GOLDMAN
SACHS
CONCENTRATED
GROWTH
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Biotechnology
–
1.8%
10,277
Alnylam
Pharmaceuticals,
Inc.
*
$
1,729,105
2,586
Argenx
SE
ADR
(Netherlands)
*
1,165,278
2,894,383
Broadline
Retail
–
5.6%
60,051
Amazon.com,
Inc.
*
8,772,851
Capital
Markets
–
1.5%
4,520
MSCI,
Inc.
2,354,242
Chemicals
–
4.1%
5,941
Linde
PLC
2,458,207
14,347
Sherwin-Williams
Co.
(The)
3,999,944
6,458,151
Commercial
Services
&
Supplies
–
1.4%
16,263
Waste
Connections,
Inc.
2,203,474
Electrical
Equipment
–
1.3%
7,430
Rockwell
Automation,
Inc.
2,046,519
Financial
Services
–
4.0%
14,963
Mastercard,
Inc.,
Class
A
6,192,138
Food
Products
–
1.7%
41,230
McCormick
&
Co.,
Inc.
2,672,941
Ground
Transportation
–
1.4%
5,457
Old
Dominion
Freight
Line,
Inc.
2,123,100
Health
Care
Equipment
&
Supplies
–
4.9%
48,995
Boston
Scientific
Corp.
*
2,738,331
11,206
Insulet
Corp.
*
2,118,942
9,177
Intuitive
Surgical,
Inc.
*
2,852,579
7,709,852
Hotels,
Restaurants
&
Leisure
–
1.6%
9,120
McDonald's
Corp.
2,570,381
Household
Products
–
1.3%
13,140
Procter &
Gamble
Co.
(The)
2,017,253
Interactive
Media
&
Services
–
10.6%
34,082
Alphabet,
Inc.,
Class
A
*
4,516,887
25,739
Alphabet,
Inc.,
Class
C
*
3,446,967
19,632
Meta
Platforms,
Inc.,
Class
A
*
6,422,609
158,968
Snap,
Inc.,
Class
A
*
2,198,527
16,584,990
IT
Services
–
4.2%
11,288
Accenture
PLC,
Class
A
3,760,485
15,068
Snowflake,
Inc.,
Class
A
*
2,827,962
6,588,447
Personal
Care
Products
–
1.2%
14,770
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,885,981
Pharmaceuticals
–
6.1%
46,295
AstraZeneca
PLC
ADR
(United
Kingdom)
2,990,194
11,156
Eli
Lilly
&
Co.
6,593,642
9,583,836
Real
Estate
Management
&
Development
–
1.5%
27,660
CoStar
Group,
Inc.
*
2,296,886
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Semiconductors
&
Semiconductor
Equipment
–
12.1%
31,627
ARM
Holdings
PLC
ADR
*
(a)
$
1,945,061
12,234
Enphase
Energy,
Inc.
*
1,235,879
78,454
Marvell
Technology,
Inc.
4,372,241
19,292
NVIDIA
Corp.
9,022,868
15,482
Texas
Instruments,
Inc.
2,364,256
18,940,305
Software
–
16.4%
7,450
Intuit,
Inc.
4,257,377
47,591
Microsoft
Corp.
18,032,706
13,411
Salesforce,
Inc.
*
3,378,231
25,668,314
Specialized
REITs
–
1.7%
12,794
American
Tower
Corp.
REIT
2,671,131
Specialty
Retail
–
2.1%
25,421
Ross
Stores,
Inc.
3,314,390
Technology
Hardware,
Storage
&
Peripherals
–
9.0%
74,399
Apple,
Inc.
14,132,090
Textiles,
Apparel
&
Luxury
Goods
–
3.5%
6,061
Lululemon
Athletica,
Inc.
*
2,708,055
25,767
NIKE,
Inc.,
Class
B
2,841,327
5,549,382
TOTAL
COMMON
STOCKS
(Cost
$82,768,190)
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,093,987
5.259%
1,093,987
(Cost
$1,093,987)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$83,862,177)
156,325,024
a
Securities
Lending
Reinvestment
Vehicle
–
1.2%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,907,858
5.259%
1,907,858
(Cost
$1,907,858)
TOTAL
INVESTMENTS
–
100.9%
(Cost
$85,770,035)
$
158,232,882
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.9)%
(1,400,474)
NET
ASSETS
–
100.0%
$
156,832,408
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.
GOLDMAN
SACHS
CONCENTRATED
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
FLEXIBLE
CAP
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.0%
Aerospace
&
Defense
–
0.6%
2,747
L3Harris
Technologies,
Inc.
$
524,155
Automobile
Components
–
0.6%
6,569
Aptiv
PLC
*
544,176
Automobiles
–
1.1%
4,116
Tesla,
Inc.
*
988,169
Banks
–
3.4%
31,439
Bank
of
America
Corp.
958,575
7,825
East
West
Bancorp,
Inc.
492,349
9,864
JPMorgan
Chase &
Co.
1,539,573
1,353
M&T
Bank
Corp.
173,414
3,163,911
Beverages
–
1.0%
7,162
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
434,304
2,163
Constellation
Brands,
Inc.,
Class
A
520,180
954,484
Biotechnology
–
2.4%
1,233
AbbVie,
Inc.
175,567
2,309
Biogen,
Inc.
*
540,491
3,945
BioMarin
Pharmaceutical,
Inc.
*
359,311
8,951
Gilead
Sciences,
Inc.
685,646
4,119
Neurocrine
Biosciences,
Inc.
*
480,234
2,241,249
Broadline
Retail
–
2.7%
17,240
Amazon.com,
Inc.
*
2,518,592
Building
Products
–
0.5%
4,290
Allegion
PLC
455,126
Capital
Markets
–
1.1%
953
MSCI,
Inc.
496,370
9,472
Nasdaq,
Inc.
528,916
1,025,286
Chemicals
–
2.2%
3,677
Celanese
Corp.
509,853
2,118
Linde
PLC
876,365
2,313
Sherwin-Williams
Co.
(The)
644,864
2,031,082
Consumer
Finance
–
1.4%
4,266
American
Express
Co.
728,505
5,682
Discover
Financial
Services
528,426
1,256,931
Consumer
Staples
Distribution
&
Retail
–
1.0%
7,449
Performance
Food
Group
Co.
*
484,557
3,024
Walmart,
Inc.
470,807
955,364
Containers
&
Packaging
–
0.5%
2,580
Avery
Dennison
Corp.
501,810
Diversified
Telecommunication
Services
–
0.8%
45,677
AT&T,
Inc.
756,868
Electric
Utilities
–
1.6%
12,436
FirstEnergy
Corp.
459,386
7,431
NextEra
Energy,
Inc.
434,788
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electric
Utilities
–
(continued)
9,038
Xcel
Energy,
Inc.
$
549,872
1,444,046
Electrical
Equipment
–
0.6%
1,974
Rockwell
Automation,
Inc.
543,719
Electronic
Equipment,
Instruments
&
Components
–
1.1%
2,353
CDW
Corp.
496,201
3,786
Keysight
Technologies,
Inc.
*
514,479
1,010,680
Entertainment
–
1.1%
3,891
Electronic
Arts,
Inc.
536,997
47,647
Warner
Bros
Discovery,
Inc.
*
497,911
1,034,908
Financial
Services
–
4.2%
2,711
Berkshire
Hathaway,
Inc.,
Class
B
*
975,960
9,323
Fidelity
National
Information
Services,
Inc.
546,700
5,134
Fiserv,
Inc.
*
670,552
682
Mastercard,
Inc.,
Class
A
282,232
5,516
Visa,
Inc.,
Class
A
1,415,847
3,891,291
Food
Products
–
0.5%
7,179
McCormick
&
Co.,
Inc.
465,415
Ground
Transportation
–
1.1%
1,321
Old
Dominion
Freight
Line,
Inc.
513,948
1,186
Saia,
Inc.
*
463,003
976,951
Health
Care
Equipment
&
Supplies
–
1.6%
1,181
Cooper
Cos.,
Inc.
(The)
397,902
1,868
Intuitive
Surgical,
Inc.
*
580,649
4,518
Zimmer
Biomet
Holdings,
Inc.
525,489
1,504,040
Health
Care
Providers
&
Services
–
2.6%
2,535
Cencora,
Inc.
515,543
9,728
CVS
Health
Corp.
661,018
1,179
Humana,
Inc.
571,650
1,186
UnitedHealth
Group,
Inc.
655,822
2,404,033
Health
Care
REITs
–
0.5%
10,929
Ventas,
Inc.
REIT
500,985
Hotels,
Restaurants
&
Leisure
–
2.6%
1,195
Domino's
Pizza,
Inc.
469,504
4,518
Expedia
Group,
Inc.
*
615,261
2,730
McDonald's
Corp.
