726,255
54,707
Charles
Schwab
Corp.
(The)
4,527,551
22,981
KKR
&
Co.,
Inc.
3,742,915
5,158
MSCI,
Inc.
3,144,472
16,418
Nasdaq,
Inc.
1,362,530
8,127
S&P
Global,
Inc.
4,246,439
7,741
Tradeweb
Markets,
Inc.,
Class
A
1,048,905
26,811,810
Chemicals
–
2.1%
20,938
Linde
PLC
9,652,209
44,689
Sherwin-Williams
Co.
(The)
17,759,408
15,558
Westlake
Corp.
1,997,647
29,409,264
Commercial
Services
&
Supplies
–
0.3%
20,022
Waste
Connections,
Inc.
3,853,634
Communications
Equipment
–
0.4%
4,616
Arista
Networks,
Inc.*
1,873,265
9,078
Motorola
Solutions,
Inc.
4,536,277
6,409,542
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Construction
&
Engineering
–
0.2%
5,462
Comfort
Systems
USA,
Inc.
$
2,694,241
Construction
Materials
–
0.9%
22,297
Martin
Marietta
Materials,
Inc.
13,378,200
Consumer
Finance
–
1.3%
60,693
American
Express
Co.
18,491,943
Consumer
Staples
Distribution
&
Retail
–
2.0%
5,155
Costco
Wholesale
Corp.
5,010,041
254,419
Walmart,
Inc.
23,533,758
28,543,799
Containers
&
Packaging
–
0.5%
111,777
Ball
Corp.
6,948,058
Diversified
Telecommunication
Services
–
0.9%
553,041
AT&T,
Inc.
12,808,430
Electric
Utilities
–
1.3%
5,689
Entergy
Corp.
888,451
116,412
NextEra
Energy,
Inc.
9,158,132
40,160
PPL
Corp.
1,402,789
100,127
Xcel
Energy,
Inc.
7,265,215
18,714,587
Electrical
Equipment
–
3.2%
15,846
AMETEK,
Inc.
3,080,146
45,296
Eaton
Corp.
PLC
17,005,024
35,368
GE
Vernova,
Inc.*
11,817,156
43,384
Rockwell
Automation,
Inc.
12,804,354
44,706,680
Electronic
Equipment,
Instruments
&
Components
–
0.2%
41,740
Amphenol
Corp.,
Class
A
3,032,411
Energy
Equipment
&
Services
–
0.2%
50,752
Schlumberger
NV
2,230,043
Entertainment
–
1.3%
29,756
Live
Nation
Entertainment,
Inc.*
4,113,767
9,879
Netflix,
Inc.*
8,760,796
8,841
Spotify
Technology
SA*
4,216,804
14,890
Walt
Disney
Co.
(The)
1,749,128
18,840,495
Financial
Services
–
3.8%
30,958
Berkshire
Hathaway,
Inc.,
Class
B*
14,953,333
2,771
Corpay,
Inc.*
1,056,250
15,625
Fiserv,
Inc.*
3,452,500
47,778
Mastercard,
Inc.,
Class
A
25,462,807
23,878
Visa,
Inc.,
Class
A
7,523,480
52,448,370
Food
Products
–
0.3%
59,917
Mondelez
International,
Inc.,
Class
A
3,891,609
Ground
Transportation
–
1.9%
11,846
Norfolk
Southern
Corp.
3,267,719
28,345
Old
Dominion
Freight
Line,
Inc.
6,381,593
23,035
Saia,
Inc.*
13,108,758
53,484
Uber
Technologies,
Inc.*
3,848,709
26,606,779
GOLDMAN
SACHS
LARGE
CAP
CORE
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
3.3%
102,935
Abbott
Laboratories
$
12,225,590
41,913
Align
Technology,
Inc.*
9,756,089
159,867
Boston
Scientific
Corp.*
14,493,542
4,541
IDEXX
Laboratories,
Inc.*
1,915,167
14,222
Insulet
Corp.*
3,794,145
8,085
Intuitive
Surgical,
Inc.*
4,382,070
46,566,603
Health
Care
Providers
&
Services
–
1.6%
20,627
Humana,
Inc.
6,113,430
27,130
UnitedHealth
Group,
Inc.
16,554,726
22,668,156
Health
Care
Technology
–
0.2%
10,056
Veeva
Systems,
Inc.,
Class
A*
2,291,260
Hotels,
Restaurants
&
Leisure
–
1.7%
4,499
Domino's
Pizza,
Inc.
2,142,379
16,915
DoorDash,
Inc.,
Class
A*
3,052,819
62,389
DraftKings,
Inc.,
Class
A*
2,723,280
9,627
Hilton
Worldwide
Holdings,
Inc.
2,439,867
19,179
McDonald's
Corp.
5,677,176
15,655
Royal
Caribbean
Cruises
Ltd.
3,820,759
28,925
Starbucks
Corp.
2,963,655
3,851
Wingstop,
Inc.
1,266,093
24,086,028
Household
Products
–
1.8%
95,794
Colgate-Palmolive
Co.
9,256,574
86,815
Procter &
Gamble
Co.
(The)
15,562,457
24,819,031
Independent
Power
and
Renewable
Electricity
Producers
–
0.2%
15,667
Vistra
Corp.
2,504,213
Industrial
Conglomerates
–
1.7%
64,296
3M
Co.
8,585,445
66,312
Honeywell
International,
Inc.
15,446,054
24,031,499
Industrial
REITs
–
0.7%
79,699
Prologis,
Inc.
REIT
9,307,249
Insurance
–
1.4%
15,667
Allstate
Corp.
(The)
3,249,179
18,275
Arch
Capital
Group
Ltd.
1,840,658
10,746
Chubb
Ltd.
3,102,692
18,615
Globe
Life,
Inc.
2,070,733
19,689
Marsh
&
McLennan
Cos.,
Inc.
4,592,065
11,020
Progressive
Corp.
(The)
2,963,058
29,543
Unum
Group
2,271,857
20,090,242
Interactive
Media
&
Services
–
5.9%
167,145
Alphabet,
Inc.,
Class
A
28,239,148
126,328
Alphabet,
Inc.,
Class
C
21,537,660
54,684
Meta
Platforms,
Inc.,
Class
A
31,406,115
54,271
Pinterest,
Inc.,
Class
A*
1,645,497
82,828,420
IT
Services
–
1.8%
30,210
Accenture
PLC,
Class
A
(Ireland)
10,947,198
37,297
International
Business
Machines
Corp.
