Goldman Sachs High Yield Instl (GSHIX) NPORT-P Goldman Sachs Enhanced Core Equity Fund (Nov 2024 report)

GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.9%

Aerospace

&

Defense

–

0.5%

12,414

Woodward,

Inc.

$

2,238,493

Air

Freight

&

Logistics

–

0.7%

21,115

United

Parcel

Service,

Inc.,

Class

B

2,865,728

Automobiles

–

1.3%

16,525

Tesla,

Inc.*

5,703,769

Banks

–

4.3%

108,617

Bank

of

America

Corp.

5,160,394

21,403

East

West

Bancorp,

Inc.

2,347,481

33,066

JPMorgan

Chase &

Co.

8,257,241

13,601

M&T

Bank

Corp.

2,992,084

18,757,200

Beverages

–

0.6%

10,039

Coca-Cola

Co.

(The)

643,299

23,388

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

1,814,441

2,457,740

Biotechnology

–

2.5%

25,921

AbbVie,

Inc.

4,741,728

11,394

Amgen,

Inc.

3,223,021

9,097

Biogen,

Inc.*

1,461,251

9,529

Neurocrine

Biosciences,

Inc.*

1,207,801

10,633,801

Broadline

Retail

–

3.3%

67,838

Amazon.com,

Inc.*

14,102,842

Capital

Markets

–

1.0%

2,678

MSCI,

Inc.

1,632,589

32,576

Nasdaq,

Inc.

2,703,482

4,336,071

Chemicals

–

1.7%

15,765

RPM

International,

Inc.

2,187,867

7,716

Sherwin-Williams

Co.

(The)

3,066,339

16,626

Westlake

Corp.

2,134,778

7,388,984

Communications

Equipment

–

0.4%

3,100

Motorola

Solutions,

Inc.

1,549,070

Construction

&

Engineering

–

0.5%

4,523

Comfort

Systems

USA,

Inc.

2,231,060

Consumer

Finance

–

0.9%

12,718

American

Express

Co.

3,874,920

Consumer

Staples

Distribution

&

Retail

–

2.1%

24,154

BJ's

Wholesale

Club

Holdings,

Inc.*

2,326,030

1,406

Costco

Wholesale

Corp.

1,366,463

23,101

Performance

Food

Group

Co.*

2,038,432

36,609

Walmart,

Inc.

3,386,333

9,117,258

Containers

&

Packaging

–

0.5%

10,887

Avery

Dennison

Corp.

2,242,178

Diversified

Telecommunication

Services

–

0.8%

149,447

AT&T,

Inc.

3,461,193

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electric

Utilities

–

1.0%

10,754

NRG

Energy,

Inc.

$

1,092,714

42,447

Xcel

Energy,

Inc.

3,079,954

4,172,668

Electrical

Equipment

–

1.9%

14,330

AMETEK,

Inc.

2,785,465

9,059

GE

Vernova,

Inc.*

3,026,793

8,498

Rockwell

Automation,

Inc.

2,508,100

8,320,358

Entertainment

–

1.3%

16,183

Electronic

Arts,

Inc.

2,648,671

3,622

Netflix,

Inc.*

3,212,026

5,860,697

Financial

Services

–

4.1%

10,869

Berkshire

Hathaway,

Inc.,

Class

B*

5,249,944

6,400

Corpay,

Inc.*

2,439,552

19,461

Fidelity

National

Information

Services,

Inc.

1,660,023

12,119

Mastercard,

Inc.,

Class

A

6,458,700

5,781

Visa,

Inc.,

Class

A

1,821,478

17,629,697

Food

Products

–

0.5%

63,590

Kraft

Heinz

Co.

(The)

2,032,972

Ground

Transportation

–

1.2%

10,946

Old

Dominion

Freight

Line,

Inc.

2,464,383

4,466

Saia,

Inc.*

2,541,511

5,005,894

Health

Care

Equipment

&

Supplies

–

1.3%

30,584

Abbott

Laboratories

3,632,462

24,352

Boston

Scientific

Corp.*

2,207,752

5,840,214

Health

Care

Providers

&

Services

–

2.7%

9,281

Cencora,

Inc.

2,334,636

7,680

Humana,

Inc.

2,276,198

11,510

UnitedHealth

Group,

Inc.

7,023,402

11,634,236

Health

Care

REITs

–

0.5%

17,731

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,954,488

Hotels,

Restaurants

&

Leisure

–

1.7%

4,658

Domino's

Pizza,

Inc.

2,218,093

9,906

McDonald's

Corp.

2,932,275

9,758

Starbucks

Corp.

999,805

6,313

Texas

Roadhouse,

Inc.

1,295,869

7,446,042

Household

Durables

–

0.6%

14,055

Lennar

Corp.,

Class

A

2,451,051

Household

Products

–

1.4%

16,098

Colgate-Palmolive

Co.

1,555,550

26,008

Procter &

Gamble

Co.

(The)

4,662,194

6,217,744

GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Independent

Power

and

Renewable

Electricity

Producers

–

0.6%

16,877

Vistra

Corp.

$

2,697,620

Industrial

Conglomerates

–

0.8%

14,267

Honeywell

International,

Inc.

3,323,212

Insurance

–

3.0%

13,452

Allstate

Corp.

(The)

2,789,810

17,539

American

Financial

Group,

Inc.

2,575,778

20,754

Arch

Capital

Group

Ltd.

2,090,343

14,452

Marsh

&

McLennan

Cos.,

Inc.

3,370,640

28,465

Unum

Group

2,188,958

13,015,529

Interactive

Media

&

Services

–

7.2%

60,146

Alphabet,

Inc.,

Class

A

10,161,667

46,046

Alphabet,

Inc.,

Class

C

7,850,382

22,551

Meta

Platforms,

Inc.,

Class

A

12,951,491

30,963,540

IT

Services

–

1.3%

11,376

Accenture

PLC,

Class

A

(Ireland)

4,122,321

7,694

International

Business

Machines

Corp.

1,749,693

5,872,014

Life

Sciences

Tools

&

Services

–

1.5%

13,560

Danaher

Corp.

3,250,196

1,752

Mettler-Toledo

International,

Inc.*

2,192,102

2,745

West

Pharmaceutical

Services,

Inc.

893,992

6,336,290

Machinery

–

3.1%

10,099

Caterpillar,

Inc.

4,101,305

27,370

Fortive

Corp.

2,171,262

10,275

IDEX

Corp.

2,369,723

10,265

Illinois

Tool

Works,

Inc.

2,848,743

13,053

ITT,

Inc.

2,037,834

13,528,867

Metals

&

Mining

–

0.6%

16,829

Steel

Dynamics,

Inc.

2,444,749

Multi-Utilities

–

0.5%

33,798

CMS

Energy

Corp.

2,356,059

Oil,

Gas

&

Consumable

Fuels

–

3.2%

14,153

Chevron

Corp.

2,291,795

23,284

ConocoPhillips

2,522,588

20,366

DT

Midstream,

Inc.

2,161,240

37,329

Exxon

Mobil

Corp.

4,403,329

18,219

Phillips

66

2,440,982

13,819,934

Passenger

Airlines

–

0.4%

16,777

United

Airlines

Holdings,

Inc.*

1,624,517

Personal

Care

Products

–

0.7%

123,902

Kenvue,

Inc.

2,983,560

Pharmaceuticals

–

2.3%

25,123

AstraZeneca

PLC

ADR

(United

Kingdom)

1,698,817

4,512

Eli

Lilly

&

Co.

3,588,619

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

4,882

Johnson &

Johnson

$

756,759

40,584

Merck &

Co.,

Inc.

4,124,958

10,169,153

Residential

REITs

–

1.6%

50,670

American

Homes

4

Rent,

Class

A

REIT

1,940,154

12,782

AvalonBay

Communities,

Inc.

REIT

3,008,244

29,431

Equity

LifeStyle

Properties,

Inc.