769,423
4,044
Yum!
Brands,
Inc.
507,724
2,361,912
Household
Durables
–
0.6%
4,304
Lennar
Corp.,
Class
A
550,568
Household
Products
–
2.0%
7,292
Colgate-Palmolive
Co.
574,391
8,295
Procter &
Gamble
Co.
(The)
1,273,448
1,847,839
GOLDMAN
SACHS
FLEXIBLE
CAP
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Industrial
Conglomerates
–
0.8%
5,951
General
Electric
Co.
$
724,832
Insurance
–
3.4%
4,440
Allstate
Corp.
(The)
612,143
4,065
American
Financial
Group,
Inc.
464,995
5,812
Arch
Capital
Group
Ltd.
*
486,406
4,050
Globe
Life,
Inc.
498,677
3,181
Marsh
&
McLennan
Cos.,
Inc.
634,355
10,740
Unum
Group
461,820
3,158,396
Interactive
Media
&
Services
–
6.2%
17,228
Alphabet,
Inc.,
Class
A
*
2,283,227
13,212
Alphabet,
Inc.,
Class
C
*
1,769,351
15,130
Match
Group,
Inc.
*
489,909
3,499
Meta
Platforms,
Inc.,
Class
A
*
1,144,698
5,687,185
IT
Services
–
1.1%
2,891
Accenture
PLC,
Class
A
963,108
Life
Sciences
Tools
&
Services
–
2.3%
4,290
Agilent
Technologies,
Inc.
548,262
3,640
Danaher
Corp.
812,848
428
Mettler-Toledo
International,
Inc.
*
467,346
838
West
Pharmaceutical
Services,
Inc.
293,937
2,122,393
Machinery
–
4.0%
3,092
Caterpillar,
Inc.
775,226
2,325
Cummins,
Inc.
521,172
7,301
Fortive
Corp.
503,623
2,542
Illinois
Tool
Works,
Inc.
615,698
4,049
ITT,
Inc.
438,385
5,366
Stanley
Black
&
Decker,
Inc.
487,770
3,180
Xylem,
Inc.
334,313
3,676,187
Media
–
0.5%
15,521
Interpublic
Group
of
Cos.,
Inc.
(The)
477,115
Metals
&
Mining
–
0.6%
4,261
Steel
Dynamics,
Inc.
507,613
Multi-Utilities
–
1.6%
6,566
Ameren
Corp.
509,456
18,875
NiSource,
Inc.
483,955
6,314
WEC
Energy
Group,
Inc.
527,977
1,521,388
Oil,
Gas
&
Consumable
Fuels
–
4.1%
5,687
Chesapeake
Energy
Corp.
456,723
3,977
Chevron
Corp.
571,097
2,351
ConocoPhillips
271,705
9,523
Exxon
Mobil
Corp.
978,393
8,245
HF
Sinclair
Corp.
432,698
19,711
Marathon
Oil
Corp.
501,251
4,002
Marathon
Petroleum
Corp.
597,058
3,808,925
Personal
Care
Products
–
0.6%
26,603
Kenvue,
Inc.
543,765
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Pharmaceuticals
–
3.0%
5,775
AstraZeneca
PLC
ADR
(United
Kingdom)
$
373,007
14,193
Bristol-Myers
Squibb
Co.
700,850
1,821
Eli
Lilly
&
Co.
1,076,284
2,703
Johnson &
Johnson
418,046
1,710
Merck &
Co.,
Inc.
175,241
2,743,428
Residential
REITs
–
0.5%
2,697
AvalonBay
Communities,
Inc.
REIT
466,419
Retail
REITs
–
0.6%
4,567
Simon
Property
Group,
Inc.
REIT
570,373
Semiconductors
&
Semiconductor
Equipment
–
6.2%
5,042
Applied
Materials,
Inc.
755,191
333
Broadcom,
Inc.
308,268
5,936
Enphase
Energy,
Inc.
*
599,655
1,242
KLA
Corp.
676,418
7,703
Marvell
Technology,
Inc.
429,288
5,655
MKS
Instruments,
Inc.
466,820
4,675
NVIDIA
Corp.
2,186,497
2,229
Texas
Instruments,
Inc.
340,391
5,762,528
Software
–
12.3%
9,466
AppLovin
Corp.,
Class
A
*
354,786
10,166
DocuSign,
Inc.
*
438,155
7,936
Dynatrace,
Inc.
*
424,973
335
Fair
Isaac
Corp.
*
364,346
1,473
Intuit,
Inc.
841,760
16,964
Microsoft
Corp.
6,427,829
3,752
Oracle
Corp.
436,020
2,296
Palo
Alto
Networks,
Inc.
*
677,527
4,398
Salesforce,
Inc.
*
1,107,856
1,191
Workday,
Inc.,
Class
A
*
322,427
11,395,679
Specialty
Retail
–
2.3%
795
Home
Depot,
Inc.
(The)
249,225
3,724
Lowe’s
Cos.,
Inc.
740,443
4,554
Ross
Stores,
Inc.
593,750
1,174
Ulta
Beauty,
Inc.
*
500,112
2,083,530
Technology
Hardware,
Storage
&
Peripherals
–
7.2%
32,098
Apple,
Inc.
6,097,015
6,862
Dell
Technologies,
Inc.,
Class
C
520,620
6,617,635
Textiles,
Apparel
&
Luxury
Goods
–
0.9%
7,102
NIKE,
Inc.,
Class
B
783,138
Trading
Companies
&
Distributors
–
0.4%
6,045
Fastenal
Co.
362,519
TOTAL
COMMON
STOCKS
(Cost
$74,868,602)
90,429,746
a
Exchange-Traded
Fund
–
1.0%
2,021
SPDR
S&P
500
ETF
Trust
(Cost
$918,766)
922,384
GOLDMAN
SACHS
FLEXIBLE
CAP
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
865,239
5.259%
$
865,239
(Cost
$865,239)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$76,652,607)
$
92,217,369
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
90,224
NET
ASSETS
–
100.0%
$
92,307,593
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,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.3%
Aerospace
&
Defense
–
0.5%
19,363
L3Harris
Technologies,
Inc.
$
3,694,654
5,806
Northrop
Grumman
Corp.
2,758,779
6,453,433
Automobile
Components
–
0.3%
34,934
Aptiv
PLC*
2,893,933
38,953
Mobileye
Global,
Inc.,
Class
A
(Israel)*
1,599,021
4,492,954
Automobiles
–
1.3%
216,119
General
Motors
Co.
6,829,360
35,041
Tesla,
Inc.*
8,412,643
15,242,003
Banks
–
4.0%
380,165
Bank
of
America
Corp.
11,591,231
71,201
East
West
Bancorp,
Inc.
4,479,967
137,793
JPMorgan
Chase &
Co.
21,506,731
36,394
M&T
Bank
Corp.
4,664,619
62,582
Pinnacle
Financial
Partners,
Inc.
4,541,576
46,784,124
Beverages
–
0.9%
76,975
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
4,667,764
27,411
Constellation
Brands,
Inc.,
Class
A
6,592,071
11,259,835
Biotechnology
–
1.7%
8,187
Alnylam
Pharmaceuticals,
Inc.*
1,377,463
3,929
Argenx
SE
ADR
(Netherlands)*
1,770,447
20,546
Biogen,
Inc.*
4,809,408
25,938
BioMarin
Pharmaceutical,
Inc.*
2,362,433
43,734
Exact
Sciences
Corp.*
2,798,976
82,089
Gilead
Sciences,
Inc.
6,288,017
5,347
Karuna
Therapeutics,
Inc.*
1,022,400
3,180
Seagen,
Inc.*
678,008
21,107,152
Broadline
Retail
–
3.1%
236,520
Amazon.com,
Inc.*
34,553,207
38,998
Etsy,
Inc.*
2,956,438
37,509,645
Building
Products
–
0.3%
15,215
Trane
Technologies
PLC
3,429,613
Capital
Markets
–
2.5%
5,701
BlackRock,
Inc.
4,282,762
24,866
Blackstone,
Inc.
2,794,192
98,591
Charles
Schwab
Corp.
(The)
6,045,600
83,176
KKR
&
Co.,
Inc.
6,308,068
50,034
Morgan
Stanley
3,969,698
4,894
MSCI,
Inc.
2,549,040
9,006
S&P
Global,
Inc.
3,744,965
12,426
Tradeweb
Markets,
Inc.,
Class
A
1,204,079
30,898,404
Chemicals
–
2.6%
17,033
Ashland,
Inc.
1,361,277
20,321
Celanese
Corp.
2,817,710
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Chemicals
–
(continued)
34,786
Linde
PLC
$
14,393,403
45,571
Sherwin-Williams
Co.
(The)
12,705,195
31,277,585
Commercial
Services
&
Supplies
–
0.2%
18,292
Waste
Connections,
Inc.
