GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.9%
	Automobiles – 3.5%
	50,502	Tesla, Inc.*	$     47,306,233
	Banks – 0.5%
	266,868	KeyCorp	6,687,712
	Beverages – 1.0%
	51,874	Monster Beverage Corp.*	4,498,513
	50,355	PepsiCo, Inc.	8,737,600
			13,236,113
	Biotechnology – 3.6%
	68,018	AbbVie, Inc.	9,310,984
	39,805	Horizon Therapeutics PLC*	3,715,001
	178,357	Incyte Corp.*	13,257,276
	53,967	Moderna, Inc.*	9,138,232
	83,579	Neurocrine Biosciences, Inc.*	6,604,412
	28,245	Sarepta Therapeutics, Inc.*	2,021,495
	20,574	Vertex Pharmaceuticals, Inc.*	5,000,511
			49,047,911
	Capital Markets – 0.6%
	29,107	Invesco Ltd.	659,564
	18,603	S&P Global, Inc.	7,724,338
			8,383,902
	Communications Equipment – 0.0%
	59,680	CommScope Holding Co., Inc.*	560,395
	Consumer Finance – 1.4%
	91,701	Capital One Financial Corp.	13,455,288
	125,465	Synchrony Financial	5,343,554
			18,798,842
	Distributors – 1.7%
	146,362	LKQ Corp.	8,033,810
	31,963	Pool Corp.	15,222,379
			23,256,189
	Equity Real Estate Investment Trusts (REITs) – 2.8%
	340,011	American Homes 4 Rent, Class A REIT	13,304,631
	159,070	Equity LifeStyle Properties, Inc. REIT	12,453,590
	54,686	First Industrial Realty Trust, Inc. REIT	3,323,815
	65,264	Invitation Homes, Inc. REIT	2,739,783

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	57,333	Lamar Advertising Co., Class A REIT	$       6,350,203
			38,172,022
	Food Products – 0.3%
	23,739	Archer-Daniels-Midland Co.	1,780,425
	49,194	Conagra Brands, Inc.	1,709,983
			3,490,408
	Health Care Equipment & Supplies – 1.1%
	28,942	Align Technology, Inc.*	14,325,132
	Health Care Providers & Services – 1.6%
	72,574	HCA Healthcare, Inc.	17,421,389
	14,406	Molina Healthcare, Inc.*	4,184,655
			21,606,044
	Hotels, Restaurants & Leisure – 5.0%
	70,047	Choice Hotels International, Inc.	10,044,740
	21,621	Domino’s Pizza, Inc.	9,829,988
	103,947	Hilton Worldwide Holdings, Inc.*	15,083,749
	101,308	Marriott International, Inc., Class A*	16,322,745
	25,858	Travel + Leisure Co.	1,468,734
	162,208	Wyndham Hotels & Resorts, Inc.	13,617,362
	18,951	Wynn Resorts Ltd.*	1,619,363
			67,986,681
	Household Durables – 0.3%
	35,636	D.R. Horton, Inc.	3,179,444
	26,280	Toll Brothers, Inc.	1,549,732
			4,729,176
	Insurance – 0.1%
	11,718	Globe Life, Inc.	1,198,751
	Interactive Media & Services – 11.3%
	36,755	Alphabet, Inc., Class C*	99,751,967
	173,558	Meta Platforms, Inc., Class A*	54,368,779
			154,120,746
	Internet & Direct Marketing Retail – 5.5%
	25,196	Amazon.com, Inc.*	75,373,078

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 7.9%
	36,966	Accenture PLC, Class A	$     13,070,438
	33,016	EPAM Systems, Inc.*	15,720,238
	51,506	Gartner, Inc.*	15,137,099
	20,368	Mastercard, Inc., Class A	7,869,788
	149,414	PayPal Holdings, Inc.*	25,690,243
	31,712	VeriSign, Inc.*	6,887,212
	58,268	Visa, Inc., Class A	13,178,474
	517,141	Western Union Co. (The)	9,779,136
			107,332,628
	Life Sciences Tools & Services – 4.5%
	6,576	Agilent Technologies, Inc.	916,168
	213,192	Bruker Corp.	14,198,587
	63,026	IQVIA Holdings, Inc.*	15,435,068
	10,805	Mettler-Toledo International, Inc.*	15,912,308
	38,637	West Pharmaceutical Services, Inc.	15,192,841
			61,654,972
	Machinery – 1.4%
	91,550	Caterpillar, Inc.	18,452,818
	Media – 1.3%
	30,122	Charter Communications, Inc., Class A*	17,872,588
	Metals & Mining – 1.0%
	373,500	Freeport-McMoRan, Inc.	13,901,670
	Pharmaceuticals – 0.7%
	67,044	Perrigo Co. PLC	2,552,365
	36,392	Zoetis, Inc.	7,270,758
			9,823,123
	Road & Rail – 1.4%
	56,907	CSX Corp.	1,947,357
	85,292	Landstar System, Inc.	13,646,720
	13,545	Old Dominion Freight Line, Inc.	4,089,642
			19,683,719
	Semiconductors & Semiconductor Equipment – 7.3%
	57,722	Advanced Micro Devices, Inc.*	6,594,738
	104,678	Applied Materials, Inc.	14,464,406
	25,179	Broadcom, Inc.	14,751,873
	42,531	Entegris, Inc.	5,096,915

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	4,410	KLA Corp.	$       1,716,681
	12,176	Lam Research Corp.	7,182,866
	24,211	Micron Technology, Inc.	1,991,839
	4,029	Monolithic Power Systems, Inc.	1,623,405
	148,801	NVIDIA Corp.	36,435,413
	26,485	ON Semiconductor Corp.*	1,562,615
	17,128	Teradyne, Inc.	2,011,341
	33,170	Texas Instruments, Inc.	5,953,683
			99,385,775
	Software – 18.8%
	3,926	Adobe, Inc.*	2,097,662
	42,616	Cadence Design Systems, Inc.*	6,483,598
	19,781	Dynatrace, Inc.*	1,085,186
	55,818	Fortinet, Inc.*	16,591,342
	16,156	HubSpot, Inc.*	7,897,053
	42,079	Intuit, Inc.	23,363,523
	36,423	Manhattan Associates, Inc.*	4,875,947
	434,630	Microsoft Corp.	135,161,237
	65,452	NCR Corp.*	2,491,103
	177,205	Oracle Corp.	14,381,958
	6,637	Palo Alto Networks, Inc.*	3,433,984
	42,251	Paycom Software, Inc.*	14,166,760
	30,710	ServiceNow, Inc.*	17,989,304
	11,720	Synopsys, Inc.*	3,639,060
	19,373	VMware, Inc., Class A	2,489,043
			256,146,760
	Specialty Retail – 2.5%
	75,141	AutoNation, Inc.*	8,190,369
	1,549	GameStop Corp., Class A*(a)	168,733
	31,244	Home Depot, Inc. (The)	11,465,923
	21,991	O’Reilly Automotive, Inc.*	14,332,634
			34,157,659
	Technology Hardware, Storage & Peripherals – 12.4%
	900,516	Apple, Inc.	157,392,186
	195,243	Dell Technologies, Inc., Class C*	11,091,755
			168,483,941

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 0.4%
	32,433	SiteOne Landscape Supply, Inc.*	$       5,841,832
	TOTAL COMMON STOCKS (Cost $864,659,522)		$1,361,016,820
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $864,659,522)		$1,361,016,820

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
147,200	0.026%	$          147,200
(Cost $147,200)
TOTAL INVESTMENTS – 99.9% (Cost $864,806,722)		$1,361,164,020
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		932,444
NET ASSETS – 100.0%		$1,362,096,464
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 LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.9%
	Aerospace & Defense – 1.5%
	14,710	General Dynamics Corp.	$    3,119,991
	4,735	Howmet Aerospace, Inc.	147,211
	7,107	Raytheon Technologies Corp.	640,980
	34,485	Textron, Inc.	2,347,049
			6,255,231
	Automobiles – 2.1%
	252,275	Ford Motor Co.	5,121,182
	64,094	General Motors Co.*	3,379,677
			8,500,859
	Banks – 4.5%
	84,233	Bank of America Corp.	3,886,511
	35,516	FNB Corp.	458,867
	30,751	JPMorgan Chase & Co.	4,569,598
	179,321	KeyCorp	4,493,784
	40,905	PacWest Bancorp	1,899,219
	3,415	Prosperity Bancshares, Inc.	250,149
	110,855	Regions Financial Corp.	2,543,014
	5,052	Wells Fargo & Co.	271,797
			18,372,939
	Beverages – 0.5%
	8,454	Constellation Brands, Inc., Class A	2,009,938
	Biotechnology – 2.8%
	14,162	Biogen, Inc.*	3,200,612
	83,688	Gilead Sciences, Inc.	5,747,692
	8,240	Horizon Therapeutics PLC*	769,039
	3,037	Moderna, Inc.*	514,255
	4,877	Vertex Pharmaceuticals, Inc.*	1,185,355
			11,416,953
	Building Products – 0.8%
	10,435	Lennox International, Inc.	2,959,575
	3,236	Owens Corning	287,033
			3,246,608
	Capital Markets – 3.7%
	9,664	CME Group, Inc.	2,217,888
	6,748	Evercore, Inc., Class A	842,285
	89,860	Invesco Ltd.	2,036,228
	1,510	Jefferies Financial Group, Inc.	55,327

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	18,597	Morgan Stanley	$    1,906,936
	21,200	Raymond James Financial, Inc.	2,244,444
	9,957	S&P Global, Inc.	4,134,346
	4,425	SEI Investments Co.	259,349
	14,228	Stifel Financial Corp.	1,065,677
	2,651	T. Rowe Price Group, Inc.	409,394
			15,171,874
	Chemicals – 3.5%
	17,741	Air Products and Chemicals, Inc.	5,005,091
	27,408	CF Industries Holdings, Inc.	1,887,589
	24,032	Corteva, Inc.	1,155,458
	81,546	Dow, Inc.	4,870,743
	3,879	International Flavors & Fragrances, Inc.	511,718
	9,418	Mosaic Co. (The)	376,249
	4,702	Westlake Chemical Corp.	463,852
			14,270,700
	Commercial Services & Supplies – 0.5%
	15,186	Republic Services, Inc.	1,938,645
	Communications Equipment – 0.2%
	14,810	Cisco Systems, Inc.	824,473
	Construction & Engineering – 0.5%
	22,192	MasTec, Inc.*	1,911,397
	Construction Materials – 0.6%
	12,411	Vulcan Materials Co.	2,361,937
	Consumer Finance – 2.8%
	43,125	Ally Financial, Inc.	2,057,925
	36,935	Capital One Financial Corp.	5,419,473
	98,897	Synchrony Financial	4,212,023
			11,689,421
	Distributors – 1.1%
	2,930	Genuine Parts Co.	390,364
	79,009	LKQ Corp.	4,336,804
			4,727,168
	Diversified Financial Services – 2.8%
	23,307	Berkshire Hathaway, Inc., Class B*	7,295,557

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financial Services – (continued)
	33,466	Equitable Holdings, Inc.	$    1,125,796
	45,015	Voya Financial, Inc.	3,059,220
			11,480,573
	Diversified Telecommunication Services – 0.9%
	130,730	AT&T, Inc.	3,333,615
	5,686	Verizon Communications, Inc.	302,666
			3,636,281
	Electric Utilities – 2.3%
	56,108	American Electric Power Co., Inc.	5,072,163
	53,887	NextEra Energy, Inc.	4,209,653
			9,281,816
	Electrical Equipment – 2.4%
	27,728	AMETEK, Inc.	3,792,358
	56,259	Emerson Electric Co.	5,173,015
	26,642	nVent Electric PLC	921,547
			9,886,920
	Energy Equipment & Services – 0.3%
	39,406	Halliburton Co.	1,211,340
	Entertainment – 0.2%
	6,932	Walt Disney Co. (The)*	991,068
	Equity Real Estate Investment Trusts (REITs) – 5.3%
	107,963	American Homes 4 Rent, Class A REIT	4,224,592
	27,899	Camden Property Trust REIT	4,466,351
	20,539	Equity LifeStyle Properties, Inc. REIT	1,607,999
	68,776	First Industrial Realty Trust, Inc. REIT	4,180,205
	110,711	Invitation Homes, Inc. REIT	4,647,648
	35,736	Rexford Industrial Realty, Inc. REIT	2,614,803
			21,741,598
	Food & Staples Retailing – 0.3%
	15,910	Kroger Co. (The)	693,517
	15,000	Walgreens Boots Alliance, Inc.	746,400
			1,439,917
	Food Products – 2.8%
	64,648	Archer-Daniels-Midland Co.	4,848,600
	21,053	Campbell Soup Co.	928,858

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	33,964	Conagra Brands, Inc.	$    1,180,589
	69,560	Mondelez International, Inc., Class A	4,662,607
			11,620,654
	Health Care Equipment & Supplies – 1.7%
	89,762	Boston Scientific Corp.*	3,850,790
	21,460	Medtronic PLC	2,220,895
	1,274	Teleflex, Inc.	395,182
	2,920	Zimmer Biomet Holdings, Inc.	359,219
			6,826,086
	Health Care Providers & Services – 6.6%
	13,893	Anthem, Inc.	6,126,674
	4,767	Centene Corp.*	370,682
	16,440	HCA Healthcare, Inc.	3,946,422
	1,856	Humana, Inc.	728,480
	8,383	McKesson Corp.	2,152,084
	11,139	Molina Healthcare, Inc.*	3,235,657
	21,586	UnitedHealth Group, Inc.	10,200,896
	2,675	Universal Health Services, Inc., Class B	347,910
			27,108,805
	Hotels, Restaurants & Leisure – 2.1%
	18,018	Hilton Worldwide Holdings, Inc.*	2,614,592
	17,045	Hyatt Hotels Corp., Class A*	1,561,492
	11,311	Marriott Vacations Worldwide Corp.	1,836,680
	3,528	McDonald’s Corp.	915,340
	7,325	Wyndham Hotels & Resorts, Inc.	614,934
	25,911	Yum China Holdings, Inc. (China)	1,248,133
			8,791,171
	Household Durables – 0.3%
	5,353	D.R. Horton, Inc.	477,595
	12,577	PulteGroup, Inc.	662,682
			1,140,277
	Household Products – 0.9%
	22,646	Procter & Gamble Co. (The)	3,633,551
	Insurance – 5.6%
	35,018	Arch Capital Group Ltd.*	1,622,034
	41,809	Globe Life, Inc.	4,277,061
	29,562	Marsh & McLennan Cos., Inc.	4,541,905