REIT

2,099,313

7,047,711

Semiconductors

&

Semiconductor

Equipment

–

10.6%

16,653

Applied

Materials,

Inc.

2,909,446

52,406

Broadcom,

Inc.

8,493,965

25,938

Enphase

Energy,

Inc.*

1,850,676

3,777

KLA

Corp.

2,443,832

24,219

Marvell

Technology,

Inc.

2,244,859

13,425

MKS

Instruments,

Inc.

1,525,617

192,645

NVIDIA

Corp.

26,633,171

46,101,566

Software

–

10.4%

7,825

Adobe,

Inc.*

4,037,152

6,579

AppLovin

Corp.,

Class

A*

2,215,478

37,484

Dynatrace,

Inc.*

2,106,226

68,687

Microsoft

Corp.

29,086,197

15,779

Salesforce,

Inc.

5,206,912

3,832

Tyler

Technologies,

Inc.*

2,410,980

45,062,945

Specialized

REITs

–

0.5%

70,303

VICI

Properties,

Inc.

REIT

2,292,581

Specialty

Retail

–

2.5%

4,000

Home

Depot,

Inc.

(The)

1,716,520

12,759

Lowe’s

Cos.,

Inc.

3,475,934

20,102

Ross

Stores,

Inc.

3,113,197

6,240

Ulta

Beauty,

Inc.*

2,412,634

10,718,285

Technology

Hardware,

Storage

&

Peripherals

–

7.6%

138,844

Apple,

Inc.

32,951,847

Textiles,

Apparel

&

Luxury

Goods

–

0.5%

21,145

PVH

Corp.

2,291,484

Trading

Companies

&

Distributors

–

0.7%

35,003

Fastenal

Co.

2,924,851

TOTAL

COMMON

STOCKS

(Cost

$303,253,235)

428,052,682

a

Exchange-Traded

Fund

–

0.1%

719

SPDR

S&P

500

ETF

Trust

(Cost

$421,470)

433,233

GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,908,695

4.541%

$

3,908,695

(Cost

$3,908,695)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$307,583,400)

$

432,394,610

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

383,638

NET

ASSETS

–

100.0%

$

432,778,248

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.8%

Aerospace

&

Defense

–

1.1%

37,990

Boeing

Co.

(The)*

$

5,905,166

36,111

General

Electric

Co.

6,577,980

1,847

TransDigm

Group,

Inc.

2,314,235

14,797,381

Air

Freight

&

Logistics

–

0.8%

81,068

United

Parcel

Service,

Inc.,

Class

B

11,002,549

Automobiles

–

1.1%

44,174

Tesla,

Inc.*

15,247,098

Banks

–

3.8%

458,672

Bank

of

America

Corp.

21,791,507

127,133

JPMorgan

Chase &

Co.

31,747,653

53,539,160

Beverages

–

0.9%

110,922

Coca-Cola

Co.

(The)

7,107,882

81,046

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

6,287,549

13,395,431

Biotechnology

–

2.1%

91,515

AbbVie,

Inc.

16,740,839

10,653

Alnylam

Pharmaceuticals,

Inc.*

2,695,955

14,157

Amgen,

Inc.

4,004,591

2,648

Argenx

SE

ADR

(Netherlands)*

1,632,624

33,854

Exact

Sciences

Corp.*

2,101,656

20,196

Neurocrine

Biosciences,

Inc.*

2,559,843

29,735,508

Broadline

Retail

–

3.6%

241,882

Amazon.com,

Inc.*

50,284,849

Building

Products

–

0.5%

21,196

Fortune

Brands

Innovations,

Inc.

1,659,647

13,504

Trane

Technologies

PLC

5,620,635

7,280,282

Capital

Markets

–

1.9%

4,901

Blackrock,

Inc.

5,012,743

19,500

Blackstone,

Inc.

3,726,255

54,707

Charles

Schwab

Corp.

(The)

4,527,551

22,981

KKR

&

Co.,

Inc.

3,742,915

5,158

MSCI,

Inc.

3,144,472

16,418

Nasdaq,

Inc.

1,362,530

8,127

S&P

Global,

Inc.

4,246,439

7,741

Tradeweb

Markets,

Inc.,

Class

A

1,048,905

26,811,810

Chemicals

–

2.1%

20,938

Linde

PLC

9,652,209

44,689

Sherwin-Williams

Co.

(The)

17,759,408

15,558

Westlake

Corp.

1,997,647

29,409,264

Commercial

Services

&

Supplies

–

0.3%

20,022

Waste

Connections,

Inc.

3,853,634

Communications

Equipment

–

0.4%

4,616

Arista

Networks,

Inc.*

1,873,265

9,078

Motorola

Solutions,

Inc.

4,536,277

6,409,542

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

&

Engineering

–

0.2%

5,462

Comfort

Systems

USA,

Inc.

$

2,694,241

Construction

Materials

–

0.9%

22,297

Martin

Marietta

Materials,

Inc.

13,378,200

Consumer

Finance

–

1.3%

60,693

American

Express

Co.

18,491,943

Consumer

Staples

Distribution

&

Retail

–

2.0%

5,155

Costco

Wholesale

Corp.

5,010,041

254,419

Walmart,

Inc.

23,533,758

28,543,799

Containers

&

Packaging

–

0.5%

111,777

Ball

Corp.

6,948,058

Diversified

Telecommunication

Services

–

0.9%

553,041

AT&T,

Inc.

12,808,430

Electric

Utilities

–

1.3%

5,689

Entergy

Corp.

888,451

116,412

NextEra

Energy,

Inc.

9,158,132

40,160

PPL

Corp.

1,402,789

100,127

Xcel

Energy,

Inc.

7,265,215

18,714,587

Electrical

Equipment

–

3.2%

15,846

AMETEK,

Inc.

3,080,146

45,296

Eaton

Corp.

PLC

17,005,024

35,368

GE

Vernova,

Inc.*

11,817,156

43,384

Rockwell

Automation,

Inc.

12,804,354

44,706,680

Electronic

Equipment,

Instruments

&

Components

–

0.2%

41,740

Amphenol

Corp.,

Class

A

3,032,411

Energy

Equipment

&

Services

–

0.2%

50,752

Schlumberger

NV

2,230,043

Entertainment

–

1.3%

29,756

Live

Nation

Entertainment,

Inc.*

4,113,767

9,879

Netflix,

Inc.*

8,760,796

8,841

Spotify

Technology

SA*

4,216,804

14,890

Walt

Disney

Co.

(The)

1,749,128

18,840,495

Financial

Services

–

3.8%

30,958

Berkshire

Hathaway,

Inc.,

Class

B*

14,953,333

2,771

Corpay,

Inc.*

1,056,250

15,625

Fiserv,

Inc.*

3,452,500

47,778

Mastercard,

Inc.,

Class

A

25,462,807

23,878

Visa,

Inc.,

Class

A

7,523,480

52,448,370

Food

Products

–

0.3%

59,917

Mondelez

International,

Inc.,

Class

A

3,891,609

Ground

Transportation

–

1.9%

11,846

Norfolk

Southern

Corp.

3,267,719

28,345

Old

Dominion

Freight

Line,

Inc.

6,381,593

23,035

Saia,

Inc.*

13,108,758

53,484

Uber

Technologies,

Inc.*

3,848,709

26,606,779

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

3.3%

102,935

Abbott

Laboratories

$

12,225,590

41,913

Align

Technology,

Inc.*

9,756,089

159,867

Boston

Scientific

Corp.*

14,493,542

4,541

IDEXX

Laboratories,

Inc.*

1,915,167

14,222

Insulet

Corp.*

3,794,145

8,085

Intuitive

Surgical,

Inc.*

4,382,070

46,566,603

Health

Care

Providers

&

Services

–

1.6%

20,627

Humana,

Inc.

6,113,430

27,130

UnitedHealth

Group,

Inc.

