GOLDMAN
SACHS
LARGE
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.6%
Aerospace
&
Defense
–
1.4%
9,252
Axon
Enterprise,
Inc.*
$
2,304,303
18,484
Lockheed
Martin
Corp.
7,937,214
12,413
Northrop
Grumman
Corp.
5,545,632
15,787,149
Automobiles
–
1.8%
110,548
Tesla,
Inc.*
20,704,535
Beverages
–
1.2%
244,051
Monster
Beverage
Corp.*
13,427,686
Biotechnology
–
1.1%
13,679
AbbVie,
Inc.
2,248,827
1,852
Natera,
Inc.*
122,121
61,684
Neurocrine
Biosciences,
Inc.*
8,621,573
14,294
Sarepta
Therapeutics,
Inc.*
1,700,843
12,693,364
Broadline
Retail
–
5.8%
420,873
Amazon.com,
Inc.*
65,319,489
10,775
Ollie's
Bargain
Outlet
Holdings,
Inc.*
775,046
66,094,535
Building
Products
–
0.1%
9,078
Advanced
Drainage
Systems,
Inc.
1,183,953
Capital
Markets
–
1.3%
12,314
Ameriprise
Financial,
Inc.
4,763,425
27,908
Coinbase
Global,
Inc.,
Class
A*
3,577,805
3,985
FactSet
Research
Systems,
Inc.
1,896,541
16,876
Morningstar,
Inc.
4,713,467
14,951,238
Communications
Equipment
–
0.8%
6,974
Arista
Networks,
Inc.*
1,804,034
22,496
Motorola
Solutions,
Inc.
7,187,472
8,991,506
Consumer
Finance
–
0.1%
22,189
OneMain
Holdings,
Inc.
1,056,196
Consumer
Staples
Distribution
&
Retail
–
2.3%
37,922
Costco
Wholesale
Corp.
26,351,239
Distributors
–
0.1%
4,730
Pool
Corp.
1,756,013
Diversified
Consumer
Services
–
0.4%
14,127
Grand
Canyon
Education,
Inc.*
1,844,845
58,402
H&R
Block,
Inc.
2,735,550
4,580,395
Electrical
Equipment
–
0.6%
27,958
Rockwell
Automation,
Inc.
7,081,202
Entertainment
–
1.6%
31,940
Netflix,
Inc.*
18,017,673
Financial
Services
–
3.5%
30,124
Equitable
Holdings,
Inc.
984,754
12,902
Mastercard,
Inc.,
Class
A
5,795,965
120,716
Visa,
Inc.,
Class
A
32,986,854
39,767,573
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Food
Products
–
1.0%
178,167
General
Mills,
Inc.
$
11,564,820
Ground
Transportation
–
0.3%
275,844
Lyft,
Inc.,
Class
A*
3,445,292
Health
Care
Equipment
&
Supplies
–
0.1%
13,121
Edwards
Lifesciences
Corp.*
1,029,605
Health
Care
Providers
&
Services
–
1.6%
35,439
UnitedHealth
Group,
Inc.
18,135,554
Health
Care
Technology
–
0.9%
51,121
Veeva
Systems,
Inc.,
Class
A*
10,603,007
Hotel
&
Resort
REITs
–
1.2%
503,593
Host
Hotels
&
Resorts,
Inc.
REIT
9,679,057
263,924
Park
Hotels
&
Resorts,
Inc.
REIT
3,979,974
13,659,031
Hotels,
Restaurants
&
Leisure
–
3.3%
77,579
Airbnb,
Inc.,
Class
A*
11,182,237
3,038
Booking
Holdings,
Inc.*
10,655,694
6,184
Chipotle
Mexican
Grill,
Inc.*
14,895,834
1,511
Wingstop,
Inc.
424,757
37,158,522
Household
Products
–
0.5%
48,822
Kimberly-Clark
Corp.
5,905,997
Industrial
REITs
–
0.1%
19,585
Rexford
Industrial
Realty,
Inc.
REIT
1,029,975
Insurance
–
2.3%
23,673
Kinsale
Capital
Group,
Inc.
9,411,675
91,394
Progressive
Corp.
(The)
16,290,980
25,702,655
Interactive
Media
&
Services
–
10.6%
216,194
Alphabet,
Inc.,
Class
A*
30,288,780
369,228
Alphabet,
Inc.,
Class
C*
52,356,530
97,213
Meta
Platforms,
Inc.,
Class
A*
37,926,680
120,571,990
IT
Services
–
0.7%
40,921
Cloudflare,
Inc.,
Class
A*
3,234,805
1,148
Gartner,
Inc.*
525,141
2,705
Globant
SA*
637,866
2,417
MongoDB,
Inc.*
968,057
13,235
Okta,
Inc.*
1,093,873
5,684
Snowflake,
Inc.,
Class
A*
1,112,018
7,571,760
Leisure
Products
–
0.3%
73,689
YETI
Holdings,
Inc.*
3,240,105
Life
Sciences
Tools
&
Services
–
2.3%
90,761
Bruker
Corp.
6,490,319
43,528
IQVIA
Holdings,
Inc.*
9,063,836
22,607
Medpace
Holdings,
Inc.*
6,591,749
3,707
Mettler-Toledo
International,
Inc.*
4,437,983
26,583,887
GOLDMAN
SACHS
LARGE
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Additional
Investment
Information
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Media
–
1.0%
164,444
Trade
Desk,
Inc.
(The),
Class
A*
$
11,252,903
Oil,
Gas
&
Consumable
Fuels
–
0.8%
55,572
Cheniere
Energy,
Inc.
9,113,252
Pharmaceuticals
–
1.6%
20,969
Eli
Lilly
&
Co.
13,537,796
26,279
Zoetis,
Inc.
4,935,459
18,473,255
Professional
Services
–
0.1%
6,949
Equifax,
Inc.
1,697,919
Real
Estate
Management
&
Development
–
0.2%
25,321
CoStar
Group,
Inc.*
2,113,797
Semiconductors
&
Semiconductor
Equipment
–
8.4%
45,696
Applied
Materials,
Inc.
7,507,853
9,908
Broadcom,
Inc.
11,691,440
3,245
KLA
Corp.
1,927,660
43,997
Lattice
Semiconductor
Corp.*
2,677,658
2,668
Microchip
Technology,
Inc.
227,260
5,582
Monolithic
Power
Systems,
Inc.
3,364,383
101,915
NVIDIA
Corp.
62,705,242
33,770
Texas
Instruments,
Inc.
5,407,252
95,508,748
Software
–
22.8%
2,537
Adobe,
Inc.*
1,567,308
68,568
Confluent,
Inc.,
Class
A*
1,533,180
49,789
Crowdstrike
Holdings,
Inc.,
Class
A*
14,563,283
31,484
DocuSign,
Inc.*
1,918,005
368,308
Dropbox,
Inc.,
Class
A*
11,667,997
31,478
Intuit,
Inc.
19,873,006
42,432
Manhattan
Associates,
Inc.*
10,292,306
366,522
Microsoft
Corp.
145,721,817
75,317
Salesforce,
Inc.*
21,170,856
24,642
ServiceNow,
Inc.*
18,860,987
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
20,717
Smartsheet,
Inc.,
Class
A*
$
931,643
25,782
UiPath,
Inc.,
Class
A*
592,470
44,074
Zscaler,
Inc.*
10,386,920
259,079,778
Specialty
Retail
–
2.4%
6,219
Burlington
Stores,
Inc.*
1,188,762
43,380
Five
Below,
Inc.*
7,784,975
13,166
Home
Depot,
Inc.
(The)
4,647,071
95,371
Ross
Stores,
Inc.
13,378,644
26,999,452
Technology
Hardware,
Storage
&
Peripherals
–
13.5%
754,003
Apple,
Inc.
139,038,153
150,868
Dell
Technologies,
Inc.,
Class
C
12,503,940
114,202
Hewlett
Packard
Enterprise
Co.
1,746,149
153,288,242
Textiles,
Apparel
&
Luxury
Goods
–
0.3%
7,214
Lululemon
Athletica,
Inc.*
3,273,858
Trading
Companies
&
Distributors
–
0.2%
11,377
Ferguson
PLC
2,137,283
TOTAL
INVESTMENTS
–
98.6%
(Cost
$686,210,865)
$
1,121,584,944
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.4%
15,686,134
NET
ASSETS
–
100.0%
$
1,137,271,078
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
January
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
S&P
500
E-Mini
Index
20
03/15/24
$
4,870,500
$
103,711
GOLDMAN
SACHS
LARGE
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Aerospace
&
Defense
–
3.3%
12,095
Curtiss-Wright
Corp.
$
2,691,984
15,897
General
Dynamics
Corp.
4,212,546
10,530
Northrop
Grumman
Corp.
4,704,383
1,459
Woodward,
Inc.
201,006
11,809,919
Air
Freight
&
Logistics
–
1.3%
32,045
United
Parcel
Service,
Inc.,
Class
B
4,547,186
Automobile
Components
–
1.3%
8,473
Aptiv
PLC*
689,109
29,184
Lear
Corp.
3,878,554
4,567,663
Automobiles
–
0.1%
15,487
Rivian
Automotive,
Inc.,
Class
A*
237,106
Banks
–
4.8%
235,742
Bank
of
America
Corp.
8,017,586
998
BOK
Financial
Corp.
83,672
10,925
Cullen/Frost
Bankers,
Inc.
1,159,361
877
First
Citizens
BancShares,
Inc.,
Class
A
1,324,270
30,357
JPMorgan
Chase &
Co.
5,293,047
1,833
M&T
Bank
Corp.
253,137
17,678
Prosperity
Bancshares,
Inc.
1,129,801
17,260,874
Biotechnology
–
1.1%
28,263
Gilead
Sciences,
Inc.
2,211,862
18,771
Moderna,
Inc.*
1,896,810
4,108,672
Building
Products
–
0.7%
6,072
Lennox
International,
Inc.
2,599,788
Capital
Markets
–
5.6%
39,079
Bank
of
New
York
Mellon
Corp.
(The)
2,167,321
21,572
CME
Group,
Inc.
4,440,381
18,492
Coinbase
Global,
Inc.,
Class
A*
2,370,675
28,463
Interactive
Brokers
Group,
Inc.,
Class
A
2,526,091
51,807
Nasdaq,
Inc.
2,992,890
50,153
Northern
Trust
Corp.
3,994,185
25,647
Robinhood
Markets,
Inc.,
Class
A*
275,449
2,636
Stifel
Financial
Corp.
192,296
1,384
Tradeweb
Markets,
Inc.,
Class
A
132,020
34,466
XP,
Inc.,
Class
A
(Brazil)
847,174
19,938,482
Chemicals
–
3.3%
24,391
Axalta
Coating
Systems
Ltd.*
790,756
14,120
Corteva,
Inc.
642,178
24,767
Dow,
Inc.
1,327,511
2,386
International
Flavors
&
Fragrances,
Inc.
192,503
15,299
Linde
PLC
6,193,494
2,231
PPG
Industries,
Inc.
314,660
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Chemicals
–
(continued)
22,140
RPM
International,
Inc.
$
2,361,452
11,822,554
Communications
Equipment
–
2.0%
142,378
Cisco
Systems,
Inc.
7,144,528
Construction
Materials
–
1.9%
7,653
Martin
Marietta
Materials,
Inc.
3,890,938
13,200
Vulcan
Materials
Co.
2,983,332
6,874,270
Consumer
Finance
–
2.4%
35,577
Capital
One
Financial
Corp.
4,814,280
30,962
OneMain
Holdings,
Inc.
1,473,791
61,279
Synchrony
Financial
2,381,915
8,669,986
Consumer
Staples
Distribution
&
Retail
–
1.5%
5,302
Costco
Wholesale
Corp.
3,684,254
32,211
Grocery
Outlet
Holding
Corp.*
798,188
6,363
Walmart,
Inc.
1,051,486
5,533,928
Distributors
–
0.6%
48,314
LKQ
Corp.
2,254,814
Diversified
Consumer
Services
–
0.2%
5,805
Grand
Canyon
Education,
Inc.*
758,075
Electric
Utilities
–
2.9%
13,181
Constellation
Energy
Corp.
1,608,082
964
Edison
International
65,051
22,378
Entergy
Corp.
2,232,429
63,382
Exelon
Corp.
2,206,327
72,016
Xcel
Energy,
Inc.
4,311,598
10,423,487
Electrical
Equipment
–
2.3%
28,479
AMETEK,
Inc.
4,615,022
57,553
nVent
Electric
PLC
3,455,482
8,070,504
Electronic
Equipment,
Instruments
&
Components
–
0.1%
10,398
Avnet,
Inc.
471,029
Energy
Equipment
&
Services
–
1.1%
68,963
Baker
Hughes
Co.
1,965,445
36,184
Schlumberger
NV
1,762,161
5,668
TechnipFMC
PLC
(United
Kingdom)
109,619
3,837,225
Entertainment
–
1.4%
29,144
Electronic
Arts,
Inc.
4,009,631
1,971
Netflix,
Inc.*
1,111,861
5,121,492
Financial
Services
–
6.1%
13,991
Affirm
Holdings,
Inc.*
566,775
42,912
Berkshire
Hathaway,
Inc.,
Class
B*
16,467,051
21,404
Fiserv,
Inc.*
3,036,586
6,500
Visa,
Inc.,
Class
A
1,776,190
21,846,602
GOLDMAN
SACHS
LARGE
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Food
Products
–
1.2%
68,970
General
Mills,
Inc.
$
4,476,843
Gas
Utilities
–
0.6%
20,363
Atmos
Energy
Corp.
2,320,160
Ground
Transportation
–
0.2%
22,407
CSX
Corp.
799,930
Health
Care
Equipment
&
Supplies
–
1.6%
90,841
Boston
Scientific
Corp.*
5,746,602
Health
Care
Providers
&
Services
–
4.7%
18,353
Centene
Corp.*
1,382,165
10,737
Elevance
Health,
Inc.
5,298,065
27,709
Encompass
Health
Corp.
1,968,447
901
Humana,
Inc.
340,632
369
Laboratory
Corp.
of
America
Holdings
82,029
24,144
Quest
Diagnostics,
Inc.
3,100,814
885
UnitedHealth
Group,
Inc.
452,890
26,368
Universal
Health
Services,
Inc.,
Class
B
4,187,502
16,812,544
Health
Care
REITs
–
0.7%
30,844
Welltower,
Inc.
REIT
2,668,314
Hotel
&
Resort
REITs
–
1.8%
210,078
Host
Hotels
&
Resorts,
Inc.
REIT
4,037,699
149,882
Park
Hotels
&
Resorts,
Inc.
REIT
2,260,221
6,297,920
Hotels,
Restaurants
&
Leisure
–
0.9%
118,110
Carnival
Corp.*
1,958,264
274
Chipotle
Mexican
Grill,
Inc.*
660,003
4,720
Wynn
Resorts
Ltd.
445,709
3,063,976
Household
Durables
–
2.3%
30,950
D.R.
Horton,
Inc.
4,423,064
36,182
PulteGroup,
Inc.
3,783,190
8,206,254
Household
Products
–
1.2%
22,175
Kimberly-Clark
Corp.
2,682,510
9,509
Procter &
Gamble
Co.
(The)
1,494,244
4,176,754
Industrial
REITs
–
1.2%
35,029
First
Industrial
Realty
Trust,
Inc.
REIT
1,804,694
47,929
Rexford
Industrial
Realty,
Inc.
REIT
2,520,586
4,325,280
Insurance
–
4.2%
13,867
Arch
Capital
Group
Ltd.*
1,143,057
23,369
CNA
Financial
Corp.
1,029,872
4,188
Globe
Life,
Inc.
514,370
25,801
Principal
Financial
Group,
Inc.