2,478,383
Communications
Equipment
–
0.7%
11,917
Arista
Networks,
Inc.*
2,618,284
42,971
Cisco
Systems,
Inc.
2,078,937
9,999
Motorola
Solutions,
Inc.
3,228,377
7,925,598
Construction
Materials
–
0.8%
21,043
Martin
Marietta
Materials,
Inc.
9,776,367
Consumer
Finance
–
1.0%
49,944
American
Express
Co.
8,528,937
38,748
Discover
Financial
Services
3,603,564
12,132,501
Consumer
Staples
Distribution
&
Retail
–
0.4%
16,718
Dollar
Tree,
Inc.*
2,066,178
14,309
Walmart,
Inc.
2,227,768
4,293,946
Containers
&
Packaging
–
0.9%
10,521
Avery
Dennison
Corp.
2,046,334
154,375
Ball
Corp.
8,535,394
10,581,728
Diversified
Telecommunication
Services
–
1.3%
964,878
AT&T,
Inc.
15,988,028
Electric
Utilities
–
2.6%
172,610
Eversource
Energy
10,254,760
139,216
Exelon
Corp.
5,361,208
147,096
FirstEnergy
Corp.
5,433,726
128,172
NextEra
Energy,
Inc.
7,499,344
31,120
Xcel
Energy,
Inc.
1,893,341
30,442,379
Electrical
Equipment
–
2.2%
14,791
AMETEK,
Inc.
2,296,007
52,107
Eaton
Corp.
PLC
11,864,243
42,464
Rockwell
Automation,
Inc.
11,696,284
34,424
Shoals
Technologies
Group,
Inc.,
Class
A*
476,772
26,333,306
Electronic
Equipment,
Instruments
&
Components
–
0.4%
13,752
CDW
Corp.
2,900,022
14,207
Keysight
Technologies,
Inc.*
1,930,589
4,830,611
Energy
Equipment
&
Services
–
0.2%
74,497
Halliburton
Co.
2,758,624
Entertainment
–
1.0%
16,140
Electronic
Arts,
Inc.
2,227,481
37,975
Live
Nation
Entertainment,
Inc.*
3,198,254
5,815
Netflix,
Inc.*
2,756,136
18,162
Walt
Disney
Co.
(The)*
1,683,436
GOLDMAN
SACHS
LARGE
CAP
CORE
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Entertainment
–
(continued)
225,171
Warner
Bros
Discovery,
Inc.*
$
2,353,037
12,218,344
Financial
Services
–
2.4%
29,821
Berkshire
Hathaway,
Inc.,
Class
B*
10,735,560
41,223
Fiserv,
Inc.*
5,384,136
52,095
Visa,
Inc.,
Class
A
13,371,745
29,491,441
Food
Products
–
1.4%
156,557
McCormick
&
Co.,
Inc.
10,149,590
106,364
Mondelez
International,
Inc.,
Class
A
7,558,226
17,707,816
Ground
Transportation
–
1.1%
19,398
Norfolk
Southern
Corp.
4,231,868
12,360
Old
Dominion
Freight
Line,
Inc.
4,808,782
72,894
Uber
Technologies,
Inc.*
4,109,764
13,150,414
Health
Care
Equipment
&
Supplies
–
4.2%
22,682
Align
Technology,
Inc.*
4,849,412
183,825
Boston
Scientific
Corp.*
10,273,979
6,742
Cooper
Cos.,
Inc.
(The)
2,271,515
71,013
Dexcom,
Inc.*
8,203,422
19,411
Insulet
Corp.*
3,670,426
24,505
Intuitive
Surgical,
Inc.*
7,617,134
111,663
Zimmer
Biomet
Holdings,
Inc.
12,987,524
49,873,412
Health
Care
Providers
&
Services
–
2.6%
196,164
CVS
Health
Corp.
13,329,344
20,323
Humana,
Inc.
9,853,810
16,011
UnitedHealth
Group,
Inc.
8,853,603
32,036,757
Hotels,
Restaurants
&
Leisure
–
2.3%
1,017
Chipotle
Mexican
Grill,
Inc.*
2,239,688
22,214
Domino's
Pizza,
Inc.
8,727,658
48,734
Las
Vegas
Sands
Corp.
2,247,612
35,627
McDonald's
Corp.
10,041,114
7,138
Wingstop,
Inc.
1,715,690
24,909
Yum!
Brands,
Inc.
3,127,325
28,099,087
Household
Products
–
2.8%
182,332
Colgate-Palmolive
Co.
14,362,292
124,252
Procter &
Gamble
Co.
(The)
19,075,167
33,437,459
Industrial
Conglomerates
–
0.8%
45,773
General
Electric
Co.
5,575,151
17,056
Honeywell
International,
Inc.
3,341,611
8,916,762
Industrial
REITs
–
0.1%
9,187
EastGroup
Properties,
Inc.
REIT
1,596,241
Insurance
–
1.5%
17,653
Allstate
Corp.
(The)
2,433,819
21,713
Arch
Capital
Group
Ltd.*
1,817,161
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
(continued)
12,465
Chubb
Ltd.
$
2,859,845
16,444
Globe
Life,
Inc.
2,024,750
21,193
Marsh
&
McLennan
Cos.,
Inc.
4,226,308
15,467
Progressive
Corp.
(The)
2,537,052
30,844
Unum
Group
1,326,292
17,225,227
Interactive
Media
&
Services
–
5.2%
205,268
Alphabet,
Inc.,
Class
A*
27,204,168
172,276
Alphabet,
Inc.,
Class
C*
23,071,202
32,550
Meta
Platforms,
Inc.,
Class
A*
10,648,732
108,158
Snap,
Inc.,
Class
A*
1,495,825
62,419,927
IT
Services
–
2.6%
48,728
Accenture
PLC,
Class
A
16,233,246
66,168
International
Business
Machines
Corp.
10,491,598
14,324
Shopify,
Inc.,
Class
A
(Canada)*
1,043,074
19,359
Snowflake,
Inc.,
Class
A*
3,633,297
31,401,215
Life
Sciences
Tools
&
Services
–
1.8%
75,022
Danaher
Corp.
16,753,163
17,125
Illumina,
Inc.*
1,745,894
1,949
Mettler-Toledo
International,
Inc.*
2,128,172
3,404
West
Pharmaceutical
Services,
Inc.
1,193,987
21,821,216
Machinery
–
2.5%
44,489
Caterpillar,
Inc.
11,154,282
49,882
Illinois
Tool
Works,
Inc.
12,081,919
84,989
Stanley
Black
&
Decker,
Inc.
7,725,500
30,961,701
Media
–
0.2%
60,638
Interpublic
Group
of
Cos.,
Inc.
(The)
1,864,012
Metals
&
Mining
–
0.9%
60,169
Freeport-McMoRan,
Inc.
2,245,507
75,177
Steel
Dynamics,
Inc.
8,955,836
11,201,343
Multi-Utilities
–
0.4%
89,072
CMS
Energy
Corp.
5,055,727
Office
REITs
–
0.6%
66,710
Alexandria
Real
Estate
Equities,
Inc.
REIT
7,298,074
Oil,
Gas
&
Consumable
Fuels
–
4.3%
8,926
Cheniere
Energy,
Inc.
1,625,871
62,948
Chesapeake
Energy
Corp.
5,055,354
89,261
Chevron
Corp.
12,817,880
30,246
ConocoPhillips
3,495,530
12,861
DT
Midstream,
Inc.
736,807
29,013
EOG
Resources,
Inc.
3,570,630
74,098
Exxon
Mobil
Corp.
7,612,829
10,029
Hess
Corp.
1,409,676
13,498
HF
Sinclair
Corp.
708,375
GOLDMAN
SACHS
LARGE
CAP
CORE
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
106,163
Marathon
Oil
Corp.
$
2,699,725
15,230
Marathon
Petroleum
Corp.
2,272,164
13,504
Pioneer
Natural
Resources
Co.
3,128,067
70,356
Targa
Resources
Corp.
6,363,700
51,496,608
Passenger
Airlines
–
0.1%
32,970
United
Airlines
Holdings,
Inc.*
1,299,018
Personal
Care
Products
–
0.5%
36,014
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
4,598,628
77,896
Kenvue,
Inc.
1,592,194
6,190,822
Pharmaceuticals
–
2.9%
101,407
AstraZeneca
PLC
ADR
(United
Kingdom)
6,549,878
243,918
Bristol-Myers
Squibb
Co.
12,044,671
19,414
Eli
Lilly
&
Co.
11,474,451
27,850
Zoetis,
Inc.
4,920,259
34,989,259
Professional
Services
–
0.2%
5,638
Equifax,
Inc.
1,227,449
2,504
Verisk
Analytics,
Inc.