16,554,726

22,668,156

Health

Care

Technology

–

0.2%

10,056

Veeva

Systems,

Inc.,

Class

A*

2,291,260

Hotels,

Restaurants

&

Leisure

–

1.7%

4,499

Domino's

Pizza,

Inc.

2,142,379

16,915

DoorDash,

Inc.,

Class

A*

3,052,819

62,389

DraftKings,

Inc.,

Class

A*

2,723,280

9,627

Hilton

Worldwide

Holdings,

Inc.

2,439,867

19,179

McDonald's

Corp.

5,677,176

15,655

Royal

Caribbean

Cruises

Ltd.

3,820,759

28,925

Starbucks

Corp.

2,963,655

3,851

Wingstop,

Inc.

1,266,093

24,086,028

Household

Products

–

1.8%

95,794

Colgate-Palmolive

Co.

9,256,574

86,815

Procter &

Gamble

Co.

(The)

15,562,457

24,819,031

Independent

Power

and

Renewable

Electricity

Producers

–

0.2%

15,667

Vistra

Corp.

2,504,213

Industrial

Conglomerates

–

1.7%

64,296

3M

Co.

8,585,445

66,312

Honeywell

International,

Inc.

15,446,054

24,031,499

Industrial

REITs

–

0.7%

79,699

Prologis,

Inc.

REIT

9,307,249

Insurance

–

1.4%

15,667

Allstate

Corp.

(The)

3,249,179

18,275

Arch

Capital

Group

Ltd.

1,840,658

10,746

Chubb

Ltd.

3,102,692

18,615

Globe

Life,

Inc.

2,070,733

19,689

Marsh

&

McLennan

Cos.,

Inc.

4,592,065

11,020

Progressive

Corp.

(The)

2,963,058

29,543

Unum

Group

2,271,857

20,090,242

Interactive

Media

&

Services

–

5.9%

167,145

Alphabet,

Inc.,

Class

A

28,239,148

126,328

Alphabet,

Inc.,

Class

C

21,537,660

54,684

Meta

Platforms,

Inc.,

Class

A

31,406,115

54,271

Pinterest,

Inc.,

Class

A*

1,645,497

82,828,420

IT

Services

–

1.8%

30,210

Accenture

PLC,

Class

A

(Ireland)

10,947,198

37,297

International

Business

Machines

Corp.

8,481,711

Shares

Description

Value

aa

Common

Stocks

–

(continued)

IT

Services

–

(continued)

28,937

Shopify,

Inc.,

Class

A

(Canada)*

$

3,345,117

17,644

Snowflake,

Inc.,

Class

A*

3,084,171

25,858,197

Life

Sciences

Tools

&

Services

–

1.2%

37,467

Danaher

Corp.

8,980,465

8,534

Thermo

Fisher

Scientific,

Inc.

4,519,863

10,452

West

Pharmaceutical

Services,

Inc.

3,404,007

16,904,335

Machinery

–

2.4%

34,771

Caterpillar,

Inc.

14,120,851

53,679

Illinois

Tool

Works,

Inc.

14,896,996

37,143

Xylem,

Inc.

4,707,875

33,725,722

Metals

&

Mining

–

0.9%

97,039

Freeport-McMoRan,

Inc.

4,289,124

56,385

Steel

Dynamics,

Inc.

8,191,049

12,480,173

Multi-Utilities

–

1.2%

6,475

Ameren

Corp.

611,175

24,996

CMS

Energy

Corp.

1,742,471

32,335

Dominion

Energy,

Inc.

1,899,681

142,550

NiSource,

Inc.

5,429,729

60,225

Public

Service

Enterprise

Group,

Inc.

5,679,218

22,925

Sempra

2,147,385

17,509,659

Oil,

Gas

&

Consumable

Fuels

–

4.0%

11,860

Cheniere

Energy,

Inc.

2,656,759

75,816

Chevron

Corp.

12,276,885

43,259

ConocoPhillips

4,686,649

47,577

Diamondback

Energy,

Inc.

8,449,199

20,838

DT

Midstream,

Inc.

2,211,328

68,273

Expand

Energy

Corp.

6,756,296

140,605

Exxon

Mobil

Corp.

16,585,766

19,020

Phillips

66

2,548,300

56,171,182

Passenger

Airlines

–

0.2%

35,052

United

Airlines

Holdings,

Inc.*

3,394,085

Personal

Care

Products

–

0.3%

181,605

Kenvue,

Inc.

4,373,048

Pharmaceuticals

–

2.5%

18,959

AstraZeneca

PLC

ADR

(United

Kingdom)

1,282,008

21,706

Eli

Lilly

&

Co.

17,263,867

35,785

Johnson &

Johnson

5,547,033

103,539

Merck &

Co.,

Inc.

10,523,704

34,616,612

Professional

Services

–

0.2%

6,346

Equifax,

Inc.

1,659,860

3,734

Verisk

Analytics,

Inc.

1,098,580

2,758,440

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

0.4%

12,428

AvalonBay

Communities,

Inc.

REIT

$

2,924,930

43,689

Equity

LifeStyle

Properties,

Inc.

REIT

3,116,336

6,041,266

Semiconductors

&

Semiconductor

Equipment

–

10.5%

29,790

Applied

Materials,

Inc.

5,204,611

134,242

Broadcom,

Inc.

21,757,943

62,769

Enphase

Energy,

Inc.*

4,478,568

11,713

KLA

Corp.

7,578,662

177,135

Marvell

Technology,

Inc.

16,418,643

87,292

Micron

Technology,

Inc.

8,550,252

494,790

NVIDIA

Corp.

68,404,718

74,877

Texas

Instruments,

Inc.

15,052,523

147,445,920

Software

–

9.5%

12,243

Adobe,

Inc.*

6,316,531

11,286

Atlassian

Corp.,

Class

A*

2,974,764

11,073

Cadence

Design

Systems,

Inc.*

3,397,307

7,452

Crowdstrike

Holdings,

Inc.,

Class

A*

2,578,168

21,358

Datadog,

Inc.,

Class

A*

3,262,435

4,993

HubSpot,

Inc.*

3,600,203

214,253

Microsoft

Corp.

90,727,575

49,228

Salesforce,

Inc.

16,244,748

59,925

Samsara,

Inc.,

Class

A*

3,205,388

10,317

Zscaler,

Inc.*

2,131,389

134,438,508

Specialized

REITs

–

0.7%

17,209

American

Tower

Corp.

REIT

3,596,681

4,319

Equinix,

Inc.

REIT

4,239,012

17,287

Extra

Space

Storage,

Inc.

REIT

2,955,386

10,791,079

Specialty

Retail

–

1.1%

7,259

Home

Depot,

Inc.

(The)

3,115,055

13,655

Lowe’s

Cos.,

Inc.

3,720,032

33,260

TJX

Cos.,

Inc.

(The)

4,180,449

4,320

Ulta

Beauty,

Inc.*

1,670,285

56,321

Wayfair,

Inc.,

Class

A*

2,604,283

15,290,104

Technology

Hardware,

Storage

&

Peripherals

–

6.7%

397,673

Apple,

Inc.

94,379,733

Textiles,

Apparel

&

Luxury

Goods

–

0.1%

6,187

Lululemon

Athletica,

Inc.*

1,983,923

TOTAL

COMMON

STOCKS

(Cost

$768,211,723)

1,392,456,840

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

6,368,133

4.541%

$

6,368,133

(Cost

$6,368,133)

TOTAL

INVESTMENTS

–

99.3%

(Cost

$774,579,856)

$

1,398,824,973

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.7%

9,329,394

NET

ASSETS

–

100.0%

$

1,408,154,367

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MID

CAP

GROWTH

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Aerospace

&

Defense

–

3.3%

42,904

Axon

Enterprise,

Inc.*

$

27,757,172

36,908

Woodward,

Inc.