2,040,859
24,359
Progressive
Corp.
(The)
4,341,992
22,563
Travelers
Cos.,
Inc.
(The)
4,768,916
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
(continued)
13,580
W
R
Berkley
Corp.
$
1,111,930
14,950,996
IT
Services
–
3.2%
28,515
International
Business
Machines
Corp.
5,237,065
30,859
Okta,
Inc.*
2,550,496
17,866
VeriSign,
Inc.*
3,553,190
11,340,751
Life
Sciences
Tools
&
Services
–
0.2%
2,005
Bio-Rad
Laboratories,
Inc.,
Class
A*
643,384
1,035
IQVIA
Holdings,
Inc.*
215,518
858,902
Machinery
–
2.3%
17,916
Otis
Worldwide
Corp.
1,584,491
9,876
Parker-Hannifin
Corp.
4,587,402
17,098
Westinghouse
Air
Brake
Technologies
Corp.
2,249,584
8,421,477
Media
–
1.4%
1,630
Cable
One,
Inc.
894,756
60,338
News
Corp.,
Class
A
1,486,728
71,018
Paramount
Global,
Class
B
1,036,153
21,358
Trade
Desk,
Inc.
(The),
Class
A*
1,461,528
4,879,165
Metals
&
Mining
–
1.5%
4,855
Nucor
Corp.
907,545
8,264
Royal
Gold,
Inc.
945,319
27,704
Steel
Dynamics,
Inc.
3,343,596
5,196,460
Oil,
Gas
&
Consumable
Fuels
–
5.4%
80,774
Antero
Resources
Corp.*
1,804,491
21,255
Cheniere
Energy,
Inc.
3,485,607
6,378
Chevron
Corp.
940,309
20,262
ConocoPhillips
2,266,710
54,002
Devon
Energy
Corp.
2,269,164
35,604
Exxon
Mobil
Corp.
3,660,447
125,739
Kinder
Morgan,
Inc.
2,127,504
4,943
Marathon
Petroleum
Corp.
818,561
13,323
Valero
Energy
Corp.
1,850,565
19,223,358
Personal
Care
Products
–
0.4%
71,236
Kenvue,
Inc.
1,478,859
Pharmaceuticals
–
4.2%
94,058
Bristol-Myers
Squibb
Co.
4,596,614
48,063
Johnson &
Johnson
7,637,211
4,118
Merck &
Co.,
Inc.
497,372
81,526
Royalty
Pharma
PLC,
Class
A
2,314,523
15,045,720
Professional
Services
–
0.3%
6,304
FTI
Consulting,
Inc.*
1,207,909
Real
Estate
Management
&
Development
–
0.4%
26,353
Zillow
Group,
Inc.,
Class
C*
1,497,905
GOLDMAN
SACHS
LARGE
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Additional
Investment
Information
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Residential
REITs
–
3.4%
84,831
American
Homes
4
Rent,
Class
A
REIT
$
2,973,327
23,409
AvalonBay
Communities,
Inc.
REIT
4,190,445
18,181
Equity
Residential
REIT
1,094,314
118,574
Invitation
Homes,
Inc.
REIT
3,904,642
12,162,728
Semiconductors
&
Semiconductor
Equipment
–
2.6%
25,712
Intel
Corp.
1,107,673
46,702
Micron
Technology,
Inc.
4,004,697
14,648
Skyworks
Solutions,
Inc.
1,530,130
17,850
Texas
Instruments,
Inc.
2,858,142
9,500,642
Software
–
1.9%
423
Crowdstrike
Holdings,
Inc.,
Class
A*
123,727
5,572
Dropbox,
Inc.,
Class
A*
176,521
11,415
Oracle
Corp.
1,275,056
16,299
Salesforce,
Inc.*
4,581,486
10,800
Zoom
Video
Communications,
Inc.,
Class
A*
697,788
6,854,578
Specialized
REITs
–
0.3%
5,436
SBA
Communications
Corp.
REIT
1,216,903
Specialty
Retail
–
0.9%
22,721
Ross
Stores,
Inc.
3,187,302
Technology
Hardware,
Storage
&
Peripherals
–
2.6%
7,970
Apple,
Inc.
1,469,668
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Technology
Hardware,
Storage
&
Peripherals
–
(continued)
48,363
Dell
Technologies,
Inc.,
Class
C
$
4,008,325
257,230
Hewlett
Packard
Enterprise
Co.
3,933,047
9,411,040
Textiles,
Apparel
&
Luxury
Goods
–
1.2%
15,876
Ralph
Lauren
Corp.
2,280,905
29,913
Skechers
USA,
Inc.,
Class
A*
1,867,768
4,148,673
Tobacco
–
0.5%
21,160
Philip
Morris
International,
Inc.
1,922,386
Trading
Companies
&
Distributors
–
1.7%
47,941
Core
&
Main,
Inc.,
Class
A*
1,980,443
21,962
Ferguson
PLC
4,125,781
6,106,224
TOTAL
INVESTMENTS
–
99.0%
(Cost
$321,767,557)
$
355,404,739
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.0%
3,767,917
NET
ASSETS
–
100.0%
$
359,172,656
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
January
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
S&P
500
E-Mini
Index
1
03/15/24
$
243,525
$
2,950
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.4%
Aerospace
&
Defense
–
0.6%
19,820
AAR
Corp.*
$
1,205,452
12,926
Cadre
Holdings,
Inc.
439,355
11,770
National
Presto
Industries,
Inc.
931,831
2,576,638
Automobile
Components
–
1.9%
36,017
Adient
PLC*
1,250,150
80,853
Atmus
Filtration
Technologies,
Inc.*
(a)
1,805,448
6,212
Dorman
Products,
Inc.*
505,719
3,254
Fox
Factory
Holding
Corp.*
205,132
180,429
Goodyear
Tire
&
Rubber
Co.
(The)*
2,515,180
25,753
Holley,
Inc.*
122,842
14,449
Modine
Manufacturing
Co.*
998,281
7,402,752
Banks
–
8.6%
28,001
Amalgamated
Financial
Corp.
743,707
33,912
Ameris
Bancorp
1,683,392
5,283
Axos
Financial,
Inc.*
292,837
15,464
BancFirst
Corp.
1,368,719
36,008
Bancorp,
Inc.
(The)*
1,571,389
13,131
BankUnited,
Inc.
371,082
8,894
Banner
Corp.
414,282
2,103
Business
First
Bancshares,
Inc.
47,423
20,551
Byline
Bancorp,
Inc.
448,834
6,775
Capital
City
Bank
Group,
Inc.
193,629
57,848
Central
Pacific
Financial
Corp.
1,114,731
3,202
Civista
Bancshares,
Inc.
54,722
6,122
Community
Trust
Bancorp,
Inc.
254,063
78,211
CVB
Financial
Corp.
1,311,598
2,139
Esquire
Financial
Holdings,
Inc.
106,651
6,945
First
Bancorp,
Inc.
(The)
173,625
97,839
First
BanCorp.
(Puerto
Rico)
1,631,955
3,367
First
Bancshares,
Inc.
(The)
85,623
89,191
First
Commonwealth
Financial
Corp.
1,249,566
39,381
First
Financial
Bancorp
882,922
11,423
First
Financial
Bankshares,
Inc.
356,740
2,595
Fulton
Financial
Corp.
40,456
30,022
Hancock
Whitney
Corp.
1,354,292
58,535
Hanmi
Financial
Corp.
980,461
8,456
Heartland
Financial
USA,
Inc.
299,934
8,049
Heritage
Commerce
Corp.
71,556
64,299
Heritage
Financial
Corp.
1,295,625
3,912
Home
Bancorp,
Inc.
155,776
2,460
HomeTrust
Bancshares,
Inc.
66,789
6,512
Hope
Bancorp,
Inc.
72,153
10,085
Independent
Bank
Corp.
256,562
30,352
International
Bancshares
Corp.
1,604,407
4,589
Macatawa
Bank
Corp.
48,919
6,385
Metrocity
Bankshares,
Inc.
152,601
39,697
National
Bank
Holdings
Corp.,
Class
A
1,389,395
18,159
Northeast
Community
Bancorp,
Inc.
312,880
39,178
OFG
Bancorp
(Puerto
Rico)
1,440,575
31,861
Old
Second
Bancorp,
Inc.
433,947
2,926
Origin
Bancorp,
Inc.
89,243
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Banks
–
(continued)
22,687
PCB
Bancorp
$
380,007
1,812
Peoples
Bancorp,
Inc.
53,092
16,351
Preferred
Bank
1,174,656
78,437
Provident
Financial
Services,
Inc.
1,298,132
15,585
Renasant
Corp.
492,954
43,165
Southside
Bancshares,
Inc.
1,351,064
26,422
Texas
Capital
Bancshares,
Inc.*
1,611,742
4,325
Timberland
Bancorp,
Inc.
120,970
39,394
TrustCo
Bank
Corp.
1,138,487
21,319
UMB
Financial
Corp.
1,758,817
11,190
Veritex
Holdings,
Inc.
235,102
1,754
WesBanco,
Inc.
51,462
473
Westamerica
BanCorp
22,572
34,112,118
Beverages
–
0.4%
116,349
Primo
Water
Corp.
1,696,368
Biotechnology
–
6.2%
21,152
89bio,
Inc.*
209,405
18,301
ACADIA
Pharmaceuticals,
Inc.*
474,179
4,423
ADMA
Biologics,
Inc.*
22,955
9,825
Agios
Pharmaceuticals,
Inc.*
222,241
14,675
Allogene
Therapeutics,
Inc.*
51,656
5,286
Alpine
Immune
Sciences,
Inc.*
140,660
10,692
AnaptysBio,
Inc.*
252,331
1,417
Apogee
Therapeutics,
Inc.*
47,469
4,177
Arcturus
Therapeutics
Holdings,
Inc.*
137,716
23,482
Arcus
Biosciences,
Inc.*
355,517
201,641
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
1,520,373
4,485
BioCryst
Pharmaceuticals,
Inc.*
23,771
25,517
Biohaven
Ltd.*
1,134,996
2,087
Blueprint
Medicines
Corp.*
165,979
7,505
Bridgebio
Pharma,
Inc.*
257,346
14,343
Cogent
Biosciences,
Inc.*
63,539
67,507
Coherus
Biosciences,
Inc.*
(a)
145,140
9,709
Cytokinetics,
Inc.*
758,564
5,242
Day
One
Biopharmaceuticals,
Inc.*
78,892
66,354
Deciphera
Pharmaceuticals,
Inc.*
950,189
62,052
Design
Therapeutics,
Inc.*
147,063
6,367
Eagle
Pharmaceuticals,
Inc.*
37,311
45,810
Emergent
BioSolutions,
Inc.*
76,503
17,031
Enanta
Pharmaceuticals,
Inc.*
206,927
20,886
Erasca,
Inc.*
34,880
45,602
Generation
Bio
Co.*
85,732
8,262
Ideaya
Biosciences,
Inc.*
359,645
65,911
Iovance
Biotherapeutics,
Inc.*
509,492
37,160
iTeos
Therapeutics,
Inc.*
369,742
1,593
Keros
Therapeutics,
Inc.*
88,188
84,385
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
1,487,708
43,533
Kodiak
Sciences,
Inc.*
174,567
9,012
Krystal
Biotech,
Inc.*
1,002,585
15,347
Kura
Oncology,
Inc.*
309,089
8,630
Kymera
Therapeutics,
Inc.*
282,891
27,683
MacroGenics,
Inc.*
395,867
262,633
MannKind
Corp.*
877,194
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
8,099
Mirum
Pharmaceuticals,
Inc.*
$
214,300
11,866
Morphic
Holding,
Inc.*
376,034
5,427
Mural
Oncology
PLC*
23,825
37,572
Nurix
Therapeutics,
Inc.*
296,819
36,292
Olema
Pharmaceuticals,
Inc.*
473,248
90,020
PMV
Pharmaceuticals,
Inc.*
158,435
83,968
Poseida
Therapeutics,
Inc.*
288,850
56,328
Relay
Therapeutics,
Inc.*
521,034
2,213
REVOLUTION
Medicines,
Inc.*
61,411
14,648
Rhythm
Pharmaceuticals,
Inc.*
646,123
30,309
Rigel
Pharmaceuticals,
Inc.*
35,462
19,152
Rocket
Pharmaceuticals,
Inc.*
550,237
21,660
Sana
Biotechnology,
Inc.*
118,913
17,798
SpringWorks
Therapeutics,
Inc.*
785,426
150,714
Sutro
Biopharma,
Inc.*
654,099
22,614
Syndax
Pharmaceuticals,
Inc.*
463,361
73,900
TG
Therapeutics,
Inc.*
1,200,136
21,548
Veracyte,
Inc.*
539,131
28,780
Verve
Therapeutics,
Inc.*
311,400
95,945
Viking
Therapeutics,
Inc.*
2,316,112
6,529
Viridian
Therapeutics,
Inc.*
125,683
75,722
Y-mAbs
Therapeutics,
Inc.*
968,484
24,586,825
Broadline
Retail
–
0.0%
12,473
Big
Lots,
Inc.
71,595
107
Dillard's,
Inc.,
Class
A
41,438
4,282
Savers
Value
Village,
Inc.*
80,031
193,064
Building
Products
–
1.0%
16,223
American
Woodmark
Corp.*
1,480,836
156,888
Masterbrand,
Inc.*
2,207,414
11,594
Resideo
Technologies,
Inc.*
194,431
320
Simpson
Manufacturing
Co.,
Inc.
57,917
3,940,598
Capital
Markets
–
1.0%
21,062
AssetMark
Financial
Holdings,
Inc.*
645,972
14,316
Moelis
&
Co.,
Class
A
786,951
31,036
Open
Lending
Corp.*
227,804
49,317
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
703,754
2,074
Piper
Sandler
Cos.
359,818
20,179
StoneX
Group,
Inc.*
1,326,769
2,603
Victory
Capital
Holdings,
Inc.,
Class
A
87,799
4,138,867
Chemicals
–
1.5%
26,433
HB
Fuller
Co.
2,002,828
22,892
Innospec,
Inc.
2,657,990
3,473
Koppers
Holdings,
Inc.
177,609
6,095
Mativ
Holdings,
Inc.
73,323
14,670
Minerals
Technologies,
Inc.
958,685
11,295
Orion
SA
(Germany)
253,008
6,123,443
Commercial
Services
&
Supplies
–
0.7%
1,501
Cimpress
PLC
(Ireland)*
112,905
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Commercial
Services
&
Supplies
–
(continued)
34,032
Deluxe
Corp.
$
643,545
60,529
Ennis,
Inc.
1,232,976
63,903
Healthcare
Services
Group,
Inc.*
603,244
16,489
Steelcase,
Inc.,
Class
A
209,081
2,801,751
Communications
Equipment
–
0.8%
6,004
Calix,
Inc.*
199,213
81,539
NetScout
Systems,
Inc.*
1,753,904
141,714
Viavi
Solutions,
Inc.*
1,393,048
3,346,165
Construction
&
Engineering
–
2.2%
15,253
Comfort
Systems
USA,
Inc.
3,317,070
5,139
Dycom
Industries,
Inc.*
574,026
26,300
Fluor
Corp.*
991,773
10,720
IES
Holdings,
Inc.*
878,611
2,413
Limbach
Holdings,
Inc.*
103,759
40,451
Primoris
Services
Corp.
1,326,793
22,261
Sterling
Infrastructure,
Inc.*
1,671,801
8,863,833
Construction
Materials
–
0.7%
3,696
Knife
River
Corp.*
242,051
72,405
Summit
Materials,
Inc.,
Class
A*
2,619,613
2,861,664
Consumer
Finance
–
0.2%
1,923
Nelnet,
Inc.,
Class
A
167,551
12,963
Regional
Management
Corp.