604,541
1,831,990
Real
Estate
Management
&
Development
–
0.9%
133,032
CoStar
Group,
Inc.*
11,046,977
Residential
REITs
–
0.4%
11,072
AvalonBay
Communities,
Inc.
REIT
1,914,792
30,537
Equity
LifeStyle
Properties,
Inc.
REIT
2,171,181
4,085,973
Retail
REITs
–
0.2%
18,016
Simon
Property
Group,
Inc.
REIT
2,250,018
Semiconductors
&
Semiconductor
Equipment
–
6.2%
44,272
Advanced
Micro
Devices,
Inc.*
5,363,995
24,639
Applied
Materials,
Inc.
3,690,429
126,370
ARM
Holdings
PLC
ADR*
7,771,755
12,922
Enphase
Energy,
Inc.*
1,305,380
12,140
KLA
Corp.
6,611,687
235,508
Marvell
Technology,
Inc.
13,124,861
55,018
Micron
Technology,
Inc.
4,187,970
51,779
NVIDIA
Corp.
24,217,038
73,549
Texas
Instruments,
Inc.
11,231,668
77,504,783
Software
–
9.8%
6,619
Atlassian
Corp.,
Class
A*
1,263,898
6,499
Cadence
Design
Systems,
Inc.*
1,775,982
20,538
Dynatrace,
Inc.*
1,099,810
4,940
HubSpot,
Inc.*
2,440,014
9,641
Intuit,
Inc.
5,509,446
223,040
Microsoft
Corp.
84,512,086
39,974
Oracle
Corp.
4,645,379
12,474
Palo
Alto
Networks,
Inc.*
3,680,953
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
30,451
Salesforce,
Inc.*
$
7,670,607
12,858
Workday,
Inc.,
Class
A*
3,480,918
15,206
Zscaler,
Inc.*
3,003,641
119,082,734
Specialized
REITs
–
0.9%
16,612
American
Tower
Corp.
REIT
3,468,253
2,522
Equinix,
Inc.
REIT
2,055,455
14,831
Extra
Space
Storage,
Inc.
REIT
1,930,551
69,925
VICI
Properties,
Inc.
REIT
2,090,058
9,544,317
Specialty
Retail
–
1.9%
17,939
Lowe’s
Cos.,
Inc.
3,566,811
20,279
RH*
5,474,722
72,187
Ross
Stores,
Inc.
9,411,741
8,371
Ulta
Beauty,
Inc.*
3,565,962
22,019,236
Technology
Hardware,
Storage
&
Peripherals
–
6.9%
391,320
Apple,
Inc.
74,331,234
106,090
Dell
Technologies,
Inc.,
Class
C
8,049,048
82,380,282
Textiles,
Apparel
&
Luxury
Goods
–
0.8%
10,720
Lululemon
Athletica,
Inc.*
4,789,696
44,835
NIKE,
Inc.,
Class
B
4,943,955
9,733,651
TOTAL
COMMON
STOCKS
(Cost
$772,898,339)
1,185,228,062
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
6,482,480
5.259%
6,482,480
(Cost
$6,482,480)
TOTAL
INVESTMENTS
–
98.8%
(Cost
$779,380,819)
$
1,191,710,542
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.2%
14,834,319
NET
ASSETS
–
100.0%
$
1,206,544,861
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,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.5%
Aerospace
&
Defense
–
1.7%
43,425
L3Harris
Technologies,
Inc.
$
8,285,924
45,317
Woodward,
Inc.
6,125,952
14,411,876
Automobile
Components
–
0.6%
122,532
Mobileye
Global,
Inc.,
Class
A
(Israel)*
5,029,939
Biotechnology
–
4.9%
53,670
Alnylam
Pharmaceuticals,
Inc.*
9,029,977
31,440
Biogen,
Inc.*
7,359,475
90,161
BioMarin
Pharmaceutical,
Inc.*
8,211,864
103,225
Exact
Sciences
Corp.*
6,606,400
87,506
Neurocrine
Biosciences,
Inc.*
10,202,325
41,410,041
Broadline
Retail
–
2.0%
217,874
Etsy,
Inc.*
16,517,028
Building
Products
–
1.8%
68,672
Trane
Technologies
PLC
15,479,356
Capital
Markets
–
4.2%
133,304
KKR
&
Co.,
Inc.
10,109,775
35,781
MSCI,
Inc.
18,636,534
68,651
Tradeweb
Markets,
Inc.,
Class
A
6,652,282
35,398,591
Chemicals
–
1.8%
138,703
Ashland,
Inc.
11,085,144
30,567
PPG
Industries,
Inc.
4,340,208
15,425,352
Communications
Equipment
–
1.5%
59,499
Arista
Networks,
Inc.*
13,072,525
Construction
Materials
–
1.6%
28,914
Martin
Marietta
Materials,
Inc.
13,433,155
Consumer
Finance
–
1.0%
92,387
Discover
Financial
Services
8,591,991
Containers
&
Packaging
–
1.6%
252,162
Ball
Corp.
13,942,037
Electrical
Equipment
–
4.3%
78,581
AMETEK,
Inc.
12,198,129
87,889
Rockwell
Automation,
Inc.
24,208,146
36,406,275
Electronic
Equipment,
Instruments
&
Components
–
1.9%
180,077
Amphenol
Corp.,
Class
A
16,385,206
Entertainment
–
0.9%
92,822
Live
Nation
Entertainment,
Inc.*
7,817,469
Financial
Services
–
1.4%
109,149
Fidelity
National
Information
Services,
Inc.
6,400,497
34,949
Jack
Henry
&
Associates,
Inc.
5,546,057
11,946,554
Food
Products
–
1.3%
174,347
McCormick
&
Co.,
Inc.
11,302,916
Ground
Transportation
–
2.8%
43,790
Old
Dominion
Freight
Line,
Inc.
17,036,937
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Ground
Transportation
–
(continued)
16,522
Saia,
Inc.*
$
6,450,024
23,486,961
Health
Care
Equipment
&
Supplies
–
7.9%
42,602
Align
Technology,
Inc.*
9,108,308
23,833
Cooper
Cos.,
Inc.
(The)
8,029,814
173,099
Dexcom,
Inc.*
19,996,396
82,164
Insulet
Corp.*
15,536,391
122,647
Zimmer
Biomet
Holdings,
Inc.
14,265,073
66,935,982
Health
Care
Providers
&
Services
–
2.3%
96,699
Cencora,
Inc.
19,665,676
Health
Care
Technology
–
1.0%
47,990
Veeva
Systems,
Inc.,
Class
A*
8,365,137
Hotel
&
Resort
REITs
–
1.0%
85,124
Ryman
Hospitality
Properties,
Inc.
REIT
8,542,193
Hotels,
Restaurants
&
Leisure
–
5.4%
36,985
Domino's
Pizza,
Inc.
14,531,037
111,501
Expedia
Group,
Inc.*
15,184,206
128,987
Yum!
Brands,
Inc.
16,194,318
45,909,561
IT
Services
–
0.6%
11,708
MongoDB,
Inc.*
4,867,484
Life
Sciences
Tools
&
Services
–
4.5%
104,201
Agilent
Technologies,
Inc.
13,316,888
13,267
Mettler-Toledo
International,
Inc.*
14,486,635
30,433
West
Pharmaceutical
Services,
Inc.
10,674,679
38,478,202
Machinery
–
5.6%
51,815
Chart
Industries,
Inc.*
6,737,505
40,949
Cummins,
Inc.
9,179,128
139,840
Fortive
Corp.
9,646,163
80,555
ITT,
Inc.
8,721,690
125,509
Xylem,
Inc.
13,194,761
47,479,247
Media
–
2.2%
267,070
Trade
Desk,
Inc.
(The),
Class
A*
18,817,752
Oil,
Gas
&
Consumable
Fuels
–
3.5%
75,858
Cheniere
Energy,
Inc.
13,817,535
42,765
Chesapeake
Energy
Corp.
3,434,457
51,369
Hess
Corp.
7,220,427
55,223
Targa
Resources
Corp.
4,994,920
29,467,339
Professional
Services
–
1.9%
61,615
Equifax,
Inc.
13,414,202
14,650
Paycom
Software,
Inc.
2,661,319
16,075,521
Real
Estate
Management
&
Development
–
2.1%
212,280
CoStar
Group,
Inc.*
17,627,731
GOLDMAN
SACHS
MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Semiconductors
&
Semiconductor
Equipment
–
4.5%
82,051
ARM
Holdings
PLC
ADR*
(a)
$
5,046,136
80,461
Enphase
Energy,
Inc.*
8,128,170
45,887
Entegris,
Inc.
4,790,603
236,142
Marvell
Technology,
Inc.
13,160,194
82,178
MKS
Instruments,
Inc.