6,655,250

34,412,422

Beverages

–

0.9%

119,044

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

9,235,434

Biotechnology

–

3.7%

58,052

Alnylam

Pharmaceuticals,

Inc.*

14,691,219

86,500

BioMarin

Pharmaceutical,

Inc.*

5,711,595

82,261

Neurocrine

Biosciences,

Inc.*

10,426,582

597,032

Roivant

Sciences

Ltd.*

7,588,277

38,417,673

Capital

Markets

–

6.7%

856,666

Blue

Owl

Capital,

Inc.

20,328,684

34,402

Coinbase

Global,

Inc.,

Class

A*

10,189,873

39,567

MSCI,

Inc.

24,121,230

75,196

Nasdaq,

Inc.

6,240,516

65,864

Tradeweb

Markets,

Inc.,

Class

A

8,924,572

69,804,875

Construction

&

Engineering

–

1.8%

38,868

Comfort

Systems

USA,

Inc.

19,172,418

Construction

Materials

–

1.8%

31,273

Martin

Marietta

Materials,

Inc.

18,763,800

Consumer

Staples

Distribution

&

Retail

–

1.8%

197,889

BJ's

Wholesale

Club

Holdings,

Inc.*

19,056,711

Containers

&

Packaging

–

1.0%

165,616

Ball

Corp.

10,294,691

Electrical

Equipment

–

6.3%

51,346

AMETEK,

Inc.

9,980,636

51,703

GE

Vernova,

Inc.*

17,275,006

35,464

Rockwell

Automation,

Inc.

10,466,845

220,412

Vertiv

Holdings

Co.,

Class

A

28,124,571

65,847,058

Entertainment

–

1.2%

89,053

Live

Nation

Entertainment,

Inc.*

12,311,577

Financial

Services

–

4.0%

48,786

Corpay,

Inc.*

18,596,247

312,327

Equitable

Holdings,

Inc.

15,063,531

97,948

Fidelity

National

Information

Services,

Inc.

8,354,965

42,014,743

Food

Products

–

0.7%

93,941

Lamb

Weston

Holdings,

Inc.

7,256,003

Ground

Transportation

–

3.1%

95,014

Old

Dominion

Freight

Line,

Inc.

21,391,452

18,533

Saia,

Inc.*

10,546,760

31,938,212

Health

Care

Equipment

&

Supplies

–

4.6%

26,886

Align

Technology,

Inc.*

6,258,254

91,462

Cooper

Cos.,

Inc.

(The)*

9,554,120

31,729

IDEXX

Laboratories,

Inc.*

13,381,706

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

72,137

Insulet

Corp.*

$

19,244,709

48,438,789

Health

Care

Providers

&

Services

–

2.4%

98,485

Cencora,

Inc.

24,773,902

Health

Care

Technology

–

1.5%

68,716

Veeva

Systems,

Inc.,

Class

A*

15,656,941

Hotel

&

Resort

REITs

–

0.9%

81,668

Ryman

Hospitality

Properties,

Inc.

REIT

9,574,756

Hotels,

Restaurants

&

Leisure

–

7.6%

75,235

Cava

Group,

Inc.*

10,600,611

37,662

Domino's

Pizza,

Inc.

17,934,268

59,588

DoorDash,

Inc.,

Class

A*

10,754,442

340,653

DraftKings,

Inc.,

Class

A*

14,869,503

72,155

Texas

Roadhouse,

Inc.

14,811,257

31,622

Wingstop,

Inc.

10,396,365

79,366,446

Independent

Power

and

Renewable

Electricity

Producers

–

2.7%

175,901

Vistra

Corp.

28,116,016

IT

Services

–

2.8%

143,705

Cloudflare,

Inc.,

Class

A*

14,346,070

46,241

MongoDB,

Inc.*

14,912,260

29,258,330

Life

Sciences

Tools

&

Services

–

2.0%

5,124

Mettler-Toledo

International,

Inc.*

6,411,149

43,303

West

Pharmaceutical

Services,

Inc.

14,102,921

20,514,070

Machinery

–

0.9%

57,741

Fortive

Corp.

4,580,594

33,293

ITT,

Inc.

5,197,703

9,778,297

Media

–

2.2%

179,979

Trade

Desk,

Inc.

(The),

Class

A*

23,136,300

Oil,

Gas

&

Consumable

Fuels

–

4.4%

72,779

Cheniere

Energy,

Inc.

16,303,224

152,252

DT

Midstream,

Inc.

16,156,982

53,604

Expand

Energy

Corp.

5,304,652

493,431

Permian

Resources

Corp.

7,727,129

45,491,987

Personal

Care

Products

–

0.7%

58,685

elf

Beauty,

Inc.*

7,600,881

Professional

Services

–

1.1%

45,540

Equifax,

Inc.

11,911,442

Semiconductors

&

Semiconductor

Equipment

–

3.8%

89,670

Enphase

Energy,

Inc.*

6,397,955

91,332

Entegris,

Inc.

9,647,399

184,563

Marvell

Technology,

Inc.

17,107,145

55,785

MKS

Instruments,

Inc.

6,339,407

39,491,906

GOLDMAN

SACHS

MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

18.6%

98,142

AppLovin

Corp.,

Class

A*

$

33,049,319

127,800

Datadog,

Inc.,

Class

A*

19,521,450

189,065

Dynatrace,

Inc.*

10,623,562

10,543

Fair

Isaac

Corp.*

25,039,941

16,838

HubSpot,

Inc.*

12,141,040

57,984

Manhattan

Associates,

Inc.*

16,550,953

19,600

Monday.com

Ltd.*

5,593,056

419,195

Palantir

Technologies,

Inc.,

Class

A*

28,119,601

75,592

Samsara,

Inc.,

Class

A*

4,043,416

34,883

Tyler

Technologies,

Inc.*

21,947,337

90,794

Varonis

Systems,

Inc.*

4,536,068

65,381

Zscaler,

Inc.*

13,507,061

194,672,804

Specialty

Retail

–

2.8%

43,003

Floor

&

Decor

Holdings,

Inc.,

Class

A*

4,825,367

119,121

Ross

Stores,

Inc.

18,448,269

14,049

Ulta

Beauty,

Inc.*

5,431,905

28,705,541

Trading

Companies

&

Distributors

–

2.3%

226,192

Fastenal

Co.

18,900,604

6,117

United

Rentals,

Inc.

5,297,322

24,197,926

TOTAL

COMMON

STOCKS

(Cost

$711,270,566)

1,019,211,951

Shares

Dividend

Rate

Value

aa

Investment

Company

–

2.4%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

24,917,418

4.541%

24,917,418

(Cost

$24,917,418)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$736,187,984)

$

1,044,129,369

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

467,808

NET

ASSETS

–

100.0%

$

1,044,597,177

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

GROWTH

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.9%

Aerospace

&

Defense

–

3.8%

29,636

Loar

Holdings,

Inc.*

$

2,728,883

14,868

Moog,

Inc.,

Class

A

3,289,842

6,018,725

Automobile

Components

–

2.4%

15,869

Dorman

Products,

Inc.*

2,221,342

11,482

Modine

Manufacturing

Co.*

1,559,141

3,780,483

Beverages

–

0.9%

41,270

Vita

Coco

Co.,

Inc.

(The)*

1,466,736

Biotechnology

–

8.9%

43,153

Alkermes

PLC*

1,252,300

11,149

AnaptysBio,

Inc.*

278,279

12,687

Apogee

Therapeutics,

Inc.*

572,818

14,015

Bicara

Therapeutics,

Inc.*

291,372

16,976

Blueprint

Medicines

Corp.*

1,636,147

22,189

CG

oncology,

Inc.*

771,068

10,064

Crinetics

Pharmaceuticals,

Inc.*

575,661

36,365

Dynavax

Technologies

Corp.*

467,654

20,776

Immunovant,

Inc.*

585,883

17,202

Insmed,

Inc.*

1,292,902

5,164

Madrigal

Pharmaceuticals,

Inc.*

1,694,773

17,484

REVOLUTION

Medicines,

Inc.*

1,011,449

55,969

Syndax

Pharmaceuticals,

Inc.*

935,802

15,924

Ultragenyx

Pharmaceutical,

Inc.*

758,460

18,020

Vaxcyte,

Inc.*

1,700,007

10,890

Xenon

Pharmaceuticals,

Inc.