316,038
13,691
Upstart
Holdings,
Inc.*
(a)
434,826
918,415
Consumer
Staples
Distribution
&
Retail
–
0.3%
6,995
PriceSmart,
Inc.
531,760
8,720
Weis
Markets,
Inc.
529,740
1,061,500
Distributors
–
0.0%
815
Weyco
Group,
Inc.
26,170
Diversified
Consumer
Services
–
3.1%
15,784
Adtalem
Global
Education,
Inc.*
796,776
135,706
Coursera,
Inc.*
2,597,413
15,136
Duolingo,
Inc.*
2,707,679
57,285
European
Wax
Center,
Inc.,
Class
A*
850,109
72,681
Frontdoor,
Inc.*
2,381,030
40,044
Laureate
Education,
Inc.
505,355
10,299
Perdoceo
Education
Corp.
186,412
25,313
Strategic
Education,
Inc.
2,380,941
25,131
WW
International,
Inc.*
94,493
12,500,208
Diversified
REITs
–
0.3%
57,745
American
Assets
Trust,
Inc.
REIT
1,295,220
Diversified
Telecommunication
Services
–
0.1%
6,496
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
45,732
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Diversified
Telecommunication
Services
–
(continued)
41,192
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
$
293,287
339,019
Electrical
Equipment
–
3.4%
2,978
Allient,
Inc.
82,967
16,714
Atkore,
Inc.*
2,549,386
13,790
Encore
Wire
Corp.
3,109,645
6,167
Enovix
Corp.*
(a)
57,415
168,247
FTC
Solar,
Inc.*
84,376
49,142
NEXTracker,
Inc.,
Class
A*
2,224,658
24,388
Powell
Industries,
Inc.
2,890,710
4,276
Shoals
Technologies
Group,
Inc.,
Class
A*
56,315
55,723
Thermon
Group
Holdings,
Inc.*
1,826,600
13,849
TPI
Composites,
Inc.*
(a)
37,392
14,341
Vicor
Corp.*
540,226
13,459,690
Electronic
Equipment,
Instruments
&
Components
–
2.3%
15,936
Badger
Meter,
Inc.
2,294,624
28,802
ePlus,
Inc.*
2,175,703
7,778
Fabrinet
(Thailand)*
1,660,681
4,995
Insight
Enterprises,
Inc.*
922,776
10,319
Itron,
Inc.*
744,413
5,188
PC
Connection,
Inc.
334,678
25,275
Vishay
Precision
Group,
Inc.*
805,767
8,938,642
Energy
Equipment
&
Services
–
2.1%
93,458
Archrock,
Inc.
1,527,104
65,269
Borr
Drilling
Ltd.
(Mexico)*
401,404
28,976
Cactus,
Inc.,
Class
A
1,229,741
49,554
ChampionX
Corp.
1,358,275
4,997
Diamond
Offshore
Drilling,
Inc.*
60,963
23,241
Dril-Quip,
Inc.*
466,447
22,836
Helix
Energy
Solutions
Group,
Inc.*
214,658
3,625
Helmerich
&
Payne,
Inc.
145,943
14,559
Nabors
Industries
Ltd.*
1,231,400
63,247
Newpark
Resources,
Inc.*
410,473
52,816
Oil
States
International,
Inc.*
325,875
12,782
ProFrac
Holding
Corp.,
Class
A*
(a)
101,106
54,886
ProPetro
Holding
Corp.*
464,336
3,301
Tidewater,
Inc.*
221,794
8,159,519
Entertainment
–
0.1%
83,298
Vivid
Seats,
Inc.,
Class
A*
478,131
Financial
Services
–
3.8%
32,429
A-Mark
Precious
Metals,
Inc.
874,610
94,623
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
2,275,683
101,596
Flywire
Corp.*
2,171,106
38,476
I3
Verticals,
Inc.,
Class
A*
721,040
361,489
Marqeta,
Inc.,
Class
A*
2,172,549
23,954
Merchants
Bancorp
1,047,748
17,053
Mr
Cooper
Group,
Inc.*
1,148,690
4,046
NMI
Holdings,
Inc.,
Class
A*
129,148
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financial
Services
–
(continued)
22,372
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)*
$
287,928
235,049
Payoneer
Global,
Inc.*
1,100,029
70,984
Remitly
Global,
Inc.*
1,216,666
5,485
Repay
Holdings
Corp.*
43,002
96,294
StoneCo
Ltd.,
Class
A
(Brazil)*
1,655,294
14,843,493
Food
Products
–
0.3%
6,780
J
&
J
Snack
Foods
Corp.
1,079,579
Gas
Utilities
–
0.0%
1,292
Northwest
Natural
Holding
Co.
47,623
Ground
Transportation
–
0.1%
28,361
Marten
Transport
Ltd.
524,678
Health
Care
Equipment
&
Supplies
–
1.6%
38,974
Artivion,
Inc.*
651,645
35,529
AtriCure,
Inc.*
1,210,118
2,685
Axonics,
Inc.*
182,258
4,942
CVRx,
Inc.*
124,143
53,287
Embecta
Corp.
913,339
518
Glaukos
Corp.*
46,117
22,160
Inari
Medical,
Inc.*
1,262,012
11,038
Lantheus
Holdings,
Inc.*
573,203
450
LeMaitre
Vascular,
Inc.
26,118
38,644
Pulmonx
Corp.*
513,192
10,465
Surmodics,
Inc.*
368,473
1,772
UFP
Technologies,
Inc.*
298,600
4,585
Utah
Medical
Products,
Inc.
363,178
6,532,396
Health
Care
Providers
&
Services
–
3.0%
28,992
Accolade,
Inc.*
328,189
3,321
Addus
HomeCare
Corp.*
287,599
41,470
Agiliti,
Inc.*
294,022
61,210
Alignment
Healthcare,
Inc.*
410,107
135,809
Brookdale
Senior
Living,
Inc.*
742,875
2,680
Castle
Biosciences,
Inc.*
61,854
12,714
Community
Health
Systems,
Inc.*
46,660
46,572
HealthEquity,
Inc.*
3,519,912
166,863
Hims
&
Hers
Health,
Inc.*
1,431,685
69,832
Joint
Corp.
(The)*
681,560
7,845
ModivCare,
Inc.*
311,996
58,702
OPKO
Health,
Inc.*
(a)
59,876
16,128
Option
Care
Health,
Inc.*
503,839
64,674
Pennant
Group,
Inc.
(The)*
970,757
8,867
PetIQ,
Inc.*
159,340
2,647
Progyny,
Inc.*
100,824
57,201
Select
Medical
Holdings
Corp.
1,486,654
9,539
Surgery
Partners,
Inc.*
292,752
24,822
Viemed
Healthcare,
Inc.*
201,555
11,892,056
Health
Care
REITs
–
0.1%
15,253
LTC
Properties,
Inc.
REIT
475,436
Health
Care
Technology
–
0.6%
3,317
Computer
Programs
and
Systems,
Inc.*
33,601
11,096
Evolent
Health,
Inc.,
Class
A*
326,333
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Technology
–
(continued)
28,815
Health
Catalyst,
Inc.*
$
281,523
18,277
Phreesia,
Inc.*
465,698
45,341
Schrodinger,
Inc.*
1,199,270
2,306,425
Hotel
&
Resort
REITs
–
2.9%
182,012
Chatham
Lodging
Trust
REIT
1,911,126
276,341
DiamondRock
Hospitality
Co.
REIT
2,525,757
225,878
RLJ
Lodging
Trust
REIT
2,615,667
23,981
Ryman
Hospitality
Properties,
Inc.
REIT
2,635,512
208,333
Service
Properties
Trust
REIT
1,610,414
30,570
Summit
Hotel
Properties,
Inc.
REIT
198,094
11,496,570
Hotels,
Restaurants
&
Leisure
–
1.8%
20,316
Cheesecake
Factory,
Inc.
(The)
698,261
38,836
Chuy's
Holdings,
Inc.*
1,313,045
3,077
Dine
Brands
Global,
Inc.
143,542
77,975
Everi
Holdings,
Inc.*
811,720
27,313
International
Game
Technology
PLC
709,045
41,948
Life
Time
Group
Holdings,
Inc.*
557,908
11,463
PlayAGS,
Inc.*
99,843
98,675
Portillo's,
Inc.,
Class
A*
1,355,794
8,585
Shake
Shack,
Inc.,
Class
A*
648,683
61,061
Xponential
Fitness,
Inc.,
Class
A*
675,335
7,013,176
Household
Durables
–
2.3%
2,516
Beazer
Homes
USA,
Inc.*
79,883
45,925
Dream
Finders
Homes,
Inc.,
Class
A*
1,509,555
21,206
Green
Brick
Partners,
Inc.*
1,106,317
228
Hovnanian
Enterprises,
Inc.,
Class
A*
38,525
27,117
KB
Home
1,615,902
14,440
LGI
Homes,
Inc.*
1,704,065
23,641
M/I
Homes,
Inc.*
3,012,336
9,066,583
Household
Products
–
0.2%
3,454
WD-40
Co.
894,517
Industrial
REITs
–
0.9%
242,814
LXP
Industrial
Trust
REIT
2,207,179
21,239
Terreno
Realty
Corp.
REIT
1,268,605
3,475,784
Insurance
–
2.7%
30,930
Ambac
Financial
Group,
Inc.*
502,613
9,017
BRP
Group,
Inc.,
Class
A*
202,341
49,778
CNO
Financial
Group,
Inc.
1,352,966
57,445
Employers
Holdings,
Inc.
2,396,605
66,097
Genworth
Financial,
Inc.,
Class
A*
407,818
32,430
Goosehead
Insurance,
Inc.,
Class
A*
2,503,596
64,329
James
River
Group
Holdings
Ltd.
615,629
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
(continued)
20,310
Palomar
Holdings,
Inc.*
$
1,215,960
1,193
Selective
Insurance
Group,
Inc.
125,098
12,139
Skyward
Specialty
Insurance
Group,
Inc.*
377,523
65,191
Universal
Insurance
Holdings,
Inc.
1,083,474
10,783,623
Interactive
Media
&
Services
–
1.9%
67,084
Bumble,
Inc.,
Class
A*
920,393
50,870
Cars.com,
Inc.*
886,664
40,191
DHI
Group,
Inc.*
92,037
108,999
Eventbrite,
Inc.,
Class
A*
912,322
116,282
fuboTV,
Inc.*
289,542
56,441
Grindr,
Inc.
(Singapore)*
489,908
559,961
Vimeo,
Inc.*
2,223,045
32,926
Yelp,
Inc.*
1,439,854
17,863
ZipRecruiter,
Inc.,
Class
A*
248,653
7,502,418
IT
Services
–
0.8%
32,241
DigitalOcean
Holdings,
Inc.*
1,087,167
53,441
Fastly,
Inc.,
Class
A*
1,075,233
2,623
Perficient,
Inc.*
178,705
18,703
Rackspace
Technology,
Inc.*
31,421
66,232
Thoughtworks
Holding,
Inc.*
309,966
1,746
Tucows,
Inc.,
Class
A*
(a)
40,367
81,234
Unisys
Corp.*
547,517
3,270,376
Leisure
Products
–
0.8%
15,128
Acushnet
Holdings
Corp.
958,208
79,560
Funko,
Inc.,
Class
A*
562,489
1,641
JAKKS
Pacific,
Inc.*
51,462
12,049
Malibu
Boats,
Inc.,
Class
A*
503,046
25,758
MasterCraft
Boat
Holdings,
Inc.*
498,932
6,588
Sturm
Ruger
&
Co.,
Inc.
287,632
2,861,769
Life
Sciences
Tools
&
Services
–
0.2%
45,540
Adaptive
Biotechnologies
Corp.*
167,132
999
Mesa
Laboratories,
Inc.
91,528
116,639
NanoString
Technologies,
Inc.*
48,008
9,545
Pacific
Biosciences
of
California,
Inc.*
62,138
16,198
Quanterix
Corp.*
357,814
726,620
Machinery
–
3.0%
6,937
Chart
Industries,
Inc.*
809,687
18,552
Douglas
Dynamics,
Inc.
466,583
13,132
Federal
Signal
Corp.
1,010,901
18,914
Franklin
Electric
Co.,
Inc.
1,782,834
8,620
Gorman-Rupp
Co.
(The)
287,822
9,340
John
Bean
Technologies
Corp.
922,418
922
Omega
Flex,
Inc.
64,319
8,914
Proto
Labs,
Inc.*
321,706
4,843
Standex
International
Corp.
715,117
8,669
Terex
Corp.
532,537
71,135
Trinity
Industries,
Inc.
1,788,334
63,872
Wabash
National
Corp.
1,615,961
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
8,476
Watts
Water
Technologies,
Inc.,
Class
A
$
1,678,333
11,996,552
Marine
Transportation
–
0.3%
54,325
Costamare,
Inc.
(Monaco)
581,821
27,592
Golden
Ocean
Group
Ltd.
(Norway)
291,647
14,836
Pangaea
Logistics
Solutions
Ltd.
138,272
119,422
Safe
Bulkers,
Inc.
(Greece)
482,465
1,494,205
Media
–
0.7%
6,187
Cardlytics,
Inc.*
47,269
648
Daily
Journal
Corp.*
208,215
4,514
EW
Scripps
Co.
(The),
Class
A*
35,977
7,462
Gray
Television,
Inc.
71,262
98,908
Magnite,
Inc.*
875,336
16,701
TechTarget,
Inc.*
570,673
50,176
Thryv
Holdings,
Inc.*
1,025,597
2,834,329
Metals
&
Mining
–
2.0%
1,283
Alpha
Metallurgical
Resources,
Inc.
512,225
71,732
ATI,
Inc.*
2,931,687
39,723
Carpenter
Technology
Corp.
2,446,539
22,834
Haynes
International,
Inc.
1,271,169
1,712
Kaiser
Aluminum
Corp.
111,109
8,181
Olympic
Steel,
Inc.
552,872
16,950
SunCoke
Energy,
Inc.
173,737
7,999,338
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
1.2%
2,294
Angel
Oak
Mortgage
REIT,
Inc.
REIT
24,477
174,021
Arbor
Realty
Trust,
Inc.
REIT
2,314,479
59,567
BrightSpire
Capital,
Inc.
REIT
425,904
52,660
Chimera
Investment
Corp.
REIT
252,768
15,602
Invesco
Mortgage
Capital,
Inc.
REIT
137,454
54,034
Ladder
Capital
Corp.
REIT
590,592
40,847
PennyMac
Mortgage
Investment
Trust
REIT
585,746
41,105
Two
Harbors
Investment
Corp.
REIT
512,168
4,843,588
Multi-Utilities
–
1.0%
55,947
Avista
Corp.
1,902,758
43,153
Black
Hills
Corp.
2,233,599
4,136,357
Office
REITs
–
0.6%
119,058
Equity
Commonwealth
REIT
2,275,198
Oil,
Gas
&
Consumable
Fuels
–
5.0%
9,971
CONSOL
Energy,
Inc.
943,257
216,931
DHT
Holdings,
Inc.
2,412,273
8,360
Dorian
LPG
Ltd.
312,999
90,770
Equitrans
Midstream
Corp.
924,946
17,723
Excelerate
Energy,
Inc.,
Class
A
271,516
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
5,259
FLEX
LNG
Ltd.
(Norway)
$
157,612
81,233
Golar
LNG
Ltd.
(Cameroon)
1,771,692
16,925
Hallador
Energy
Co.*
144,370
25,797
International
Seaways,
Inc.
1,383,751
80,618
Kosmos
Energy
Ltd.
(Ghana)*
488,545
9,100
Matador
Resources
Co.
499,499
474,652
Nordic
American
Tankers
Ltd.