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	46,679	MetLife, Inc.	$    3,130,294
	11,868	Old Republic International Corp.	304,177
	20,916	Reinsurance Group of America, Inc.	2,401,784
	28,852	Travelers Cos., Inc. (The)	4,794,625
	25,830	W R Berkley Corp.	2,182,635
			23,254,515
	Interactive Media & Services – 2.0%
	3,020	Alphabet, Inc., Class A*	8,172,331
	IT Services – 4.9%
	429	Accenture PLC, Class A	151,686
	56,466	Cognizant Technology Solutions Corp., Class A	4,823,326
	29,979	Fidelity National Information Services, Inc.	3,595,082
	12,339	Gartner, Inc.*	3,626,309
	3,838	Global Payments, Inc.	575,239
	1,920	PayPal Holdings, Inc.*	330,125
	20,363	VeriSign, Inc.*	4,422,436
	147,060	Western Union Co. (The)	2,780,904
			20,305,107
	Leisure Products – 0.0%
	6,344	Hayward Holdings, Inc.*	124,913
	Life Sciences Tools & Services – 2.5%
	9,102	Danaher Corp.	2,601,261
	19,020	IQVIA Holdings, Inc.*	4,657,998
	15,623	QIAGEN NV*	773,182
	3,616	Thermo Fisher Scientific, Inc.	2,101,981
			10,134,422
	Machinery – 2.9%
	20,472	Caterpillar, Inc.	4,126,336
	36,369	Otis Worldwide Corp.	3,107,004
	3,718	Parker-Hannifin Corp.	1,152,617
	2,281	Snap-on, Inc.	475,018
	17,449	Stanley Black & Decker, Inc.	3,047,468
			11,908,443
	Media – 2.6%
	7,016	Charter Communications, Inc., Class A*	4,162,873
	8,049	Comcast Corp., Class A	402,370

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	4,334	Liberty Broadband Corp., Class C*	$       643,209
	112,295	News Corp., Class A	2,497,441
	38,681	Omnicom Group, Inc.	2,915,000
			10,620,893
	Metals & Mining – 1.7%
	26,887	Alcoa Corp.	1,524,762
	113,428	Freeport-McMoRan, Inc.	4,221,790
	11,302	Nucor Corp.	1,146,023
			6,892,575
	Mortgage Real Estate Investment Trusts (REITs) – 0.3%
	182,986	Annaly Capital Management, Inc. REIT	1,445,589
	Multi-Utilities – 1.9%
	67,965	CMS Energy Corp.	4,375,587
	29,001	DTE Energy Co.	3,492,590
			7,868,177
	Oil, Gas & Consumable Fuels – 3.7%
	11,830	Chevron Corp.	1,553,634
	15,410	ConocoPhillips	1,365,634
	16,184	Continental Resources, Inc.	840,597
	7,040	EOG Resources, Inc.	784,819
	30,484	Exxon Mobil Corp.	2,315,565
	25,177	Hess Corp.	2,323,585
	123,662	Marathon Oil Corp.	2,407,699
	8,785	Phillips 66	744,880
	3,396	Pioneer Natural Resources Co.	743,351
	39,491	Targa Resources Corp.	2,333,128
			15,412,892
	Pharmaceuticals – 6.0%
	38,924	Bristol-Myers Squibb Co.	2,525,779
	75,376	Johnson & Johnson	12,986,531
	55,075	Perrigo Co. PLC	2,096,705
	135,712	Pfizer, Inc.	7,150,665
			24,759,680
	Professional Services – 0.5%
	21,609	ManpowerGroup, Inc.	2,266,136

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.7%
	376	AMERCO	$       228,965
	163,824	CSX Corp.	5,606,057
	19,125	Norfolk Southern Corp.	5,201,809
			11,036,831
	Semiconductors & Semiconductor Equipment – 0.9%
	3,506	Intel Corp.	171,163
	44,521	Micron Technology, Inc.	3,662,743
			3,833,906
	Software – 3.5%
	14,708	Dolby Laboratories, Inc., Class A	1,292,098
	12,127	Fortinet, Inc.*	3,604,629
	3,065	Intuit, Inc.	1,701,780
	14,570	salesforce.com, Inc.*	3,389,419
	34,271	VMware, Inc., Class A	4,403,138
			14,391,064
	Specialty Retail – 1.9%
	31,880	AutoNation, Inc.*	3,474,920
	5,917	O’Reilly Automotive, Inc.*	3,856,405
	3,362	Penske Automotive Group, Inc.	341,680
			7,673,005
	Technology Hardware, Storage & Peripherals – 1.3%
	75,051	Dell Technologies, Inc., Class C*	4,263,647
	71,247	Hewlett Packard Enterprise Co.	1,163,464
			5,427,111
	TOTAL INVESTMENTS – 98.9% (Cost $373,621,613)		$407,015,790
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%		4,503,202
	NET ASSETS – 100.0%		$411,518,992
	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 LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2022, the Fund 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	4	03/18/22	$	938,605	$	(37,755	)

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Aerospace & Defense – 0.5%
	17,270	AAR Corp.*	$       695,463
	7,365	Maxar Technologies, Inc.	191,564
	7,744	National Presto Industries, Inc.	636,944
	27,755	Vectrus, Inc.*	1,277,007
			2,800,978
	Air Freight & Logistics – 0.1%
	3,570	Atlas Air Worldwide Holdings, Inc.*	286,778
	8,573	Radiant Logistics, Inc.*	53,238
			340,016
	Auto Components – 0.5%
	6,527	Fox Factory Holding Corp.*	868,548
	23,322	Patrick Industries, Inc.	1,501,937
			2,370,485
	Banks – 9.2%
	32,819	1st Source Corp.	1,637,012
	4,339	American National Bankshares, Inc.	164,014
	1,923	Ameris Bancorp	94,823
	72,921	Atlantic Union Bankshares Corp.	2,969,343
	71,969	Bancorp, Inc. (The)*	2,146,116
	883	Bank First Corp.(a)	61,801
	16,341	BankUnited, Inc.	682,237
	6,545	Berkshire Hills Bancorp, Inc.	193,667
	12,962	Byline Bancorp, Inc.	337,012
	3,550	Cambridge Bancorp	317,867
	6,819	Capital City Bank Group, Inc.	188,614
	80,303	Central Pacific Financial Corp.	2,336,817
	22,571	Columbia Banking System, Inc.	784,794
	16,620	Community Bank System, Inc.	1,187,000
	4,176	Community Trust Bancorp, Inc.	184,537
	75,526	CVB Financial Corp.	1,663,838
	18,146	Dime Community Bancshares, Inc.	634,384
	38,265	FB Financial Corp.	1,703,558
	260,230	First BanCorp. (Puerto Rico)	3,786,347
	12,642	First Bank	185,205
	65,500	First Commonwealth Financial Corp.	1,084,680
	37,038	First Financial Bancorp	933,728
	24,090	First Internet Bancorp	1,210,763
	5,311	Great Southern Bancorp, Inc.	315,155
	2,592	Guaranty Bancshares, Inc.	92,120
	5,838	Hancock Whitney Corp.	307,779

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	65,071	Hanmi Financial Corp.	$    1,749,108
	18,246	HarborOne Bancorp, Inc.	259,093
	35,500	Home BancShares, Inc.	836,380
	10,666	HomeStreet, Inc.	519,968
	7,825	HomeTrust Bancshares, Inc.	243,592
	74,467	Hope Bancorp, Inc.	1,247,322
	4,395	Independent Bank Corp.	107,590
	82,111	International Bancshares Corp.	3,451,125
	5,949	Macatawa Bank Corp.	53,779
	60,207	OFG Bancorp (Puerto Rico)	1,665,928
	33,328	Origin Bancorp, Inc.	1,423,772
	1,622	Peoples Financial Services Corp.	82,284
	9,272	Sierra Bancorp	245,986
	3,369	Silvergate Capital Corp., Class A*	362,976
	3,675	Southern First Bancshares, Inc.*	215,355
	99,699	Towne Bank	3,128,555
	98,793	Trustmark Corp.	3,218,676
	93,349	United Bankshares, Inc.	3,298,020
	21,201	United Community Banks, Inc.	750,303
			48,063,023
	Beverages – 0.4%
	3,438	Coca-Cola Consolidated, Inc.	1,969,974
	21,024	Primo Water Corp.	351,101
			2,321,075
	Biotechnology – 7.3%
	47,900	Affimed NV (Germany)*	195,432
	62,003	Akebia Therapeutics, Inc.*	123,386
	2,315	Albireo Pharma, Inc.*	65,954
	10,052	Aldeyra Therapeutics, Inc.*	36,891
	4,131	Alector, Inc.*	65,518
	123,282	Alkermes PLC*	3,143,691
	13,310	Allakos, Inc.*	89,976
	44,676	Allogene Therapeutics, Inc.*	511,540
	9,595	Allovir, Inc.*	78,295
	7,180	ALX Oncology Holdings, Inc.*	114,880
	160,619	Amicus Therapeutics, Inc.*	1,511,425
	24,270	AnaptysBio, Inc.*	775,912
	6,686	Applied Molecular Transport, Inc.*	62,982
	11,668	Arena Pharmaceuticals, Inc.*	1,073,223
	16,324	Arrowhead Pharmaceuticals, Inc.*	861,254
	33,462	Avid Bioservices, Inc.*	631,428

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	33,842	BioCryst Pharmaceuticals, Inc.*	$       522,859
	55,829	Cardiff Oncology, Inc.*	188,702
	12,813	CareDx, Inc.*	535,583
	8,208	ChemoCentryx, Inc.*	220,713
	89,822	Chimerix, Inc.*	512,884
	31,211	Denali Therapeutics, Inc.*	1,068,040
	14,233	Design Therapeutics, Inc.*(a)	179,905
	94,465	Dynavax Technologies Corp.*(a)	1,225,211
	19,114	Eagle Pharmaceuticals, Inc.*	878,097
	42,299	Editas Medicine, Inc.*	805,373
	66,473	Eiger BioPharmaceuticals, Inc.*	287,163
	10,547	Emergent BioSolutions, Inc.*	493,600
	34,764	Global Blood Therapeutics, Inc.*	1,002,941
	106,240	Halozyme Therapeutics, Inc.*	3,676,966
	101,757	Heron Therapeutics, Inc.*	886,304
	9,249	Ideaya Biosciences, Inc.*	153,256
	53,313	ImmunoGen, Inc.*	301,218
	17,494	Inhibrx, Inc.*	464,641
	35,412	Insmed, Inc.*	803,144
	7,804	Intellia Therapeutics, Inc.*	738,024
	10,952	Intercept Pharmaceuticals, Inc.*(a)	179,503
	73,321	Jounce Therapeutics, Inc.*	548,441
	15,485	Kronos Bio, Inc.*	140,914
	1,559	Krystal Biotech, Inc.*	91,981
	5,094	Kymera Therapeutics, Inc.*	213,948
	10,765	MacroGenics, Inc.*	132,948
	2,887	Madrigal Pharmaceuticals, Inc.*	166,234
	16,228	Myriad Genetics, Inc.*	426,634
	11,541	Nkarta, Inc.*	114,371
	45,697	OPKO Health, Inc.*	143,032
	101,638	Organogenesis Holdings, Inc.*	781,596
	129,323	Precision BioSciences, Inc.*	616,871
	12,341	Protagonist Therapeutics, Inc.*	361,468
	21,268	Prothena Corp. PLC (Ireland)*	724,813
	34,620	Puma Biotechnology, Inc.*	85,165
	125,694	Rigel Pharmaceuticals, Inc.*	321,777
	17,578	Rubius Therapeutics, Inc.*	118,652
	179,176	Selecta Biosciences, Inc.*	447,940
	50,570	Seres Therapeutics, Inc.*	421,754
	25,546	Solid Biosciences, Inc.*	31,166
	33,105	Sutro Biopharma, Inc.*	353,561
	28,494	Travere Therapeutics, Inc.*	783,585
	11,672	Turning Point Therapeutics, Inc.*	434,549

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	23,652	Twist Bioscience Corp.*	$    1,405,402
	164,094	Vanda Pharmaceuticals, Inc.*	2,487,665
	164,503	VBI Vaccines, Inc.*(a)	279,655
	13,605	Veracyte, Inc.*	413,728
	4,549	Vericel Corp.*	161,853
	2,733	Verve Therapeutics, Inc.*	78,765
	19,870	Vir Biotechnology, Inc.*	682,137
	4,241	XBiotech, Inc.(a)	45,676
	10,617	Zentalis Pharmaceuticals, Inc.*	606,018
			38,088,213
	Building Products – 1.0%
	21,197	JELD-WEN Holding, Inc.*	500,249
	60,297	Quanex Building Products Corp.	1,313,872
	43,622	UFP Industries, Inc.	3,483,653
			5,297,774
	Capital Markets – 2.0%
	16,817	Focus Financial Partners, Inc., Class A*	846,904
	7,329	Houlihan Lokey, Inc.	778,926
	60,157	Moelis & Co., Class A	3,397,066
	60,500	Oppenheimer Holdings, Inc., Class A	2,564,595
	8,104	PJT Partners, Inc., Class A	561,769
	5,364	Pzena Investment Management, Inc., Class A	54,391
	8,941	Virtus Investment Partners, Inc.	2,339,681
			10,543,332
	Chemicals – 1.9%
	31,172	AdvanSix, Inc.	1,312,030
	4,572	FutureFuel Corp.	35,662
	4,429	Ingevity Corp.*	291,915
	29,239	Innospec, Inc.	2,718,057
	2,755	Intrepid Potash, Inc.*	106,839
	11,874	Koppers Holdings, Inc.*	354,795
	13,805	Livent Corp.*	317,653
	24,325	Minerals Technologies, Inc.	1,702,020
	138,264	Tronox Holdings PLC, Class A	3,138,593
			9,977,564
	Commercial Services & Supplies – 1.1%
	12,596	BrightView Holdings, Inc.*	167,149
	4,914	Brink’s Co. (The)	342,899
	1,227	Casella Waste Systems, Inc., Class A*	93,227