6,783,794
37,908,897
Software
–
14.9%
43,487
ANSYS,
Inc.*
12,757,346
110,049
Crowdstrike
Holdings,
Inc.,
Class
A*
26,080,512
151,949
Datadog,
Inc.,
Class
A*
17,712,695
133,377
DocuSign,
Inc.*
5,748,549
256,443
Dynatrace,
Inc.*
13,732,523
14,200
Fair
Isaac
Corp.*
15,443,920
22,498
HubSpot,
Inc.*
11,112,437
109,779
Klaviyo,
Inc.,
Class
A*
(a)
3,252,752
279,028
Palantir
Technologies,
Inc.,
Class
A*
5,594,511
73,422
Zscaler,
Inc.*
14,503,048
125,938,293
Specialty
Retail
–
4.8%
22,822
RH*
6,161,255
176,319
Ross
Stores,
Inc.
22,988,471
27,109
Ulta
Beauty,
Inc.*
11,548,163
40,697,889
Textiles,
Apparel
&
Luxury
Goods
–
1.0%
19,824
Lululemon
Athletica,
Inc.*
8,857,363
TOTAL
COMMON
STOCKS
(Cost
$691,463,690)
835,691,539
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
5,486,650
5.259%
5,486,650
(Cost
$5,486,650)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$696,950,340)
841,178,189
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
8,260,906
5.259%
$
8,260,906
(Cost
$8,260,906)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$705,211,246)
$
849,439,095
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(656,451)
NET
ASSETS
–
100.0%
$
848,782,644
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.
Inves
tment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
SMALL
CAP
GROWTH
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.1%
Aerospace
&
Defense
–
2.8%
11,516
Kratos
Defense &
Security
Solutions,
Inc.*
$
219,380
5,737
Moog,
Inc.,
Class
A
803,237
1,022,617
Automobile
Components
–
0.8%
3,844
Dorman
Products,
Inc.*
276,922
Beverages
–
1.3%
5,580
MGP
Ingredients,
Inc.
476,811
Biotechnology
–
6.2%
9,322
Alkermes
PLC*
225,033
2,703
Apellis
Pharmaceuticals,
Inc.*
145,611
5,295
Arrowhead
Pharmaceuticals,
Inc.*
112,254
3,069
Blueprint
Medicines
Corp.*
213,725
15,473
Dynavax
Technologies
Corp.*
211,980
8,394
Halozyme
Therapeutics,
Inc.*
324,092
7,664
Ironwood
Pharmaceuticals,
Inc.*
75,874
827
Karuna
Therapeutics,
Inc.*
158,131
1,286
Krystal
Biotech,
Inc.*
134,040
1,009
Mural
Oncology
PLC
(Ireland)*
3,641
3,247
Natera,
Inc.*
181,670
11,091
Syndax
Pharmaceuticals,
Inc.*
184,610
4,397
Ultragenyx
Pharmaceutical,
Inc.*
170,823
2,709
Xenon
Pharmaceuticals,
Inc.
(Canada)*
99,095
2,240,579
Broadline
Retail
–
1.3%
4,572
Ollie's
Bargain
Outlet
Holdings,
Inc.*
334,990
8,651
Savers
Value
Village,
Inc.*
(a)
130,198
465,188
Building
Products
–
2.2%
13,021
AAON,
Inc.
815,115
Capital
Markets
–
4.5%
3,385
Hamilton
Lane,
Inc.,
Class
A
331,222
4,312
Houlihan
Lokey,
Inc.
464,489
2,311
Piper
Sandler
Cos.
357,581
5,071
PJT
Partners,
Inc.,
Class
A
456,694
1,609,986
Chemicals
–
3.1%
7,741
Ashland,
Inc.
618,661
4,224
Balchem
Corp.
526,817
1,145,478
Commercial
Services
&
Supplies
–
1.0%
4,536
Casella
Waste
Systems,
Inc.,
Class
A*
366,872
Construction
&
Engineering
–
3.0%
2,071
EMCOR
Group,
Inc.
440,129
3,836
MYR
Group,
Inc.*
477,275
3,110
Sterling
Infrastructure,
Inc.*
197,516
1,114,920
Diversified
Consumer
Services
–
0.5%
2,214
Bright
Horizons
Family
Solutions,
Inc.*
193,592
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
1.6%
10,724
nVent
Electric
PLC
$
571,053
Electronic
Equipment,
Instruments
&
Components
–
4.1%
5,137
Badger
Meter,
Inc.
757,040
3,352
Novanta,
Inc.*
484,163
7,158
Vontier
Corp.
241,439
1,482,642
Energy
Equipment
&
Services
–
0.4%
2,111
Cactus,
Inc.,
Class
A
89,696
762
Weatherford
International
PLC*
69,106
158,802
Financial
Services
–
1.0%
15,570
Flywire
Corp.*
362,781
Food
Products
–
0.8%
7,051
Simply
Good
Foods
Co.
(The)*
273,156
Health
Care
Equipment
&
Supplies
–
5.9%
9,343
Axonics,
Inc.*
523,115
8,905
Inari
Medical,
Inc.*
531,539
4,048
iRhythm
Technologies,
Inc.*
345,213
4,354
Lantheus
Holdings,
Inc.*
311,833
7,195
PROCEPT
BioRobotics
Corp.*
266,719
1,095
Shockwave
Medical,
Inc.*
191,132
2,169,551
Health
Care
Providers
&
Services
–
0.8%
2,614
Acadia
Healthcare
Co.,
Inc.*
190,796
3,072
National
Research
Corp.
127,273
318,069
Health
Care
Technology
–
1.2%
15,108
Evolent
Health,
Inc.,
Class
A*
420,002
Hotels,
Restaurants
&
Leisure
–
4.5%
3,541
Cava
Group,
Inc.*
(a)
120,429
24,519
First
Watch
Restaurant
Group,
Inc.*
443,303
1,738
Texas
Roadhouse,
Inc.
195,629
2,764
Wingstop,
Inc.
664,355
3,464
Wyndham
Hotels
&
Resorts,
Inc.
267,906
1,691,622
Household
Durables
–
1.4%
4,010
SharkNinja,
Inc.
188,470
1,131
TopBuild
Corp.*
334,527
522,997
Insurance
–
1.5%
4,899
Goosehead
Insurance,
Inc.,
Class
A*
358,999
3,060
Palomar
Holdings,
Inc.*
179,041
538,040
Leisure
Products
–
0.9%
7,876
YETI
Holdings,
Inc.*
335,833
Life
Sciences
Tools
&
Services
–
1.8%
1,956
Medpace
Holdings,
Inc.*
529,528
13,366
Pacific
Biosciences
of
California,
Inc.*
113,344
642,872
GOLDMAN
SACHS
SMALL
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
11.5%
13,157
Federal
Signal
Corp.
$
907,044
5,684
Franklin
Electric
Co.,
Inc.
505,876
2,793
RBC
Bearings,
Inc.*
719,868
7,148
SPX
Technologies,
Inc.*
609,796
8,171
Timken
Co.
(The)
591,580
4,356
Watts
Water
Technologies,
Inc.,
Class
A
838,574
4,172,738
Media
–
0.9%
22,497
Integral
Ad
Science
Holding
Corp.*
328,231
Oil,
Gas
&
Consumable
Fuels
–
1.6%
24,982
Kosmos
Energy
Ltd.
(Ghana)*
169,628
2,300
Matador
Resources
Co.
133,124
18,233
Permian
Resources
Corp.
239,582
542,334
Personal
Care
Products
–
1.6%
4,018
elf
Beauty,
Inc.*
474,486
2,893
Oddity
Tech
Ltd.,
Class
A
(Israel)*
98,593
573,079
Pharmaceuticals
–
0.8%
9,630
Amylyx
Pharmaceuticals,
Inc.*
136,361
2,667
Intra-Cellular
Therapies,
Inc.*
163,674
300,035
Professional
Services
–
1.0%
4,406
Maximus,
Inc.
367,857
Semiconductors
&
Semiconductor
Equipment
–
6.8%
3,564
Axcelis
Technologies,
Inc.*
442,934
9,448
Cohu,
Inc.*
299,785
21,415
Credo
Technology
Group
Holding
Ltd.*
383,543
6,791
FormFactor,
Inc.*
255,206
3,465
Onto
Innovation,
Inc.*
488,600
5,042
Power
Integrations,
Inc.
385,259
1,996
Synaptics,
Inc.*
202,075
2,457,402
Software
–
15.1%
7,680
Braze,
Inc.,
Class
A*
421,939
21,192
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
451,601
29,122
Freshworks,
Inc.,
Class
A*
583,022
14,772
Instructure
Holdings,
Inc.*
386,288
9,775
JFrog
Ltd.
(Israel)*
263,729
21,527
Lightspeed
Commerce,
Inc.