8,481,711
Shares
Description
Value
aa
Common
Stocks
–
(continued)
IT
Services
–
(continued)
28,937
Shopify,
Inc.,
Class
A
(Canada)*
$
3,345,117
17,644
Snowflake,
Inc.,
Class
A*
3,084,171
25,858,197
Life
Sciences
Tools
&
Services
–
1.2%
37,467
Danaher
Corp.
8,980,465
8,534
Thermo
Fisher
Scientific,
Inc.
4,519,863
10,452
West
Pharmaceutical
Services,
Inc.
3,404,007
16,904,335
Machinery
–
2.4%
34,771
Caterpillar,
Inc.
14,120,851
53,679
Illinois
Tool
Works,
Inc.
14,896,996
37,143
Xylem,
Inc.
4,707,875
33,725,722
Metals
&
Mining
–
0.9%
97,039
Freeport-McMoRan,
Inc.
4,289,124
56,385
Steel
Dynamics,
Inc.
8,191,049
12,480,173
Multi-Utilities
–
1.2%
6,475
Ameren
Corp.
611,175
24,996
CMS
Energy
Corp.
1,742,471
32,335
Dominion
Energy,
Inc.
1,899,681
142,550
NiSource,
Inc.
5,429,729
60,225
Public
Service
Enterprise
Group,
Inc.
5,679,218
22,925
Sempra
2,147,385
17,509,659
Oil,
Gas
&
Consumable
Fuels
–
4.0%
11,860
Cheniere
Energy,
Inc.
2,656,759
75,816
Chevron
Corp.
12,276,885
43,259
ConocoPhillips
4,686,649
47,577
Diamondback
Energy,
Inc.
8,449,199
20,838
DT
Midstream,
Inc.
2,211,328
68,273
Expand
Energy
Corp.
6,756,296
140,605
Exxon
Mobil
Corp.
16,585,766
19,020
Phillips
66
2,548,300
56,171,182
Passenger
Airlines
–
0.2%
35,052
United
Airlines
Holdings,
Inc.*
3,394,085
Personal
Care
Products
–
0.3%
181,605
Kenvue,
Inc.
4,373,048
Pharmaceuticals
–
2.5%
18,959
AstraZeneca
PLC
ADR
(United
Kingdom)
1,282,008
21,706
Eli
Lilly
&
Co.
17,263,867
35,785
Johnson &
Johnson
5,547,033
103,539
Merck &
Co.,
Inc.
10,523,704
34,616,612
Professional
Services
–
0.2%
6,346
Equifax,
Inc.
1,659,860
3,734
Verisk
Analytics,
Inc.
1,098,580
2,758,440
GOLDMAN
SACHS
LARGE
CAP
CORE
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Residential
REITs
–
0.4%
12,428
AvalonBay
Communities,
Inc.
REIT
$
2,924,930
43,689
Equity
LifeStyle
Properties,
Inc.
REIT
3,116,336
6,041,266
Semiconductors
&
Semiconductor
Equipment
–
10.5%
29,790
Applied
Materials,
Inc.
5,204,611
134,242
Broadcom,
Inc.
21,757,943
62,769
Enphase
Energy,
Inc.*
4,478,568
11,713
KLA
Corp.
7,578,662
177,135
Marvell
Technology,
Inc.
16,418,643
87,292
Micron
Technology,
Inc.
8,550,252
494,790
NVIDIA
Corp.
68,404,718
74,877
Texas
Instruments,
Inc.
15,052,523
147,445,920
Software
–
9.5%
12,243
Adobe,
Inc.*
6,316,531
11,286
Atlassian
Corp.,
Class
A*
2,974,764
11,073
Cadence
Design
Systems,
Inc.*
3,397,307
7,452
Crowdstrike
Holdings,
Inc.,
Class
A*
2,578,168
21,358
Datadog,
Inc.,
Class
A*
3,262,435
4,993
HubSpot,
Inc.*
3,600,203
214,253
Microsoft
Corp.
90,727,575
49,228
Salesforce,
Inc.
16,244,748
59,925
Samsara,
Inc.,
Class
A*
3,205,388
10,317
Zscaler,
Inc.*
2,131,389
134,438,508
Specialized
REITs
–
0.7%
17,209
American
Tower
Corp.
REIT
3,596,681
4,319
Equinix,
Inc.
REIT
4,239,012
17,287
Extra
Space
Storage,
Inc.
REIT
2,955,386
10,791,079
Specialty
Retail
–
1.1%
7,259
Home
Depot,
Inc.
(The)
3,115,055
13,655
Lowe’s
Cos.,
Inc.
3,720,032
33,260
TJX
Cos.,
Inc.
(The)
4,180,449
4,320
Ulta
Beauty,
Inc.*
1,670,285
56,321
Wayfair,
Inc.,
Class
A*
2,604,283
15,290,104
Technology
Hardware,
Storage
&
Peripherals
–
6.7%
397,673
Apple,
Inc.
94,379,733
Textiles,
Apparel
&
Luxury
Goods
–
0.1%
6,187
Lululemon
Athletica,
Inc.*
1,983,923
TOTAL
COMMON
STOCKS
(Cost
$768,211,723)
1,392,456,840
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
6,368,133
4.541%
$
6,368,133
(Cost
$6,368,133)
TOTAL
INVESTMENTS
–
99.3%
(Cost
$774,579,856)
$
1,398,824,973
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
9,329,394
NET
ASSETS
–
100.0%
$
1,408,154,367
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
MID
CAP
GROWTH
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
97.6%
Aerospace
&
Defense
–
3.3%
42,904
Axon
Enterprise,
Inc.*
$
27,757,172
36,908
Woodward,
Inc.
6,655,250
34,412,422
Beverages
–
0.9%
119,044
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
9,235,434
Biotechnology
–
3.7%
58,052
Alnylam
Pharmaceuticals,
Inc.*
14,691,219
86,500
BioMarin
Pharmaceutical,
Inc.*
5,711,595
82,261
Neurocrine
Biosciences,
Inc.*
10,426,582
597,032
Roivant
Sciences
Ltd.*
7,588,277
38,417,673
Capital
Markets
–
6.7%
856,666
Blue
Owl
Capital,
Inc.
20,328,684
34,402
Coinbase
Global,
Inc.,
Class
A*
10,189,873
39,567
MSCI,
Inc.
24,121,230
75,196
Nasdaq,
Inc.
6,240,516
65,864
Tradeweb
Markets,
Inc.,
Class
A
8,924,572
69,804,875
Construction
&
Engineering
–
1.8%
38,868
Comfort
Systems
USA,
Inc.