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – (continued)
	5,115	Cimpress PLC (Ireland)*	$       343,830
	73,219	Ennis, Inc.	1,386,036
	23,195	Heritage-Crystal Clean, Inc.*	663,609
	47,683	Matthews International Corp., Class A	1,674,627
	30,301	US Ecology, Inc.*	866,003
			5,537,380
	Communications Equipment – 1.2%
	16,570	Cambium Networks Corp.*	400,662
	14,234	Clearfield, Inc.*	917,666
	191,771	Harmonic, Inc.*	2,063,456
	84,457	Infinera Corp.*	711,128
	71,656	NetScout Systems, Inc.*	2,260,747
			6,353,659
	Construction & Engineering – 0.5%
	16,579	Argan, Inc.	615,910
	10,401	Dycom Industries, Inc.*	876,700
	37,896	Sterling Construction Co., Inc.*	962,937
			2,455,547
	Construction Materials – 0.6%
	87,145	Summit Materials, Inc., Class A*	3,098,876
	412	United States Lime & Minerals, Inc.	52,114
			3,150,990
	Consumer Finance – 0.9%
	3,046	Encore Capital Group, Inc.*	196,467
	20,035	EZCORP, Inc., Class A*	119,609
	36,837	FirstCash Holdings, Inc.	2,567,539
	15,830	LendingClub Corp.*	296,970
	3,483	Oportun Financial Corp.*	62,729
	23,400	Regional Management Corp.	1,187,784
			4,431,098
	Distributors – 0.2%
	55,918	Funko, Inc., Class A*	966,263
	Diversified Consumer Services – 0.1%
	8,238	Stride, Inc.*	288,907

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financial Services – 0.0%
	6,131	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	$       101,039
	Diversified Telecommunication Services – 0.8%
	49,736	Cogent Communications Holdings, Inc.	3,163,707
	132,482	Globalstar, Inc.*(a)	141,756
	18,120	Iridium Communications, Inc.*	650,146
	16,682	Liberty Latin America Ltd., Class C (Chile)*	180,332
			4,135,941
	Electrical Equipment – 1.8%
	41,818	Atkore, Inc.*	4,507,144
	20,932	Bloom Energy Corp., Class A*	315,655
	27,898	Encore Wire Corp.	3,143,826
	55,878	GrafTech International Ltd.	585,601
	20,636	Powell Industries, Inc.	616,191
	15,733	Thermon Group Holdings, Inc.*	269,821
			9,438,238
	Electronic Equipment, Instruments & Components – 2.3%
	1,653	Badger Meter, Inc.	167,234
	18,455	Belden, Inc.	1,032,557
	102,249	CTS Corp.	3,430,454
	1,769	ePlus, Inc.*	81,321
	14,146	Fabrinet (Thailand)*	1,600,762
	5,623	PC Connection, Inc.	243,757
	182,313	Vishay Intertechnology, Inc.	3,775,702
	43,659	Vishay Precision Group, Inc.*	1,398,398
			11,730,185
	Energy Equipment & Services – 0.5%
	12,600	Archrock, Inc.	106,344
	4,760	DMC Global, Inc.*	192,018
	83,001	Helix Energy Solutions Group, Inc.*	292,994
	20,235	Liberty Oilfield Services, Inc., Class A*	244,844
	14,398	National Energy Services Reunited Corp.*	142,972
	31,328	Oceaneering International, Inc.*	408,204
	35,756	Oil States International, Inc.*	224,190
	46,996	ProPetro Holding Corp.*	493,928
	17,425	TETRA Technologies, Inc.*	51,055
	50,986	US Silica Holdings, Inc.*	486,916
			2,643,465

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Entertainment – 1.4%
	98,053	AMC Entertainment Holdings, Inc., Class A*(a)	$    1,574,731
	152,184	Cinemark Holdings, Inc.*	2,297,978
	111,756	IMAX Corp.*	1,927,791
	13,255	Lions Gate Entertainment Corp., Class B*	193,258
	82,609	Marcus Corp. (The)*	1,391,962
			7,385,720
	Equity Real Estate Investment Trusts (REITs) – 5.7%
	34,183	American Assets Trust, Inc. REIT	1,229,563
	3,286	Apple Hospitality REIT, Inc. REIT	53,003
	13,120	City Office REIT, Inc. REIT	233,930
	6,851	Community Healthcare Trust, Inc. REIT	310,624
	20,823	Corporate Office Properties Trust REIT	525,989
	17,402	DiamondRock Hospitality Co. REIT*	162,709
	10,909	EastGroup Properties, Inc. REIT	2,180,818
	138,010	Independence Realty Trust, Inc. REIT	3,172,850
	92,950	Industrial Logistics Properties Trust REIT	2,131,343
	26,017	Macerich Co. (The) REIT	430,321
	68,070	National Storage Affiliates Trust REIT	4,190,389
	47,341	NexPoint Residential Trust, Inc. REIT	3,754,141
	94,726	Outfront Media, Inc. REIT	2,352,994
	9,331	Paramount Group, Inc. REIT	81,086
	145,694	Piedmont Office Realty Trust, Inc., Class A REIT	2,587,525
	5,230	Plymouth Industrial REIT, Inc. REIT	150,363
	1,705	PotlatchDeltic Corp. REIT	91,712
	60,211	Retail Opportunity Investments Corp. REIT	1,115,710
	10,808	RPT Realty REIT	136,397
	146,338	SITE Centers Corp. REIT	2,167,266
	5,541	Tanger Factory Outlet Centers, Inc. REIT	94,252
	8,813	Terreno Realty Corp. REIT	658,948
	35,097	UMH Properties, Inc. REIT	828,289
	41,908	Urstadt Biddle Properties, Inc., Class A REIT	825,169
			29,465,391
	Food & Staples Retailing – 0.6%
	35,151	Ingles Markets, Inc., Class A	2,704,167
	14,561	Rite Aid Corp.*	154,492
			2,858,659
	Food Products – 0.3%
	4,217	B&G Foods, Inc.(a)	131,148
	7,275	Sanderson Farms, Inc.	1,338,600

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	5,086	Tootsie Roll Industries, Inc.	$       172,670
			1,642,418
	Gas Utilities – 0.1%
	12,025	Northwest Natural Holding Co.	569,263
	Health Care Equipment & Supplies – 3.8%
	33,535	AngioDynamics, Inc.*	725,362
	25,313	Artivion, Inc.*	450,571
	33,973	Avanos Medical, Inc.*	1,028,023
	16,861	Cardiovascular Systems, Inc.*	296,248
	29,863	Cerus Corp.*	160,066
	1,206	CONMED Corp.	165,922
	6,705	CryoPort, Inc.*	280,068
	9,827	Heska Corp.*	1,351,999
	19,238	Integer Holdings Corp.*	1,508,452
	81,116	Invacare Corp.*	182,511
	35,824	LeMaitre Vascular, Inc.	1,515,713
	9,564	LivaNova PLC*	718,352
	23,501	Merit Medical Systems, Inc.*	1,303,130
	174	Mesa Laboratories, Inc.	49,473
	80,050	Natus Medical, Inc.*	1,844,352
	70,249	Neogen Corp.*	2,561,981
	13,353	Retractable Technologies, Inc.*(a)	72,907
	22,562	STAAR Surgical Co.*	1,640,709
	33,111	Surmodics, Inc.*	1,512,511
	4,362	Utah Medical Products, Inc.	410,333
	68,569	Varex Imaging Corp.*	1,789,651
			19,568,334
	Health Care Providers & Services – 4.1%
	17,833	Alignment Healthcare, Inc.*	135,531
	14,686	AMN Healthcare Services, Inc.*	1,488,279
	8,303	Apollo Medical Holdings, Inc.*(a)	427,438
	75,437	Aveanna Healthcare Holdings, Inc.*	414,149
	318,972	Brookdale Senior Living, Inc.*	1,687,362
	137,149	Community Health Systems, Inc.*	1,740,421
	104,050	Covetrus, Inc.*	1,880,183
	14,594	Cross Country Healthcare, Inc.*	313,917
	62,874	Hanger, Inc.*	1,139,906
	28,878	Joint Corp. (The)*	1,560,567
	13,731	National HealthCare Corp.	898,007
	113,822	Patterson Cos., Inc.	3,265,553

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	65,968	Select Medical Holdings Corp.	$    1,532,437
	119,353	Sharps Compliance Corp.*	805,633
	50,615	Tenet Healthcare Corp.*	3,751,584
	4,019	US Physical Therapy, Inc.	388,919
			21,429,886
	Health Care Technology – 0.2%
	21,714	Computer Programs and Systems, Inc.*	614,940
	4,559	Convey Health Solutions Holdings, Inc.*	35,515
	2,693	Inspire Medical Systems, Inc.*	595,934
			1,246,389
	Hotels, Restaurants & Leisure – 2.6%
	1,936	BJ’s Restaurants, Inc.*	58,254
	26,179	Bloomin’ Brands, Inc.*	532,219
	37,652	Dave & Buster’s Entertainment, Inc.*	1,347,565
	150,806	Drive Shack, Inc.*	211,128
	4,104	Monarch Casino & Resort, Inc.*	254,038
	19,562	PlayAGS, Inc.*	152,388
	1,773	RCI Hospitality Holdings, Inc.	123,880
	65,190	Red Rock Resorts, Inc., Class A	2,902,259
	11,311	Ruth’s Hospitality Group, Inc.*	226,559
	60,822	SeaWorld Entertainment, Inc.*	3,623,775
	3,530	Shake Shack, Inc., Class A*	233,227
	43,165	Texas Roadhouse, Inc.	3,685,859
			13,351,151
	Household Durables – 2.9%
	15,060	Beazer Homes USA, Inc.*	274,694
	10,818	Installed Building Products, Inc.	1,198,526
	1,106	iRobot Corp.*	72,465
	88,510	KB Home	3,739,547
	24,360	LGI Homes, Inc.*	3,033,064
	31,749	M/I Homes, Inc.*	1,682,380
	19,336	Meritage Homes Corp.*	1,972,852
	141,032	Tri Pointe Homes, Inc.*	3,357,972
			15,331,500
	Household Products – 0.7%
	76,663	Energizer Holdings, Inc.	2,883,295
	4,118	WD-40 Co.	915,267
			3,798,562

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 4.5%
	97,664	American Equity Investment Life Holding Co.	$    4,017,897
	28,132	AMERISAFE, Inc.	1,477,493
	62,592	Argo Group International Holdings Ltd.	3,553,974
	82,100	BRP Group, Inc., Class A*	2,505,692
	686,099	Genworth Financial, Inc., Class A*	2,675,786
	26,034	Goosehead Insurance, Inc., Class A	2,566,432
	10,653	Kinsale Capital Group, Inc.	2,134,009
	1,889	National Western Life Group, Inc., Class A	404,000
	4,455	RLI Corp.	466,795
	51,856	Stewart Information Services Corp.	3,704,074
			23,506,152
	Interactive Media & Services – 0.5%
	18,490	Cargurus, Inc.*	589,831
	24,595	Eventbrite, Inc., Class A*	352,446
	45,574	fuboTV, Inc.*(a)	489,465
	36,416	Liberty TripAdvisor Holdings, Inc., Class A*	81,936
	65,010	QuinStreet, Inc.*	1,046,011
	40,332	TrueCar, Inc.*	138,742
			2,698,431
	Internet & Direct Marketing Retail – 0.6%
	14,437	1-800-Flowers.com, Inc., Class A*	245,862
	57,832	aka Brands Holding Corp.*	410,029
	10,130	CarParts.com, Inc.*	93,196
	14,976	Lands’ End, Inc.*	274,510
	25,216	Liquidity Services, Inc.*	479,860
	3,834	Overstock.com, Inc.*	183,802
	13,981	PetMed Express, Inc.(a)	361,129
	19,234	Porch Group, Inc.*	202,919
	9,226	Rent the Runway, Inc., Class A*(a)	53,234
	16,265	Revolve Group, Inc.*	802,190
			3,106,731
	IT Services – 2.3%
	56,602	Brightcove, Inc.*	533,757
	137,715	Conduent, Inc.*	651,392
	14,430	DigitalOcean Holdings, Inc.*	827,416
	40,500	EVERTEC, Inc. (Puerto Rico)	1,767,420
	31,772	Evo Payments, Inc., Class A*	766,341
	18,665	ExlService Holdings, Inc.*	2,249,506
	19,427	Hackett Group, Inc. (The)	371,833
	9,018	I3 Verticals, Inc., Class A*	208,676

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	41,458	MoneyGram International, Inc.*	$       363,587
	30,465	Perficient, Inc.*	3,193,341
	61,807	Rackspace Technology, Inc.*	773,205
			11,706,474
	Leisure Products – 0.4%
	26,758	Acushnet Holdings Corp.	1,249,599
	44,973	Latham Group, Inc.*	750,150
	3,201	Vista Outdoor, Inc.*	123,494
			2,123,243
	Life Sciences Tools & Services – 1.3%
	5,996	Berkeley Lights, Inc.*	58,221
	35,849	Codexis, Inc.*	734,904
	5,527	Inotiv, Inc.*	176,809
	10,171	MaxCyte, Inc.*	65,705
	21,525	Medpace Holdings, Inc.*	3,819,827
	53,264	NanoString Technologies, Inc.*	1,849,326
			6,704,792
	Machinery – 2.3%
	9,370	Albany International Corp., Class A	784,363
	1,597	CIRCOR International, Inc.*	44,349
	14,346	Douglas Dynamics, Inc.	524,059
	11,689	Enerpac Tool Group Corp.	208,649
	858	ESCO Technologies, Inc.	68,451
	6,708	Franklin Electric Co., Inc.	582,254
	5,094	Hydrofarm Holdings Group, Inc.*	99,893
	83,520	Kennametal, Inc.	2,887,286
	13,183	Meritor, Inc.*	303,868
	60,185	Mueller Industries, Inc.	3,109,157
	11,875	Nikola Corp.*(a)	95,356
	1,519	SPX Corp.*	79,262
	70,033	Terex Corp.	2,921,777
	49,640	Titan International, Inc.*	483,990
			12,192,714
	Marine – 0.7%
	35,340	Eagle Bulk Shipping, Inc.(a)	1,583,939
	52,845	Genco Shipping & Trading Ltd.	822,268
	391,780	Safe Bulkers, Inc. (Greece)*	1,367,312
			3,773,519