(Canada)*
345,939
6,520
Nutanix,
Inc.,
Class
A*
280,947
26,502
Sprinklr,
Inc.,
Class
A*
415,551
2,365
SPS
Commerce,
Inc.*
407,442
12,244
Tenable
Holdings,
Inc.*
506,779
12,539
Varonis
Systems,
Inc.*
525,259
14,580
Vertex,
Inc.,
Class
A*
409,115
5,284
Workiva,
Inc.*
508,162
5,505,773
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
3.2%
27,958
Arhaus,
Inc.*
$
260,569
6,051
Boot
Barn
Holdings,
Inc.*
443,417
1,288
Murphy
USA,
Inc.
475,980
1,179,966
Technology
Hardware,
Storage
&
Peripherals
–
0.6%
742
Super
Micro
Computer,
Inc.*
202,915
Textiles,
Apparel
&
Luxury
Goods
–
1.0%
2,468
Crocs,
Inc.*
260,645
3,527
On
Holding
AG,
Class
A
(Switzerland)*
102,318
362,963
Trading
Companies
&
Distributors
–
2.4%
25,301
Core
&
Main,
Inc.,
Class
A*
886,294
TOTAL
COMMON
STOCKS
(Cost
$29,611,272)
36,095,087
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
607,118
5.259%
607,118
(Cost
$607,118)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$30,218,390)
36,702,205
a
Securities
Lending
Reinvestment
Vehicle
–
0.6%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
205,910
5.259%
205,910
(Cost
$205,910)
TOTAL
INVESTMENTS
–
101.4%
(Cost
$30,424,300)
$
36,908,115
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.4)%
(489,179)
NET
ASSETS
–
100.0%
$
36,418,936
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
SMALL/MID
CAP
GROWTH
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Aerospace
&
Defense
–
1.3%
127,979
HEICO
Corp.
$
21,888,248
Beverages
–
0.9%
329,460
Celsius
Holdings,
Inc.*
16,311,565
Biotechnology
–
7.1%
196,264
Apellis
Pharmaceuticals,
Inc.*
10,572,742
148,349
BioMarin
Pharmaceutical,
Inc.*
13,511,627
270,967
Exact
Sciences
Corp.*
17,341,888
324,636
Exelixis,
Inc.*
7,080,311
421,503
Halozyme
Therapeutics,
Inc.*
16,274,231
52,003
Karuna
Therapeutics,
Inc.*
9,943,494
43,984
Krystal
Biotech,
Inc.*
4,584,452
373,667
Natera,
Inc.*
20,906,669
191,165
Neurocrine
Biosciences,
Inc.*
22,287,927
122,503,341
Building
Products
–
3.1%
398,753
AAON,
Inc.
24,961,938
267,907
Allegion
PLC
28,422,253
53,384,191
Capital
Markets
–
2.9%
87,768
Cboe
Global
Markets,
Inc.
15,990,452
98,496
Hamilton
Lane,
Inc.,
Class
A
9,637,834
119,526
Houlihan
Lokey,
Inc.
12,875,341
55,415
LPL
Financial
Holdings,
Inc.
12,318,754
50,822,381
Chemicals
–
3.5%
369,913
Ashland,
Inc.
29,563,447
300,151
RPM
International,
Inc.
30,894,542
60,457,989
Commercial
Services
&
Supplies
–
1.9%
206,598
Tetra
Tech,
Inc.
32,673,474
Construction
&
Engineering
–
1.6%
131,942
EMCOR
Group,
Inc.
28,040,314
Consumer
Staples
Distribution
&
Retail
–
2.6%
370,468
BJ's
Wholesale
Club
Holdings,
Inc.*
23,924,823
74,748
Casey's
General
Stores,
Inc.
20,585,599
44,510,422
Containers
&
Packaging
–
2.2%
96,690
Avery
Dennison
Corp.
18,806,205
342,804
Ball
Corp.
18,953,633
37,759,838
Distributors
–
1.2%
60,787
Pool
Corp.
21,112,541
Electrical
Equipment
–
3.1%
108,014
Hubbell,
Inc.
32,404,200
397,170
nVent
Electric
PLC
21,149,303
53,553,503
Electronic
Equipment,
Instruments
&
Components
–
2.7%
110,701
Badger
Meter,
Inc.
16,314,006
203,284
Novanta,
Inc.*
29,362,341
45,676,347
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Energy
Equipment
&
Services
–
0.7%
277,313
Noble
Corp.
PLC
$
12,795,222
Entertainment
–
1.2%
318,895
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
20,300,856
Financial
Services
–
0.7%
73,605
WEX,
Inc.*
12,997,171
Health
Care
Equipment
&
Supplies
–
3.6%
388,060
Axonics,
Inc.*
21,727,479
61,323
Cooper
Cos.,
Inc.
(The)
20,660,945
51,319
Insulet
Corp.*
9,703,910
61,243
Shockwave
Medical,
Inc.*
10,689,966
62,782,300
Health
Care
Providers
&
Services
–
1.6%
173,806
HealthEquity,
Inc.*
11,648,478
466,007
Surgery
Partners,
Inc.*
15,261,729
26,910,207
Health
Care
Technology
–
0.7%
435,653
Evolent
Health,
Inc.,
Class
A*
12,111,153
Hotels,
Restaurants
&
Leisure
–
5.6%
50,771
Domino's
Pizza,
Inc.
19,947,418
228,635
Texas
Roadhouse,
Inc.
25,735,156
157,407
Wingstop,
Inc.
37,834,346
169,376
Wyndham
Hotels
&
Resorts,
Inc.
13,099,540
96,616,460
Insurance
–
1.6%
80,305
Kinsale
Capital
Group,
Inc.
28,114,781
IT
Services
–
0.8%
174,881
Cloudflare,
Inc.,
Class
A*
13,492,069
Life
Sciences
Tools
&
Services
–
6.4%
330,051
Bio-Techne
Corp.
20,760,208
399,001
Bruker
Corp.
25,970,975
37,937
Medpace
Holdings,
Inc.*
10,270,305
11,594
Mettler-Toledo
International,
Inc.*
12,659,836
162,633
Repligen
Corp.*
25,574,039
549,230
Stevanato
Group
SpA
(Italy)
14,494,180
109,729,543
Machinery
–
7.2%
140,243
IDEX
Corp.
28,284,208
188,314
Lincoln
Electric
Holdings,
Inc.
37,297,471
121,553
Nordson
Corp.
28,606,283
189,418
Timken
Co.
(The)
13,713,863
87,809
Watts
Water
Technologies,
Inc.,
Class
A
16,904,111
124,805,936
Oil,
Gas
&
Consumable
Fuels
–
0.3%
57,298
Chesapeake
Energy
Corp.
4,601,602
Personal
Care
Products
–
1.0%
145,731
elf
Beauty,
Inc.*
17,209,374
Professional
Services
–
0.8%
41,739
CACI
International,
Inc.,
Class
A*
13,396,132
GOLDMAN
SACHS
SMALL/MID
CAP
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Semiconductors
&
Semiconductor
Equipment
–
4.7%
614,436
Allegro
MicroSystems,
Inc.
(Japan)*
$
16,724,948
372,882
Lattice
Semiconductor
Corp.*
21,832,241
339,186
MACOM
Technology
Solutions
Holdings,
Inc.*
28,484,840
170,051
MKS
Instruments,
Inc.
14,037,710
81,079,739
Software
–
14.4%
408,901
Confluent,
Inc.,
Class
A*
8,676,879
107,905
CyberArk
Software
Ltd.*
21,502,229
534,008
DoubleVerify
Holdings,
Inc.*
17,729,066
713,274
Dynatrace,
Inc.*
38,195,823
270,368
Elastic
NV*
21,726,772
256,923
Klaviyo,
Inc.,
Class
A*
(a)
7,612,629
122,948
Manhattan
Associates,
Inc.*
27,423,551
80,485
Monday.com
Ltd.*
(a)
14,474,422
358,095
Procore
Technologies,
Inc.*
21,159,834
84,238
Qualys,
Inc.*
15,570,552
686,783
Samsara,
Inc.,
Class
A*
18,914,004
475,041
Smartsheet,
Inc.,
Class
A*
20,132,238
815,015
UiPath,
Inc.,
Class
A*
16,104,696
249,222,695
Specialty
Retail
–
3.7%
147,022
Five
Below,
Inc.*
27,707,766
241,978
Floor
&
Decor
Holdings,
Inc.,
Class
A*
22,191,803
35,415
Murphy
USA,
Inc.