19,172,418
Construction
Materials
–
1.8%
31,273
Martin
Marietta
Materials,
Inc.
18,763,800
Consumer
Staples
Distribution
&
Retail
–
1.8%
197,889
BJ's
Wholesale
Club
Holdings,
Inc.*
19,056,711
Containers
&
Packaging
–
1.0%
165,616
Ball
Corp.
10,294,691
Electrical
Equipment
–
6.3%
51,346
AMETEK,
Inc.
9,980,636
51,703
GE
Vernova,
Inc.*
17,275,006
35,464
Rockwell
Automation,
Inc.
10,466,845
220,412
Vertiv
Holdings
Co.,
Class
A
28,124,571
65,847,058
Entertainment
–
1.2%
89,053
Live
Nation
Entertainment,
Inc.*
12,311,577
Financial
Services
–
4.0%
48,786
Corpay,
Inc.*
18,596,247
312,327
Equitable
Holdings,
Inc.
15,063,531
97,948
Fidelity
National
Information
Services,
Inc.
8,354,965
42,014,743
Food
Products
–
0.7%
93,941
Lamb
Weston
Holdings,
Inc.
7,256,003
Ground
Transportation
–
3.1%
95,014
Old
Dominion
Freight
Line,
Inc.
21,391,452
18,533
Saia,
Inc.*
10,546,760
31,938,212
Health
Care
Equipment
&
Supplies
–
4.6%
26,886
Align
Technology,
Inc.*
6,258,254
91,462
Cooper
Cos.,
Inc.
(The)*
9,554,120
31,729
IDEXX
Laboratories,
Inc.*
13,381,706
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
(continued)
72,137
Insulet
Corp.*
$
19,244,709
48,438,789
Health
Care
Providers
&
Services
–
2.4%
98,485
Cencora,
Inc.
24,773,902
Health
Care
Technology
–
1.5%
68,716
Veeva
Systems,
Inc.,
Class
A*
15,656,941
Hotel
&
Resort
REITs
–
0.9%
81,668
Ryman
Hospitality
Properties,
Inc.
REIT
9,574,756
Hotels,
Restaurants
&
Leisure
–
7.6%
75,235
Cava
Group,
Inc.*
10,600,611
37,662
Domino's
Pizza,
Inc.
17,934,268
59,588
DoorDash,
Inc.,
Class
A*
10,754,442
340,653
DraftKings,
Inc.,
Class
A*
14,869,503
72,155
Texas
Roadhouse,
Inc.
14,811,257
31,622
Wingstop,
Inc.
10,396,365
79,366,446
Independent
Power
and
Renewable
Electricity
Producers
–
2.7%
175,901
Vistra
Corp.
28,116,016
IT
Services
–
2.8%
143,705
Cloudflare,
Inc.,
Class
A*
14,346,070
46,241
MongoDB,
Inc.*
14,912,260
29,258,330
Life
Sciences
Tools
&
Services
–
2.0%
5,124
Mettler-Toledo
International,
Inc.*
6,411,149
43,303
West
Pharmaceutical
Services,
Inc.
14,102,921
20,514,070
Machinery
–
0.9%
57,741
Fortive
Corp.
4,580,594
33,293
ITT,
Inc.
5,197,703
9,778,297
Media
–
2.2%
179,979
Trade
Desk,
Inc.
(The),
Class
A*
23,136,300
Oil,
Gas
&
Consumable
Fuels
–
4.4%
72,779
Cheniere
Energy,
Inc.
16,303,224
152,252
DT
Midstream,
Inc.
16,156,982
53,604
Expand
Energy
Corp.
5,304,652
493,431
Permian
Resources
Corp.
7,727,129
45,491,987
Personal
Care
Products
–
0.7%
58,685
elf
Beauty,
Inc.*
7,600,881
Professional
Services
–
1.1%
45,540
Equifax,
Inc.
11,911,442
Semiconductors
&
Semiconductor
Equipment
–
3.8%
89,670
Enphase
Energy,
Inc.*
6,397,955
91,332
Entegris,
Inc.
9,647,399
184,563
Marvell
Technology,
Inc.
17,107,145
55,785
MKS
Instruments,
Inc.
6,339,407
39,491,906
GOLDMAN
SACHS
MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
18.6%
98,142
AppLovin
Corp.,
Class
A*
$
33,049,319
127,800
Datadog,
Inc.,
Class
A*
19,521,450
189,065
Dynatrace,
Inc.*
10,623,562
10,543
Fair
Isaac
Corp.*
25,039,941
16,838
HubSpot,
Inc.*
12,141,040
57,984
Manhattan
Associates,
Inc.*
16,550,953
19,600
Monday.com
Ltd.*
5,593,056
419,195
Palantir
Technologies,
Inc.,
Class
A*
28,119,601
75,592
Samsara,
Inc.,
Class
A*
4,043,416
34,883
Tyler
Technologies,
Inc.*
21,947,337
90,794
Varonis
Systems,
Inc.*
4,536,068
65,381
Zscaler,
Inc.*
13,507,061
194,672,804
Specialty
Retail
–
2.8%
43,003
Floor
&
Decor
Holdings,
Inc.,
Class
A*
4,825,367
119,121
Ross
Stores,
Inc.
18,448,269
14,049
Ulta
Beauty,
Inc.*
5,431,905
28,705,541
Trading
Companies
&
Distributors
–
2.3%
226,192
Fastenal
Co.
18,900,604
6,117
United
Rentals,
Inc.
5,297,322
24,197,926
TOTAL
COMMON
STOCKS
(Cost
$711,270,566)
1,019,211,951
Shares
Dividend
Rate
Value
aa
Investment
Company
–
2.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
24,917,418
4.541%
24,917,418
(Cost
$24,917,418)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$736,187,984)
$
1,044,129,369
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
467,808
NET
ASSETS
–
100.0%
$
1,044,597,177
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
SMALL
CAP
GROWTH
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
3.8%
29,636
Loar
Holdings,
Inc.*
$
2,728,883
14,868
Moog,
Inc.,
Class
A
3,289,842
6,018,725
Automobile
Components
–
2.4%
15,869
Dorman
Products,
Inc.*
2,221,342
11,482
Modine
Manufacturing
Co.*
1,559,141
3,780,483
Beverages
–
0.9%
41,270
Vita
Coco
Co.,
Inc.