(Canada)*

464,241

14,288,816

Broadline

Retail

–

0.8%

12,791

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,265,670

Building

Products

–

1.7%

20,505

AAON,

Inc.

2,795,652

Capital

Markets

–

5.7%

13,087

Hamilton

Lane,

Inc.,

Class

A

2,517,939

6,198

Houlihan

Lokey,

Inc.

1,171,980

8,058

Piper

Sandler

Cos.

2,763,813

15,799

PJT

Partners,

Inc.,

Class

A

2,644,121

9,097,853

Chemicals

–

2.1%

20,791

Ashland,

Inc.

1,622,945

9,934

Balchem

Corp.

1,793,286

3,416,231

Commercial

Services

&

Supplies

–

3.1%

21,751

Casella

Waste

Systems,

Inc.,

Class

A*

2,462,431

21,783

VSE

Corp.

2,554,274

5,016,705

Construction

&

Engineering

–

3.6%

16,190

MYR

Group,

Inc.*

2,556,401

15,258

Primoris

Services

Corp.

1,277,247

10,405

Sterling

Infrastructure,

Inc.*

2,023,252

5,856,900

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

Distribution

&

Retail

–

1.8%

19,235

Sprouts

Farmers

Market,

Inc.*

$

2,971,423

Diversified

Consumer

Services

–

0.7%

45,342

KinderCare

Learning

Cos.,

Inc.*

1,078,686

Electrical

Equipment

–

0.7%

13,590

nVent

Electric

PLC

1,064,233

Electronic

Equipment,

Instruments

&

Components

–

4.1%

13,791

Badger

Meter,

Inc.

2,990,165

11,913

Novanta,

Inc.*

1,989,233

39,167

Vontier

Corp.

1,537,696

6,517,094

Energy

Equipment

&

Services

–

0.4%

11,396

Kodiak

Gas

Services,

Inc.

460,854

1,794

Weatherford

International

PLC

147,646

608,500

Health

Care

Equipment

&

Supplies

–

7.8%

8,238

Glaukos

Corp.*

1,183,389

37,006

Inari

Medical,

Inc.*

1,921,352

19,128

iRhythm

Technologies,

Inc.*

1,663,466

7,327

Lantheus

Holdings,

Inc.*

654,081

18,579

LeMaitre

Vascular,

Inc.

1,987,767

17,249

Merit

Medical

Systems,

Inc.*

1,792,171

23,191

PROCEPT

BioRobotics

Corp.*

2,216,828

11,861

TransMedics

Group,

Inc.*

1,028,467

12,447,521

Health

Care

Providers

&

Services

–

3.7%

7,438

Ensign

Group,

Inc.

(The)

1,087,510

45,152

NeoGenomics,

Inc.*

800,545

50,308

Pennant

Group,

Inc.

(The)*

1,568,603

30,284

RadNet,

Inc.*

2,476,020

5,932,678

Health

Care

Technology

–

1.0%

49,687

Waystar

Holding

Corp.*

1,534,335

Hotels,

Restaurants

&

Leisure

–

4.8%

25,169

Cheesecake

Factory,

Inc.

(The)

1,274,558

25,919

Dutch

Bros,

Inc.,

Class

A*

1,392,628

61,385

First

Watch

Restaurant

Group,

Inc.*

1,171,840

33,042

Life

Time

Group

Holdings,

Inc.*

801,929

13,192

Shake

Shack,

Inc.,

Class

A*

1,764,166

33,359

Sweetgreen,

Inc.,

Class

A*

1,367,052

7,772,173

Household

Durables

–

0.8%

5,866

Installed

Building

Products,

Inc.

1,341,789

Insurance

–

2.7%

20,544

Goosehead

Insurance,

Inc.,

Class

A*

2,591,009

15,935

Palomar

Holdings,

Inc.*

1,725,761

4,316,770

IT

Services

–

1.0%

43,330

DigitalOcean

Holdings,

Inc.*

1,650,006

Machinery

–

9.5%

15,784

Esab

Corp.

2,037,399

31,652

Federal

Signal

Corp.

3,083,221

GOLDMAN

SACHS

SMALL

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

17,082

Franklin

Electric

Co.,

Inc.

$

1,849,981

7,893

RBC

Bearings,

Inc.*

2,645,023

19,693

SPX

Technologies,

Inc.*

3,474,633

4,775

Standex

International

Corp.

992,675

5,674

Watts

Water

Technologies,

Inc.,

Class

A

1,224,392

15,307,324

Personal

Care

Products

–

1.2%

9,035

Interparfums,

Inc.

1,243,758

14,768

Oddity

Tech

Ltd.,

Class

A

(Israel)*

686,121

1,929,879

Pharmaceuticals

–

0.9%

20,909

BioAge

Labs,

Inc.*

393,089

12,162

Intra-Cellular

Therapies,

Inc.*

1,041,676

1,434,765

Semiconductors

&

Semiconductor

Equipment

–

7.0%

15,487

Astera

Labs,

Inc.*

1,599,033

13,268

Axcelis

Technologies,

Inc.*

985,016

14,571

Camtek

Ltd.

(Israel)

1,085,539

36,944

Cohu,

Inc.*

975,322

54,960

Credo

Technology

Group

Holding

Ltd.*

2,690,842

29,142

FormFactor,

Inc.*

1,167,428

8,409

Impinj,

Inc.*

1,616,294

17,457

Power

Integrations,

Inc.

1,143,608

11,263,082

Software

–

13.2%

58,100

Alkami

Technology,

Inc.*

2,293,207

70,232

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

2,180,001

33,066

Confluent,

Inc.,

Class

A*

1,019,755

26,291

Intapp,

Inc.*

1,644,502

34,573

nCino,

Inc.*

1,451,720

37,331

Onestream,

Inc.*

1,115,824

31,957

Rubrik,

Inc.,

Class

A*

1,624,055

55,920

SentinelOne,

Inc.,

Class

A*

1,562,964

10,899

SPS

Commerce,

Inc.*

2,104,270

39,675

Tenable

Holdings,

Inc.*

1,665,556

39,478

Varonis

Systems,

Inc.*

1,972,321

45,591

Vertex,

Inc.,

Class

A*

2,473,312

21,107,487

Specialty

Retail

–

1.2%

13,621

Boot

Barn

Holdings,

Inc.*

1,867,984

Textiles,

Apparel

&

Luxury

Goods

–

1.3%

22,390

Kontoor

Brands,

Inc.

2,054,954

Trading

Companies

&

Distributors

–

2.1%

8,726

Applied

Industrial

Technologies,

Inc.

2,397,207

18,656

Core

&

Main,

Inc.,

Class

A*

905,749

3,302,956

TOTAL

COMMON

STOCKS

(Cost

$120,378,448)

158,507,410

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.0%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,627,956

4.541%

$

1,627,956

(Cost

$1,627,956)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$122,006,404)

$

160,135,366

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

80,628

NET

ASSETS

–

100.0%

$

160,215,994

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

SMALL/MID

CAP

GROWTH

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Aerospace

&

Defense

–

3.1%

390,577

Loar

Holdings,

Inc.*

$

35,964,330

103,924

Moog,

Inc.,

Class

A

22,995,264

58,959,594

Automobile

Components

–

1.4%

191,889

Modine

Manufacturing

Co.*

26,056,607

Beverages

–

0.6%

8,136

Coca-Cola

Consolidated,

Inc.