2,112,201
13,829
PBF
Energy,
Inc.,
Class
A
698,503
20,918
Peabody
Energy
Corp.
558,511
43,262
Scorpio
Tankers,
Inc.
(Monaco)
3,058,623
157,660
Teekay
Corp.
(Bermuda)*
1,417,363
43,365
Teekay
Tankers
Ltd.,
Class
A
(Canada)
2,712,481
19,868,142
Passenger
Airlines
–
0.1%
8,683
SkyWest,
Inc.*
462,457
Personal
Care
Products
–
1.3%
21,839
elf
Beauty,
Inc.*
3,483,975
135,019
Herbalife
Ltd.*
1,626,979
165
Inter
Parfums,
Inc.
22,960
5,133,914
Pharmaceuticals
–
1.0%
12,448
Amylyx
Pharmaceuticals,
Inc.*
199,168
11,055
Axsome
Therapeutics,
Inc.*
995,282
22,797
Intra-Cellular
Therapies,
Inc.*
1,535,150
19,600
Ocular
Therapeutix,
Inc.*
95,256
47,691
Phibro
Animal
Health
Corp.,
Class
A
515,540
12,851
Prestige
Consumer
Healthcare,
Inc.*
790,850
4,131,246
Professional
Services
–
3.7%
191,383
Alight,
Inc.,
Class
A*
1,707,136
35,901
Asure
Software,
Inc.*
317,365
40,432
CBIZ,
Inc.*
2,573,901
27,903
CSG
Systems
International,
Inc.
1,403,800
93,663
ExlService
Holdings,
Inc.*
2,929,779
12,749
Franklin
Covey
Co.*
515,570
17,627
IBEX
Holdings
Ltd.*
317,639
5,193
Legalzoom.com,
Inc.*
53,540
35,131
Parsons
Corp.*
2,288,785
955
TriNet
Group,
Inc.*
108,583
164,530
Upwork,
Inc.*
2,255,706
14,471,804
Real
Estate
Management
&
Development
–
0.8%
83,749
Compass,
Inc.,
Class
A*
288,097
29,632
Douglas
Elliman,
Inc.
64,005
40,932
Forestar
Group,
Inc.*
1,279,534
154,699
Opendoor
Technologies,
Inc.*
529,071
106,470
Redfin
Corp.*
868,795
3,029,502
Residential
REITs
–
0.6%
4,320
Centerspace
REIT
236,563
55,988
NexPoint
Residential
Trust,
Inc.
REIT
1,710,433
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Residential
REITs
–
(continued)
36,736
UMH
Properties,
Inc.
REIT
$
555,081
2,502,077
Retail
REITs
–
1.3%
5,629
Alexander's,
Inc.
REIT
1,237,198
105,259
Kite
Realty
Group
Trust
REIT
2,252,543
17,484
Macerich
Co.
(The)
REIT
276,072
10,005
Tanger,
Inc.
REIT
269,135
41,210
Urban
Edge
Properties
REIT
711,697
4,746,645
Semiconductors
&
Semiconductor
Equipment
–
1.9%
30,705
Amkor
Technology,
Inc.
972,120
14,409
Axcelis
Technologies,
Inc.*
1,873,891
2,463
Credo
Technology
Group
Holding
Ltd.*
50,516
2,573
FormFactor,
Inc.*
99,755
8,707
Ichor
Holdings
Ltd.*
315,193
6,778
Onto
Innovation,
Inc.*
1,094,647
45,719
PDF
Solutions,
Inc.*
1,426,433
12,389
Photronics,
Inc.*
362,007
18,653
Rambus,
Inc.*
1,278,290
1,621
SiTime
Corp.*
172,750
7,645,602
Software
–
6.3%
14,783
A10
Networks,
Inc.
197,649
21,174
Alarm.com
Holdings,
Inc.*
1,287,803
11,349
Amplitude,
Inc.,
Class
A*
147,083
5,273
Appfolio,
Inc.,
Class
A*
1,156,158
40,771
Asana,
Inc.,
Class
A*
710,231
17,047
Braze,
Inc.,
Class
A*
921,390
6,082
C3.ai,
Inc.,
Class
A*
(a)
150,712
74,450
Cleanspark,
Inc.*
599,323
110,850
Clear
Secure,
Inc.,
Class
A
2,109,475
16,759
Everbridge,
Inc.*
374,731
46,887
Freshworks,
Inc.,
Class
A*
1,040,891
26,190
LiveRamp
Holdings,
Inc.*
1,033,981
25,401
Marathon
Digital
Holdings,
Inc.*
450,360
1,759
MicroStrategy,
Inc.,
Class
A*
881,628
41,382
Q2
Holdings,
Inc.*
1,760,804
16,848
Qualys,
Inc.*
3,187,136
5,594
Red
Violet,
Inc.*
104,496
45,683
Riot
Platforms,
Inc.*
497,945
6,020
Sapiens
International
Corp.
NV
(Israel)
164,346
87,758
SolarWinds
Corp.*
1,037,300
10,650
SPS
Commerce,
Inc.*
1,957,470
39,791
Tenable
Holdings,
Inc.*
1,874,156
65,876
Varonis
Systems,
Inc.*
2,956,515
46,060
Yext,
Inc.*
273,136
16,528
Zeta
Global
Holdings
Corp.,
Class
A*
159,991
25,034,710
Specialized
REITs
–
0.0%
20,958
Uniti
Group,
Inc.
REIT
110,239
Specialty
Retail
–
3.2%
9,360
Aaron's
Co.,
Inc.
(The)
96,315
12,181
Abercrombie
&
Fitch
Co.,
Class
A*
1,241,244
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
(continued)
16,344
Academy
Sports
&
Outdoors,
Inc.
$
1,025,259
40,131
American
Eagle
Outfitters,
Inc.
795,396
4,068
Boot
Barn
Holdings,
Inc.*
291,838
43,116
Buckle,
Inc.
(The)
1,603,484
95,618
CarParts.com,
Inc.*
257,213
19,663
Carvana
Co.*
846,689
9,031
Cato
Corp.
(The),
Class
A
61,050
80,062
Foot
Locker,
Inc.
2,254,546
1,118
Group
1
Automotive,
Inc.
290,747
6,887
Shoe
Carnival,
Inc.
175,618
12,050
Sleep
Number
Corp.*
124,115
24,724
Stitch
Fix,
Inc.,
Class
A*
79,117
50,797
Urban
Outfitters,
Inc.*
1,930,286
38,498
Warby
Parker,
Inc.,
Class
A*
490,849
1,359
Winmark
Corp.
490,151
31,039
Zumiez,
Inc.*
532,940
12,586,857
Technology
Hardware,
Storage
&
Peripherals
–
1.4%
49,106
Eastman
Kodak
Co.*
169,415
9,898
Super
Micro
Computer,
Inc.*
5,242,080
5,411,495
Textiles,
Apparel
&
Luxury
Goods
–
0.6%
38,489
Figs,
Inc.,
Class
A*
221,697
19,764
Oxford
Industries,
Inc.
1,876,196
2,097,893
Tobacco
–
0.1%
25,195
Vector
Group
Ltd.
263,792
Trading
Companies
&
Distributors
–
0.7%
2,097
Beacon
Roofing
Supply,
Inc.*
173,820
110,729
DNOW,
Inc.*
1,117,255
7,085
H&E
Equipment
Services,
Inc.
381,102
2,938
McGrath
RentCorp
369,160
71,651
MRC
Global,
Inc.*
763,800
1,756
Rush
Enterprises,
Inc.,
Class
A
78,862
1,502
Xometry,
Inc.,
Class
A*
48,334
2,932,333
Water
Utilities
–
0.0%
3,395
York
Water
Co.
(The)
121,813
Wireless
Telecommunication
Services
–
0.1%
13,663
Telephone
and
Data
Systems,
Inc.
262,466
TOTAL
COMMON
STOCKS
(Cost
$350,728,286)
391,006,276
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
227,697
5.223%
227,697
(Cost
$227,697)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$350,955,983)
391,233,973
GOLDMAN
SACHS
SMALL
CAP
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
2,755,280
5.223%
$
2,755,280
(Cost
$2,755,280)
TOTAL
INVESTMENTS
–
99.2%
(Cost
$353,711,263)
$
393,989,253
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
3,192,722
NET
ASSETS
–
100.0%
$
397,181,975
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
SMALL
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
0.3%
8,878
Cadre
Holdings,
Inc.
$
301,763
Automobile
Components
–
1.5%
10,484
Atmus
Filtration
Technologies,
Inc.*
(a)
234,108
6,106
Dorman
Products,
Inc.*
497,089
3,537
Fox
Factory
Holding
Corp.*
222,973
38,340
Goodyear
Tire
&
Rubber
Co.
(The)*
534,459
5,099
Luminar
Technologies,
Inc.*
(a)
13,869
3,353
Modine
Manufacturing
Co.*
231,659
1,734,157
Banks
–
1.3%
1,187
BancFirst
Corp.
105,061
12,565
Bancorp,
Inc.
(The)*
548,337
7,312
First
Financial
Bankshares,
Inc.
228,354
1,393
Hanmi
Financial
Corp.
23,333
1,409
International
Bancshares
Corp.
74,480
9,228
OFG
Bancorp
(Puerto
Rico)
339,313
2,742
Stock
Yards
Bancorp,
Inc.
136,332
1,455,210
Beverages
–
0.3%
1,048
National
Beverage
Corp.*
48,460
10,907
Primo
Water
Corp.
159,024
6,963
Vita
Coco
Co.,
Inc.
(The)*
137,101
344,585
Biotechnology
–
8.4%
22,937
89bio,
Inc.*
227,076
14,567
ACADIA
Pharmaceuticals,
Inc.*
377,431
8,832
Aldeyra
Therapeutics,
Inc.*
27,644
7,622
Alector,
Inc.*
45,427
17,405
Alkermes
PLC*
470,805
2,209
Alpine
Immune
Sciences,
Inc.*
58,782
7,135
Amicus
Therapeutics,
Inc.*
88,688
7,112
AnaptysBio,
Inc.*
167,843
2,759
Arcellx,
Inc.*
170,617
3,886
Arcus
Biosciences,
Inc.*
58,834
76,282
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
575,166
13,428
BioCryst
Pharmaceuticals,
Inc.*
71,168
1,519
Biohaven
Ltd.*
67,565
2,700
Biomea
Fusion,
Inc.*
(a)
48,816
7,293
Blueprint
Medicines
Corp.*
580,012
3,536
Bridgebio
Pharma,
Inc.*
121,249
1,389
Catalyst
Pharmaceuticals,
Inc.*
20,002
12,045
Cogent
Biosciences,
Inc.*
53,359
36,226
Coherus
Biosciences,
Inc.*
(a)
77,886
7,492
Cytokinetics,
Inc.*
585,350
4,961
Day
One
Biopharmaceuticals,
Inc.*
74,663
11,672
Deciphera
Pharmaceuticals,
Inc.*
167,143
2,689
Denali
Therapeutics,
Inc.*
43,051
7,770
Design
Therapeutics,
Inc.*
18,415
737
Ideaya
Biosciences,
Inc.*
32,082
1,995
Keros
Therapeutics,
Inc.*
110,443
8,207
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
144,689
4,227
Krystal
Biotech,
Inc.*
470,254
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
5,582
Kymera
Therapeutics,
Inc.*
$
182,978
575
Madrigal
Pharmaceuticals,
Inc.*
124,608
155,970
MannKind
Corp.*
520,940
2,295
Merrimack
Pharmaceuticals,
Inc.*
30,753
4,474
Mirum
Pharmaceuticals,
Inc.*
118,382
4,798
Morphic
Holding,
Inc.*
152,049
3,475
Mural
Oncology
PLC*
15,255
11,610
Precigen,
Inc.*
16,022
2,721
Prothena
Corp.
PLC
(Ireland)*
77,249
8,463
Relay
Therapeutics,
Inc.*
78,283
5,144
REVOLUTION
Medicines,
Inc.*
142,746
8,671
Rhythm
Pharmaceuticals,
Inc.*
382,478
71,962
Rigel
Pharmaceuticals,
Inc.*
84,196
14,317
Rocket
Pharmaceuticals,
Inc.*
411,327
10,235
SpringWorks
Therapeutics,
Inc.*
451,671
5,221
Sutro
Biopharma,
Inc.*
22,659
11,717
Syndax
Pharmaceuticals,
Inc.*
240,081
33,670
TG
Therapeutics,
Inc.*
546,801
196
Vaxcyte,
Inc.*
13,998
4,951
Verve
Therapeutics,
Inc.*
53,570
28,989
Viking
Therapeutics,
Inc.*
699,795
1,863
Viridian
Therapeutics,
Inc.*
35,863
5,525
Voyager
Therapeutics,
Inc.*
40,167
26,043
Y-mAbs
Therapeutics,
Inc.*
333,090
9,729,421
Broadline
Retail
–
0.2%
458
Dillard's,
Inc.,
Class
A
177,370
Building
Products
–
1.4%
6,909
AAON,
Inc.
484,735
2,600
American
Woodmark
Corp.*
237,328
1,739
CSW
Industrials,
Inc.
367,920
2,016
Masonite
International
Corp.*
185,573
2,139
Simpson
Manufacturing
Co.,
Inc.
387,138
1,662,694
Capital
Markets
–
1.7%
13,469
AssetMark
Financial
Holdings,
Inc.*
413,094
2,188
Moelis
&
Co.,
Class
A
120,275
9,242
Open
Lending
Corp.*
67,836
24,516
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
349,843
1,568
Piper
Sandler
Cos.
272,032
5,048
PJT
Partners,
Inc.,
Class
A
485,466
1,794
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
29,924
1,756
StoneX
Group,
Inc.*
115,457
2,650
Victory
Capital
Holdings,
Inc.,
Class
A
89,385
1,943,312
Chemicals
–
2.0%
2,395
Hawkins,
Inc.
159,435
11,332
HB
Fuller
Co.
858,626
7,144
Innospec,
Inc.
829,490
10,870
Orion
SA
(Germany)
243,488
1,015
Quaker
Chemical
Corp.
192,789
2,283,828
GOLDMAN
SACHS
SMALL
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Commercial
Services
&
Supplies
–
0.3%
26,746
Healthcare
Services
Group,
Inc.*
$
252,482
2,783
Montrose
Environmental
Group,
Inc.*
81,291
2,424
Pitney
Bowes,
Inc.
9,963
343,736
Communications
Equipment
–
0.6%
2,796
Calix,
Inc.*
92,771
3,274
NetScout
Systems,
Inc.*
70,424
57,616
Viavi
Solutions,
Inc.*
566,365
729,560
Construction
&
Engineering
–
3.3%
6,208
Comfort
Systems
USA,
Inc.
1,350,054
4,347
Dycom
Industries,
Inc.*
485,560
14,483
Fluor
Corp.*
546,154
8,317
IES
Holdings,
Inc.*
681,661
9,444
Sterling
Infrastructure,
Inc.*
709,244
3,772,673
Construction
Materials
–
0.5%
2,594
Summit
Materials,
Inc.,
Class
A*
93,851
2,061
United
States
Lime
&
Minerals,
Inc.
533,119
626,970
Consumer
Finance
–
0.5%
2,815
FirstCash
Holdings,
Inc.
323,078
7,800
Upstart
Holdings,
Inc.*
(a)
247,728
570,806
Consumer
Staples
Distribution
&
Retail
–
0.1%
815
Natural
Grocers
by
Vitamin
Cottage,
Inc.
12,184
1,522
PriceSmart,
Inc.
115,702
840
Sprouts
Farmers
Market,
Inc.*
42,311
170,197
Diversified
Consumer
Services
–
3.4%
45,134
Coursera,
Inc.*
863,865
5,829
Duolingo,
Inc.*
1,042,750
18,388
European
Wax
Center,
Inc.,
Class
A*
272,878
25,469
Frontdoor,
Inc.*
834,364
26,340
Laureate
Education,
Inc.