(The)*
1,466,736
Biotechnology
–
8.9%
43,153
Alkermes
PLC*
1,252,300
11,149
AnaptysBio,
Inc.*
278,279
12,687
Apogee
Therapeutics,
Inc.*
572,818
14,015
Bicara
Therapeutics,
Inc.*
291,372
16,976
Blueprint
Medicines
Corp.*
1,636,147
22,189
CG
oncology,
Inc.*
771,068
10,064
Crinetics
Pharmaceuticals,
Inc.*
575,661
36,365
Dynavax
Technologies
Corp.*
467,654
20,776
Immunovant,
Inc.*
585,883
17,202
Insmed,
Inc.*
1,292,902
5,164
Madrigal
Pharmaceuticals,
Inc.*
1,694,773
17,484
REVOLUTION
Medicines,
Inc.*
1,011,449
55,969
Syndax
Pharmaceuticals,
Inc.*
935,802
15,924
Ultragenyx
Pharmaceutical,
Inc.*
758,460
18,020
Vaxcyte,
Inc.*
1,700,007
10,890
Xenon
Pharmaceuticals,
Inc.
(Canada)*
464,241
14,288,816
Broadline
Retail
–
0.8%
12,791
Ollie's
Bargain
Outlet
Holdings,
Inc.*
1,265,670
Building
Products
–
1.7%
20,505
AAON,
Inc.
2,795,652
Capital
Markets
–
5.7%
13,087
Hamilton
Lane,
Inc.,
Class
A
2,517,939
6,198
Houlihan
Lokey,
Inc.
1,171,980
8,058
Piper
Sandler
Cos.
2,763,813
15,799
PJT
Partners,
Inc.,
Class
A
2,644,121
9,097,853
Chemicals
–
2.1%
20,791
Ashland,
Inc.
1,622,945
9,934
Balchem
Corp.
1,793,286
3,416,231
Commercial
Services
&
Supplies
–
3.1%
21,751
Casella
Waste
Systems,
Inc.,
Class
A*
2,462,431
21,783
VSE
Corp.
2,554,274
5,016,705
Construction
&
Engineering
–
3.6%
16,190
MYR
Group,
Inc.*
2,556,401
15,258
Primoris
Services
Corp.
1,277,247
10,405
Sterling
Infrastructure,
Inc.*
2,023,252
5,856,900
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
Distribution
&
Retail
–
1.8%
19,235
Sprouts
Farmers
Market,
Inc.*
$
2,971,423
Diversified
Consumer
Services
–
0.7%
45,342
KinderCare
Learning
Cos.,
Inc.*
1,078,686
Electrical
Equipment
–
0.7%
13,590
nVent
Electric
PLC
1,064,233
Electronic
Equipment,
Instruments
&
Components
–
4.1%
13,791
Badger
Meter,
Inc.
2,990,165
11,913
Novanta,
Inc.*
1,989,233
39,167
Vontier
Corp.
1,537,696
6,517,094
Energy
Equipment
&
Services
–
0.4%
11,396
Kodiak
Gas
Services,
Inc.
460,854
1,794
Weatherford
International
PLC
147,646
608,500
Health
Care
Equipment
&
Supplies
–
7.8%
8,238
Glaukos
Corp.*
1,183,389
37,006
Inari
Medical,
Inc.*
1,921,352
19,128
iRhythm
Technologies,
Inc.*
1,663,466
7,327
Lantheus
Holdings,
Inc.*
654,081
18,579
LeMaitre
Vascular,
Inc.
1,987,767
17,249
Merit
Medical
Systems,
Inc.*
1,792,171
23,191
PROCEPT
BioRobotics
Corp.*
2,216,828
11,861
TransMedics
Group,
Inc.*
1,028,467
12,447,521
Health
Care
Providers
&
Services
–
3.7%
7,438
Ensign
Group,
Inc.
(The)
1,087,510
45,152
NeoGenomics,
Inc.*
800,545
50,308
Pennant
Group,
Inc.
(The)*
1,568,603
30,284
RadNet,
Inc.*
2,476,020
5,932,678
Health
Care
Technology
–
1.0%
49,687
Waystar
Holding
Corp.*
1,534,335
Hotels,
Restaurants
&
Leisure
–
4.8%
25,169
Cheesecake
Factory,
Inc.
(The)
1,274,558
25,919
Dutch
Bros,
Inc.,
Class
A*
1,392,628
61,385
First
Watch
Restaurant
Group,
Inc.*
1,171,840
33,042
Life
Time
Group
Holdings,
Inc.*
801,929
13,192
Shake
Shack,
Inc.,
Class
A*
1,764,166
33,359
Sweetgreen,
Inc.,
Class
A*
1,367,052
7,772,173
Household
Durables
–
0.8%
5,866
Installed
Building
Products,
Inc.
1,341,789
Insurance
–
2.7%
20,544
Goosehead
Insurance,
Inc.,
Class
A*
2,591,009
15,935
Palomar
Holdings,
Inc.*
1,725,761
4,316,770
IT
Services
–
1.0%
43,330
DigitalOcean
Holdings,
Inc.*
1,650,006
Machinery
–
9.5%
15,784
Esab
Corp.
2,037,399
31,652
Federal
Signal
Corp.
3,083,221
GOLDMAN
SACHS
SMALL
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
17,082
Franklin
Electric
Co.,
Inc.
$
1,849,981
7,893
RBC
Bearings,
Inc.*
2,645,023
19,693
SPX
Technologies,
Inc.*
3,474,633
4,775
Standex
International
Corp.
992,675
5,674
Watts
Water
Technologies,
Inc.,
Class
A
1,224,392
15,307,324
Personal
Care
Products
–
1.2%
9,035
Interparfums,
Inc.
1,243,758
14,768
Oddity
Tech
Ltd.,
Class
A
(Israel)*
686,121
1,929,879
Pharmaceuticals
–
0.9%
20,909
BioAge
Labs,
Inc.*
393,089
12,162
Intra-Cellular
Therapies,
Inc.*
1,041,676
1,434,765
Semiconductors
&
Semiconductor
Equipment
–
7.0%
15,487
Astera
Labs,
Inc.*
1,599,033
13,268
Axcelis
Technologies,
Inc.*
985,016
14,571
Camtek
Ltd.
(Israel)
1,085,539
36,944
Cohu,
Inc.*
975,322
54,960
Credo
Technology
Group
Holding
Ltd.*
2,690,842
29,142
FormFactor,
Inc.*
1,167,428
8,409
Impinj,
Inc.*
1,616,294
17,457
Power
Integrations,
Inc.