Shares		Description	Value
	Common Stocks – (continued)
	Media – 0.7%
	1,248	Daily Journal Corp.*	$       404,340
	23,571	EW Scripps Co. (The), Class A*	483,206
	11,472	Hemisphere Media Group, Inc.*	74,453
	22,936	iHeartMedia, Inc., Class A*	462,160
	41,254	Magnite, Inc.*	559,817
	17,996	TechTarget, Inc.*	1,492,588
			3,476,564
	Metals & Mining – 1.1%
	41,333	Century Aluminum Co.*	634,048
	39,684	Constellium SE*	694,073
	18,455	Haynes International, Inc.	694,277
	113,951	Novagold Resources, Inc. (Canada)*	752,077
	168,741	SunCoke Energy, Inc.	1,155,876
	70,135	Warrior Met Coal, Inc.	1,837,537
			5,767,888
	Mortgage Real Estate Investment Trusts (REITs) – 1.2%
	155,514	Chimera Investment Corp. REIT	2,254,953
	27,731	Great Ajax Corp. REIT	361,612
	47,504	Ladder Capital Corp. REIT	564,823
	452,185	MFA Financial, Inc. REIT	2,093,616
	89,911	TPG RE Finance Trust, Inc. REIT	1,134,677
			6,409,681
	Multiline Retail – 0.2%
	2,104	Dillard’s, Inc., Class A	533,827
	21,212	Macy’s, Inc.	543,027
			1,076,854
	Oil, Gas & Consumable Fuels – 4.4%
	99,460	Antero Resources Corp.*	1,942,454
	2,707	Callon Petroleum Co.*	133,834
	80,833	Centennial Resource Development, Inc., Class A*	631,306
	23,556	Comstock Resources, Inc.*	183,266
	4,477	Earthstone Energy, Inc., Class A*	61,156
	51,746	Equitrans Midstream Corp.	419,660
	54,765	Kosmos Energy Ltd. (Ghana)*	237,132
	1,308	Laredo Petroleum, Inc.*	87,845
	46,820	Magnolia Oil & Gas Corp., Class A	1,012,717
	88,437	Matador Resources Co.	3,959,325
	42,267	Murphy Oil Corp.	1,335,637

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	109,224	Ovintiv, Inc.	$    4,237,891
	3,574	PBF Energy, Inc., Class A*	56,612
	20,644	PDC Energy, Inc.	1,223,570
	202,896	Range Resources Corp.*	3,905,748
	63,854	SM Energy Co.	2,095,050
	347,773	W&T Offshore, Inc.*	1,488,468
			23,011,671
	Personal Products – 0.3%
	30,447	Edgewell Personal Care Co.	1,394,473
	Pharmaceuticals – 2.0%
	169,718	Amneal Pharmaceuticals, Inc.*	751,851
	62,505	Amphastar Pharmaceuticals, Inc.*	1,443,240
	92,033	Antares Pharma, Inc.*	310,151
	5,589	Arvinas, Inc.*	399,558
	1,342	Cassava Sciences, Inc.*(a)	59,383
	149,660	Endo International PLC*	477,415
	14,850	Innoviva, Inc.*	238,046
	8,320	Intra-Cellular Therapies, Inc.*	395,117
	108,438	Phibro Animal Health Corp., Class A	2,092,853
	60,388	Prestige Consumer Healthcare, Inc.*	3,408,903
	24,239	Supernus Pharmaceuticals, Inc.*	747,773
			10,324,290
	Professional Services – 1.9%
	3,704	ASGN, Inc.*	425,478
	4,889	Barrett Business Services, Inc.	312,896
	3,668	CBIZ, Inc.*	141,695
	2,506	CRA International, Inc.	213,160
	15,274	Exponent, Inc.	1,450,724
	27,640	Forrester Research, Inc.*	1,520,753
	6,612	Franklin Covey Co.*	309,508
	47,128	Heidrick & Struggles International, Inc.	2,062,793
	2,200	Huron Consulting Group, Inc.*	97,064
	47,265	Korn Ferry	3,137,451
	4,832	TriNet Group, Inc.*	411,686
			10,083,208
	Real Estate Management & Development – 0.1%
	2,778	Forestar Group, Inc.*	55,421

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Management & Development – (continued)
	12,532	St. Joe Co. (The)	$       607,927
			663,348
	Road & Rail – 1.9%
	6,591	Avis Budget Group, Inc.*	1,161,202
	31,855	Heartland Express, Inc.	476,551
	202,393	Marten Transport Ltd.	3,377,939
	13,605	Saia, Inc.*	3,867,630
	18,275	Werner Enterprises, Inc.	814,882
			9,698,204
	Semiconductors & Semiconductor Equipment – 2.7%
	10,494	Ambarella, Inc.*	1,470,734
	20,732	Axcelis Technologies, Inc.*	1,298,030
	72,372	Cohu, Inc.*	2,386,829
	12,283	Diodes, Inc.*	1,139,740
	37,697	FormFactor, Inc.*	1,611,170
	6,193	Ichor Holdings Ltd.*	262,707
	28,282	Kulicke & Soffa Industries, Inc. (Singapore)	1,546,743
	13,255	Lattice Semiconductor Corp.*	731,941
	27,866	MaxLinear, Inc.*	1,672,517
	4,317	Power Integrations, Inc.	348,425
	2,571	SiTime Corp.*	599,274
	7,549	Ultra Clean Holdings, Inc.*	380,621
	24,621	Veeco Instruments, Inc.*	676,831
			14,125,562
	Software – 6.0%
	107,644	A10 Networks, Inc.	1,593,131
	76,893	ACI Worldwide, Inc.*	2,642,812
	3,187	Alarm.com Holdings, Inc.*	237,655
	10,503	Altair Engineering, Inc., Class A*	660,849
	5,313	American Software, Inc., Class A	122,146
	21,413	Cerence, Inc.*	1,359,511
	39,876	ChannelAdvisor Corp.*	842,979
	17,010	CommVault Systems, Inc.*	1,147,495
	27,952	Domo, Inc., Class B*	1,312,626
	182,519	E2open Parent Holdings, Inc.*	1,697,427
	35,962	eGain Corp.*	371,488
	34,085	Envestnet, Inc.*	2,520,245
	5,989	Intapp, Inc.*(a)	120,499
	8,636	Marathon Digital Holdings, Inc.*(a)	203,291
	1,037	MicroStrategy, Inc., Class A*(a)	381,626

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	27,112	Mimecast Ltd.*	$    2,161,098
	9,242	Momentive Global, Inc.*	158,315
	27,973	Ping Identity Holding Corp.*	553,586
	1,935	Rapid7, Inc.*	186,399
	51,510	Sapiens International Corp. NV (Israel)	1,640,078
	22,837	SPS Commerce, Inc.*	2,828,362
	18,456	Tenable Holdings, Inc.*	948,638
	46,584	Upland Software, Inc.*	913,046
	38,971	Varonis Systems, Inc.*	1,452,059
	28,845	Workiva, Inc.*	3,411,787
	109,713	Yext, Inc.*	888,675
	50,935	Zuora, Inc., Class A*	847,049
			31,202,872
	Specialty Retail – 3.5%
	55,189	Academy Sports & Outdoors, Inc.*	2,146,852
	53,420	American Eagle Outfitters, Inc.	1,219,579
	8,370	Asbury Automotive Group, Inc.*	1,347,319
	3,505	Bed Bath & Beyond, Inc.*	56,921
	13,202	Boot Barn Holdings, Inc.*	1,214,188
	74,976	Buckle, Inc. (The)	2,822,097
	69,690	Cato Corp. (The), Class A	1,151,279
	41,157	Chico’s FAS, Inc.*	193,849
	48,911	Designer Brands, Inc., Class A*	644,158
	9,929	Group 1 Automotive, Inc.	1,686,044
	10,274	MarineMax, Inc.*	483,494
	19,387	Murphy USA, Inc.	3,812,647
	67,725	Tilly’s, Inc., Class A	892,616
	8,856	TravelCenters of America, Inc.*	403,656
			18,074,699
	Technology Hardware, Storage & Peripherals – 0.4%
	28,912	3D Systems Corp.*	517,525
	13,838	Avid Technology, Inc.*	433,960
	65,653	Eastman Kodak Co.*(a)	258,016
	20,465	Super Micro Computer, Inc.*	829,242
			2,038,743
	Textiles, Apparel & Luxury Goods – 1.0%
	24,928	Crocs, Inc.*	2,558,112
	7,361	Movado Group, Inc.	272,872
	2,665	Oxford Industries, Inc.	219,569

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	55,705	Steven Madden Ltd.	$    2,291,704
			5,342,257
	Thrifts & Mortgage Finance – 0.8%
	4,716	Bridgewater Bancshares, Inc.*	83,898
	3,912	Home Bancorp, Inc.	151,981
	46,614	Merchants Bancorp	1,358,798
	21,971	PennyMac Financial Services, Inc.	1,377,582
	16,190	TrustCo Bank Corp.	548,841
	2,839	Walker & Dunlop, Inc.	375,912
			3,897,012
	Tobacco – 0.2%
	73,513	Vector Group Ltd.	816,729
	Trading Companies & Distributors – 2.3%
	13,953	Boise Cascade Co.	979,780
	4,222	GMS, Inc.*	216,082
	51,576	H&E Equipment Services, Inc.	2,147,109
	10,515	Herc Holdings, Inc.	1,687,132
	31,472	McGrath RentCorp	2,398,481
	237,662	MRC Global, Inc.*	1,761,076
	21,244	NOW, Inc.*	188,859
	4,520	Rush Enterprises, Inc., Class A	238,746
	68,378	Titan Machinery, Inc.*	2,106,042
			11,723,307
	Wireless Telecommunication Services – 0.4%
	62,046	Gogo, Inc.*(a)	772,473
	59,235	Shenandoah Telecommunications Co.	1,348,781
			2,121,254
	TOTAL COMMON STOCKS (Cost $498,175,288)		$514,743,117
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $498,175,288)		$514,743,117

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
6,109,750	0.026%	$    6,109,750
(Cost $6,109,750)
TOTAL INVESTMENTS – 100.2% (Cost $504,285,038)		$520,852,867
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(1,012,357)
NET ASSETS – 100.0%		$519,840,510

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 EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2022, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	14	03/18/22	$	1,516,114	$	(99,034	)

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 100.8%
	Aerospace & Defense – 0.1%
	4,297	Vectrus, Inc.*	$       197,705
	Auto Components – 1.1%
	11,928	Fox Factory Holding Corp.*	1,587,259
	23,541	Patrick Industries, Inc.	1,516,040
			3,103,299
	Banks – 1.2%
	8,871	Central Pacific Financial Corp.	258,146
	73,922	First BanCorp. (Puerto Rico)	1,075,565
	2,026	Hanmi Financial Corp.	54,459
	2,002	OFG Bancorp (Puerto Rico)	55,396
	11,674	Origin Bancorp, Inc.	498,713
	12,399	ServisFirst Bancshares, Inc.	1,052,303
	5,404	Silvergate Capital Corp., Class A*	582,227
			3,576,809
	Beverages – 0.9%
	4,269	Coca-Cola Consolidated, Inc.	2,446,137
	1,824	National Beverage Corp.	81,478
			2,527,615
	Biotechnology – 10.8%
	21,441	ACADIA Pharmaceuticals, Inc.*	482,208
	19,037	Affimed NV (Germany)*	77,671
	48,898	Akebia Therapeutics, Inc.*	97,307
	5,833	Albireo Pharma, Inc.*	166,182
	27,374	Aldeyra Therapeutics, Inc.*	100,463
	26,401	Alector, Inc.*	418,720
	110,154	Alkermes PLC*	2,808,927
	8,812	Allakos, Inc.*	59,569
	6,830	Allogene Therapeutics, Inc.*	78,203
	10,094	ALX Oncology Holdings, Inc.*	161,504
	133,196	Amicus Therapeutics, Inc.*	1,253,374
	11,378	Anavex Life Sciences Corp.*	148,824
	1,586	Apellis Pharmaceuticals, Inc.*	63,868
	12,308	Applied Molecular Transport, Inc.*	115,941
	25,769	Arrowhead Pharmaceuticals, Inc.*	1,359,572
	35,618	Avid Bioservices, Inc.*	672,112
	12,008	Beyondspring, Inc.*	38,786
	11,637	C4 Therapeutics, Inc.*	284,292
	12,581	CareDx, Inc.*	525,886
	104,331	Chimerix, Inc.*	595,730
	6,961	Coherus Biosciences, Inc.*	86,038