332,411
2,381
Strategic
Education,
Inc.
223,957
3,630
Stride,
Inc.*
217,618
11,018
Udemy,
Inc.*
149,735
3,937,578
Electrical
Equipment
–
3.4%
9,835
Allient,
Inc.
274,003
7,652
Atkore,
Inc.*
1,167,160
1,225
Encore
Wire
Corp.
276,237
7,648
Enovix
Corp.*
(a)
71,203
51,867
FTC
Solar,
Inc.*
26,011
19,455
NEXTracker,
Inc.,
Class
A*
880,728
3,936
Powell
Industries,
Inc.
466,534
11,063
Shoals
Technologies
Group,
Inc.,
Class
A*
145,700
3,787
Thermon
Group
Holdings,
Inc.*
124,138
10,385
TPI
Composites,
Inc.*
(a)
28,039
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
(continued)
10,918
Vicor
Corp.*
$
411,281
3,871,034
Electronic
Equipment,
Instruments
&
Components
–
2.4%
6,581
Badger
Meter,
Inc.
947,598
210
Belden,
Inc.
15,578
5,128
Fabrinet
(Thailand)*
1,094,879
2,995
Insight
Enterprises,
Inc.*
553,296
2,414
Napco
Security
Technologies,
Inc.
83,887
309
OSI
Systems,
Inc.*
39,561
2,734,799
Energy
Equipment
&
Services
–
2.0%
33,318
Borr
Drilling
Ltd.
(Mexico)*
204,906
15,329
Cactus,
Inc.,
Class
A
650,563
20,567
ChampionX
Corp.
563,741
4,545
Nabors
Industries
Ltd.*
384,416
3,760
Noble
Corp.
PLC
165,929
3,578
Tidewater,
Inc.*
240,406
1,148
Weatherford
International
PLC*
102,803
2,312,764
Financial
Services
–
2.7%
16,753
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
402,910
37,330
Flywire
Corp.*
797,742
21,371
I3
Verticals,
Inc.,
Class
A*
400,493
935
International
Money
Express,
Inc.*
19,261
24,833
Marqeta,
Inc.,
Class
A*
149,246
97,283
Payoneer
Global,
Inc.*
455,284
31,860
Remitly
Global,
Inc.*
546,080
17,430
StoneCo
Ltd.,
Class
A
(Brazil)*
299,622
3,070,638
Food
Products
–
0.7%
4,829
J
&
J
Snack
Foods
Corp.
768,922
Ground
Transportation
–
0.3%
18,253
Marten
Transport
Ltd.
337,681
3,268
PAM
Transportation
Services,
Inc.*
67,680
405,361
Health
Care
Equipment
&
Supplies
–
3.4%
9,294
AtriCure,
Inc.*
316,554
3,408
Axonics,
Inc.*
231,335
3,489
CONMED
Corp.
333,548
2,643
CVRx,
Inc.*
66,392
2,219
Embecta
Corp.
38,034
2,818
Glaukos
Corp.*
250,886
9,102
Inari
Medical,
Inc.*
518,359
11,521
Lantheus
Holdings,
Inc.*
598,285
2,916
LeMaitre
Vascular,
Inc.
169,245
2,089
Merit
Medical
Systems,
Inc.*
163,569
17,186
Pulmonx
Corp.*
228,230
6,295
Surmodics,
Inc.*
221,647
1,933
Tactile
Systems
Technology,
Inc.*
29,324
2,688
UFP
Technologies,
Inc.*
452,955
GOLDMAN
SACHS
SMALL
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
(continued)
3,186
Utah
Medical
Products,
Inc.
$
252,363
3,870,726
Health
Care
Providers
&
Services
–
4.9%
12,738
Accolade,
Inc.*
144,194
551
Addus
HomeCare
Corp.*
47,717
29,144
Agiliti,
Inc.*
206,631
21,470
Alignment
Healthcare,
Inc.*
143,849
912
CorVel
Corp.*
214,630
105
Ensign
Group,
Inc.
(The)
11,888
2,395
Guardant
Health,
Inc.*
52,522
17,196
HealthEquity,
Inc.*
1,299,674
60,450
Hims
&
Hers
Health,
Inc.*
518,661
21,616
Joint
Corp.
(The)*
210,972
2,695
ModivCare,
Inc.*
107,180
12,946
Option
Care
Health,
Inc.*
404,433
23,120
Pennant
Group,
Inc.
(The)*
347,031
4,741
PetIQ,
Inc.*
85,196
5,759
Privia
Health
Group,
Inc.*
116,101
13,667
Progyny,
Inc.*
520,576
27,128
Select
Medical
Holdings
Corp.
705,057
8,143
Surgery
Partners,
Inc.*
249,909
30,500
Viemed
Healthcare,
Inc.*
247,660
5,633,881
Health
Care
Technology
–
0.6%
1,407
Evolent
Health,
Inc.,
Class
A*
41,380
12,199
Health
Catalyst,
Inc.*
119,184
8,559
Phreesia,
Inc.*
218,084
12,918
Schrodinger,
Inc.*
341,681
720,329
Hotel
&
Resort
REITs
–
2.3%
40,807
Chatham
Lodging
Trust
REIT
428,473
20,673
DiamondRock
Hospitality
Co.
REIT
188,951
51,203
RLJ
Lodging
Trust
REIT
592,931
11,409
Ryman
Hospitality
Properties,
Inc.
REIT
1,253,849
21,946
Service
Properties
Trust
REIT
169,643
2,633,847
Hotels,
Restaurants
&
Leisure
–
2.4%
1,199
Brinker
International,
Inc.*
51,305
9,450
Cheesecake
Factory,
Inc.
(The)
324,796
15,269
Chuy's
Holdings,
Inc.*
516,245
2,974
Dine
Brands
Global,
Inc.
138,737
21,185
Everi
Holdings,
Inc.*
220,536
2,745
Global
Business
Travel
Group
I*
15,894
19,071
International
Game
Technology
PLC
495,083
14,875
ONE
Group
Hospitality,
Inc.
(The)*
65,450
34,274
Portillo's,
Inc.,
Class
A*
470,925
4,427
Shake
Shack,
Inc.,
Class
A*
334,504
15,817
Xponential
Fitness,
Inc.,
Class
A*
174,936
2,808,411
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Household
Durables
–
0.9%
5,497
Dream
Finders
Homes,
Inc.,
Class
A*
$
180,687
889
LGI
Homes,
Inc.*
104,911
5,496
M/I
Homes,
Inc.*
700,300
985,898
Household
Products
–
0.7%
2,928
WD-40
Co.
758,293
Insurance
–
1.6%
15,450
BRP
Group,
Inc.,
Class
A*
346,698
3,864
Crawford
&
Co.,
Class
A
46,909
10,464
Goosehead
Insurance,
Inc.,
Class
A*
807,821
604
HCI
Group,
Inc.
54,161
13,880
James
River
Group
Holdings
Ltd.
132,831
5,198
Palomar
Holdings,
Inc.*
311,204
929
Selective
Insurance
Group,
Inc.
97,415
1,797,039
Interactive
Media
&
Services
–
2.3%
617
Bumble,
Inc.,
Class
A*
8,465
19,237
Cars.com,
Inc.*
335,301
40,523
Eventbrite,
Inc.,
Class
A*
339,178
21,676
fuboTV,
Inc.*
53,973
26,452
Grindr,
Inc.
(Singapore)*
229,603
136,270
Vimeo,
Inc.*
540,992
18,107
Yelp,
Inc.*
791,819
22,105
ZipRecruiter,
Inc.,
Class
A*
307,702
2,607,033
IT
Services
–
1.2%
15,278
DigitalOcean
Holdings,
Inc.*
515,174
22,135
Fastly,
Inc.,
Class
A*
445,356
3,904
Information
Services
Group,
Inc.
17,256
5,470
Perficient,
Inc.*
372,671
30,346
Rackspace
Technology,
Inc.*
50,981
33,273
Thoughtworks
Holding,
Inc.*
155,718
1,557,156
Leisure
Products
–
1.2%
12,055
Acushnet
Holdings
Corp.
763,564
30,384
Funko,
Inc.,
Class
A*
214,815
10,250
MasterCraft
Boat
Holdings,
Inc.*
198,543
3,402
Sturm
Ruger
&
Co.,
Inc.
148,531
1,325,453
Life
Sciences
Tools
&
Services
–
0.1%
12,451
Adaptive
Biotechnologies
Corp.*
45,695
4,697
Harvard
Bioscience,
Inc.*
20,667
407
Mesa
Laboratories,
Inc.
37,289
32,227
NanoString
Technologies,
Inc.*
13,265
3,197
Pacific
Biosciences
of
California,
Inc.*
20,812
137,728
Machinery
–
4.5%
4,786
Chart
Industries,
Inc.*
558,622
10,025
Douglas
Dynamics,
Inc.
252,129
12,052
Federal
Signal
Corp.
927,763
8,900
Franklin
Electric
Co.,
Inc.
838,914
4,661
John
Bean
Technologies
Corp.
460,321
GOLDMAN
SACHS
SMALL
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
1,749
Omega
Flex,
Inc.
$
122,010
2,029
Shyft
Group,
Inc.
(The)
21,974
3,472
Standex
International
Corp.
512,676
3,919
Terex
Corp.
240,744
4,980
Trinity
Industries,
Inc.
125,197
26,331
Wabash
National
Corp.
666,174
2,134
Watts
Water
Technologies,
Inc.,
Class
A
422,553
5,149,077
Media
–
0.5%
137
Daily
Journal
Corp.*
44,021
12,447
Magnite,
Inc.*
110,156
13,935
TechTarget,
Inc.*
476,159
630,336
Metals
&
Mining
–
1.5%
26,820
ATI,
Inc.*
1,096,133
8,836
Carpenter
Technology
Corp.
544,209
1,431
Haynes
International,
Inc.
79,664
642
Kaiser
Aluminum
Corp.
41,666
1,761,672
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
0.1%
4,880
Arbor
Realty
Trust,
Inc.
REIT
64,904
Oil,
Gas
&
Consumable
Fuels
–
1.9%
155
CONSOL
Energy,
Inc.
14,663
48,654
DHT
Holdings,
Inc.
541,032
1,231
Dorian
LPG
Ltd.
46,089
4,421
Energy
Fuels,
Inc.*
33,379
4,152
Excelerate
Energy,
Inc.,
Class
A
63,609
12,669
Kosmos
Energy
Ltd.
(Ghana)*
76,774
123,949
Nordic
American
Tankers
Ltd.
551,573
844
Peabody
Energy
Corp.
22,535
5,989
Scorpio
Tankers,
Inc.
(Monaco)
423,422
7,250
Teekay
Tankers
Ltd.,
Class
A
(Canada)
453,487
2,226,563
Personal
Care
Products
–
1.6%
8,885
elf
Beauty,
Inc.*
1,417,424
39,597
Herbalife
Ltd.*
477,144
1,894,568
Pharmaceuticals
–
2.0%
8,081
Amylyx
Pharmaceuticals,
Inc.*
129,296
3,409
Arvinas,
Inc.*
141,474
6,545
Axsome
Therapeutics,
Inc.*
589,246
1,413
Cassava
Sciences,
Inc.*
(a)
33,841
3,222
Corcept
Therapeutics,
Inc.*
67,984
4,116
Cymabay
Therapeutics,
Inc.*
96,767
12,656
Intra-Cellular
Therapies,
Inc.*
852,255
31,443
Ocular
Therapeutix,
Inc.*
152,813
3,328
Phibro
Animal
Health
Corp.,
Class
A
35,976
5,906
Supernus
Pharmaceuticals,
Inc.*
163,478
2,263,130
Professional
Services
–
4.6%
14,694
CBIZ,
Inc.*
935,420
14,371
CSG
Systems
International,
Inc.
723,005
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Professional
Services
–
(continued)
35,338
ExlService
Holdings,
Inc.*
$
1,105,373
3,044
Exponent,
Inc.
268,450
1,691
Forrester
Research,
Inc.*
43,087
6,428
Franklin
Covey
Co.*
259,948
1,095
Huron
Consulting
Group,
Inc.*
113,365
4,728
IBEX
Holdings
Ltd.*
85,199
2,079
Insperity,
Inc.
238,441
9,406
Parsons
Corp.*
612,801
2,016
TriNet
Group,
Inc.*
229,219
52,799
Upwork,
Inc.*
723,874
5,338,182
Real
Estate
Management
&
Development
–
0.5%
35,170
Redfin
Corp.*
286,987
4,262
St
Joe
Co.
(The)
235,263
522,250
Residential
REITs
–
0.3%
12,656
NexPoint
Residential
Trust,
Inc.
REIT
386,641
Retail
REITs
–
0.6%
2,972
Alexander's,
Inc.
REIT
653,216
2,230
Tanger,
Inc.
REIT
59,987
713,203
Semiconductors
&
Semiconductor
Equipment
–
3.6%
6,350
Axcelis
Technologies,
Inc.*
825,817
8,149
Credo
Technology
Group
Holding
Ltd.*
167,136
7,308
FormFactor,
Inc.*
283,331
3,505
inTEST
Corp.*
41,815
2,033
MACOM
Technology
Solutions
Holdings,
Inc.*
175,306
177
NVE
Corp.
14,158
5,256
Onto
Innovation,
Inc.*
848,844
21,229
PDF
Solutions,
Inc.*
662,345
13,905
Rambus,
Inc.*
952,910
2,081
SiTime
Corp.*
221,772
4,193,434
Software
–
10.9%
14,747
A10
Networks,
Inc.
197,167
1,189
Agilysys,
Inc.*
99,531
8,025
Alarm.com
Holdings,
Inc.*
488,081
2,654
Alkami
Technology,
Inc.*
65,341
8,649
Amplitude,
Inc.,
Class
A*
112,091
2,964
Appfolio,
Inc.,
Class
A*
649,887
21,087
Asana,
Inc.,
Class
A*
367,336
1,459
Blackbaud,
Inc.*
118,062
9,009
Braze,
Inc.,
Class
A*
486,936
3,900
C3.ai,
Inc.,
Class
A*
(a)
96,642
1,570
Cleanspark,
Inc.*
12,639
36,631
Clear
Secure,
Inc.,
Class
A
697,088
4,680
Domo,
Inc.,
Class
B*
50,872
11,781
Everbridge,
Inc.*
263,423
23,163
Expensify,
Inc.,
Class
A*
37,524
34,455
Freshworks,
Inc.,
Class
A*
764,901
9,596
Instructure
Holdings,
Inc.*
236,349
1,463
Intapp,
Inc.*
63,026
17,281
Marathon
Digital
Holdings,
Inc.*
306,392
1,078
MicroStrategy,
Inc.,
Class
A*
540,304
GOLDMAN
SACHS
SMALL
CAP
GROWTH
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
3,919
Mitek
Systems,
Inc.*
$
49,379
15,940
Q2
Holdings,
Inc.*
678,247
6,686
Qualys,
Inc.*
1,264,791
6,186
Rapid7,
Inc.*
340,416
9,165
Red
Violet,
Inc.*
171,202
17,772
Riot
Platforms,
Inc.*
193,715
12,485
Sapiens
International
Corp.
NV
(Israel)
340,841
6,033
SPS
Commerce,
Inc.*
1,108,865
23,454
Tenable
Holdings,
Inc.*
1,104,683
23,961
Varonis
Systems,
Inc.*
1,075,370
6,355
Verint
Systems,
Inc.*
188,680
729
Weave
Communications,
Inc.*
9,142
46,028
Yext,
Inc.*
272,946
11,008
Zeta
Global
Holdings
Corp.,
Class
A*
106,557
12,558,426
Specialty
Retail
–
2.5%
13,622
Academy
Sports
&
Outdoors,
Inc.