1,143,608
11,263,082
Software
–
13.2%
58,100
Alkami
Technology,
Inc.*
2,293,207
70,232
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
2,180,001
33,066
Confluent,
Inc.,
Class
A*
1,019,755
26,291
Intapp,
Inc.*
1,644,502
34,573
nCino,
Inc.*
1,451,720
37,331
Onestream,
Inc.*
1,115,824
31,957
Rubrik,
Inc.,
Class
A*
1,624,055
55,920
SentinelOne,
Inc.,
Class
A*
1,562,964
10,899
SPS
Commerce,
Inc.*
2,104,270
39,675
Tenable
Holdings,
Inc.*
1,665,556
39,478
Varonis
Systems,
Inc.*
1,972,321
45,591
Vertex,
Inc.,
Class
A*
2,473,312
21,107,487
Specialty
Retail
–
1.2%
13,621
Boot
Barn
Holdings,
Inc.*
1,867,984
Textiles,
Apparel
&
Luxury
Goods
–
1.3%
22,390
Kontoor
Brands,
Inc.
2,054,954
Trading
Companies
&
Distributors
–
2.1%
8,726
Applied
Industrial
Technologies,
Inc.
2,397,207
18,656
Core
&
Main,
Inc.,
Class
A*
905,749
3,302,956
TOTAL
COMMON
STOCKS
(Cost
$120,378,448)
158,507,410
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.0%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,627,956
4.541%
$
1,627,956
(Cost
$1,627,956)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$122,006,404)
$
160,135,366
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
80,628
NET
ASSETS
–
100.0%
$
160,215,994
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
SMALL/MID
CAP
GROWTH
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Aerospace
&
Defense
–
3.1%
390,577
Loar
Holdings,
Inc.*
$
35,964,330
103,924
Moog,
Inc.,
Class
A
22,995,264
58,959,594
Automobile
Components
–
1.4%
191,889
Modine
Manufacturing
Co.*
26,056,607
Beverages
–
0.6%
8,136
Coca-Cola
Consolidated,
Inc.
10,611,703
Biotechnology
–
11.4%
138,934
Blueprint
Medicines
Corp.*
13,390,459
97,246
Crinetics
Pharmaceuticals,
Inc.*
5,562,471
239,564
Exact
Sciences
Corp.*
14,872,133
447,912
Exelixis,
Inc.*
16,330,871
299,367
Insmed,
Inc.*
22,500,424
34,510
Madrigal
Pharmaceuticals,
Inc.*
11,325,837
172,382
Natera,
Inc.*
28,922,252
201,296
Neurocrine
Biosciences,
Inc.*
25,514,268
191,083
REVOLUTION
Medicines,
Inc.*
11,054,152
1,024,521
Roivant
Sciences
Ltd.*
13,021,662
184,577
Sarepta
Therapeutics,
Inc.*
24,611,497
227,578
Ultragenyx
Pharmaceutical,
Inc.*
10,839,540
203,761
Vaxcyte,
Inc.*
19,222,813
217,168,379
Building
Products
–
2.8%
229,456
AAON,
Inc.
31,284,031
10,056
Lennox
International,
Inc.
6,708,659
209,628
Trex
Co.,
Inc.*
15,728,389
53,721,079
Capital
Markets
–
4.9%
215,093
Hamilton
Lane,
Inc.,
Class
A
41,383,893
94,429
Houlihan
Lokey,
Inc.
17,855,580
250,214
Jefferies
Financial
Group,
Inc.
19,801,936
43,183
Morningstar,
Inc.
15,293,259
94,334,668
Chemicals
–
2.1%
197,430
Ashland,
Inc.
15,411,386
170,950
RPM
International,
Inc.
23,724,441
39,135,827
Commercial
Services
&
Supplies
–
1.4%
123,190
Casella
Waste
Systems,
Inc.,
Class
A*
13,946,340
329,706
Tetra
Tech,
Inc.
13,686,096
27,632,436
Construction
&
Engineering
–
1.0%
36,005
EMCOR
Group,
Inc.
18,366,871
Consumer
Staples
Distribution
&
Retail
–
1.9%
203,215
BJ's
Wholesale
Club
Holdings,
Inc.*
19,569,605
40,906
Casey's
General
Stores,
Inc.
17,216,926
36,786,531
Containers
&
Packaging
–
0.8%
76,386
Avery
Dennison
Corp.
15,731,697
Distributors
–
1.2%
61,746
Pool
Corp.
23,283,799
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
2.4%
36,086
Hubbell,
Inc.
$
16,602,808
370,232
nVent
Electric
PLC
28,992,868
45,595,676
Electronic
Equipment,
Instruments
&
Components
–
4.6%
122,065
Badger
Meter,
Inc.
26,466,133
188,428
Celestica,
Inc.
(Canada)*
16,061,603
175,158
Novanta,
Inc.*
29,247,883
39,461
Zebra
Technologies
Corp.,
Class
A*
16,060,627
87,836,246
Energy
Equipment
&
Services
–
0.4%
204,049
Noble
Corp.
PLC
6,829,520
Entertainment
–
1.2%
254,352
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
22,474,543
Financial
Services
–
2.1%
129,974
Shift4
Payments,
Inc.,
Class
A*
14,827,434
581,050
Toast,
Inc.,
Class
A*
25,298,917
40,126,351
Food
Products
–
0.8%
94,022
Freshpet,
Inc.*
14,390,067
Health
Care
Equipment
&
Supplies
–
3.6%
138,730
Cooper
Cos.,
Inc.
(The)*
14,491,736
103,612
Glaukos
Corp.*
14,883,864
305,058
Globus
Medical,
Inc.,
Class
A*
26,116,015
59,239
Lantheus
Holdings,
Inc.*
5,288,266
87,231
TransMedics
Group,
Inc.*
7,563,800
68,343,681
Health
Care
Providers
&
Services
–
1.7%
137,780
Encompass
Health
Corp.
14,183,073
127,287
Ensign
Group,
Inc.
(The)
18,610,632
32,793,705
Hotels,
Restaurants
&
Leisure
–
6.3%
180,731
Cava
Group,
Inc.*
25,464,998
91,889
Churchill
Downs,
Inc.*
13,058,346
286,698
Dutch
Bros,
Inc.,
Class
A*
15,404,284
134,346
Texas
Roadhouse,
Inc.
27,577,203
358,670
Viking
Holdings
Ltd.*
16,660,221
63,940
Wingstop,
Inc.
21,021,554
119,186,606
Household
Durables
–
1.2%
116,028
SharkNinja,
Inc.*
11,666,615
30,334
TopBuild
Corp.*
11,849,674
23,516,289
Insurance
–
1.6%
59,188
Kinsale
Capital
Group,
Inc.