13,087,613
62,987,182
Technology
Hardware,
Storage
&
Peripherals
–
1.3%
694,858
Pure
Storage,
Inc.,
Class
A*
23,145,720
Textiles,
Apparel
&
Luxury
Goods
–
4.9%
195,170
Birkenstock
Holding
PLC
(Luxembourg)*
(a)
9,007,095
191,583
Crocs,
Inc.*
20,233,081
63,906
Deckers
Outdoor
Corp.*
42,431,667
442,516
On
Holding
AG,
Class
A
(Switzerland)*
12,837,389
84,509,232
Trading
Companies
&
Distributors
–
3.9%
964,844
Core
&
Main,
Inc.,
Class
A*
33,798,485
107,592
SiteOne
Landscape
Supply,
Inc.*
15,151,106
48,097
Watsco,
Inc.
18,384,116
67,333,707
TOTAL
COMMON
STOCKS
(Cost
$1,449,035,688)
1,712,835,235
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
15,929,691
5.259%
15,929,691
(Cost
$15,929,691)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,464,965,379)
1,728,764,926
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.4%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
24,686,183
5.259%
$
24,686,183
(Cost
$24,686,183)
TOTAL
INVESTMENTS
–
101.5%
(Cost
$1,489,651,562)
$
1,753,451,109
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.5)%
(26,626,379)
NET
ASSETS
–
100.0%
$
1,726,824,730
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
No
n-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,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.6%
Automobile
Components
–
0.2%
3,512
Aptiv
PLC*
$
290,934
Automobiles
–
2.1%
13,096
Tesla,
Inc.*
3,144,088
Beverages
–
0.4%
9,082
Coca-Cola
Co.
(The)
530,752
Biotechnology
–
2.5%
4,547
Alnylam
Pharmaceuticals,
Inc.*
765,033
1,502
Argenx
SE
ADR
(Netherlands)*
676,816
4,014
Biogen,
Inc.*
939,597
9,653
Exact
Sciences
Corp.*
617,792
9,203
Gilead
Sciences,
Inc.
704,950
3,704,188
Broadline
Retail
–
6.6%
67,263
Amazon.com,
Inc.*
9,826,452
Capital
Markets
–
1.9%
21,149
Charles
Schwab
Corp.
(The)
1,296,857
2,776
MSCI,
Inc.
1,445,879
2,742,736
Chemicals
–
2.9%
4,153
Linde
PLC
1,718,387
9,302
Sherwin-Williams
Co.
(The)
2,593,397
4,311,784
Commercial
Services
&
Supplies
–
0.9%
10,250
Waste
Connections,
Inc.
1,388,772
Construction
Materials
–
0.6%
1,894
Martin
Marietta
Materials,
Inc.
879,933
Electrical
Equipment
–
0.8%
4,306
Rockwell
Automation,
Inc.
1,186,045
Financial
Services
–
4.5%
11,747
Mastercard,
Inc.,
Class
A
4,861,261
7,010
Visa,
Inc.,
Class
A
1,799,327
6,660,588
Food
Products
–
1.0%
19,490
McCormick
&
Co.,
Inc.
1,263,537
3,527
Mondelez
International,
Inc.,
Class
A
250,628
1,514,165
Ground
Transportation
–
0.9%
3,569
Old
Dominion
Freight
Line,
Inc.
1,388,555
Health
Care
Equipment
&
Supplies
–
2.6%
24,195
Boston
Scientific
Corp.*
1,352,258
5,399
Insulet
Corp.*
1,020,897
4,564
Intuitive
Surgical,
Inc.*
1,418,674
3,791,829
Health
Care
Providers
&
Services
–
0.5%
1,544
Humana,
Inc.
748,624
Hotels,
Restaurants
&
Leisure
–
1.5%
312
Chipotle
Mexican
Grill,
Inc.*
687,102
5,419
McDonald's
Corp.
1,527,291
2,214,393
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Household
Products
–
0.9%
9,025
Procter &
Gamble
Co.
(The)
$
1,385,518
Interactive
Media
&
Services
–
8.5%
48,134
Alphabet,
Inc.,
Class
A*
6,379,199
30,197
Alphabet,
Inc.,
Class
C*
4,043,982
2,974
Meta
Platforms,
Inc.,
Class
A*
972,944
82,379
Snap,
Inc.,
Class
A*
1,139,302
12,535,427
IT
Services
–
2.8%
8,739
Accenture
PLC,
Class
A
2,911,311
7,140
Snowflake,
Inc.,
Class
A*
1,340,035
4,251,346
Life
Sciences
Tools
&
Services
–
0.6%
3,020
Illumina,
Inc.*
307,889
1,803
West
Pharmaceutical
Services,
Inc.
632,420
940,309
Machinery
–
1.0%
5,773
Caterpillar,
Inc.
1,447,407
Metals
&
Mining
–
0.3%
12,380
Freeport-McMoRan,
Inc.
462,022
Oil,
Gas
&
Consumable
Fuels
–
0.5%
4,109
Cheniere
Energy,
Inc.
748,454
Personal
Care
Products
–
0.8%
8,779
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,120,991
Pharmaceuticals
–
4.1%
21,712
AstraZeneca
PLC
ADR
(United
Kingdom)
1,402,378
7,886
Eli
Lilly
&
Co.
4,660,942
6,063,320
Professional
Services
–
0.8%
5,132
Equifax,
Inc.
1,117,288
Real
Estate
Management
&
Development
–
0.7%
13,120
CoStar
Group,
Inc.*
1,089,485
Semiconductors
&
Semiconductor
Equipment
–
10.5%
13,294
Advanced
Micro
Devices,
Inc.*
1,610,701
14,137
ARM
Holdings
PLC
ADR*
869,425
5,239
Enphase
Energy,
Inc.*
529,244
1,353
KLA
Corp.
736,871
45,390
Marvell
Technology,
Inc.
2,529,585
16,318
NVIDIA
Corp.
7,631,929
11,254
Texas
Instruments,
Inc.
1,718,598
15,626,353
Software
–
18.8%
879
Adobe,
Inc.*
537,078
475
Fair
Isaac
Corp.*
516,610
4,668
Intuit,
Inc.
2,667,575
51,150
Microsoft
Corp.
19,381,246
14,097
Oracle
Corp.
1,638,212
7,813
Salesforce,
Inc.*
1,968,095
518
ServiceNow,
Inc.*
355,213
3,266
Workday,
Inc.,
Class
A*
884,172
27,948,201
GOLDMAN
SACHS
STRATEGIC
GROWTH
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialized
REITs
–
1.5%
5,136
American
Tower
Corp.
REIT
$
1,072,294
1,429
Equinix,
Inc.
REIT
1,164,649
2,236,943
Specialty
Retail
–
2.7%
7,056
Lowe’s
Cos.,
Inc.
1,402,944
1,780
RH*
480,547
16,542
Ross
Stores,
Inc.
2,156,746
4,040,237
Technology
Hardware,
Storage
&
Peripherals
–
12.7%
99,448
Apple,
Inc.
18,890,148
Textiles,
Apparel
&
Luxury
Goods
–
2.5%
4,414
Lululemon
Athletica,
Inc.*
1,972,175
15,797
NIKE,
Inc.,
Class
B
1,741,935
3,714,110
TOTAL
COMMON
STOCKS
(Cost
$65,036,003)
147,941,397
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.3%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
461,870
5.259%
461,870
(Cost
$461,870)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$65,497,873)
$
148,403,267
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
141,436
NET
ASSETS
–
100.0%
$
148,544,703
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
TECHNOLOGY
OPPORTUNITIES
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
97.5%
Broadline
Retail
–
9.6%
371,744
Amazon.com,
Inc.*
$
54,308,081
5,383
MercadoLibre,
Inc.
(Brazil)*
8,722,936
63,031,017
Communications
Equipment
–
2.6%
32,766
Arista
Networks,
Inc.*
7,199,018
29,627
Motorola
Solutions,
Inc.
9,565,669
16,764,687
Financial
Services
–
8.1%
177,584
Fidelity
National
Information
Services,
Inc.
10,413,526
26,601
Mastercard,
Inc.,
Class
A
11,008,292
183,169
PayPal
Holdings,
Inc.*
10,552,366
82,537
Visa,
Inc.,
Class
A
21,185,597
53,159,781
Interactive
Media
&
Services
–
10.2%
426,620
Alphabet,
Inc.,
Class
C*
57,132,951
737,987
Snap,
Inc.,
Class
A*
10,206,360
67,339,311
IT
Services
–
3.3%
36,611
Accenture
PLC,
Class
A
12,196,588
53,709
Snowflake,
Inc.,
Class
A*
10,080,105
22,276,693
Semiconductors
&
Semiconductor
Equipment
–
20.7%
115,237
Advanced
Micro
Devices,
Inc.*
13,962,115
85,509
Applied
Materials,
Inc.
12,807,538
114,179
ARM
Holdings
PLC
ADR*
7,022,009
15,918
ASML
Holding
NV
(Netherlands)
10,884,092
33,760
KLA
Corp.