854,508
4,409
Boot
Barn
Holdings,
Inc.*
316,302
17,629
Buckle,
Inc.
(The)
655,623
29,342
CarParts.com,
Inc.*
78,930
3,423
Carvana
Co.*
147,394
3,587
Foot
Locker,
Inc.
101,010
9,056
Urban
Outfitters,
Inc.*
344,128
29,958
Warby
Parker,
Inc.,
Class
A*
381,964
2,879,859
Technology
Hardware,
Storage
&
Peripherals
–
2.3%
10,783
Eastman
Kodak
Co.*
37,201
4,877
Super
Micro
Computer,
Inc.*
2,582,908
2,620,109
Textiles,
Apparel
&
Luxury
Goods
–
0.6%
14,680
Figs,
Inc.,
Class
A*
84,557
6,114
Oxford
Industries,
Inc.
580,402
664,959
Trading
Companies
&
Distributors
–
1.5%
2,424
Applied
Industrial
Technologies,
Inc.
427,739
6,432
H&E
Equipment
Services,
Inc.
345,978
1,223
Herc
Holdings,
Inc.
180,380
4,995
McGrath
RentCorp
627,622
11,114
MRC
Global,
Inc.*
118,475
1,700,194
Water
Utilities
–
0.5%
4,103
American
States
Water
Co.
306,084
7,716
York
Water
Co.
(The)
276,850
582,934
TOTAL
COMMON
STOCKS
(Cost
$100,737,522)
113,933,613
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
143,434
5.223%
$
143,434
(Cost
$143,434)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$100,880,956)
114,077,047
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
857,425
5.223%
857,425
(Cost
$857,425)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$101,738,381)
$
114,934,472
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
376,102
NET
ASSETS
–
100.0%
$
115,310,574
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.0%
Aerospace
&
Defense
–
2.8%
16,226
General
Dynamics
Corp.
$
4,299,728
26,120
Lockheed
Martin
Corp.
11,216,189
25,986
Northrop
Grumman
Corp.
11,609,505
27,125,422
Air
Freight
&
Logistics
–
1.0%
69,858
United
Parcel
Service,
Inc.,
Class
B
9,912,850
Automobile
Components
–
0.6%
16,663
Aptiv
PLC*
1,355,202
34,698
Lear
Corp.
4,611,364
5,966,566
Automobiles
–
0.7%
36,532
Tesla,
Inc.*
6,842,078
Banks
–
1.8%
346,561
Bank
of
America
Corp.
11,786,539
22,407
Cullen/Frost
Bankers,
Inc.
2,377,831
982
First
Citizens
BancShares,
Inc.,
Class
A
1,482,820
12,258
JPMorgan
Chase &
Co.
2,137,305
17,784,495
Beverages
–
1.1%
191,210
Monster
Beverage
Corp.*
10,520,374
Biotechnology
–
0.6%
16,781
Moderna,
Inc.*
1,695,720
26,570
Neurocrine
Biosciences,
Inc.*
3,713,689
1,151
Vertex
Pharmaceuticals,
Inc.*
498,820
5,908,229
Broadline
Retail
–
3.7%
233,458
Amazon.com,
Inc.*
36,232,682
Building
Products
–
0.1%
1,195
Lennox
International,
Inc.
511,651
Capital
Markets
–
2.7%
6,580
Ameriprise
Financial,
Inc.
2,545,342
30,567
CME
Group,
Inc.
6,291,911
34,436
Coinbase
Global,
Inc.,
Class
A*
4,414,695
126,983
Northern
Trust
Corp.
10,112,926
80,319
Robinhood
Markets,
Inc.,
Class
A*
862,626
13,149
Tradeweb
Markets,
Inc.,
Class
A
1,254,283
11,956
XP,
Inc.,
Class
A
(Brazil)
293,879
25,775,662
Chemicals
–
1.9%
11,301
Axalta
Coating
Systems
Ltd.*
366,378
19,318
Corteva,
Inc.
878,583
19,425
Linde
PLC
7,863,823
34,581
PPG
Industries,
Inc.
4,877,304
38,582
RPM
International,
Inc.
4,115,156
18,101,244
Communications
Equipment
–
2.3%
2,659
Arista
Networks,
Inc.*
687,830
287,909
Cisco
Systems,
Inc.
14,447,274
21,113
Motorola
Solutions,
Inc.
6,745,603
21,880,707
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Construction
Materials
–
1.5%
9,993
Martin
Marietta
Materials,
Inc.
$
5,080,641
42,058
Vulcan
Materials
Co.
9,505,529
14,586,170
Consumer
Finance
–
1.4%
89,541
Capital
One
Financial
Corp.
12,116,688
25,572
Synchrony
Financial
993,984
13,110,672
Consumer
Staples
Distribution
&
Retail
–
1.8%
25,001
Costco
Wholesale
Corp.
17,372,695
Distributors
–
0.2%
44,821
LKQ
Corp.
2,091,796
798
Pool
Corp.
296,258
2,388,054
Electric
Utilities
–
0.5%
151,575
Exelon
Corp.
5,276,326
Electrical
Equipment
–
1.5%
67,129
AMETEK,
Inc.
10,878,254
38,897
nVent
Electric
PLC
2,335,376
5,531
Rockwell
Automation,
Inc.
1,400,892
14,614,522
Energy
Equipment
&
Services
–
0.5%
137,983
Baker
Hughes
Co.
3,932,515
14,231
Schlumberger
NV
693,050
4,625,565
Entertainment
–
1.4%
1,543
Electronic
Arts,
Inc.
212,286
23,703
Netflix,
Inc.*
13,371,099
13,583,385
Financial
Services
–
5.8%
71,128
Berkshire
Hathaway,
Inc.,
Class
B*
27,294,659
55,276
Fiserv,
Inc.*
7,842,006
2,447
Jack
Henry
&
Associates,
Inc.
405,786
76,515
Visa,
Inc.,
Class
A
20,908,489
56,450,940
Food
Products
–
1.1%
166,526
General
Mills,
Inc.
10,809,203
Gas
Utilities
–
0.1%
7,512
Atmos
Energy
Corp.
855,917
Ground
Transportation
–
0.1%
29,645
CSX
Corp.
1,058,326
31,750
Lyft,
Inc.,
Class
A*
396,558
1,454,884
Health
Care
Equipment
&
Supplies
–
1.1%
136,845
Boston
Scientific
Corp.*
8,656,815
23,872
Edwards
Lifesciences
Corp.*
1,873,236
10,530,051
Health
Care
Providers
&
Services
–
4.0%
26,521
Elevance
Health,
Inc.
13,086,523
15,196
Encompass
Health
Corp.
1,079,524
2,451
Humana,
Inc.
926,625
42,011
UnitedHealth
Group,
Inc.
21,498,709
GOLDMAN
SACHS
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Providers
&
Services
–
(continued)
10,941
Universal
Health
Services,
Inc.,
Class
B
$
1,737,540
38,328,921
Health
Care
REITs
–
0.1%
12,454
Welltower,
Inc.
REIT
1,077,396
Health
Care
Technology
–
0.5%
23,108
Veeva
Systems,
Inc.,
Class
A*
4,792,830
Hotel
&
Resort
REITs
–
1.7%
528,184
Host
Hotels
&
Resorts,
Inc.
REIT
10,151,696
394,544
Park
Hotels
&
Resorts,
Inc.
REIT
5,949,724
16,101,420
Hotels,
Restaurants
&
Leisure
–
2.8%
47,033
Airbnb,
Inc.,
Class
A*
6,779,337
2,488
Booking
Holdings,
Inc.*
8,726,585
4,834
Chipotle
Mexican
Grill,
Inc.*
11,643,994
4,401
Wynn
Resorts
Ltd.
415,587
27,565,503
Household
Durables
–
1.3%
66,172
D.R.
Horton,
Inc.
9,456,640
31,137
PulteGroup,
Inc.
3,255,685
12,712,325
Household
Products
–
1.1%
84,791
Kimberly-Clark
Corp.
10,257,167
Industrial
REITs
–
0.3%
55,186
Rexford
Industrial
Realty,
Inc.
REIT
2,902,232
Insurance
–
2.7%
5,688
Kinsale
Capital
Group,
Inc.
2,261,378
74,665
Progressive
Corp.
(The)
13,309,036
51,735
Travelers
Cos.,
Inc.
(The)
10,934,710
26,505,124
Interactive
Media
&
Services
–
6.1%
54,251
Alphabet,
Inc.,
Class
A*
7,600,565
221,419
Alphabet,
Inc.,
Class
C*
31,397,214
51,011
Meta
Platforms,
Inc.,
Class
A*
19,901,432
58,899,211
IT
Services
–
1.3%
31,288
International
Business
Machines
Corp.
5,746,354
17,974
Okta,
Inc.*
1,485,551
26,451
VeriSign,
Inc.*
5,260,575
12,492,480
Life
Sciences
Tools
&
Services
–
1.8%
30,789
Bruker
Corp.
2,201,721
41,120
IQVIA
Holdings,
Inc.*
8,562,418
3,169
Medpace
Holdings,
Inc.*
924,017
4,892
Mettler-Toledo
International,
Inc.*
5,856,654
17,544,810
Machinery
–
0.7%
47,212
Otis
Worldwide
Corp.
4,175,429
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Machinery
–
(continued)
6,317
Parker-Hannifin
Corp.
$
2,934,247
7,109,676
Media
–
0.7%
25,890
Paramount
Global,
Class
B
377,735
91,028
Trade
Desk,
Inc.
(The),
Class
A*
6,229,046
6,606,781
Metals
&
Mining
–
0.6%
1,382
Nucor
Corp.
258,337
44,619
Steel
Dynamics,
Inc.
5,385,067
5,643,404
Oil,
Gas
&
Consumable
Fuels
–
1.8%
132,783
Antero
Resources
Corp.*
2,966,372
59,789
Cheniere
Energy,
Inc.
9,804,798
58,227
Devon
Energy
Corp.
2,446,699
15,477
Valero
Energy
Corp.
2,149,755
17,367,624
Personal
Care
Products
–
0.4%
210,991
Kenvue,
Inc.
4,380,173
Pharmaceuticals
–
1.8%
81,390
Bristol-Myers
Squibb
Co.
3,977,529
2,527
Eli
Lilly
&
Co.
1,631,457
1,117
Johnson &
Johnson
177,491
27,627
Royalty
Pharma
PLC,
Class
A
784,331
60,151
Zoetis,
Inc.
11,296,959
17,867,767
Professional
Services
–
0.1%
4,673
FTI
Consulting,
Inc.*
895,393
Real
Estate
Management
&
Development
–
0.6%
55,870
CoStar
Group,
Inc.*
4,664,028
17,280
Zillow
Group,
Inc.,
Class
C*
982,195
5,646,223
Residential
REITs
–
1.1%
131,980
American
Homes
4
Rent,
Class
A
REIT
4,625,899
27,616
AvalonBay
Communities,
Inc.
REIT
4,943,540
23,736
Invitation
Homes,
Inc.
REIT
781,626
10,351,065
Semiconductors
&
Semiconductor
Equipment
–
5.7%
41,892
Applied
Materials,
Inc.
6,882,856
1,834
Broadcom,
Inc.
2,164,120
6,643
Microchip
Technology,
Inc.
565,851
31,371
Micron
Technology,
Inc.
2,690,063
48,071
NVIDIA
Corp.
29,576,644
1,511
Skyworks
Solutions,
Inc.
157,839
81,341
Texas
Instruments,
Inc.
13,024,321
55,061,694
Software
–
13.5%
28,935
Crowdstrike
Holdings,
Inc.,
Class
A*
8,463,488
210,014
Dropbox,
Inc.,
Class
A*
6,653,244
22,650
Intuit,
Inc.
14,299,624
178,143
Microsoft
Corp.
70,826,094
GOLDMAN
SACHS
U.S.
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
15,494
Oracle
Corp.
$
1,730,680
60,869
Salesforce,
Inc.*
17,109,667
11,723
ServiceNow,
Inc.*
8,972,784
12,008
Zscaler,
Inc.*
2,829,925
130,885,506
Specialized
REITs
–
0.1%
5,747
SBA
Communications
Corp.
REIT
1,286,523
Specialty
Retail
–
1.1%
78,473
Ross
Stores,
Inc.
11,008,193
Technology
Hardware,
Storage
&
Peripherals
–
9.8%
400,512
Apple,
Inc.
73,854,413
130,078
Dell
Technologies,
Inc.,
Class
C
10,780,864
665,772
Hewlett
Packard
Enterprise
Co.
10,179,654
94,814,931
Textiles,
Apparel
&
Luxury
Goods
–
0.4%
16,864
Ralph
Lauren
Corp.
2,422,851
18,983
Skechers
USA,
Inc.,
Class
A*
1,185,298
3,608,149
Trading
Companies
&
Distributors
–
0.6%
48,567
Core
&
Main,
Inc.,
Class
A*
2,006,303
18,518
Ferguson
PLC
3,478,791
5,485,094
TOTAL
INVESTMENTS
–
99.0%
(Cost
$721,413,126)
$
959,417,959
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.0%
9,748,586
NET
ASSETS
–
100.0%
$
969,166,545
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.9%
Aerospace
&
Defense
–
1.3%
88,292
AAR
Corp.*
$
5,369,919
130,412
Kratos
Defense &
Security
Solutions,
Inc.*
2,207,875
28,546
National
Presto
Industries,
Inc.
2,259,987
107,587
Triumph
Group,
Inc.*
1,742,909
11,580,690
Automobile
Components
–
1.9%
137,909
Adient
PLC*
4,786,822
79,220
Atmus
Filtration
Technologies,
Inc.*
(a)
1,768,983
585,967
Goodyear
Tire
&
Rubber
Co.
(The)*
8,168,380
73,551
Holley,
Inc.*
350,838
22,088
Modine
Manufacturing
Co.*
1,526,060
16,601,083
Banks
–
16.6%
43,006
1st
Source
Corp.
2,247,924
104,024
Amalgamated
Financial
Corp.
2,762,877
96,494
Ameris
Bancorp
4,789,962
6,625
Atlantic
Union
Bankshares
Corp.
226,310
56,838
Axos
Financial,
Inc.*
3,150,530
42,155
BancFirst
Corp.
3,731,139
59,836
Bancorp,
Inc.
(The)*
2,611,243
134,746
BankUnited,
Inc.
3,807,922
2,063
Bankwell
Financial
Group,
Inc.
57,248
64,027
Banner
Corp.
2,982,378
65,001
BayCom
Corp.
1,326,670
60,315
Business
First
Bancshares,
Inc.
1,360,103
41,043
Byline
Bancorp,
Inc.
896,379
37,404
Cadence
Bank
995,694
26,315
Capital
Bancorp,
Inc.
572,614
10,631
Cathay
General
Bancorp
437,678
156,037
Central
Pacific
Financial
Corp.
3,006,833
5,588
City
Holding
Co.
571,149
2,413
Community
Bank
System,
Inc.
110,443
32,481
Community
Trust
Bancorp,
Inc.
1,347,962
223,403
CVB
Financial
Corp.
3,746,468
15,434
Eagle
Bancorp,
Inc.
382,609
65,989
Enterprise
Financial
Services
Corp.
2,747,122
20,629
Financial
Institutions,
Inc.
431,146
266,413
First
BanCorp.
(Puerto
Rico)
4,443,769
20,342
First
Bancshares,
Inc.
(The)
517,297
249,953
First
Commonwealth
Financial
Corp.
3,501,842
177,604
First
Financial
Bancorp
3,981,882
3,817
First
Financial
Corp.
150,466
129,595
Fulton
Financial
Corp.