10,611,703

Biotechnology

–

11.4%

138,934

Blueprint

Medicines

Corp.*

13,390,459

97,246

Crinetics

Pharmaceuticals,

Inc.*

5,562,471

239,564

Exact

Sciences

Corp.*

14,872,133

447,912

Exelixis,

Inc.*

16,330,871

299,367

Insmed,

Inc.*

22,500,424

34,510

Madrigal

Pharmaceuticals,

Inc.*

11,325,837

172,382

Natera,

Inc.*

28,922,252

201,296

Neurocrine

Biosciences,

Inc.*

25,514,268

191,083

REVOLUTION

Medicines,

Inc.*

11,054,152

1,024,521

Roivant

Sciences

Ltd.*

13,021,662

184,577

Sarepta

Therapeutics,

Inc.*

24,611,497

227,578

Ultragenyx

Pharmaceutical,

Inc.*

10,839,540

203,761

Vaxcyte,

Inc.*

19,222,813

217,168,379

Building

Products

–

2.8%

229,456

AAON,

Inc.

31,284,031

10,056

Lennox

International,

Inc.

6,708,659

209,628

Trex

Co.,

Inc.*

15,728,389

53,721,079

Capital

Markets

–

4.9%

215,093

Hamilton

Lane,

Inc.,

Class

A

41,383,893

94,429

Houlihan

Lokey,

Inc.

17,855,580

250,214

Jefferies

Financial

Group,

Inc.

19,801,936

43,183

Morningstar,

Inc.

15,293,259

94,334,668

Chemicals

–

2.1%

197,430

Ashland,

Inc.

15,411,386

170,950

RPM

International,

Inc.

23,724,441

39,135,827

Commercial

Services

&

Supplies

–

1.4%

123,190

Casella

Waste

Systems,

Inc.,

Class

A*

13,946,340

329,706

Tetra

Tech,

Inc.

13,686,096

27,632,436

Construction

&

Engineering

–

1.0%

36,005

EMCOR

Group,

Inc.

18,366,871

Consumer

Staples

Distribution

&

Retail

–

1.9%

203,215

BJ's

Wholesale

Club

Holdings,

Inc.*

19,569,605

40,906

Casey's

General

Stores,

Inc.

17,216,926

36,786,531

Containers

&

Packaging

–

0.8%

76,386

Avery

Dennison

Corp.

15,731,697

Distributors

–

1.2%

61,746

Pool

Corp.

23,283,799

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

2.4%

36,086

Hubbell,

Inc.

$

16,602,808

370,232

nVent

Electric

PLC

28,992,868

45,595,676

Electronic

Equipment,

Instruments

&

Components

–

4.6%

122,065

Badger

Meter,

Inc.

26,466,133

188,428

Celestica,

Inc.

(Canada)*

16,061,603

175,158

Novanta,

Inc.*

29,247,883

39,461

Zebra

Technologies

Corp.,

Class

A*

16,060,627

87,836,246

Energy

Equipment

&

Services

–

0.4%

204,049

Noble

Corp.

PLC

6,829,520

Entertainment

–

1.2%

254,352

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

22,474,543

Financial

Services

–

2.1%

129,974

Shift4

Payments,

Inc.,

Class

A*

14,827,434

581,050

Toast,

Inc.,

Class

A*

25,298,917

40,126,351

Food

Products

–

0.8%

94,022

Freshpet,

Inc.*

14,390,067

Health

Care

Equipment

&

Supplies

–

3.6%

138,730

Cooper

Cos.,

Inc.

(The)*

14,491,736

103,612

Glaukos

Corp.*

14,883,864

305,058

Globus

Medical,

Inc.,

Class

A*

26,116,015

59,239

Lantheus

Holdings,

Inc.*

5,288,266

87,231

TransMedics

Group,

Inc.*

7,563,800

68,343,681

Health

Care

Providers

&

Services

–

1.7%

137,780

Encompass

Health

Corp.

14,183,073

127,287

Ensign

Group,

Inc.

(The)

18,610,632

32,793,705

Hotels,

Restaurants

&

Leisure

–

6.3%

180,731

Cava

Group,

Inc.*

25,464,998

91,889

Churchill

Downs,

Inc.*

13,058,346

286,698

Dutch

Bros,

Inc.,

Class

A*

15,404,284

134,346

Texas

Roadhouse,

Inc.

27,577,203

358,670

Viking

Holdings

Ltd.*

16,660,221

63,940

Wingstop,

Inc.

21,021,554

119,186,606

Household

Durables

–

1.2%

116,028

SharkNinja,

Inc.*

11,666,615

30,334

TopBuild

Corp.*

11,849,674

23,516,289

Insurance

–

1.6%

59,188

Kinsale

Capital

Group,

Inc.

30,093,547

IT

Services

–

2.1%

59,184

MongoDB,

Inc.*

19,086,248

97,197

Wix.com

Ltd.

(Israel)*

21,746,857

40,833,105

Life

Sciences

Tools

&

Services

–

1.5%

133,982

Bio-Techne

Corp.

10,096,883

GOLDMAN

SACHS

SMALL/MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

304,305

Bruker

Corp.

$

17,634,475

27,731,358

Machinery

–

9.9%

108,495

Crane

Co.

19,754,769

141,920

Esab

Corp.

18,319,034

244,291

Federal

Signal

Corp.

23,796,386

59,849

IDEX

Corp.

13,802,975

102,394

Lincoln

Electric

Holdings,

Inc.

22,371,041

72,169

Nordson

Corp.

18,835,387

71,819

RBC

Bearings,

Inc.*

24,067,265

198,186

SPX

Technologies,

Inc.*

34,967,938

62,106

Watts

Water

Technologies,

Inc.,

Class

A

13,401,854

189,316,649

Oil,

Gas

&

Consumable

Fuels

–

0.2%

45,272

Expand

Energy

Corp.

4,480,117

Pharmaceuticals

–

0.7%

152,550

Intra-Cellular

Therapies,

Inc.*

13,065,908

Professional

Services

–

1.4%

138,766

Parsons

Corp.*

13,309,047

68,323

Paylocity

Holding

Corp.*

14,179,756

27,488,803

Semiconductors

&

Semiconductor

Equipment

–

4.6%

176,913

Astera

Labs,

Inc.*

18,266,267

355,276

Lattice

Semiconductor

Corp.*

20,161,913

185,267

MACOM

Technology

Solutions

Holdings,

Inc.*

24,607,163

115,322

MKS

Instruments,

Inc.

13,105,192

74,521

Onto

Innovation,

Inc.*

12,234,858

88,375,393

Software

–

12.4%

71,534

CyberArk

Software

Ltd.*

23,141,964

327,660

Gitlab,

Inc.,

Class

A*

20,888,325

112,663

Guidewire

Software,

Inc.*

22,858,196

450,023

Klaviyo,

Inc.,

Class

A*

16,713,854

109,885

Manhattan

Associates,

Inc.*

31,365,574

72,237

Monday.com

Ltd.*

20,613,550

242,013

Nutanix,

Inc.,

Class

A*

15,798,609

356,020

Onestream,

Inc.*

10,641,438

313,669

Procore

Technologies,

Inc.*

25,469,923

255,984

Samsara,

Inc.,

Class

A*

13,692,584

97,247

SPS

Commerce,

Inc.*

18,775,478

296,457

Varonis

Systems,

Inc.*

14,810,992

234,770,487

Specialty

Retail

–

2.1%

88,394

Dick's

Sporting

Goods,

Inc.

18,318,773

195,748

Floor

&

Decor

Holdings,

Inc.,

Class

A*

21,964,883

40,283,656

Textiles,

Apparel

&

Luxury

Goods

–

1.6%

298,097

Birkenstock

Holding

PLC

(Germany)*

15,399,691

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Textiles,

Apparel

&

Luxury

Goods

–

(continued)

266,167

On

Holding

AG,

Class

A

(Switzerland)*

$

15,525,521

30,925,212

Trading

Companies

&

Distributors

–

4.2%

135,034

Applied

Industrial

Technologies,

Inc.