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	25,419	Denali Therapeutics, Inc.*	$       869,838
	76,333	Dynavax Technologies Corp.*	990,039
	1,406	Eagle Pharmaceuticals, Inc.*	64,592
	30,362	Editas Medicine, Inc.*	578,092
	30,758	Eiger BioPharmaceuticals, Inc.*	132,875
	7,160	Erasca, Inc.*(a)	84,846
	9,887	Fate Therapeutics, Inc.*	410,409
	39,102	Global Blood Therapeutics, Inc.*	1,128,093
	74,083	Halozyme Therapeutics, Inc.*	2,564,013
	124,971	Heron Therapeutics, Inc.*	1,088,497
	33,396	ImmunoGen, Inc.*	188,687
	19,862	Inhibrx, Inc.*	527,535
	33,064	Insmed, Inc.*	749,892
	15,359	Intellia Therapeutics, Inc.*	1,452,501
	42,321	Intercept Pharmaceuticals, Inc.*(a)	693,641
	25,965	Jounce Therapeutics, Inc.*	194,218
	1,707	Karuna Therapeutics, Inc.*	189,579
	5,531	Kodiak Sciences, Inc.*	324,670
	14,904	Kymera Therapeutics, Inc.*	625,968
	24,784	MacroGenics, Inc.*	306,082
	3,741	Madrigal Pharmaceuticals, Inc.*	215,407
	81,076	Organogenesis Holdings, Inc.*	623,474
	17,216	PMV Pharmaceuticals, Inc.*	276,489
	120,784	Precision BioSciences, Inc.*	576,140
	13,634	Protagonist Therapeutics, Inc.*	399,340
	17,570	Prothena Corp. PLC (Ireland)*	598,786
	9,153	PTC Therapeutics, Inc.*	368,134
	61,141	Puma Biotechnology, Inc.*	150,407
	18,774	Recursion Pharmaceuticals, Inc., Class A*	222,284
	135,060	Rigel Pharmaceuticals, Inc.*	345,754
	16,716	Rubius Therapeutics, Inc.*	112,833
	22,064	Sana Biotechnology, Inc.*(a)	193,281
	63,015	Seres Therapeutics, Inc.*	525,545
	14,098	Sorrento Therapeutics, Inc.*(a)	48,638
	2,232	SpringWorks Therapeutics, Inc.*	124,278
	9,990	Stoke Therapeutics, Inc.*	189,310
	18,880	Twist Bioscience Corp.*	1,121,850
	36,603	Vanda Pharmaceuticals, Inc.*	554,901
	211,684	VBI Vaccines, Inc.*	359,863
	7,950	Vericel Corp.*	282,861
	18,501	Vir Biotechnology, Inc.*	635,139
	10,603	Zentalis Pharmaceuticals, Inc.*	605,219
			31,289,177

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Building Products – 1.1%
	2,773	Masonite International Corp.*	$       275,192
	35,415	UFP Industries, Inc.	2,828,242
			3,103,434
	Capital Markets – 2.7%
	23,549	Focus Financial Partners, Inc., Class A*	1,185,927
	7,383	Houlihan Lokey, Inc.	784,665
	40,242	Moelis & Co., Class A	2,272,466
	12,311	Oppenheimer Holdings, Inc., Class A	521,863
	15,325	PJT Partners, Inc., Class A	1,062,329
	29,019	Pzena Investment Management, Inc., Class A	294,253
	6,113	Virtus Investment Partners, Inc.	1,599,650
			7,721,153
	Chemicals – 1.2%
	7,371	Ingevity Corp.*	485,823
	5,172	Innospec, Inc.	480,789
	57,570	Livent Corp.*	1,324,686
	55,462	Tronox Holdings PLC, Class A	1,258,987
			3,550,285
	Commercial Services & Supplies – 1.5%
	18,481	Brink’s Co. (The)	1,289,604
	14,271	Casella Waste Systems, Inc., Class A*	1,084,311
	15,439	Cimpress PLC (Ireland)*	1,037,810
	3,897	Heritage-Crystal Clean, Inc.*	111,493
	15,163	Pitney Bowes, Inc.	93,404
	6,158	Tetra Tech, Inc.	857,132
			4,473,754
	Communications Equipment – 1.1%
	21,788	Cambium Networks Corp.*	526,834
	14,310	Casa Systems, Inc.*	63,393
	21,349	Clearfield, Inc.*	1,376,370
	3,465	Extreme Networks, Inc.*	43,971
	57,352	Harmonic, Inc.*	617,108
	61,224	Infinera Corp.*	515,506
			3,143,182
	Construction & Engineering – 0.4%
	11,113	Dycom Industries, Inc.*	936,715
	7,346	WillScot Mobile Mini Holdings Corp.*	272,096
			1,208,811

Shares		Description	Value
	Common Stocks – (continued)
	Construction Materials – 0.1%
	8,524	Summit Materials, Inc., Class A*	$       303,113
	Consumer Finance – 0.1%
	634	Atlanticus Holdings Corp.*	40,772
	2,302	Curo Group Holdings Corp.	32,988
	6,787	Regional Management Corp.	344,508
			418,268
	Distributors – 0.2%
	31,211	Funko, Inc., Class A*	539,326
	Diversified Consumer Services – 0.1%
	10,460	Houghton Mifflin Harcourt Co.*	188,385
	Diversified Telecommunication Services – 0.9%
	38,755	Cogent Communications Holdings, Inc.	2,465,205
	128,283	Globalstar, Inc.*(a)	137,263
			2,602,468
	Electrical Equipment – 2.2%
	3,110	Allied Motion Technologies, Inc.	111,493
	29,726	Atkore, Inc.*	3,203,868
	878	Blink Charging Co.*(a)	18,359
	22,221	Bloom Energy Corp., Class A*	335,093
	11,897	Encore Wire Corp.	1,340,673
	80,155	GrafTech International Ltd.	840,024
	23,420	Stem, Inc.*	287,598
	3,794	Vicor Corp.*	357,888
			6,494,996
	Electronic Equipment, Instruments & Components – 2.5%
	6,285	Badger Meter, Inc.	635,853
	45,894	CTS Corp.	1,539,744
	19,007	Fabrinet (Thailand)*	2,150,832
	3,158	Identiv, Inc.*	61,013
	9,430	Napco Security Technologies, Inc.*	196,050
	3,515	nLight, Inc.*	72,725
	1,450	Plexus Corp.*	112,404
	95,447	Vishay Intertechnology, Inc.	1,976,707
	15,164	Vishay Precision Group, Inc.*	485,703
			7,231,031
	Energy Equipment & Services – 0.5%
	12,370	Cactus, Inc., Class A	599,450

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – (continued)
	8,474	DMC Global, Inc.*	$       341,841
	14,037	Liberty Oilfield Services, Inc., Class A*	169,848
	92,816	TETRA Technologies, Inc.*	271,951
			1,383,090
	Entertainment – 0.8%
	120,200	Cinemark Holdings, Inc.*	1,815,020
	21,156	IMAX Corp.*	364,941
	3,248	Marcus Corp. (The)*	54,729
			2,234,690
	Equity Real Estate Investment Trusts (REITs) – 3.2%
	15,573	EastGroup Properties, Inc. REIT	3,113,199
	49,168	National Storage Affiliates Trust REIT	3,026,782
	24,921	NexPoint Residential Trust, Inc. REIT	1,976,235
	42,024	UMH Properties, Inc. REIT	991,766
			9,107,982
	Food Products – 0.1%
	10,855	Utz Brands, Inc.	174,874
	Health Care Equipment & Supplies – 5.1%
	8,431	Artivion, Inc.*	150,072
	9,986	Axonics, Inc.*	473,636
	38,788	Cardiovascular Systems, Inc.*	681,505
	14,333	Cerus Corp.*	76,825
	6,077	CONMED Corp.	836,074
	13,398	CryoPort, Inc.*	559,635
	7,180	Heska Corp.*	987,824
	517	iRhythm Technologies, Inc.*	64,537
	29,945	LeMaitre Vascular, Inc.	1,266,973
	9,283	LivaNova PLC*	697,246
	31,024	Merit Medical Systems, Inc.*	1,720,281
	24,636	Natus Medical, Inc.*	567,613
	58,000	Neogen Corp.*	2,115,260
	1,900	PROCEPT BioRobotics Corp.*(a)	35,226
	23,412	Retractable Technologies, Inc.*(a)	127,830
	36,056	Senseonics Holdings, Inc.*(a)	96,630
	1,821	Shockwave Medical, Inc.*	263,990
	24,834	STAAR Surgical Co.*	1,805,929
	34,056	Surmodics, Inc.*	1,555,678
	8,449	Utah Medical Products, Inc.	794,797
			14,877,561

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 4.9%
	2,940	Accolade, Inc.*	$         56,154
	3,016	Agiliti, Inc.*	57,696
	49,508	Alignment Healthcare, Inc.*	376,261
	17,484	AMN Healthcare Services, Inc.*	1,771,828
	11,987	Apollo Medical Holdings, Inc.*(a)	617,091
	118,940	Aveanna Healthcare Holdings, Inc.*	652,980
	206,199	Brookdale Senior Living, Inc.*	1,090,793
	88,461	Community Health Systems, Inc.*	1,122,570
	95,268	Hanger, Inc.*	1,727,209
	727	HealthEquity, Inc.*	38,851
	24,710	Joint Corp. (The)*	1,335,328
	59,516	Patterson Cos., Inc.	1,707,514
	2,308	Pennant Group, Inc. (The)*	38,359
	12,589	PetIQ, Inc.*	257,319
	3,498	Progyny, Inc.*	141,669
	5,510	R1 RCM, Inc.*	131,028
	41,220	Select Medical Holdings Corp.	957,541
	130,132	Sharps Compliance Corp.*	878,391
	3,606	Tenet Healthcare Corp.*	267,277
	10,713	US Physical Therapy, Inc.	1,036,697
			14,262,556
	Health Care Technology – 0.4%
	5,242	Inspire Medical Systems, Inc.*	1,160,002
	Hotels, Restaurants & Leisure – 4.1%
	19,791	BJ’s Restaurants, Inc.*	595,511
	34,456	Bloomin’ Brands, Inc.*	700,490
	21,354	Dave & Buster’s Entertainment, Inc.*	764,260
	4,146	Dine Brands Global, Inc.	281,306
	106,582	Drive Shack, Inc.*	149,215
	18,847	Everi Holdings, Inc.*	372,605
	9,154	Hilton Grand Vacations, Inc.*	447,264
	855	International Game Technology PLC	22,888
	1,059	Kura Sushi USA, Inc., Class A*	48,873
	1,480	Monarch Casino & Resort, Inc.*	91,612
	15,652	Noodles & Co.*	131,633
	20,746	ONE Group Hospitality, Inc. (The)*	261,400
	33,998	PlayAGS, Inc.*	264,844
	1,267	Portillo’s, Inc., Class A*(a)	33,639
	7,646	RCI Hospitality Holdings, Inc.	534,226
	45,034	Red Rock Resorts, Inc., Class A	2,004,914
	8,483	Ruth’s Hospitality Group, Inc.*	169,915
	33,393	SeaWorld Entertainment, Inc.*	1,989,555

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	6,437	Shake Shack, Inc., Class A*	$       425,293
	30,227	Texas Roadhouse, Inc.	2,581,084
			11,870,527
	Household Durables – 2.2%
	3,606	Century Communities, Inc.	237,455
	14,635	Installed Building Products, Inc.	1,621,412
	3,296	iRobot Corp.*	215,954
	36,130	KB Home	1,526,493
	20,014	LGI Homes, Inc.*	2,491,943
	1,412	Meritage Homes Corp.*	144,066
	1,288	Tri Pointe Homes, Inc.*	30,667
			6,267,990
	Household Products – 1.5%
	63,640	Energizer Holdings, Inc.	2,393,500
	8,102	WD-40 Co.	1,800,751
			4,194,251
	Insurance – 3.0%
	46,457	American Equity Investment Life Holding Co.	1,911,241
	72,612	BRP Group, Inc., Class A*	2,216,118
	148,985	Genworth Financial, Inc., Class A*	581,042
	15,154	Goosehead Insurance, Inc., Class A	1,493,881
	3,303	Kinsale Capital Group, Inc.	661,657
	26,363	Stewart Information Services Corp.	1,883,109
			8,747,048
	Interactive Media & Services – 0.8%
	23,568	Cargurus, Inc.*	751,819
	10,843	Eventbrite, Inc., Class A*	155,380
	45,143	fuboTV, Inc.*(a)	484,836
	63,579	Liberty TripAdvisor Holdings, Inc., Class A*	143,053
	45,891	QuinStreet, Inc.*	738,386
			2,273,474
	Internet & Direct Marketing Retail – 1.2%
	19,740	1-800-Flowers.com, Inc., Class A*	336,172
	53,044	aka Brands Holding Corp.*	376,082
	42,822	CarParts.com, Inc.*	393,962
	32,081	Liquidity Services, Inc.*	610,502
	4,852	Lulu’s Fashion Lounge Holdings, Inc.*	46,870
	9,228	Overstock.com, Inc.*	442,390
	9,719	PetMed Express, Inc.	251,042

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – (continued)
	52,352	Porch Group, Inc.*	$       552,314
	8,576	Rent the Runway, Inc., Class A*(a)	49,484
	9,088	Revolve Group, Inc.*	448,220
			3,507,038
	IT Services – 4.0%
	13,960	BigCommerce Holdings, Inc.Series 1*	456,352
	64,126	Brightcove, Inc.*	604,708
	14,833	DigitalOcean Holdings, Inc.*	850,524
	30,813	EVERTEC, Inc. (Puerto Rico)	1,344,679
	48,210	Evo Payments, Inc., Class A*	1,162,825
	21,902	ExlService Holdings, Inc.*	2,639,629
	42,597	Hackett Group, Inc. (The)	815,307
	22,663	I3 Verticals, Inc., Class A*	524,422
	8,177	MoneyGram International, Inc.*	71,712
	24,858	Perficient, Inc.*	2,605,616
	32,797	Rackspace Technology, Inc.*	410,291
	968	TTEC Holdings, Inc.	77,527
			11,563,592
	Leisure Products – 0.3%
	41,190	Latham Group, Inc.*	687,049
	1,261	Malibu Boats, Inc., Class A*	82,797
			769,846
	Life Sciences Tools & Services – 2.1%
	23,931	Berkeley Lights, Inc.*	232,370
	52,693	Codexis, Inc.*	1,080,206
	7,377	Cytek Biosciences, Inc.*(a)	107,409
	9,719	Inotiv, Inc.*	310,911
	17,441	Medpace Holdings, Inc.*	3,095,080
	33,298	NanoString Technologies, Inc.*	1,156,107
			5,982,083
	Machinery – 3.2%
	11,660	CIRCOR International, Inc.*	323,798
	47,899	Douglas Dynamics, Inc.	1,749,750
	19,150	Enerpac Tool Group Corp.	341,827
	8,136	Evoqua Water Technologies Corp.*	329,508
	18,582	Franklin Electric Co., Inc.	1,612,918
	12,186	Hydrofarm Holdings Group, Inc.*	238,967
	17,632	Meritor, Inc.*	406,418
	31,525	Mueller Industries, Inc.	1,628,582
	32,800	Nikola Corp.*(a)	263,384