30,093,547
IT
Services
–
2.1%
59,184
MongoDB,
Inc.*
19,086,248
97,197
Wix.com
Ltd.
(Israel)*
21,746,857
40,833,105
Life
Sciences
Tools
&
Services
–
1.5%
133,982
Bio-Techne
Corp.
10,096,883
GOLDMAN
SACHS
SMALL/MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Life
Sciences
Tools
&
Services
–
(continued)
304,305
Bruker
Corp.
$
17,634,475
27,731,358
Machinery
–
9.9%
108,495
Crane
Co.
19,754,769
141,920
Esab
Corp.
18,319,034
244,291
Federal
Signal
Corp.
23,796,386
59,849
IDEX
Corp.
13,802,975
102,394
Lincoln
Electric
Holdings,
Inc.
22,371,041
72,169
Nordson
Corp.
18,835,387
71,819
RBC
Bearings,
Inc.*
24,067,265
198,186
SPX
Technologies,
Inc.*
34,967,938
62,106
Watts
Water
Technologies,
Inc.,
Class
A
13,401,854
189,316,649
Oil,
Gas
&
Consumable
Fuels
–
0.2%
45,272
Expand
Energy
Corp.
4,480,117
Pharmaceuticals
–
0.7%
152,550
Intra-Cellular
Therapies,
Inc.*
13,065,908
Professional
Services
–
1.4%
138,766
Parsons
Corp.*
13,309,047
68,323
Paylocity
Holding
Corp.*
14,179,756
27,488,803
Semiconductors
&
Semiconductor
Equipment
–
4.6%
176,913
Astera
Labs,
Inc.*
18,266,267
355,276
Lattice
Semiconductor
Corp.*
20,161,913
185,267
MACOM
Technology
Solutions
Holdings,
Inc.*
24,607,163
115,322
MKS
Instruments,
Inc.
13,105,192
74,521
Onto
Innovation,
Inc.*
12,234,858
88,375,393
Software
–
12.4%
71,534
CyberArk
Software
Ltd.*
23,141,964
327,660
Gitlab,
Inc.,
Class
A*
20,888,325
112,663
Guidewire
Software,
Inc.*
22,858,196
450,023
Klaviyo,
Inc.,
Class
A*
16,713,854
109,885
Manhattan
Associates,
Inc.*
31,365,574
72,237
Monday.com
Ltd.*
20,613,550
242,013
Nutanix,
Inc.,
Class
A*
15,798,609
356,020
Onestream,
Inc.*
10,641,438
313,669
Procore
Technologies,
Inc.*
25,469,923
255,984
Samsara,
Inc.,
Class
A*
13,692,584
97,247
SPS
Commerce,
Inc.*
18,775,478
296,457
Varonis
Systems,
Inc.*
14,810,992
234,770,487
Specialty
Retail
–
2.1%
88,394
Dick's
Sporting
Goods,
Inc.
18,318,773
195,748
Floor
&
Decor
Holdings,
Inc.,
Class
A*
21,964,883
40,283,656
Textiles,
Apparel
&
Luxury
Goods
–
1.6%
298,097
Birkenstock
Holding
PLC
(Germany)*
15,399,691
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Textiles,
Apparel
&
Luxury
Goods
–
(continued)
266,167
On
Holding
AG,
Class
A
(Switzerland)*
$
15,525,521
30,925,212
Trading
Companies
&
Distributors
–
4.2%
135,034
Applied
Industrial
Technologies,
Inc.
37,096,540
96,062
SiteOne
Landscape
Supply,
Inc.*
14,721,502
26,907
Watsco,
Inc.
(a)
14,841,901
61,581
WESCO
International,
Inc.
13,028,692
79,688,635
TOTAL
COMMON
STOCKS
(Cost
$1,384,938,697)
1,889,934,745
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.8%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
15,793,354
4.541%
15,793,354
(Cost
$15,793,354)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,400,732,051)
1,905,728,099
a
Securities
Lending
Reinvestment
Vehicle
–
0.8%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
14,772,034
4.541%
14,772,034
(Cost
$14,772,034)
TOTAL
INVESTMENTS
–
100.8%
(Cost
$1,415,504,085)
$
1,920,500,133
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.8)%
(14,716,876)
NET
ASSETS
–
100.0%
$
1,905,783,257
  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
GOLDMAN
SACHS
STRATEGIC
GROWTH
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Automobiles
–
1.6%
9,369
Tesla,
Inc.*
$
3,233,804
Biotechnology
–
2.6%
9,519
AbbVie,
Inc.
1,741,311
4,761
Alnylam
Pharmaceuticals,
Inc.*
1,204,866
2,057
Argenx
SE
ADR
(Netherlands)*
1,268,243
7,493
Neurocrine
Biosciences,
Inc.*
949,738
5,164,158
Broadline
Retail
–
6.7%
64,872
Amazon.com,
Inc.*
13,486,240
Capital
Markets
–
0.5%
1,927
S&P
Global,
Inc.
1,006,877
Chemicals
–
1.6%
1,742
Linde
PLC
803,044
6,222
Sherwin-Williams
Co.
(The)
2,472,623
3,275,667
Commercial
Services
&
Supplies
–
0.5%
5,173
Waste
Connections,
Inc.
995,647
Construction
Materials
–
0.8%
2,544
Martin
Marietta
Materials,
Inc.
1,526,400
Electrical
Equipment
–
4.0%
6,544
AMETEK,
Inc.
1,272,023
5,445
Eaton
Corp.
PLC
2,044,162
7,847
GE
Vernova,
Inc.*
2,621,840
6,890
Rockwell
Automation,
Inc.
2,033,514
7,971,539
Entertainment
–
3.0%
4,868
Netflix,
Inc.*
4,316,991
3,697
Spotify
Technology
SA*
1,763,321
6,080,312
Financial
Services
–
3.2%
12,078
Mastercard,
Inc.,
Class
A
6,436,849
Ground
Transportation
–
1.5%
9,115
Old
Dominion
Freight
Line,
Inc.
2,052,151
1,858
Saia,
Inc.*
1,057,351
3,109,502
Health
Care
Equipment
&
Supplies
–
2.7%
8,371
Abbott
Laboratories
994,224
23,418
Boston
Scientific
Corp.*
2,123,076
4,420
Intuitive
Surgical,
Inc.*
2,395,640
5,512,940
Hotels,
Restaurants
&
Leisure
–
1.9%
8,864
Cava
Group,
Inc.*
1,248,938
7,715
DoorDash,
Inc.,
Class
A*
1,392,403
4,252
McDonald's
Corp.