2,020,386
55,562
Glacier
Bancorp,
Inc.
2,148,027
42,507
Great
Southern
Bancorp,
Inc.
2,214,190
117,246
Hancock
Whitney
Corp.
5,288,967
162,315
Hanmi
Financial
Corp.
2,718,776
100,438
Heartland
Financial
USA,
Inc.
3,562,536
119,485
Heritage
Commerce
Corp.
1,062,222
155,261
Heritage
Financial
Corp.
3,128,509
49,753
Home
BancShares,
Inc.
1,166,210
34,702
HomeTrust
Bancshares,
Inc.
942,159
207,645
Hope
Bancorp,
Inc.
2,300,707
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Banks
–
(continued)
8,983
Independent
Bank
Corp.
$
503,856
113,783
Independent
Bank
Corp.
2,894,640
11,321
Independent
Bank
Group,
Inc.
547,370
87,029
International
Bancshares
Corp.
4,600,353
8,535
Macatawa
Bank
Corp.
90,983
100,375
National
Bank
Holdings
Corp.,
Class
A
3,513,125
24,598
Northeast
Community
Bancorp,
Inc.
423,824
103,341
OFG
Bancorp
(Puerto
Rico)
3,799,849
49,626
Old
National
Bancorp
817,340
81,591
Old
Second
Bancorp,
Inc.
1,111,269
97,694
Origin
Bancorp,
Inc.
2,979,667
38,022
PCB
Bancorp
636,869
37,666
Preferred
Bank
2,705,925
201,671
Provident
Financial
Services,
Inc.
3,337,655
91,938
Renasant
Corp.
2,907,999
56,544
Sierra
Bancorp
1,173,288
9,849
Southern
First
Bancshares,
Inc.*
369,239
102,792
Southside
Bancshares,
Inc.
3,217,390
35,712
SouthState
Corp.
2,967,667
75,334
Texas
Capital
Bancshares,
Inc.*
4,595,374
8,608
Timberland
Bancorp,
Inc.
240,766
101,983
TrustCo
Bank
Corp.
2,947,309
63,858
UMB
Financial
Corp.
5,268,285
95,242
United
Bankshares,
Inc.
3,414,426
6,496
United
Community
Banks,
Inc.
177,601
16,548
Unity
Bancorp,
Inc.
453,250
45,827
Valley
National
Bancorp
440,856
148,652
Veritex
Holdings,
Inc.
3,123,179
3,860
WaFd,
Inc.
112,094
55,641
WesBanco,
Inc.
1,632,507
17,556
WSFS
Financial
Corp.
781,418
145,233,721
Beverages
–
0.6%
336,396
Primo
Water
Corp.
4,904,654
Biotechnology
–
4.8%
16,745
4D
Molecular
Therapeutics,
Inc.*
288,851
30,167
Agios
Pharmaceuticals,
Inc.*
682,378
170,966
Allogene
Therapeutics,
Inc.*
601,800
7,417
Alpine
Immune
Sciences,
Inc.*
197,366
18,301
Arcturus
Therapeutics
Holdings,
Inc.*
603,384
61,725
Arcus
Biosciences,
Inc.*
934,516
350,613
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
2,643,622
16,304
Avidity
Biosciences,
Inc.*
199,398
88,540
Biohaven
Ltd.*
3,938,259
16,620
CareDx,
Inc.*
142,267
103,830
Deciphera
Pharmaceuticals,
Inc.*
1,486,846
69,894
Design
Therapeutics,
Inc.*
165,649
263,690
Emergent
BioSolutions,
Inc.*
440,362
65,774
Enanta
Pharmaceuticals,
Inc.*
799,154
128,574
Erasca,
Inc.*
214,719
30,313
Fate
Therapeutics,
Inc.*
186,728
167,719
Generation
Bio
Co.*
315,312
33,685
Inozyme
Pharma,
Inc.*
185,268
4,331
Intellia
Therapeutics,
Inc.*
103,164
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Biotechnology
–
(continued)
321,496
Iovance
Biotherapeutics,
Inc.*
$
2,485,164
143,640
iTeos
Therapeutics,
Inc.*
1,429,218
26,697
KalVista
Pharmaceuticals,
Inc.*
421,012
186,335
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
3,285,086
173,967
Kodiak
Sciences,
Inc.*
697,608
52,180
Kura
Oncology,
Inc.*
1,050,905
70,074
MacroGenics,
Inc.*
1,002,058
392,821
MannKind
Corp.*
1,312,022
142,721
Nurix
Therapeutics,
Inc.*
1,127,496
87,033
Olema
Pharmaceuticals,
Inc.*
1,134,910
249,012
PMV
Pharmaceuticals,
Inc.*
438,261
103,321
Poseida
Therapeutics,
Inc.*
355,424
45,006
REGENXBIO,
Inc.*
554,474
187,570
Relay
Therapeutics,
Inc.*
1,735,022
149,316
Sana
Biotechnology,
Inc.*
819,745
34,809
Scholar
Rock
Holding
Corp.*
485,586
431,856
Sutro
Biopharma,
Inc.*
1,874,255
80,663
TG
Therapeutics,
Inc.*
1,309,967
175,885
Vanda
Pharmaceuticals,
Inc.*
633,186
101,780
Veracyte,
Inc.*
2,546,536
74,591
Verve
Therapeutics,
Inc.*
807,075
73,283
Viking
Therapeutics,
Inc.*
1,769,052
7,392
Vir
Biotechnology,
Inc.*
69,485
59,651
Y-mAbs
Therapeutics,
Inc.*
762,936
42,235,526
Broadline
Retail
–
0.1%
109,480
Big
Lots,
Inc.
628,415
19,282
ContextLogic,
Inc.,
Class
A*
84,262
712,677
Building
Products
–
1.4%
41,478
American
Woodmark
Corp.*
3,786,112
411,112
Masterbrand,
Inc.*
5,784,346
14,770
Quanex
Building
Products
Corp.
461,119
119,515
Resideo
Technologies,
Inc.*
2,004,267
12,035,844
Capital
Markets
–
0.6%
79,268
StoneX
Group,
Inc.*
5,211,871
Chemicals
–
1.3%
31,380
Aspen
Aerogels,
Inc.*
352,397
6,201
Core
Molding
Technologies,
Inc.*
107,277
39,069
Innospec,
Inc.
4,536,302
10,475
Koppers
Holdings,
Inc.
535,691
40,352
Mativ
Holdings,
Inc.
485,435
82,780
Minerals
Technologies,
Inc.
5,409,673
11,426,775
Commercial
Services
&
Supplies
–
1.2%
31,442
BrightView
Holdings,
Inc.*
280,777
130,034
Deluxe
Corp.
2,458,943
172,982
Ennis,
Inc.
3,523,643
224,407
Steelcase,
Inc.,
Class
A
2,845,481
8,109
UniFirst
Corp.
1,373,827
10,482,671
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Communications
Equipment
–
0.6%
254,039
NetScout
Systems,
Inc.*
$
5,464,379
Construction
&
Engineering
–
1.1%
7,165
Arcosa,
Inc.
560,876
5,984
Comfort
Systems
USA,
Inc.
1,301,341
15,161
Limbach
Holdings,
Inc.*
651,923
178,811
Primoris
Services
Corp.
5,865,001
21,291
Sterling
Infrastructure,
Inc.*
1,598,954
9,978,095
Construction
Materials
–
1.1%
18,487
Knife
River
Corp.*
1,210,713
234,627
Summit
Materials,
Inc.,
Class
A*
8,488,805
9,699,518
Consumer
Finance
–
0.4%
3,299
Encore
Capital
Group,
Inc.*
165,214
16,050
Enova
International,
Inc.*
873,602
23,299
Green
Dot
Corp.,
Class
A*
209,924
19,846
Nelnet,
Inc.,
Class
A
1,729,182
1,301
World
Acceptance
Corp.*
170,834
3,148,756
Consumer
Staples
Distribution
&
Retail
–
0.4%
47,638
Natural
Grocers
by
Vitamin
Cottage,
Inc.
712,188
38,443
Weis
Markets,
Inc.
2,335,412
3,047,600
Diversified
Consumer
Services
–
2.3%
31,752
Adtalem
Global
Education,
Inc.*
1,602,841
203,644
Coursera,
Inc.*
3,897,746
19,899
Duolingo,
Inc.*
3,559,732
6,705
European
Wax
Center,
Inc.,
Class
A*
99,502
3,339
Frontdoor,
Inc.*
109,386
2,135
Graham
Holdings
Co.,
Class
B
1,538,054
114,899
Perdoceo
Education
Corp.
2,079,672
68,893
Strategic
Education,
Inc.
6,480,075
145,867
WW
International,
Inc.*
548,460
19,915,468
Diversified
REITs
–
0.6%
224,923
American
Assets
Trust,
Inc.
REIT
5,045,023
9,345
Essential
Properties
Realty
Trust,
Inc.
REIT
232,784
5,277,807
Diversified
Telecommunication
Services
–
0.3%
8,985
Bandwidth,
Inc.,
Class
A*
124,353
32,341
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
227,681
340,230
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
2,422,437
127,550
Lumen
Technologies,
Inc.*
155,611
2,930,082
Electrical
Equipment
–
2.7%
2,189
Atkore,
Inc.*
333,888
36,840
Encore
Wire
Corp.
8,307,420
165,917
FTC
Solar,
Inc.*
83,207
17,193
NEXTracker,
Inc.,
Class
A*
778,327
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
(continued)
62,969
Powell
Industries,
Inc.
$
7,463,716
174,461
Thermon
Group
Holdings,
Inc.*
5,718,832
17,431
Vicor
Corp.*
656,626
23,342,016
Electronic
Equipment,
Instruments
&
Components
–
1.5%
76,967
ePlus,
Inc.*
5,814,087
45,783
Itron,
Inc.*
3,302,786
26,612
PC
Connection,
Inc.
1,716,740
71,058
Vishay
Precision
Group,
Inc.*
2,265,329
13,098,942
Energy
Equipment
&
Services
–
2.2%
137,187
Archrock,
Inc.
2,241,636
31,244
Atlas
Energy
Solutions,
Inc.
542,708
49,011
Diamond
Offshore
Drilling,
Inc.*
597,934
14,760
DMC
Global,
Inc.*
251,215
112,537
Dril-Quip,
Inc.*
2,258,618
202,224
Helix
Energy
Solutions
Group,
Inc.*
1,900,906
44,171
Helmerich
&
Payne,
Inc.
1,778,324
9,409
Nabors
Industries
Ltd.*
795,813
148,292
Newpark
Resources,
Inc.*
962,415
331,553
Oil
States
International,
Inc.*
2,045,682
224,091
Patterson-UTI
Energy,
Inc.
2,485,169
72,459
ProFrac
Holding
Corp.,
Class
A*
(a)
573,151
347,343
ProPetro
Holding
Corp.*
2,938,522
19,372,093
Entertainment
–
0.1%
160,556
Vivid
Seats,
Inc.,
Class
A*
921,591
Financial
Services
–
4.1%
105,785
A-Mark
Precious
Metals,
Inc.
2,853,021
244,018
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
5,868,633
11,449
Enact
Holdings,
Inc.
326,182
68,964
Essent
Group
Ltd.
3,804,054
90,685
Flywire
Corp.*
1,937,939
1,002,643
Marqeta,
Inc.,
Class
A*
6,025,884
121,076
Merchants
Bancorp
5,295,864
82,426
Mr
Cooper
Group,
Inc.*
5,552,215
12,853
NMI
Holdings,
Inc.,
Class
A*
410,268
21,998
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)*
283,114
162,799
Payoneer
Global,
Inc.*
761,899
8,045
PennyMac
Financial
Services,
Inc.
701,685
18,679
Remitly
Global,
Inc.*
320,158
88,732
Repay
Holdings
Corp.*
695,659
114,471
StoneCo
Ltd.,
Class
A
(Brazil)*
1,967,757
1,111
Walker &
Dunlop,
Inc.
107,311
36,911,643
Food
Products
–
0.0%
5,692
B&G
Foods,
Inc.
57,262
Gas
Utilities
–
0.6%
120,197
Northwest
Natural
Holding
Co.
4,430,462
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Gas
Utilities
–
(continued)
7,022
ONE
Gas,
Inc.
$
430,940
4,861,402
Ground
Transportation
–
0.0%
19,859
FTAI
Infrastructure,
Inc.
84,599
23,902
Heartland
Express,
Inc.
309,531
394,130
Health
Care
Equipment
&
Supplies
–
0.5%
13,282
AtriCure,
Inc.*
452,385
192,688
Embecta
Corp.
3,302,672
9,614
Inari
Medical,
Inc.*
547,517
2,023
OmniAb,
Inc.
12.5
Earnout*
(b)
—
2,023
OmniAb,
Inc.
15.00
Earnout*
(b)
—
23,455
Varex
Imaging
Corp.*
451,978
4,754,552
Health
Care
Providers
&
Services
–
1.2%
10,176
Accolade,
Inc.*
115,192
601,246
Brookdale
Senior
Living,
Inc.*
3,288,816
72,356
Community
Health
Systems,
Inc.*
265,547
54,314
HealthEquity,
Inc.*
4,105,052
82,572
Hims
&
Hers
Health,
Inc.*
708,468
37,571
Joint
Corp.
(The)*
366,693
440,908
OPKO
Health,
Inc.*
(a)
449,726
69,650
Pennant
Group,
Inc.
(The)*
1,045,446
10,344,940
Health
Care
REITs
–
0.3%
78,799
LTC
Properties,
Inc.
REIT
2,456,165
Health
Care
Technology
–
0.1%
124,224
American
Well
Corp.,
Class
A*
130,435
16,415
Computer
Programs
and
Systems,
Inc.*
166,284
20,589
Health
Catalyst,
Inc.*
201,155
18,633
Schrodinger,
Inc.*
492,843
990,717
Hotel
&
Resort
REITs
–
3.4%
486,873
Chatham
Lodging
Trust
REIT
5,112,166
738,549
DiamondRock
Hospitality
Co.
REIT
6,750,338
595,275
RLJ
Lodging
Trust
REIT
6,893,284
697,111
Service
Properties
Trust
REIT
5,388,668
333,426
Summit
Hotel
Properties,
Inc.
REIT
2,160,600
329,971
Sunstone
Hotel
Investors,
Inc.
REIT
3,520,791
11,921
Xenia
Hotels
&
Resorts,
Inc.
REIT
158,907
29,984,754
Hotels,
Restaurants
&
Leisure
–
0.8%
47,397
Chuy's
Holdings,
Inc.*
1,602,493
110,356
Everi
Holdings,
Inc.*
1,148,806
14,280
International
Game
Technology
PLC
370,709
87,781
Life
Time
Group
Holdings,
Inc.*
1,167,487
61,060
Lindblad
Expeditions
Holdings,
Inc.*
564,194
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Hotels,
Restaurants
&
Leisure
–
(continued)
73,465
Portillo's,
Inc.,
Class
A*
$
1,009,409
133,571
Sabre
Corp.*
547,641
43,580
Xponential
Fitness,
Inc.,
Class
A*
481,995
6,892,734
Household
Durables
–
4.1%
32,980
Beazer
Homes
USA,
Inc.*
1,047,115
4,737
Century
Communities,
Inc.
410,698
32,398
Dream
Finders
Homes,
Inc.,
Class
A*
1,064,922
57,681
Green
Brick
Partners,
Inc.*
3,009,218
5,928
Hovnanian
Enterprises,
Inc.,
Class
A*
1,001,654
124,648
KB
Home
7,427,774
50,780
LGI
Homes,
Inc.*
5,992,548
61,617
M/I
Homes,
Inc.*
7,851,238
24,233
Meritage
Homes
Corp.