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	527	Omega Flex, Inc.	$         74,813
	53,347	Terex Corp.	2,225,637
			9,195,602
	Marine – 0.3%
	2,446	Eagle Bulk Shipping, Inc.	109,630
	222,333	Safe Bulkers, Inc. (Greece)*	775,942
			885,572
	Media – 1.0%
	2,715	Daily Journal Corp.*	879,633
	35,226	Magnite, Inc.*	478,017
	19,800	TechTarget, Inc.*	1,642,212
			2,999,862
	Metals & Mining – 0.3%
	62,858	Novagold Resources, Inc. (Canada)*	414,863
	17,285	Warrior Met Coal, Inc.	452,867
			867,730
	Mortgage Real Estate Investment Trusts (REITs) – 0.2%
	106,005	MFA Financial, Inc. REIT	490,803
	15,186	TPG RE Finance Trust, Inc. REIT	191,647
			682,450
	Oil, Gas & Consumable Fuels – 2.5%
	11,215	Callon Petroleum Co.*	554,470
	5,031	Denbury, Inc.*	378,029
	6,659	Energy Fuels, Inc.*(a)	41,086
	37,648	Kosmos Energy Ltd. (Ghana)*	163,016
	72,365	Magnolia Oil & Gas Corp., Class A	1,565,255
	65,866	Matador Resources Co.	2,948,821
	8,153	Ovintiv, Inc.	316,337
	41,069	Range Resources Corp.*	790,578
	13,719	SM Energy Co.	450,120
			7,207,712
	Pharmaceuticals – 2.3%
	227,258	Amneal Pharmaceuticals, Inc.*	1,006,753
	223,093	Antares Pharma, Inc.*	751,823
	7,064	Arvinas, Inc.*	505,005
	5,590	Cassava Sciences, Inc.*(a)	247,358
	87,873	Durect Corp.*	66,511
	59,811	Endo International PLC*	190,797

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	12,311	Intra-Cellular Therapies, Inc.*	$       584,649
	99,622	Phibro Animal Health Corp., Class A	1,922,705
	22,619	Prestige Consumer Healthcare, Inc.*	1,276,843
	35,347	SIGA Technologies, Inc.*	230,109
			6,782,553
	Professional Services – 2.6%
	335	ASGN, Inc.*	38,481
	13,226	CRA International, Inc.	1,125,003
	26,061	Exponent, Inc.	2,475,274
	23,548	Forrester Research, Inc.*	1,295,611
	25,053	Franklin Covey Co.*	1,172,731
	18,553	Heidrick & Struggles International, Inc.	812,065
	8,679	TriNet Group, Inc.*	739,451
			7,658,616
	Real Estate Management & Development – 0.4%
	24,676	St. Joe Co. (The)	1,197,033
	Road & Rail – 1.4%
	19,826	Marten Transport Ltd.	330,896
	12,413	Saia, Inc.*	3,528,768
	3,232	Universal Logistics Holdings, Inc.	55,041
			3,914,705
	Semiconductors & Semiconductor Equipment – 6.0%
	10,900	Ambarella, Inc.*	1,527,635
	16,658	Axcelis Technologies, Inc.*	1,042,957
	5,079	CEVA, Inc.*	191,326
	55,665	Cohu, Inc.*	1,835,832
	17,628	Diodes, Inc.*	1,635,702
	39,620	FormFactor, Inc.*	1,693,359
	1,226	Ichor Holdings Ltd.*	52,007
	42,581	Kulicke & Soffa Industries, Inc. (Singapore)	2,328,755
	32,200	Lattice Semiconductor Corp.*	1,778,084
	4,545	MACOM Technology Solutions Holdings, Inc.*	278,200
	32,210	MaxLinear, Inc.*	1,933,244
	11,816	Power Integrations, Inc.	953,669
	1,584	Semtech Corp.*	112,622
	4,359	SiTime Corp.*	1,016,039
	1,349	Synaptics, Inc.*	283,762

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	12,863	Ultra Clean Holdings, Inc.*	$       648,553
			17,311,746
	Software – 10.0%
	94,424	A10 Networks, Inc.	1,397,475
	72,759	ACI Worldwide, Inc.*	2,500,727
	8,289	Alarm.com Holdings, Inc.*	618,111
	15,320	Altair Engineering, Inc., Class A*	963,934
	7,053	American Software, Inc., Class A	162,148
	945	Asana, Inc., Class A*	49,594
	3,972	Avaya Holdings Corp.*	72,370
	4,984	AvidXchange Holdings, Inc.*	51,634
	23,771	Cerence, Inc.*	1,509,221
	7,290	CommVault Systems, Inc.*	491,783
	19,550	Digital Turbine, Inc.*	863,132
	23,610	Domo, Inc., Class B*	1,108,726
	4,070	EngageSmart, Inc.*	88,970
	24,941	Envestnet, Inc.*	1,844,138
	8,824	Intapp, Inc.*(a)	177,539
	1,592	MicroStrategy, Inc., Class A*(a)	585,872
	22,912	Mimecast Ltd.*	1,826,315
	1,498	Q2 Holdings, Inc.*	97,744
	2,500	Qualys, Inc.*	320,350
	11,416	Rapid7, Inc.*	1,099,703
	10,856	Riot Blockchain, Inc.*(a)	173,045
	32,876	Sapiens International Corp. NV (Israel)	1,046,772
	1,276	Sprout Social, Inc., Class A*	87,853
	18,964	SPS Commerce, Inc.*	2,348,691
	29,625	Tenable Holdings, Inc.*	1,522,725
	63,713	Upland Software, Inc.*	1,248,775
	44,937	Varonis Systems, Inc.*	1,674,353
	25,788	Workiva, Inc.*	3,050,205
	140,383	Yext, Inc.*	1,137,102
	53,066	Zuora, Inc., Class A*	882,488
			29,001,495
	Specialty Retail – 4.2%
	12,634	Academy Sports & Outdoors, Inc.*	491,463
	45,373	American Eagle Outfitters, Inc.	1,035,866
	12,287	Asbury Automotive Group, Inc.*	1,977,838
	16,844	Boot Barn Holdings, Inc.*	1,549,143
	53,505	Buckle, Inc. (The)	2,013,928
	97,285	Designer Brands, Inc., Class A*	1,281,243
	1,129	Group 1 Automotive, Inc.	191,715

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	6,990	MarineMax, Inc.*	$       328,949
	15,110	Murphy USA, Inc.	2,971,533
	2,026	Rent-A-Center, Inc.	85,396
	1,605	Signet Jewelers Ltd.	138,239
			12,065,313
	Technology Hardware, Storage & Peripherals – 0.6%
	35,940	3D Systems Corp.*	643,326
	25,610	Avid Technology, Inc.*	803,130
	42,254	Eastman Kodak Co.*(a)	166,058
			1,612,514
	Textiles, Apparel & Luxury Goods – 1.8%
	27,319	Crocs, Inc.*	2,803,476
	55,392	Steven Madden Ltd.	2,278,827
			5,082,303
	Trading Companies & Distributors – 1.5%
	4,191	BlueLinx Holdings, Inc.*	300,243
	35,571	H&E Equipment Services, Inc.	1,480,821
	12,564	Herc Holdings, Inc.	2,015,894
	1,510	McGrath RentCorp	115,077
	28,530	MRC Global, Inc.*	211,407
	6,376	Titan Machinery, Inc.*	196,381
			4,319,823
	Wireless Telecommunication Services – 0.1%
	25,963	Gogo, Inc.*	323,239
	TOTAL COMMON STOCKS (Cost $287,297,726)		$291,157,683
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $287,297,726)		$291,157,683

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.3%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,803,304	0.026%	$    3,803,304
(Cost $3,803,304)
TOTAL INVESTMENTS – 102.1% (Cost $291,101,030)		$294,960,987
LIABILITIES IN EXCESS OF   OTHER ASSETS – (2.1)%		(6,079,676)
NET ASSETS – 100.0%		$288,881,311

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 VALUE INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.9%
	Aerospace & Defense – 1.0%
	50,133	AAR Corp.*	$       2,018,856
	6,893	Kaman Corp.	275,513
	17,090	Kratos Defense & Security Solutions, Inc.*	286,428
	35,345	Maxar Technologies, Inc.	919,324
	1,478	Moog, Inc., Class A	112,683
	37,940	National Presto Industries, Inc.	3,120,565
	17,606	Triumph Group, Inc.*	320,781
	86,439	Vectrus, Inc.*	3,977,058
			11,031,208
	Air Freight & Logistics – 0.3%
	37,361	Atlas Air Worldwide Holdings, Inc.*	3,001,209
	Auto Components – 0.3%
	92,774	Goodyear Tire & Rubber Co. (The)*	1,923,205
	27,194	Standard Motor Products, Inc.	1,301,777
			3,224,982
	Banks – 16.4%
	63,964	1st Source Corp.	3,190,524
	56,193	Amalgamated Financial Corp.	955,843
	61,273	Ameris Bancorp	3,021,372
	19,214	Arrow Financial Corp.	679,791
	232,777	Atlantic Union Bankshares Corp.	9,478,679
	4,874	BancFirst Corp.	365,306
	175,175	Bancorp, Inc. (The)*	5,223,719
	82,434	BankUnited, Inc.	3,441,620
	58,222	Berkshire Hills Bancorp, Inc.	1,722,789
	3,141	Business First Bancshares, Inc.	86,220
	112,560	Byline Bancorp, Inc.	2,926,560
	11,014	Cambridge Bancorp	986,194
	28,428	Camden National Corp.	1,411,734
	26,315	Capital Bancorp, Inc.	679,980
	28,213	Capital City Bank Group, Inc.	780,372
	28,364	Capstar Financial Holdings, Inc.	608,408
	23,909	Cathay General Bancorp	1,079,730
	219,760	Central Pacific Financial Corp.	6,395,016
	21,131	Civista Bancshares, Inc.	509,468
	72,753	Columbia Banking System, Inc.	2,529,622
	56,229	Community Bank System, Inc.	4,015,875
	39,125	Community Trust Bancorp, Inc.	1,728,934
	274,342	CVB Financial Corp.	6,043,754
	115,498	Dime Community Bancshares, Inc.	4,037,810

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	9,105	Enterprise Financial Services Corp.	$          451,062
	115,072	FB Financial Corp.	5,123,005
	635,920	First BanCorp. (Puerto Rico)	9,252,636
	355,056	First Commonwealth Financial Corp.	5,879,727
	171,554	First Financial Bancorp	4,324,876
	6,317	First Foundation, Inc.	165,190
	32,183	First Internet Bancorp	1,617,518
	200,298	Fulton Financial Corp.	3,595,349
	22,810	Great Southern Bancorp, Inc.	1,353,545
	117,872	Hancock Whitney Corp.	6,214,212
	293,408	Hanmi Financial Corp.	7,886,807
	180,500	HarborOne Bancorp, Inc.	2,563,100
	15,452	Heartland Financial USA, Inc.	803,968
	46,918	Heritage Financial Corp.	1,138,231
	202,681	Home BancShares, Inc.	4,775,164
	79,849	HomeStreet, Inc.	3,892,639
	44,787	HomeTrust Bancshares, Inc.	1,394,219
	335,896	Hope Bancorp, Inc.	5,626,258
	93,652	Independent Bank Corp.	2,292,601
	2,389	Independent Bank Group, Inc.	181,373
	203,087	International Bancshares Corp.	8,535,747
	10,686	Macatawa Bank Corp.	96,601
	9,317	Mercantile Bank Corp.	358,425
	9,063	Northwest Bancshares, Inc.	127,879
	208,892	OFG Bancorp (Puerto Rico)	5,780,042
	107,552	Origin Bancorp, Inc.	4,594,621
	11,069	Premier Financial Corp.	330,410
	22,367	QCR Holdings, Inc.	1,275,814
	51,531	Sierra Bancorp	1,367,117
	9,849	Southern First Bancshares, Inc.*	577,151
	36,295	Southside Bancshares, Inc.	1,520,761
	11,744	Spirit of Texas Bancshares, Inc.	326,953
	251,533	Towne Bank	7,893,106
	27,116	TriCo Bancshares	1,178,733
	233,111	Trustmark Corp.	7,594,756
	271,268	United Bankshares, Inc.	9,583,898
	154,954	United Community Banks, Inc.	5,483,822
	34,410	Univest Financial Corp.	1,036,773
	3,162	Veritex Holdings, Inc.	126,954
			188,220,363
	Beverages – 0.2%
	325	Coca-Cola Consolidated, Inc.	186,225

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Beverages – (continued)
	142,195	Primo Water Corp.	$       2,374,656
			2,560,881
	Biotechnology – 3.8%
	107,063	Akebia Therapeutics, Inc.*	213,055
	92,027	Alkermes PLC*	2,346,689
	67,771	Allogene Therapeutics, Inc.*	775,978
	29,553	Amicus Therapeutics, Inc.*	278,094
	75,122	AnaptysBio, Inc.*	2,401,650
	18,435	Anika Therapeutics, Inc.*	586,233
	38,613	Arena Pharmaceuticals, Inc.*	3,551,624
	6,583	Avid Bioservices, Inc.*	124,221
	32,649	Avidity Biosciences, Inc.*	542,626
	147,688	BioCryst Pharmaceuticals, Inc.*	2,281,780
	166,734	Cardiff Oncology, Inc.*	563,561
	42,583	Catalyst Pharmaceuticals, Inc.*	245,278
	34,656	ChemoCentryx, Inc.*	931,900
	72,367	Chimerix, Inc.*	413,216
	22,699	Dynavax Technologies Corp.*(a)	294,406
	2,032	Eagle Pharmaceuticals, Inc.*	93,350
	33,450	Emergent BioSolutions, Inc.*	1,565,460
	139,260	Homology Medicines, Inc.*	518,047
	69,925	ImmunoGen, Inc.*	395,076
	23,116	Inovio Pharmaceuticals, Inc.*(a)	95,700
	201,097	Jounce Therapeutics, Inc.*	1,504,206
	46,917	Kronos Bio, Inc.*	426,945
	3,566	Krystal Biotech, Inc.*	210,394
	112,695	MannKind Corp.*(a)	420,352
	89,241	Myriad Genetics, Inc.*	2,346,146
	36,062	Nkarta, Inc.*	357,374
	380,951	OPKO Health, Inc.*	1,192,377
	8,447	Organogenesis Holdings, Inc.*	64,957
	130,792	Precision BioSciences, Inc.*	623,878
	11,113	Prothena Corp. PLC (Ireland)*	378,731
	318,767	Selecta Biosciences, Inc.*	796,917
	59,761	Solid Biosciences, Inc.*	72,908
	107,066	Sutro Biopharma, Inc.*	1,143,465
	15,056	Syndax Pharmaceuticals, Inc.*	246,015
	170,005	Travere Therapeutics, Inc.*	4,675,138
	42,617	Turning Point Therapeutics, Inc.*	1,586,631
	454,647	Vanda Pharmaceuticals, Inc.*	6,892,449
	49,299	VBI Vaccines, Inc.*(a)	83,808
	40,969	Veracyte, Inc.*	1,245,867