1,258,634
3,899,975
Interactive
Media
&
Services
–
11.5%
48,500
Alphabet,
Inc.,
Class
A
8,194,075
29,228
Alphabet,
Inc.,
Class
C
4,983,082
17,208
Meta
Platforms,
Inc.,
Class
A
9,882,898
23,060,055
IT
Services
–
2.3%
3,893
Accenture
PLC,
Class
A
(Ireland)
1,410,707
Shares
Description
Value
aa
Common
Stocks
–
(continued)
IT
Services
–
(continued)
18,686
Snowflake,
Inc.,
Class
A*
$
3,266,313
4,677,020
Oil,
Gas
&
Consumable
Fuels
–
1.5%
13,706
Cheniere
Energy,
Inc.
3,070,281
Pharmaceuticals
–
3.3%
14,383
AstraZeneca
PLC
ADR
(United
Kingdom)
972,578
7,108
Eli
Lilly
&
Co.
5,653,348
6,625,926
Semiconductors
&
Semiconductor
Equipment
–
16.1%
47,297
Broadcom,
Inc.
7,665,898
1,222
KLA
Corp.
790,671
28,689
Marvell
Technology,
Inc.
2,659,183
144,112
NVIDIA
Corp.
19,923,484
6,703
Texas
Instruments,
Inc.
1,347,504
32,386,740
Software
–
20.3%
5,038
Adobe,
Inc.*
2,599,255
13,142
AppLovin
Corp.,
Class
A*
4,425,569
5,676
Atlassian
Corp.,
Class
A*
1,496,080
4,075
Crowdstrike
Holdings,
Inc.,
Class
A*
1,409,828
24,751
Dynatrace,
Inc.*
1,390,759
714
Fair
Isaac
Corp.*
1,695,771
1,402
HubSpot,
Inc.*
1,010,912
53,913
Microsoft
Corp.
22,829,999
9,135
Salesforce,
Inc.
3,014,459
19,660
Samsara,
Inc.,
Class
A*
1,051,613
40,924,245
Specialty
Retail
–
1.3%
5,412
Lowe’s
Cos.,
Inc.
1,474,391
6,895
Ross
Stores,
Inc.
1,067,829
2,542,220
Technology
Hardware,
Storage
&
Peripherals
–
12.3%
104,177
Apple,
Inc.
24,724,328
TOTAL
COMMON
STOCKS
(Cost
$78,042,504)
199,710,725
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
963,642
4.541%
963,642
(Cost
$963,642)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$79,006,146)
$
200,674,367
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
657,283
NET
ASSETS
–
100.0%
$
201,331,650
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
**End
swaps
header**
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
GOLDMAN
SACHS
TECHNOLOGY
OPPORTUNITIES
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Broadline
Retail
–
9.1%
311,676
Amazon.com,
Inc.*
$
64,794,324
7,351
MercadoLibre,
Inc.
(Brazil)*
14,592,985
79,387,309
Communications
Equipment
–
2.5%
43,004
Motorola
Solutions,
Inc.
21,489,099
Financial
Services
–
6.0%
182,756
Fidelity
National
Information
Services,
Inc.
15,589,087
27,377
Mastercard,
Inc.,
Class
A
14,590,299
72,428
Visa,
Inc.,
Class
A
22,820,614
53,000,000
Interactive
Media
&
Services
–
12.9%
415,165
Alphabet,
Inc.,
Class
C
70,781,481
73,955
Meta
Platforms,
Inc.,
Class
A
42,473,835
113,255,316
IT
Services
–
3.5%
57,217
Accenture
PLC,
Class
A
(Ireland)
20,733,724
55,274
Snowflake,
Inc.,
Class
A*
9,661,895
30,395,619
Semiconductors
&
Semiconductor
Equipment
–
25.9%
101,518
Applied
Materials,
Inc.
17,736,210
232,255
Broadcom,
Inc.
37,643,891
42,638
KLA
Corp.
27,588,065
408,015
Marvell
Technology,
Inc.
37,818,910
125,393
Micron
Technology,
Inc.
12,282,244
573,595
NVIDIA
Corp.
79,299,509
73,212
Texas
Instruments,
Inc.
14,717,808
227,086,637
Software
–
31.3%
28,274
Adobe,
Inc.*
14,587,405
68,378
AppLovin
Corp.,
Class
A*
23,026,291
51,668
Crowdstrike
Holdings,
Inc.,
Class
A*
17,875,578
121,046
Datadog,
Inc.,
Class
A*
18,489,776
404,487
Dynatrace,
Inc.*
22,728,125
27,996
HubSpot,
Inc.*
20,186,516
182,196
Microsoft
Corp.
77,152,718
137,664
Oracle
Corp.
25,445,814
99,802
Salesforce,
Inc.
32,933,662
106,473
Zscaler,
Inc.*
21,996,257
274,422,142
Specialized
REITs
–
3.1%
27,624
Equinix,
Inc.
REIT
27,112,403
Technology
Hardware,
Storage
&
Peripherals
–
4.7%
173,623
Apple,
Inc.
41,205,946
TOTAL
COMMON
STOCKS
(Cost
$408,030,991)
867,354,471
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
7,687,846
4.541%
$
7,687,846
(Cost
$7,687,846)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$415,718,837)
$
875,042,317
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
479,552
NET
ASSETS
–
100.0%
$
875,521,869
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
U.S.
EQUITY
ESG
FUND
Schedule
of
Investments
November
30,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
99.7%
Banks
–
4.0%
4,921
JPMorgan
Chase &
Co.
$
1,228,872
Broadline
Retail
–
4.8%
7,091
Amazon.com,
Inc.*
1,474,148
Capital
Markets
–
5.1%
600
Blackrock,
Inc.
613,680
7,223
Morgan
Stanley
950,619
1,564,299
Chemicals
–
3.3%
1,025
Linde
PLC
472,515
1,382
Sherwin-Williams
Co.
(The)
549,207
1,021,722
Consumer
Finance
–
2.8%
2,830
American
Express
Co.
862,244
Consumer
Staples
Distribution
&
Retail
–
2.8%
9,155
Walmart,
Inc.
846,838
Diversified
Telecommunication
Services
–
2.3%
30,031
AT&T,
Inc.
695,518
Electric
Utilities
–
2.5%
9,772
NextEra
Energy,
Inc.
768,763
Electrical
Equipment
–
6.5%
1,542
Eaton
Corp.