37,096,540

96,062

SiteOne

Landscape

Supply,

Inc.*

14,721,502

26,907

Watsco,

Inc.

(a)

14,841,901

61,581

WESCO

International,

Inc.

13,028,692

79,688,635

TOTAL

COMMON

STOCKS

(Cost

$1,384,938,697)

1,889,934,745

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

15,793,354

4.541%

15,793,354

(Cost

$15,793,354)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,400,732,051)

1,905,728,099

a

Securities

Lending

Reinvestment

Vehicle

–

0.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

14,772,034

4.541%

14,772,034

(Cost

$14,772,034)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$1,415,504,085)

$

1,920,500,133

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(14,716,876)

NET

ASSETS

–

100.0%

$

1,905,783,257

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Automobiles

–

1.6%

9,369

Tesla,

Inc.*

$

3,233,804

Biotechnology

–

2.6%

9,519

AbbVie,

Inc.

1,741,311

4,761

Alnylam

Pharmaceuticals,

Inc.*

1,204,866

2,057

Argenx

SE

ADR

(Netherlands)*

1,268,243

7,493

Neurocrine

Biosciences,

Inc.*

949,738

5,164,158

Broadline

Retail

–

6.7%

64,872

Amazon.com,

Inc.*

13,486,240

Capital

Markets

–

0.5%

1,927

S&P

Global,

Inc.

1,006,877

Chemicals

–

1.6%

1,742

Linde

PLC

803,044

6,222

Sherwin-Williams

Co.

(The)

2,472,623

3,275,667

Commercial

Services

&

Supplies

–

0.5%

5,173

Waste

Connections,

Inc.

995,647

Construction

Materials

–

0.8%

2,544

Martin

Marietta

Materials,

Inc.

1,526,400

Electrical

Equipment

–

4.0%

6,544

AMETEK,

Inc.

1,272,023

5,445

Eaton

Corp.

PLC

2,044,162

7,847

GE

Vernova,

Inc.*

2,621,840

6,890

Rockwell

Automation,

Inc.

2,033,514

7,971,539

Entertainment

–

3.0%

4,868

Netflix,

Inc.*

4,316,991

3,697

Spotify

Technology

SA*

1,763,321

6,080,312

Financial

Services

–

3.2%

12,078

Mastercard,

Inc.,

Class

A

6,436,849

Ground

Transportation

–

1.5%

9,115

Old

Dominion

Freight

Line,

Inc.

2,052,151

1,858

Saia,

Inc.*

1,057,351

3,109,502

Health

Care

Equipment

&

Supplies

–

2.7%

8,371

Abbott

Laboratories

994,224

23,418

Boston

Scientific

Corp.*

2,123,076

4,420

Intuitive

Surgical,

Inc.*

2,395,640

5,512,940

Hotels,

Restaurants

&

Leisure

–

1.9%

8,864

Cava

Group,

Inc.*

1,248,938

7,715

DoorDash,

Inc.,

Class

A*

1,392,403

4,252

McDonald's

Corp.

1,258,634

3,899,975

Interactive

Media

&

Services

–

11.5%

48,500

Alphabet,

Inc.,

Class

A

8,194,075

29,228

Alphabet,

Inc.,

Class

C

4,983,082

17,208

Meta

Platforms,

Inc.,

Class

A

9,882,898

23,060,055

IT

Services

–

2.3%

3,893

Accenture

PLC,

Class

A

(Ireland)

1,410,707

Shares

Description

Value

aa

Common

Stocks

–

(continued)

IT

Services

–

(continued)

18,686

Snowflake,

Inc.,

Class

A*

$

3,266,313

4,677,020

Oil,

Gas

&

Consumable

Fuels

–

1.5%

13,706

Cheniere

Energy,

Inc.

3,070,281

Pharmaceuticals

–

3.3%

14,383

AstraZeneca

PLC

ADR

(United

Kingdom)

972,578

7,108

Eli

Lilly

&

Co.

5,653,348

6,625,926

Semiconductors

&

Semiconductor

Equipment

–

16.1%

47,297

Broadcom,

Inc.

7,665,898

1,222

KLA

Corp.

790,671

28,689

Marvell

Technology,

Inc.

2,659,183

144,112

NVIDIA

Corp.

19,923,484

6,703

Texas

Instruments,

Inc.

1,347,504

32,386,740

Software

–

20.3%

5,038

Adobe,

Inc.*

2,599,255

13,142

AppLovin

Corp.,

Class

A*

4,425,569

5,676

Atlassian

Corp.,

Class

A*

1,496,080

4,075

Crowdstrike

Holdings,

Inc.,

Class

A*

1,409,828

24,751

Dynatrace,

Inc.*

1,390,759

714

Fair

Isaac

Corp.*

1,695,771

1,402

HubSpot,

Inc.*

1,010,912

53,913

Microsoft

Corp.

22,829,999

9,135

Salesforce,

Inc.

3,014,459

19,660

Samsara,

Inc.,

Class

A*

1,051,613

40,924,245

Specialty

Retail

–

1.3%

5,412

Lowe’s

Cos.,

Inc.

1,474,391

6,895

Ross

Stores,

Inc.

1,067,829

2,542,220

Technology

Hardware,

Storage

&

Peripherals

–

12.3%

104,177

Apple,

Inc.

24,724,328

TOTAL

COMMON

STOCKS

(Cost

$78,042,504)

199,710,725

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

963,642

4.541%

963,642

(Cost

$963,642)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$79,006,146)

$

200,674,367

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

657,283

NET

ASSETS

–

100.0%

$

201,331,650

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

GOLDMAN

SACHS

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

TECHNOLOGY

OPPORTUNITIES

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Broadline

Retail

–

9.1%

311,676

Amazon.com,

Inc.*

$

64,794,324

7,351

MercadoLibre,

Inc.

(Brazil)*

14,592,985

79,387,309

Communications

Equipment

–

2.5%

43,004

Motorola

Solutions,

Inc.

21,489,099

Financial

Services

–

6.0%

182,756

Fidelity

National

Information

Services,

Inc.

15,589,087

27,377

Mastercard,

Inc.,

Class

A

14,590,299

72,428

Visa,

Inc.,

Class

A

22,820,614

53,000,000

Interactive

Media

&

Services

–

12.9%

415,165

Alphabet,

Inc.,

Class

C

70,781,481

73,955

Meta

Platforms,

Inc.,

Class

A

42,473,835

113,255,316

IT

Services

–

3.5%

57,217

Accenture

PLC,

Class

A

(Ireland)

20,733,724

55,274

Snowflake,

Inc.,

Class

A*

9,661,895

30,395,619

Semiconductors

&

Semiconductor

Equipment

–

25.9%

101,518

Applied

Materials,

Inc.

17,736,210

232,255

Broadcom,

Inc.

37,643,891

42,638

KLA

Corp.

27,588,065

408,015

Marvell

Technology,

Inc.

37,818,910

125,393

Micron

Technology,

Inc.

12,282,244

573,595

NVIDIA

Corp.

79,299,509

73,212

Texas

Instruments,

Inc.

14,717,808

227,086,637

Software

–

31.3%

28,274

Adobe,

Inc.*

14,587,405

68,378

AppLovin

Corp.,

Class

A*

23,026,291

51,668

Crowdstrike

Holdings,

Inc.,

Class

A*

17,875,578

121,046

Datadog,

Inc.,

Class

A*

18,489,776

404,487

Dynatrace,

Inc.*

22,728,125

27,996

HubSpot,

Inc.*

20,186,516

182,196

Microsoft

Corp.

77,152,718

137,664

Oracle

Corp.

25,445,814

99,802

Salesforce,

Inc.

32,933,662

106,473

Zscaler,

Inc.*

21,996,257

274,422,142

Specialized

REITs

–

3.1%

27,624

Equinix,

Inc.