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	16,122	Vir Biotechnology, Inc.*	$          553,468
	19,263	XBiotech, Inc.(a)	207,463
			43,247,433
	Building Products – 0.7%
	7,689	American Woodmark Corp.*	460,802
	8,904	Caesarstone Ltd.	109,786
	6,039	Insteel Industries, Inc.	228,456
	255,284	Quanex Building Products Corp.	5,562,638
	28,962	UFP Industries, Inc.	2,312,905
			8,674,587
	Capital Markets – 1.3%
	5,018	AssetMark Financial Holdings, Inc.*	120,382
	6,213	Cowen, Inc., Class A	196,828
	128,378	Moelis & Co., Class A	7,249,506
	144,973	Oppenheimer Holdings, Inc., Class A	6,145,405
	6,243	PJT Partners, Inc., Class A	432,765
	5,437	StoneX Group, Inc.*	356,721
			14,501,607
	Chemicals – 2.3%
	84,666	AdvanSix, Inc.	3,563,592
	71,094	FutureFuel Corp.	554,533
	74,227	Innospec, Inc.	6,900,142
	7,922	Intrepid Potash, Inc.*	307,215
	22,885	Koppers Holdings, Inc.*	683,804
	83,340	Minerals Technologies, Inc.	5,831,300
	359,569	Tronox Holdings PLC, Class A	8,162,216
			26,002,802
	Commercial Services & Supplies – 1.1%
	54,076	BrightView Holdings, Inc.*	717,588
	164,546	Ennis, Inc.	3,114,856
	41,752	Heritage-Crystal Clean, Inc.*	1,194,525
	119,441	Matthews International Corp., Class A	4,194,768
	107,660	US Ecology, Inc.*	3,076,923
			12,298,660
	Communications Equipment – 1.1%
	5,966	Clearfield, Inc.*	384,628
	16,383	Comtech Telecommunications Corp.	333,066
	512,542	Harmonic, Inc.*	5,514,952

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	206,609	NetScout Systems, Inc.*	$       6,518,514
			12,751,160
	Construction & Engineering – 0.8%
	4,693	Arcosa, Inc.	218,976
	101,614	Argan, Inc.	3,774,960
	11,280	EMCOR Group, Inc.	1,344,689
	20,034	Fluor Corp.*	421,515
	105,296	Sterling Construction Co., Inc.*	2,675,571
	32,684	Tutor Perini Corp.*	388,940
			8,824,651
	Construction Materials – 0.8%
	261,102	Summit Materials, Inc., Class A*	9,284,787
	Consumer Finance – 1.5%
	39,134	Encore Capital Group, Inc.*	2,524,143
	126,551	EZCORP, Inc., Class A*	755,509
	110,964	FirstCash Holdings, Inc.	7,734,191
	18,286	Green Dot Corp., Class A*	579,849
	75,992	LendingClub Corp.*	1,425,610
	25,891	Navient Corp.	451,280
	27,649	Oportun Financial Corp.*	497,959
	65,468	Regional Management Corp.	3,323,156
	1,226	World Acceptance Corp.*	231,689
			17,523,386
	Diversified Consumer Services – 0.1%
	296	Graham Holdings Co., Class B	176,156
	32,475	Stride, Inc.*	1,138,898
			1,315,054
	Diversified Financial Services – 0.1%
	50,317	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	829,224
	Diversified Telecommunication Services – 0.3%
	27,119	Cogent Communications Holdings, Inc.	1,725,039
	91,899	Consolidated Communications Holdings, Inc.*	660,754
	26,303	Liberty Latin America Ltd., Class A (Chile)*	287,755

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – (continued)
	105,457	Liberty Latin America Ltd., Class C (Chile)*	$       1,139,990
			3,813,538
	Electric Utilities – 0.5%
	18,267	ALLETE, Inc.	1,165,983
	88,348	Portland General Electric Co.	4,641,804
			5,807,787
	Electrical Equipment – 1.2%
	26,140	Atkore, Inc.*	2,817,369
	4,280	AZZ, Inc.	203,643
	68,693	Encore Wire Corp.	7,741,014
	50,512	Powell Industries, Inc.	1,508,288
	71,007	Thermon Group Holdings, Inc.*	1,217,770
			13,488,084
	Electronic Equipment, Instruments & Components – 2.6%
	81,169	Belden, Inc.	4,541,406
	224,602	CTS Corp.	7,535,397
	64,243	Daktronics, Inc.*	314,791
	18,040	ePlus, Inc.*	829,299
	4,369	Fabrinet (Thailand)*	494,396
	46,173	Knowles Corp.*	979,329
	8,214	OSI Systems, Inc.*	681,269
	47,042	PC Connection, Inc.	2,039,271
	23,275	Sanmina Corp.*	880,260
	444,054	Vishay Intertechnology, Inc.	9,196,358
	64,309	Vishay Precision Group, Inc.*	2,059,817
			29,551,593
	Energy Equipment & Services – 0.9%
	169,874	Archrock, Inc.	1,433,736
	325,586	Helix Energy Solutions Group, Inc.*	1,149,319
	31,257	Liberty Oilfield Services, Inc., Class A*	378,210
	100,258	National Energy Services Reunited Corp.*	995,562
	136,463	Oceaneering International, Inc.*	1,778,113
	159,788	Oil States International, Inc.*	1,001,871
	196,351	ProPetro Holding Corp.*	2,063,649
	158,082	US Silica Holdings, Inc.*	1,509,683
			10,310,143

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Entertainment – 1.9%
	408,783	AMC Entertainment Holdings, Inc., Class A*(a)	$       6,565,055
	191,700	Cinemark Holdings, Inc.*	2,894,670
	343,269	IMAX Corp.*	5,921,390
	106,222	Lions Gate Entertainment Corp., Class B*	1,548,717
	266,138	Marcus Corp. (The)*	4,484,425
			21,414,257
	Equity Real Estate Investment Trusts (REITs) – 10.3%
	203,892	American Assets Trust, Inc. REIT	7,333,995
	56,846	Armada Hoffler Properties, Inc. REIT	797,549
	1,416	Centerspace REIT	135,058
	212,236	City Office REIT, Inc. REIT	3,784,168
	83,142	Corporate Office Properties Trust REIT	2,100,167
	189,002	DiamondRock Hospitality Co. REIT*	1,767,169
	144,199	Equity Commonwealth REIT*	3,754,942
	44,288	Franklin Street Properties Corp. REIT	245,798
	38,812	Getty Realty Corp. REIT	1,151,552
	57,297	Global Medical REIT, Inc. REIT	968,892
	341,350	Independence Realty Trust, Inc. REIT	7,847,637
	284,039	Industrial Logistics Properties Trust REIT	6,513,014
	126,860	LXP Industrial Trust REIT	1,888,945
	146,045	Macerich Co. (The) REIT	2,415,584
	94,237	National Storage Affiliates Trust REIT	5,801,230
	107,515	NexPoint Residential Trust, Inc. REIT	8,525,940
	16,834	Office Properties Income Trust REIT	428,930
	135,228	Outfront Media, Inc. REIT	3,359,064
	567,458	Paramount Group, Inc. REIT	4,931,210
	466,023	Piedmont Office Realty Trust, Inc., Class A REIT	8,276,569
	56,248	Plymouth Industrial REIT, Inc. REIT	1,617,130
	46,894	PotlatchDeltic Corp. REIT	2,522,428
	359,802	Retail Opportunity Investments Corp. REIT	6,667,131
	27,391	RLJ Lodging Trust REIT	379,365
	96,256	RPT Realty REIT	1,214,751
	562,790	SITE Centers Corp. REIT	8,334,920
	85,049	STAG Industrial, Inc. REIT	3,634,144
	28,686	Tanger Factory Outlet Centers, Inc. REIT	487,949
	138,360	Terreno Realty Corp. REIT	10,345,177
	123,589	Urban Edge Properties REIT	2,254,263
	239,489	Urstadt Biddle Properties, Inc., Class A REIT	4,715,539

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	308,548	Whitestone REIT REIT	$       3,150,275
			117,350,485
	Food & Staples Retailing – 0.8%
	89,782	Ingles Markets, Inc., Class A	6,906,929
	47,638	Natural Grocers by Vitamin Cottage, Inc.	695,515
	50,744	Rite Aid Corp.*	538,394
	17,127	United Natural Foods, Inc.*	664,185
			8,805,023
	Food Products – 0.3%
	34,203	B&G Foods, Inc.(a)	1,063,713
	22,243	Seneca Foods Corp., Class A*	1,039,860
	15,428	Tootsie Roll Industries, Inc.	523,781
	28,334	TreeHouse Foods, Inc.*	1,097,376
			3,724,730
	Gas Utilities – 0.8%
	9,364	Chesapeake Utilities Corp.	1,275,470
	115,105	Northwest Natural Holding Co.	5,449,071
	28,973	ONE Gas, Inc.	2,256,707
	9,301	Spire, Inc.	613,122
			9,594,370
	Health Care Equipment & Supplies – 2.3%
	125,866	AngioDynamics, Inc.*	2,722,482
	137,543	Avanos Medical, Inc.*	4,162,051
	869	Heska Corp.*	119,557
	81,057	Integer Holdings Corp.*	6,355,679
	215,449	Invacare Corp.*	484,760
	5,924	Mesa Laboratories, Inc.	1,684,371
	203,241	Natus Medical, Inc.*	4,682,673
	3,251	Neogen Corp.*	118,564
	6,247	STAAR Surgical Co.*	454,282
	7,829	Utah Medical Products, Inc.	736,474
	169,182	Varex Imaging Corp.*	4,415,650
			25,936,543
	Health Care Providers & Services – 3.1%
	956,848	Brookdale Senior Living, Inc.*	5,061,726
	69,454	Community Health Systems, Inc.*	881,371
	249,254	Covetrus, Inc.*	4,504,020
	73,937	Cross Country Healthcare, Inc.*	1,590,385

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	6,443	Fulgent Genetics, Inc.*	$          411,514
	118,102	Hanger, Inc.*	2,141,189
	8,965	Joint Corp. (The)*	484,469
	36,158	National HealthCare Corp.	2,364,733
	258,744	Patterson Cos., Inc.	7,423,365
	67,018	Sharps Compliance Corp.*	452,372
	130,036	Tenet Healthcare Corp.*	9,638,268
	2,206	US Physical Therapy, Inc.	213,475
			35,166,887
	Health Care Technology – 0.5%
	63,023	Allscripts Healthcare Solutions, Inc.*	1,274,325
	98,972	Computer Programs and Systems, Inc.*	2,802,887
	105,636	NextGen Healthcare, Inc.*	2,039,831
			6,117,043
	Hotels, Restaurants & Leisure – 0.9%
	54,701	Dave & Buster’s Entertainment, Inc.*	1,957,749
	171,973	Drive Shack, Inc.*	240,762
	41,798	Red Rock Resorts, Inc., Class A	1,860,847
	96,812	SeaWorld Entertainment, Inc.*	5,768,059
	10,907	Texas Roadhouse, Inc.	931,349
			10,758,766
	Household Durables – 2.8%
	43,774	Beazer Homes USA, Inc.*	798,438
	212,446	KB Home	8,975,844
	16,649	LGI Homes, Inc.*	2,072,967
	73,155	M/I Homes, Inc.*	3,876,483
	78,279	Meritage Homes Corp.*	7,986,806
	349,192	Tri Pointe Homes, Inc.*	8,314,262
			32,024,800
	Household Products – 0.1%
	32,982	Energizer Holdings, Inc.	1,240,453
	Independent Power and Renewable Electricity Producers – 0.0%
	2,429	Ormat Technologies, Inc.(a)	165,561
	Insurance – 4.6%
	246,468	American Equity Investment Life Holding Co.	10,139,693
	101,027	AMERISAFE, Inc.	5,305,938
	143,734	Argo Group International Holdings Ltd.	8,161,217

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	79,151	BRP Group, Inc., Class A*	$       2,415,688
	54,919	Donegal Group, Inc., Class A	788,088
	1,921,305	Genworth Financial, Inc., Class A*	7,493,089
	62,794	Goosehead Insurance, Inc., Class A	6,190,233
	1,728	Investors Title Co.	345,583
	8,709	National Western Life Group, Inc., Class A	1,862,594
	119,797	Stewart Information Services Corp.	8,557,100
	105,018	Tiptree, Inc.	1,301,173
			52,560,396
	Interactive Media & Services – 0.1%
	258,196	TrueCar, Inc.*	888,194
	Internet & Direct Marketing Retail – 0.2%
	116,028	aka Brands Holding Corp.*	822,638
	35,975	Lands’ End, Inc.*	659,422
	23,673	PetMed Express, Inc.(a)	611,474
	7,888	Revolve Group, Inc.*	389,036
			2,482,570
	IT Services – 1.0%
	662,628	Conduent, Inc.*	3,134,230
	32,794	EVERTEC, Inc. (Puerto Rico)	1,431,130
	1,467	ExlService Holdings, Inc.*	176,803
	9,191	Hackett Group, Inc. (The)	175,916
	195,878	MoneyGram International, Inc.*	1,717,850
	41,474	Perficient, Inc.*	4,347,305
			10,983,234
	Leisure Products – 0.6%
	99,589	Acushnet Holdings Corp.	4,650,806
	20,903	Callaway Golf Co.*	498,746
	54,302	Vista Outdoor, Inc.*	2,094,971
			7,244,523
	Life Sciences Tools & Services – 0.5%
	4,614	Codexis, Inc.*	94,587
	4,282	Inotiv, Inc.*	136,981
	33,357	Medpace Holdings, Inc.*	5,919,533
			6,151,101
	Machinery – 2.1%
	39,348	Albany International Corp., Class A	3,293,821