PLC
578,898
2,337
GE
Vernova,
Inc.*
780,838
2,081
Rockwell
Automation,
Inc.
614,186
1,973,922
Ground
Transportation
–
2.0%
2,713
Old
Dominion
Freight
Line,
Inc.
610,805
Health
Care
Equipment
&
Supplies
–
4.0%
4,694
Cooper
Cos.,
Inc.
(The)*
490,335
1,355
Intuitive
Surgical,
Inc.*
734,410
1,224,745
Health
Care
Providers
&
Services
–
1.8%
905
UnitedHealth
Group,
Inc.
552,231
Hotels,
Restaurants
&
Leisure
–
2.7%
2,788
McDonald's
Corp.
825,276
Household
Products
–
2.9%
4,968
Procter &
Gamble
Co.
(The)
890,564
Interactive
Media
&
Services
–
4.2%
7,523
Alphabet,
Inc.,
Class
A
1,271,011
IT
Services
–
2.4%
2,016
Accenture
PLC,
Class
A
(Ireland)
730,538
Life
Sciences
Tools
&
Services
–
2.0%
2,483
Danaher
Corp.
595,150
Machinery
–
3.4%
1,435
Caterpillar,
Inc.
582,768
3,682
Xylem,
Inc.
466,693
1,049,461
Metals
&
Mining
–
1.9%
4,078
Steel
Dynamics,
Inc.
592,411
Pharmaceuticals
–
3.5%
748
Eli
Lilly
&
Co.
594,922
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Pharmaceuticals
–
(continued)
4,700
Merck &
Co.,
Inc.
$
477,708
1,072,630
Semiconductors
&
Semiconductor
Equipment
–
11.6%
4,153
Broadcom,
Inc.
673,118
3,935
Marvell
Technology,
Inc.
364,735
2,288
Micron
Technology,
Inc.
224,109
12,535
NVIDIA
Corp.
1,732,964
2,725
Texas
Instruments,
Inc.
547,807
3,542,733
Software
–
10.0%
1,659
Datadog,
Inc.,
Class
A*
253,412
4,851
Microsoft
Corp.
2,054,205
2,254
Salesforce,
Inc.
743,797
3,051,414
Specialized
REITs
–
2.0%
2,875
American
Tower
Corp.
REIT
600,875
Specialty
Retail
–
2.1%
2,328
Lowe’s
Cos.,
Inc.
634,217
Technology
Hardware,
Storage
&
Peripherals
–
7.7%
9,914
Apple,
Inc.
2,352,890
Textiles,
Apparel
&
Luxury
Goods
–
1.4%
5,325
NIKE,
Inc.,
Class
B
419,450
TOTAL
COMMON
STOCKS
(Cost
$19,220,872)
30,452,727
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.0%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
247
4.541%
247
(Cost
$247)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$19,221,119)
$
30,452,974
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
90,351
NET
ASSETS
–
100.0%
$
30,543,325
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
November
30,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
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
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
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Funds
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
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.
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
November
30,
2024:
(a)
Enhanced
Core
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
7,635,579
$
—
$
—
North
America
420,417,103
—
—
Exchange-Traded
Fund
433,233
—
—
Investment
Company
3,908,695
—
—
Total
$
432,394,610
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Large
Cap
Core
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
20,149,379
$
—
$
—
North
America
1,372,307,461
—
—
Investment
Company
6,368,133
—
—
Total
$
1,398,824,973
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
9,235,434
$
—
$
—
North
America
1,009,976,517
—
—
Investment
Company
24,917,418
—
—
Total
$
1,044,129,369
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
Small
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,771,660
$
—
$
—
North
America
156,735,750
—
—
Investment
Company
1,627,956
—
—
Total
$
160,135,366
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Small/Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
21,746,857
$
—
$
—
Europe
30,925,212
—
—
North
America
1,837,262,676
—
—
Investment
Company
15,793,354
—
—
Securities
Lending
Reinvestment
Vehicle
—
14,772,034
—
Total
$
1,905,728,099
$
14,772,034
$
—
€
1.00
€
1.00
€
1.00
(a)
Strategic
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
3,651,528
$
—
$
—
North
America
196,059,197
—
—
Investment
Company
963,642
—
—
Total
$
200,674,367
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Technology
Opportunities
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
20,733,724
$
—
$
—
North
America
832,027,762
—
—
South
America
14,592,985
—
—
Investment
Company
7,687,846
—
—
Total
$
875,042,317
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
U.S.
Equity
ESG
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
730,538
$
—
$
—
North
America
29,722,189
—
—
Investment
Company
247
—
—
Total
$
30,452,974
$
—
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(the
“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,
BNYM
may
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
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
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:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
€
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
(continued)
November
30,
2024
(Unaudited)
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
the
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Industry
Concentration
Risk
—
The
Technology
Opportunities
Fund
invests
primarily
in
equity
investments
in
high-quality
technology,
media,
or
service
companies
that
adopt
or
use
technology
to
improve
their
cost
structure,
revenue
opportunities
or
competitive
advantage.
Because
of
its
focus
on
technology,
media
and
service
companies,
the
Technology
Opportunities
Fund
is
subject
to
greater
risk
of
loss
as
a
result
of
adverse
economic,
business
or
other
developments
than
if
its
investments
were
diversified
across
different
industry
sectors.
The
Technology
Opportunities
Fund
may
also
invest
in
a
relatively
few
number
of
issuers.
Thus,
the
Technology
Opportunities
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.
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.
Growth
investing
is
an
example
of
an
investment
style.
Growth
companies
are
often
expected
by
investors
to
increase
their
earnings
at
a
certain
rate.
When
these
expectations
are
not
met,
investors
can
punish
the
stock
as
inordinately
even
if
earnings
showed
an
absolute
increase.
Issuer
Concentration
Risk
—
Under
normal
circumstances,
the
Concentrated
Growth
Fund
and
the
U.S.
Equity
ESG
Fund
intend
to
invest
in
up
to
approximately
40
and
50
companies,
respectively.
As
a
result
of
the
relatively
small
number
of
issuers
in
which
a
Fund
generally
invests,
it
may
be
subject
to
greater
risks
than
a
fund
that
invests
in
a
greater
number
of
issuers.
A
change
in
the
value
of
any
single
investment
held
by
a
Fund
may
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
a
mutual
fund
that
holds
more
investments.
In
particular,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
in
the
Fund
and
may
be
susceptible
to
greater
losses
because
of
these
developments.
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,
and
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
Fundamental
Equity
Growth
Funds
Schedule
of
Investments
(continued)
November
30,
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
Strategic
Growth
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)