REIT

27,112,403

Technology

Hardware,

Storage

&

Peripherals

–

4.7%

173,623

Apple,

Inc.

41,205,946

TOTAL

COMMON

STOCKS

(Cost

$408,030,991)

867,354,471

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

7,687,846

4.541%

$

7,687,846

(Cost

$7,687,846)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$415,718,837)

$

875,042,317

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

479,552

NET

ASSETS

–

100.0%

$

875,521,869

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

U.S.

EQUITY

ESG

FUND

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Banks

–

4.0%

4,921

JPMorgan

Chase &

Co.

$

1,228,872

Broadline

Retail

–

4.8%

7,091

Amazon.com,

Inc.*

1,474,148

Capital

Markets

–

5.1%

600

Blackrock,

Inc.

613,680

7,223

Morgan

Stanley

950,619

1,564,299

Chemicals

–

3.3%

1,025

Linde

PLC

472,515

1,382

Sherwin-Williams

Co.

(The)

549,207

1,021,722

Consumer

Finance

–

2.8%

2,830

American

Express

Co.

862,244

Consumer

Staples

Distribution

&

Retail

–

2.8%

9,155

Walmart,

Inc.

846,838

Diversified

Telecommunication

Services

–

2.3%

30,031

AT&T,

Inc.

695,518

Electric

Utilities

–

2.5%

9,772

NextEra

Energy,

Inc.

768,763

Electrical

Equipment

–

6.5%

1,542

Eaton

Corp.

PLC

578,898

2,337

GE

Vernova,

Inc.*

780,838

2,081

Rockwell

Automation,

Inc.

614,186

1,973,922

Ground

Transportation

–

2.0%

2,713

Old

Dominion

Freight

Line,

Inc.

610,805

Health

Care

Equipment

&

Supplies

–

4.0%

4,694

Cooper

Cos.,

Inc.

(The)*

490,335

1,355

Intuitive

Surgical,

Inc.*

734,410

1,224,745

Health

Care

Providers

&

Services

–

1.8%

905

UnitedHealth

Group,

Inc.

552,231

Hotels,

Restaurants

&

Leisure

–

2.7%

2,788

McDonald's

Corp.

825,276

Household

Products

–

2.9%

4,968

Procter &

Gamble

Co.

(The)

890,564

Interactive

Media

&

Services

–

4.2%

7,523

Alphabet,

Inc.,

Class

A

1,271,011

IT

Services

–

2.4%

2,016

Accenture

PLC,

Class

A

(Ireland)

730,538

Life

Sciences

Tools

&

Services

–

2.0%

2,483

Danaher

Corp.

595,150

Machinery

–

3.4%

1,435

Caterpillar,

Inc.

582,768

3,682

Xylem,

Inc.

466,693

1,049,461

Metals

&

Mining

–

1.9%

4,078

Steel

Dynamics,

Inc.

592,411

Pharmaceuticals

–

3.5%

748

Eli

Lilly

&

Co.

594,922

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

4,700

Merck &

Co.,

Inc.

$

477,708

1,072,630

Semiconductors

&

Semiconductor

Equipment

–

11.6%

4,153

Broadcom,

Inc.

673,118

3,935

Marvell

Technology,

Inc.

364,735

2,288

Micron

Technology,

Inc.

224,109

12,535

NVIDIA

Corp.

1,732,964

2,725

Texas

Instruments,

Inc.

547,807

3,542,733

Software

–

10.0%

1,659

Datadog,

Inc.,

Class

A*

253,412

4,851

Microsoft

Corp.

2,054,205

2,254

Salesforce,

Inc.

743,797

3,051,414

Specialized

REITs

–

2.0%

2,875

American

Tower

Corp.

REIT

600,875

Specialty

Retail

–

2.1%

2,328

Lowe’s

Cos.,

Inc.

634,217

Technology

Hardware,

Storage

&

Peripherals

–

7.7%

9,914

Apple,

Inc.

2,352,890

Textiles,

Apparel

&

Luxury

Goods

–

1.4%

5,325

NIKE,

Inc.,

Class

B

419,450

TOTAL

COMMON

STOCKS

(Cost

$19,220,872)

30,452,727

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

247

4.541%

247

(Cost

$247)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$19,221,119)

$

30,452,974

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

90,351

NET

ASSETS

–

100.0%

$

30,543,325

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

November

30,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

rule

2a-5

under

the

Investment

Company

Action

of

1940

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/

ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Funds

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2024:

(a)

Enhanced

Core

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

7,635,579

$

—

$

—

North

America

420,417,103

—

—

Exchange-Traded

Fund

433,233

—

—

Investment

Company

3,908,695

—

—

Total

$

432,394,610

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Large

Cap

Core

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

20,149,379

$

—

$

—

North

America

1,372,307,461

—

—

Investment

Company

6,368,133

—

—

Total

$

1,398,824,973

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Mid

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

9,235,434

$

—

$

—

North

America

1,009,976,517

—

—

Investment

Company

24,917,418

—

—

Total

$

1,044,129,369

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Small

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,771,660

$

—

$

—

North

America

156,735,750

—

—

Investment

Company

1,627,956

—

—

Total

$

160,135,366

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small/Mid

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

21,746,857

$

—

$

—

Europe

30,925,212

—

—

North

America

1,837,262,676

—

—

Investment

Company

15,793,354

—

—

Securities

Lending

Reinvestment

Vehicle

—

14,772,034

—

Total

$

1,905,728,099

$

14,772,034

$

—

€

1.00

€

1.00

€

1.00

(a)

Strategic

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

3,651,528

$

—

$

—

North

America

196,059,197

—

—

Investment

Company

963,642

—

—

Total

$

200,674,367

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Technology

Opportunities

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

20,733,724

$

—

$

—

North

America

832,027,762

—

—

South

America

14,592,985

—

—

Investment

Company

7,687,846

—

—

Total

$

875,042,317

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

U.S.

Equity

ESG

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

730,538

$

—

$

—

North

America

29,722,189

—

—

Investment

Company

247

—

—

Total

$

30,452,974

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(the

“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

the

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Industry

Concentration

Risk

—

The

Technology

Opportunities

Fund

invests

primarily

in

equity

investments

in

high-quality

technology,

media,

or

service

companies

that

adopt

or

use

technology

to

improve

their

cost

structure,

revenue

opportunities

or

competitive

advantage.

Because

of

its

focus

on

technology,

media

and

service

companies,

the

Technology

Opportunities

Fund

is

subject

to

greater

risk

of

loss

as

a

result

of

adverse

economic,

business

or

other

developments

than

if

its

investments

were

diversified

across

different

industry

sectors.

The

Technology

Opportunities

Fund

may

also

invest

in

a

relatively

few

number

of

issuers.

Thus,

the

Technology

Opportunities

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”,

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Growth

investing

is

an

example

of

an

investment

style.

Growth

companies

are

often

expected

by

investors

to

increase

their

earnings

at

a

certain

rate.

When

these

expectations

are

not

met,

investors

can

punish

the

stock

as

inordinately

even

if

earnings

showed

an

absolute

increase.

Issuer

Concentration

Risk

—

Under

normal

circumstances,

the

Concentrated

Growth

Fund

and

the

U.S.

Equity

ESG

Fund

intend

to

invest

in

up

to

approximately

40

and

50

companies,

respectively.

As

a

result

of

the

relatively

small

number

of

issuers

in

which

a

Fund

generally

invests,

it

may

be

subject

to

greater

risks

than

a

fund

that

invests

in

a

greater

number

of

issuers.

A

change

in

the

value

of

any

single

investment

held

by

a

Fund

may

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

a

mutual

fund

that

holds

more

investments.

In

particular,

a

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

in

the

Fund

and

may

be

susceptible

to

greater

losses

because

of

these

developments.

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

Military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

and

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Strategic

Growth

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)