18,386,371
379,841
Marvell
Technology,
Inc.
21,168,539
73,343
NVIDIA
Corp.
34,302,521
117,057
Texas
Instruments,
Inc.
17,875,774
136,408,959
Software
–
35.3%
30,518
Adobe,
Inc.*
18,646,803
58,776
Autodesk,
Inc.*
12,838,442
117,619
Datadog,
Inc.,
Class
A*
13,710,847
28,999
HubSpot,
Inc.*
14,323,476
29,850
Intuit,
Inc.
17,058,081
187,223
Microsoft
Corp.
70,940,667
133,767
Oracle
Corp.
15,545,063
45,910
Palo
Alto
Networks,
Inc.*
13,547,582
70,527
Salesforce,
Inc.*
17,765,751
400,221
UiPath,
Inc.,
Class
A*
7,908,367
66,805
Workday,
Inc.,
Class
A*
18,085,449
62,058
Zscaler,
Inc.*
12,258,317
232,628,845
Specialized
REITs
–
4.6%
59,784
American
Tower
Corp.
REIT
12,481,704
21,986
Equinix,
Inc.
REIT
17,918,810
30,400,514
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Technology
Hardware,
Storage
&
Peripherals
–
3.1%
107,460
Apple,
Inc.
$
20,412,027
TOTAL
COMMON
STOCKS
(Cost
$357,444,779)
642,421,834
Shares
Dividend
Rate
Value
aa
Investment
Company
–
2.2%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
14,644,075
5.259%
14,644,075
(Cost
$14,644,075)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$372,088,854)
$
657,065,909
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
1,791,595
NET
ASSETS
–
100.0%
$
658,857,504
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
U.S.
EQUITY
ESG
FUND
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Automobile
Components
–
1.4%
4,053
Aptiv
PLC*
$
335,751
Banks
–
3.8%
5,939
JPMorgan
Chase &
Co.
926,959
Broadline
Retail
–
1.3%
4,131
Etsy,
Inc.*
313,171
Capital
Markets
–
3.9%
555
BlackRock,
Inc.
416,932
6,617
Morgan
Stanley
524,993
941,925
Chemicals
–
2.7%
1,551
Linde
PLC
641,757
Commercial
Services
&
Supplies
–
1.4%
2,496
Waste
Connections,
Inc.
338,183
Communications
Equipment
–
2.4%
12,075
Cisco
Systems,
Inc.
584,189
Consumer
Finance
–
2.1%
2,984
American
Express
Co.
509,578
Containers
&
Packaging
–
1.9%
8,462
Ball
Corp.
467,864
Diversified
Telecommunication
Services
–
2.5%
36,642
AT&T,
Inc.
607,158
Electric
Utilities
–
2.0%
8,090
NextEra
Energy,
Inc.
473,346
Electrical
Equipment
–
2.4%
1,418
Eaton
Corp.
PLC
322,865
928
Rockwell
Automation,
Inc.
255,608
578,473
Food
Products
–
2.0%
7,514
McCormick
&
Co.,
Inc.
487,133
Ground
Transportation
–
1.4%
898
Old
Dominion
Freight
Line,
Inc.
349,376
Health
Care
Equipment
&
Supplies
–
5.0%
1,364
Cooper
Cos.,
Inc.
(The)
459,559
3,555
Dexcom,
Inc.*
410,673
1,107
Intuitive
Surgical,
Inc.*
344,100
1,214,332
Health
Care
Providers
&
Services
–
4.1%
8,049
CVS
Health
Corp.
546,929
931
Humana,
Inc.
451,405
998,334
Hotels,
Restaurants
&
Leisure
–
2.8%
2,389
McDonald's
Corp.
673,316
Household
Products
–
3.1%
4,843
Procter &
Gamble
Co.
(The)
743,497
Industrial
Conglomerates
–
1.7%
3,434
General
Electric
Co.
418,261
Interactive
Media
&
Services
–
5.4%
9,839
Alphabet,
Inc.,
Class
A*
1,303,963
Shares
Description
Value
aa
Common
Stocks
–
(continued)
IT
Services
–
2.4%
1,764
Accenture
PLC,
Class
A
$
587,659
Machinery
–
3.8%
1,477
Caterpillar,
Inc.
370,313
5,131
Xylem,
Inc.
539,422
909,735
Metals
&
Mining
–
1.9%
3,832
Steel
Dynamics,
Inc.
456,506
Pharmaceuticals
–
5.5%
11,293
Bristol-Myers
Squibb
Co.
557,648
1,302
Eli
Lilly
&
Co.
769,534
1,327,182
Semiconductors
&
Semiconductor
Equipment
–
7.1%
1,617
ARM
Holdings
PLC
ADR*
(a)
99,446
2,357
Enphase
Energy,
Inc.*
238,104
3,290
Marvell
Technology,
Inc.
183,352
1,770
NVIDIA
Corp.
827,829
2,492
Texas
Instruments,
Inc.
380,553
1,729,284
Software
–
10.3%
3,760
DocuSign,
Inc.*
162,056
6,168
Microsoft
Corp.
2,337,117
2,499,173
Specialized
REITs
–
2.2%
2,532
American
Tower
Corp.
REIT
528,631
Specialty
Retail
–
2.3%
4,346
Ross
Stores,
Inc.
566,631
Technology
Hardware,
Storage
&
Peripherals
–
6.8%
8,679
Apple,
Inc.
1,648,576
Textiles,
Apparel
&
Luxury
Goods
–
1.9%
4,239
NIKE,
Inc.,
Class
B
467,435
Water
Utilities
–
1.7%
3,063
American
Water
Works
Co.,
Inc.
403,826
TOTAL
COMMON
STOCKS
(Cost
$18,620,225)
24,031,204
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
119,101
5.259%
119,101
(Cost
$119,101)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$18,739,326)
24,150,305
GOLDMAN
SACHS
U.S.
EQUITY
ESG
FUND
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
97,536
5.259%
$
97,536
(Cost
$97,536)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$18,836,862)
$
24,247,841
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(18,111)
NET
ASSETS
–
100.0%
$
24,229,730
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)
A
ll
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
FUNDAMENTAL
EQUITY
GROWTH
FUNDS
Schedule
of
Investments
November
30,
2023
(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,
2023
(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,
2023:
Concentrated
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
4,155,472
$
—
$
—
North
America
151,075,565
—
—
Investment
Company
1,093,987
—
—
Securities
Lending
Reinvestment
Vehicle
1,907,858
—
—
Total
$
158,232,882
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Flexible
Cap
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
807,311
$
—
$
—
North
America
89,622,435
—
—
Exchange-Traded
Fund
922,384
—
—
Investment
Company
865,239
—
—
Total
$
92,217,369
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Large
Cap
Core
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,599,021
$
—
$
—
Europe
12,988,089
—
—
North
America
1,170,640,952
—
—
Investment
Company
6,482,480
—
—
Total
$
1,191,710,542
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
FUNDAMENTAL
EQUITY
GROWTH
FUNDS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
€
1.00
€
1.00
€
1.00
Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
5,029,939
$
—
$
—
North
America
830,661,600
—
—
Investment
Company
5,486,650
—
—
Securities
Lending
Reinvestment
Vehicle
8,260,906
—
—
Total
$
849,439,095
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Small
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
169,628
$
—
$
—
Asia
362,322
—
—
Europe
105,959
—
—
North
America
35,457,178
—
—
Investment
Company
607,118
—
—
Securities
Lending
Reinvestment
Vehicle
205,910
—
—
Total
$
36,908,115
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Small/Mid
Cap
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
16,724,948
$
—
$
—
Europe
36,338,664
—
—
North
America
1,659,771,623
—
—
Investment
Company
15,929,691
—
—
Securities
Lending
Reinvestment
Vehicle
24,686,183
—
—
Total
$
1,753,451,109
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Strategic
Growth
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
2,079,194
$
—
$
—
North
America
145,862,203
—
—
Investment
Company
461,870
—
—
Total
$
148,403,267
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
FUNDAMENTAL
EQUITY
GROWTH
FUNDS
Schedule
of
Investments
(continued)
November
30,
2023
(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
Technology
Opportunities
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
10,884,092
$
—
$
—
North
America
622,814,806
—
—
South
America
8,722,936
—
—
Investment
Company
14,644,075
—
—
Total
$
657,065,909
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
U.S.
Equity
ESG
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
24,031,204
$
—
$
—
Investment
Company
119,101
—
—
Securities
Lending
Reinvestment
Vehicle
97,536
—
—
Total
$
24,247,841
$
—
$
—
€
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
FUNDAMENTAL
EQUITY
GROWTH
FUNDS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
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
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.
Investments
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
GOLDMAN
SACHS
FUNDAMENTAL
EQUITY
GROWTH
FUNDS
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
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.
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)