4,013,227
32,647
Taylor
Morrison
Home
Corp.*
1,702,215
65,374
Tri
Pointe
Homes,
Inc.*
2,257,364
35,777,973
Industrial
REITs
–
1.7%
751,832
LXP
Industrial
Trust
REIT
6,834,153
129,101
Terreno
Realty
Corp.
REIT
7,711,203
14,545,356
Insurance
–
3.0%
164,167
Ambac
Financial
Group,
Inc.*
2,667,714
192,148
CNO
Financial
Group,
Inc.
5,222,583
157,216
Employers
Holdings,
Inc.
6,559,051
455,708
Genworth
Financial,
Inc.,
Class
A*
2,811,718
39,633
Goosehead
Insurance,
Inc.,
Class
A*
3,059,667
1,728
Investors
Title
Co.
289,008
184,624
James
River
Group
Holdings
Ltd.
1,766,852
2,955
Lemonade,
Inc.*
(a)
46,748
6,790
Mercury
General
Corp.
271,939
58,587
Skyward
Specialty
Insurance
Group,
Inc.*
1,822,056
109,043
Universal
Insurance
Holdings,
Inc.
1,812,295
26,329,631
Interactive
Media
&
Services
–
1.0%
227,073
Bumble,
Inc.,
Class
A*
3,115,442
25,569
Eventbrite,
Inc.,
Class
A*
214,013
369,753
fuboTV,
Inc.*
920,685
1,184,118
Vimeo,
Inc.*
4,700,948
8,951,088
IT
Services
–
0.5%
14,336
DigitalOcean
Holdings,
Inc.*
483,410
67,364
Fastly,
Inc.,
Class
A*
1,355,364
148,925
Rackspace
Technology,
Inc.*
250,194
369,864
Unisys
Corp.*
2,492,883
4,581,851
Leisure
Products
–
0.4%
75,581
Funko,
Inc.,
Class
A*
534,358
18,205
JAKKS
Pacific,
Inc.*
570,909
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Leisure
Products
–
(continued)
77,711
Latham
Group,
Inc.*
$
196,609
123,337
Topgolf
Callaway
Brands
Corp.*
1,624,348
2,926,224
Life
Sciences
Tools
&
Services
–
0.1%
22,604
Adaptive
Biotechnologies
Corp.*
82,957
23,484
Pacific
Biosciences
of
California,
Inc.*
152,881
39,224
Quanterix
Corp.*
866,458
1,102,296
Machinery
–
1.2%
9,168
Astec
Industries,
Inc.
326,381
26,374
Columbus
McKinnon
Corp.
1,030,432
15,549
Gorman-Rupp
Co.
(The)
519,181
65,796
Manitowoc
Co.,
Inc.
(The)*
1,059,316
259,212
Microvast
Holdings,
Inc.*
(a)
243,141
26,092
Miller
Industries,
Inc.
1,050,203
24,723
Proto
Labs,
Inc.*
892,253
6,239
Terex
Corp.
383,262
184,475
Trinity
Industries,
Inc.
4,637,701
10,983
Wabash
National
Corp.
277,870
10,419,740
Marine
Transportation
–
1.1%
324,338
Costamare,
Inc.
(Monaco)
3,473,660
155,621
Golden
Ocean
Group
Ltd.
(Norway)
1,644,914
19,164
Matson,
Inc.
2,146,943
31,682
Pangaea
Logistics
Solutions
Ltd.
295,276
599,332
Safe
Bulkers,
Inc.
(Greece)
2,421,301
9,982,094
Media
–
1.0%
22,446
AMC
Networks,
Inc.,
Class
A*
406,048
21,403
Cardlytics,
Inc.*
163,519
1,317
Daily
Journal
Corp.*
423,178
146,837
EW
Scripps
Co.
(The),
Class
A*
1,170,291
91,400
Gray
Television,
Inc.
872,870
9,246
John
Wiley
&
Sons,
Inc.,
Class
A
312,885
214,694
Magnite,
Inc.*
1,900,042
11,757
TechTarget,
Inc.*
401,737
151,128
Thryv
Holdings,
Inc.*
3,089,056
52,910
WideOpenWest,
Inc.*
196,296
8,935,922
Metals
&
Mining
–
2.6%
4,956
Alpha
Metallurgical
Resources,
Inc.
1,978,633
3,950
Arch
Resources,
Inc.
698,992
20,984
ATI,
Inc.*
857,616
118,656
Carpenter
Technology
Corp.
7,308,023
256,531
Coeur
Mining,
Inc.*
690,068
93,749
Haynes
International,
Inc.
5,219,007
52,011
Olympic
Steel,
Inc.
3,514,903
18,499
Ryerson
Holding
Corp.
634,886
155,598
SunCoke
Energy,
Inc.
1,594,880
22,497,008
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
2.1%
460,920
Arbor
Realty
Trust,
Inc.
REIT
6,130,236
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
(continued)
40,810
Ares
Commercial
Real
Estate
Corp.
REIT
$
388,103
6,020
ARMOUR
Residential
REIT,
Inc.
REIT
114,681
283,598
BrightSpire
Capital,
Inc.
REIT
2,027,726
337,089
Chimera
Investment
Corp.
REIT
1,618,027
95,969
Invesco
Mortgage
Capital,
Inc.
REIT
845,487
11,832
KKR
Real
Estate
Finance
Trust,
Inc.
REIT
144,824
244,811
Ladder
Capital
Corp.
REIT
2,675,784
14,605
MFA
Financial,
Inc.
REIT
161,677
3,452
Nexpoint
Real
Estate
Finance,
Inc.
REIT
50,296
212,521
PennyMac
Mortgage
Investment
Trust
REIT
3,047,551
131,794
Two
Harbors
Investment
Corp.
REIT
1,642,153
18,846,545
Multi-Utilities
–
1.4%
136,709
Avista
Corp.
4,649,473
138,672
Black
Hills
Corp.
7,177,663
11,827,136
Office
REITs
–
0.8%
49,815
Brandywine
Realty
Trust
REIT
236,123
149,089
City
Office
REIT,
Inc.
REIT
782,717
305,761
Equity
Commonwealth
REIT
5,843,093
6,861,933
Oil,
Gas
&
Consumable
Fuels
–
7.4%
60,809
Ardmore
Shipping
Corp.
(Ireland)
1,007,605
372
Chord
Energy
Corp.
57,199
44,432
CONSOL
Energy,
Inc.
4,203,267
586,025
DHT
Holdings,
Inc.
6,516,598
15,822
Dorian
LPG
Ltd.
592,376
82,864
Encore
Energy
Corp.
(Canada)*
(a)
382,003
197,315
Equitrans
Midstream
Corp.
2,010,640
287,660
Golar
LNG
Ltd.
(Cameroon)
6,273,864
73,653
Hallador
Energy
Co.*
628,260
117,602
International
Seaways,
Inc.
6,308,171
29,213
Matador
Resources
Co.
1,603,501
37,387
Murphy
Oil
Corp.
1,446,877
1,274,545
Nordic
American
Tankers
Ltd.
5,671,725
69,837
PBF
Energy,
Inc.,
Class
A
3,527,467
98,708
Peabody
Energy
Corp.
2,635,504
116,624
Scorpio
Tankers,
Inc.
(Monaco)
8,245,317
60,210
SM
Energy
Co.
2,232,587
433,409
Teekay
Corp.
(Bermuda)*
3,896,347
113,323
Teekay
Tankers
Ltd.,
Class
A
(Canada)
7,088,354
21,238
Vitesse
Energy,
Inc.
446,210
64,773,872
Passenger
Airlines
–
0.3%
46,791
SkyWest,
Inc.*
2,492,089
26,545
Spirit
Airlines,
Inc.
(a)
166,968
2,659,057
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Personal
Care
Products
–
0.6%
23,636
elf
Beauty,
Inc.*
$
3,770,651
124,193
Herbalife
Ltd.*
1,496,526
5,267,177
Pharmaceuticals
–
0.4%
76,315
Assertio
Holdings,
Inc.*
67,356
4,983
Axsome
Therapeutics,
Inc.*
448,619
2,961
Ligand
Pharmaceuticals,
Inc.*
216,449
44,098
Prestige
Consumer
Healthcare,
Inc.*
2,713,791
3,446,215
Professional
Services
–
2.0%
768,510
Alight,
Inc.,
Class
A*
6,855,109
67,697
Asure
Software,
Inc.*
598,442
159,675
ExlService
Holdings,
Inc.*
4,994,634
43,758
Parsons
Corp.*
2,850,834
187,433
Upwork,
Inc.*
2,569,706
17,868,725
Real
Estate
Management
&
Development
–
1.5%
157,079
Anywhere
Real
Estate,
Inc.*
1,118,402
90,604
Compass,
Inc.,
Class
A*
311,678
10,768
DigitalBridge
Group,
Inc.
211,484
262,656
Douglas
Elliman,
Inc.
567,337
129,762
Forestar
Group,
Inc.*
4,056,360
46,924
Kennedy-Wilson
Holdings,
Inc.
490,356
225,039
Newmark
Group,
Inc.,
Class
A
2,284,146
759,736
Opendoor
Technologies,
Inc.*
2,598,297
160,745
Redfin
Corp.*
1,311,679
12,949,739
Residential
REITs
–
0.6%
39,747
Centerspace
REIT
2,176,546
126,822
NexPoint
Residential
Trust,
Inc.
REIT
3,874,412
21,752
UMH
Properties,
Inc.
REIT
328,673
6,379,631
Retail
REITs
–
1.3%
350,870
Kite
Realty
Group
Trust
REIT
7,508,618
122,142
Macerich
Co.
(The)
REIT
1,928,622
24,923
Tanger,
Inc.
REIT
670,429
52,388
Urban
Edge
Properties
REIT
904,741
11,012,410
Semiconductors
&
Semiconductor
Equipment
–
1.2%
166,006
Amkor
Technology,
Inc.
5,255,750
32,040
Cohu,
Inc.*
1,020,794
42,541
Ichor
Holdings
Ltd.*
1,539,984
56,062
Photronics,
Inc.*
1,638,132
11,169
Synaptics,
Inc.*
1,192,961
2,441
Veeco
Instruments,
Inc.*
77,819
10,725,440
Software
–
2.2%
426
Appfolio,
Inc.,
Class
A*
93,405
259,817
Cleanspark,
Inc.*
2,091,527
215,576
Clear
Secure,
Inc.,
Class
A
4,102,411
20,220
Freshworks,
Inc.,
Class
A*
448,884
97,588
LiveRamp
Holdings,
Inc.*
3,852,774
11,478
ON24,
Inc.
87,807
GOLDMAN
SACHS
SMALL
CAP
VALUE
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
10,394
Q2
Holdings,
Inc.*
$
442,265
12,275
Qualys,
Inc.*
2,322,062
78,859
Riot
Platforms,
Inc.*
859,563
276,815
SolarWinds
Corp.*
3,271,953
47,636
Varonis
Systems,
Inc.*
2,137,903
19,710,554
Specialized
REITs
–
0.3%
18,013
Four
Corners
Property
Trust,
Inc.
REIT
421,684
322,215
Uniti
Group,
Inc.
REIT
1,694,851
2,116,535
Specialty
Retail
–
3.8%
59,721
Aaron's
Co.,
Inc.
(The)
614,529
15,569
Abercrombie
&
Fitch
Co.,
Class
A*
1,586,481
226,201
American
Eagle
Outfitters,
Inc.
4,483,304
31,808
Beyond,
Inc.*
699,458
29,227
Buckle,
Inc.
(The)
1,086,952
46,695
Carvana
Co.*
2,010,687
11,745
Cato
Corp.
(The),
Class
A
79,396
223,931
Foot
Locker,
Inc.
6,305,897
12,410
Group
1
Automotive,
Inc.
3,227,345
29,283
National
Vision
Holdings,
Inc.*
556,670
110,068
Rent
the
Runway,
Inc.,
Class
A*
(a)
67,604
66,925
Shoe
Carnival,
Inc.
1,706,587
53,073
Sleep
Number
Corp.*
546,652
28,388
Stitch
Fix,
Inc.,
Class
A*
90,841
119,259
Urban
Outfitters,
Inc.*
4,531,842
20,916
Warby
Parker,
Inc.,
Class
A*
266,679
10,330
Winmark
Corp.
3,725,721
110,854
Zumiez,
Inc.*
1,903,363
33,490,008
Technology
Hardware,
Storage
&
Peripherals
–
0.2%
145,018
Eastman
Kodak
Co.*
500,312
3,053
Super
Micro
Computer,
Inc.*
1,616,899
2,117,211
Textiles,
Apparel
&
Luxury
Goods
–
0.2%
138,513
Allbirds,
Inc.,
Class
A*
132,903
18,576
Oxford
Industries,
Inc.
1,763,420
1,896,323
Tobacco
–
0.1%
66,230
Vector
Group
Ltd.
693,428
Trading
Companies
&
Distributors
–
1.5%
9,959
Beacon
Roofing
Supply,
Inc.*
825,502
19,083
Boise
Cascade
Co.
2,584,983
298,484
DNOW,
Inc.*
3,011,704
6,752
DXP
Enterprises,
Inc.*
217,549
148,161
MRC
Global,
Inc.*
1,579,396
95,207
Rush
Enterprises,
Inc.,
Class
A
4,275,746
19,860
Xometry,
Inc.,
Class
A*
639,095
13,133,975
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Water
Utilities
–
0.0%
9,648
Consolidated
Water
Co.
Ltd.
(Cayman
Islands)
$
308,061
Wireless
Telecommunication
Services
–
0.2%
106,389
Telephone
and
Data
Systems,
Inc.
2,043,733
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$798,636,843)
868,447,049
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
3,193,990
5.223%
3,193,990
(Cost
$3,193,990)
TOTAL
INVESTMENTS
–
99.3%
(Cost
$801,830,833)
$
871,641,039
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
5,811,003
NET
ASSETS
–
100.0%
$
877,452,042
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
January
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Act
of
1940
(“Valuation
Designee”)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivatives
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
January
31,
2024:
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Large
Cap
Growth
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
1,121,584,944
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
103,711
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Large
Cap
Value
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
109,619
$
—
$
—
North
America
354,447,946
—
—
South
America
847,174
—
—
Total
$
355,404,739
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
2,950
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Small
Cap
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
2,260,237
$
—
$
—
Asia
2,314,935
—
—
Europe
4,938,081
—
—
North
America
379,549,801
—
—
South
America
1,943,222
—
—
Investment
Company
227,698
—
—
Securities
Lending
Reinvestment
Vehicle
2,755,280
—
—
Total
$
393,989,254
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
Funds
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
€
1.00
€
1.00
€
1.00
Small
Cap
Growth
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
76,774
$
—
$
—
Asia
1,665,323
—
—
Europe
744,159
—
—
North
America
111,147,735
—
—
South
America
299,622
—
—
Investment
Company
143,434
—
—
Securities
Lending
Reinvestment
Vehicle
857,425
—
—
Total
$
114,934,472
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Small
Cap
Value
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
6,273,864
$
—
$
—
Europe
16,792,797
—
—
North
America
843,129,517
—
—
South
America
2,250,871
—
—
Securities
Lending
Reinvestment
Vehicle
3,193,990
—
—
Total
$
871,641,039
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
U.S.
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
959,124,080
$
—
$
—
South
America
293,879
—
—
Total
$
959,417,959
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
is
unable
to
purchase
replacement
securities,
GSAL
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
“growth”,
“value”
or
“quantitative”)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Domestic
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
Large
Cap
Growth
Insights
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Portfolio
Turnover
Rate
Risk
—
A
high
rate
of
portfolio
turnover
may
involve
correspondingly
greater
expenses
which
must
be
borne
by
the
Fund
and
its
shareholders,
and
is
also
likely
to
result
in
short-term
capital
gains
taxable
to
shareholders..
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)