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	7,220	Columbus McKinnon Corp.	$          312,482
	13,067	ESCO Technologies, Inc.	1,042,485
	212,986	Kennametal, Inc.	7,362,926
	56,215	Miller Industries, Inc.	1,769,086
	137,735	Mueller Industries, Inc.	7,115,390
	3,741	RBC Bearings, Inc.*	675,138
	15,629	Terex Corp.	652,042
	86,093	Titan International, Inc.*	839,407
	19,598	Trinity Industries, Inc.	563,051
			23,625,828
	Marine – 0.8%
	41,660	Costamare, Inc. (Monaco)	547,412
	70,646	Eagle Bulk Shipping, Inc.(a)	3,166,354
	151,826	Genco Shipping & Trading Ltd.	2,362,413
	2,829	Matson, Inc.	276,280
	922,381	Safe Bulkers, Inc. (Greece)*	3,219,110
			9,571,569
	Media – 0.6%
	70,631	Clear Channel Outdoor Holdings, Inc.*	216,131
	2,429	Daily Journal Corp.*	786,972
	143,136	EW Scripps Co. (The), Class A*	2,934,288
	32,039	John Wiley & Sons, Inc., Class A	1,625,979
	71,246	TEGNA, Inc.	1,379,322
			6,942,692
	Metals & Mining – 1.7%
	45,611	Arconic Corp.*	1,410,748
	162,864	Century Aluminum Co.*	2,498,334
	242,294	Constellium SE*	4,237,722
	57,609	Haynes International, Inc.	2,167,251
	443,912	SunCoke Energy, Inc.	3,040,797
	21,244	TimkenSteel Corp.*	298,053
	208,832	Warrior Met Coal, Inc.	5,471,399
			19,124,304
	Mortgage Real Estate Investment Trusts (REITs) – 2.6%
	11,918	Blackstone Mortgage Trust, Inc., Class A REIT	374,463
	29,479	BrightSpire Capital, Inc. REIT	276,808
	590,916	Chimera Investment Corp. REIT	8,568,282
	27,839	Dynex Capital, Inc. REIT	447,651

Shares		Description	Value
	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – (continued)
	123,817	Great Ajax Corp. REIT	$       1,614,574
	7,783	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT	322,839
	101,584	Invesco Mortgage Capital, Inc. REIT	272,245
	250,734	Ladder Capital Corp. REIT	2,981,227
	1,404,141	MFA Financial, Inc. REIT	6,501,173
	182,159	Redwood Trust, Inc. REIT	2,246,020
	309,440	TPG RE Finance Trust, Inc. REIT	3,905,133
	349,673	Two Harbors Investment Corp. REIT	2,010,620
			29,521,035
	Multiline Retail – 0.5%
	7,165	Dillard’s, Inc., Class A	1,817,904
	140,284	Macy’s, Inc.	3,591,270
			5,409,174
	Multi-Utilities – 0.6%
	27,955	Black Hills Corp.	1,893,672
	87,042	NorthWestern Corp.	5,058,881
	8,508	Unitil Corp.	399,365
			7,351,918
	Oil, Gas & Consumable Fuels – 6.1%
	378,237	Antero Resources Corp.*	7,386,969
	217,735	Centennial Resource Development, Inc., Class A*	1,700,510
	17,674	Clean Energy Fuels Corp.*	107,281
	52,628	CNX Resources Corp.*	780,473
	168,252	Comstock Resources, Inc.*	1,309,001
	17,520	CONSOL Energy, Inc.*	380,885
	42,297	Delek US Holdings, Inc.*	656,449
	43,771	Earthstone Energy, Inc., Class A*	597,912
	305,267	Equitrans Midstream Corp.	2,475,715
	3,342	Laredo Petroleum, Inc.*	224,449
	88,553	Matador Resources Co.	3,964,518
	198,713	Murphy Oil Corp.	6,279,331
	357,104	Ovintiv, Inc.	13,855,635
	43,333	PBF Energy, Inc., Class A*	686,395
	113,801	PDC Energy, Inc.	6,744,985
	537,630	Range Resources Corp.*	10,349,377
	237,417	SM Energy Co.	7,789,652

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	1,022,449	W&T Offshore, Inc.*	$       4,376,082
			69,665,619
	Personal Products – 0.6%
	164,346	Edgewell Personal Care Co.	7,527,047
	Pharmaceuticals – 1.5%
	13,199	Amphastar Pharmaceuticals, Inc.*	304,765
	520,591	Endo International PLC*	1,660,685
	109,185	Phibro Animal Health Corp., Class A	2,107,271
	162,007	Prestige Consumer Healthcare, Inc.*	9,145,295
	126,634	Supernus Pharmaceuticals, Inc.*	3,906,659
			17,124,675
	Professional Services – 1.8%
	22,793	Barrett Business Services, Inc.	1,458,752
	86,805	CBIZ, Inc.*	3,353,277
	107,057	Heidrick & Struggles International, Inc.	4,685,885
	10,857	Huron Consulting Group, Inc.*	479,011
	124,498	Korn Ferry	8,264,177
	26,939	ManTech International Corp., Class A	1,946,073
			20,187,175
	Real Estate Management & Development – 0.1%
	4,059	Forestar Group, Inc.*	80,977
	42,093	Kennedy-Wilson Holdings, Inc.	945,409
			1,026,386
	Road & Rail – 2.1%
	18,611	ArcBest Corp.	1,645,957
	30,574	Avis Budget Group, Inc.*	5,386,527
	328,371	Heartland Express, Inc.	4,912,430
	462,211	Marten Transport Ltd.	7,714,302
	9,662	Saia, Inc.*	2,746,713
	31,472	Werner Enterprises, Inc.	1,403,337
			23,809,266
	Semiconductors & Semiconductor Equipment – 0.5%
	53,713	Cohu, Inc.*	1,771,454
	10,600	Diodes, Inc.*	983,574
	116,924	Veeco Instruments, Inc.*	3,214,241
			5,969,269

Shares		Description	Value
	Common Stocks – (continued)
	Software – 1.3%
	88,466	A10 Networks, Inc.	$       1,309,297
	51,352	ACI Worldwide, Inc.*	1,764,968
	8,176	Cerence, Inc.*	519,094
	8,394	Domo, Inc., Class B*	394,182
	508,077	E2open Parent Holdings, Inc.*(a)	4,725,116
	4,778	Ebix, Inc.	145,204
	40,579	Envestnet, Inc.*	3,000,411
	49,068	Marathon Digital Holdings, Inc.*(a)	1,155,061
	67,474	Ping Identity Holding Corp.*	1,335,311
	1,880	Workiva, Inc.*	222,366
			14,571,010
	Specialty Retail – 3.0%
	52,705	Aaron’s Co., Inc. (The)	1,115,765
	207,062	Academy Sports & Outdoors, Inc.*	8,054,712
	33,011	Bed Bath & Beyond, Inc.*(a)	536,099
	83,860	Buckle, Inc. (The)	3,156,490
	172,674	Cato Corp. (The), Class A	2,852,574
	59,822	Chico’s FAS, Inc.*	281,762
	40,660	Group 1 Automotive, Inc.	6,904,475
	13,795	MarineMax, Inc.*	649,193
	24,964	Murphy USA, Inc.	4,909,420
	30,846	Sonic Automotive, Inc., Class A	1,573,454
	199,505	Tilly’s, Inc., Class A	2,629,476
	27,623	TravelCenters of America, Inc.*	1,259,056
			33,922,476
	Technology Hardware, Storage & Peripherals – 0.3%
	45,276	Eastman Kodak Co.*	177,935
	113,781	Quantum Corp.*	573,456
	65,343	Super Micro Computer, Inc.*	2,647,698
			3,399,089
	Textiles, Apparel & Luxury Goods – 0.4%
	8,417	Crocs, Inc.*	863,753
	52,816	Movado Group, Inc.	1,957,889
	17,852	Oxford Industries, Inc.	1,470,826
	12,159	Steven Madden Ltd.	500,221
			4,792,689
	Thrifts & Mortgage Finance – 1.6%
	131,096	Capitol Federal Financial, Inc.	1,459,099
	8,234	FS Bancorp, Inc.	273,534

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	138,687	Merchants Bancorp	$       4,042,726
	113,159	PennyMac Financial Services, Inc.	7,095,069
	99,498	TrustCo Bank Corp.	3,372,982
	19,188	Walker & Dunlop, Inc.	2,540,683
			18,784,093
	Tobacco – 0.3%
	283,853	Vector Group Ltd.	3,153,607
	Trading Companies & Distributors – 1.8%
	35,851	Boise Cascade Co.	2,517,457
	6,372	GATX Corp.	665,556
	80,944	GMS, Inc.*	4,142,714
	648,918	MRC Global, Inc.*	4,808,482
	233,948	NOW, Inc.*	2,079,798
	11,996	Rush Enterprises, Inc., Class A	633,629
	194,245	Titan Machinery, Inc.*	5,982,746
	4,480	Veritiv Corp.*	416,998
			21,247,380
	Water Utilities – 0.1%
	15,100	California Water Service Group	937,559
	Wireless Telecommunication Services – 0.4%
	213,996	Gogo, Inc.*(a)	2,664,250
	101,161	Shenandoah Telecommunications Co.	2,303,436
			4,967,686
	TOTAL COMMON STOCKS (Cost $1,048,851,229)		$1,131,503,621
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,048,851,229)		$1,131,503,621

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,775,327	0.026%	$     12,775,327
(Cost $12,775,327)
TOTAL INVESTMENTS – 100.0% (Cost $1,061,626,556)		$1,144,278,948
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%		(473,103)
NET ASSETS – 100.0%		$1,143,805,845

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 VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2022, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	36	03/18/22	$	3,654,417	$	(10,497	)

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.2%
	Aerospace & Defense – 0.4%
	11,979	General Dynamics Corp.	$       2,540,746
	24,312	Textron, Inc.	1,654,675
			4,195,421
	Automobiles – 3.3%
	553,150	Ford Motor Co.	11,228,945
	79,016	General Motors Co.*	4,166,514
	23,884	Tesla, Inc.*	22,372,620
			37,768,079
	Banks – 1.7%
	37,060	Citizens Financial Group, Inc.	1,907,478
	11,821	JPMorgan Chase & Co.	1,756,601
	465,863	KeyCorp	11,674,527
	7,289	PacWest Bancorp	338,428
	161,414	Regions Financial Corp.	3,702,837
			19,379,871
	Beverages – 1.0%
	24,505	Monster Beverage Corp.*	2,125,074
	52,654	PepsiCo, Inc.	9,136,522
			11,261,596
	Biotechnology – 3.8%
	114,350	AbbVie, Inc.	15,653,371
	19,257	Biogen, Inc.*	4,352,082
	203,079	Gilead Sciences, Inc.	13,947,465
	6,681	Horizon Therapeutics PLC*	623,538
	1,557	Incyte Corp.*	115,732
	27,981	Moderna, Inc.*	4,738,023
	18,438	Vertex Pharmaceuticals, Inc.*	4,481,356
			43,911,567
	Building Products – 0.2%
	8,687	Lennox International, Inc.	2,463,807
	Capital Markets – 2.2%
	8,638	CME Group, Inc.	1,982,421
	42,305	Invesco Ltd.	958,631
	31,205	Morgan Stanley	3,199,761
	21,341	Raymond James Financial, Inc.	2,259,371
	32,477	S&P Global, Inc.	13,485,100

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	23,260	T. Rowe Price Group, Inc.	$       3,592,042
			25,477,326
	Chemicals – 2.3%
	35,990	Air Products and Chemicals, Inc.	10,153,499
	63,986	CF Industries Holdings, Inc.	4,406,716
	186,914	Dow, Inc.	11,164,373
	3,395	International Flavors & Fragrances, Inc.	447,868
			26,172,456
	Commercial Services & Supplies – 0.2%
	19,697	Republic Services, Inc.	2,514,519
	Construction & Engineering – 0.1%
	10,731	MasTec, Inc.*	924,261
	Construction Materials – 0.1%
	922	Martin Marietta Materials, Inc.	358,768
	5,735	Vulcan Materials Co.	1,091,428
			1,450,196
	Consumer Finance – 2.3%
	34,722	Ally Financial, Inc.	1,656,934
	88,453	Capital One Financial Corp.	12,978,708
	263,010	Synchrony Financial	11,201,596
			25,837,238
	Distributors – 0.8%
	159,317	LKQ Corp.	8,744,910
	Diversified Financial Services – 0.5%
	18,676	Berkshire Hathaway, Inc., Class B*	5,845,962
	Diversified Telecommunication Services – 0.3%
	117,595	AT&T, Inc.	2,998,672
	4,274	Liberty Global PLC, Class C (United Kingdom)*	115,569
			3,114,241
	Electric Utilities – 1.2%
	139,289	American Electric Power Co., Inc.	12,591,726
	16,236	NextEra Energy, Inc.	1,268,356
			13,860,082

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 1.3%
	52,716	AMETEK, Inc.	$       7,209,967
	82,137	Emerson Electric Co.	7,552,497
			14,762,464
	Electronic Equipment, Instruments & Components – 0.3%
	73,317	Corning, Inc.	3,082,247
	Equity Real Estate Investment Trusts (REITs) – 4.2%
	285,542	American Homes 4 Rent, Class A REIT	11,173,259
	31,885	Camden Property Trust REIT	5,104,470
	119,411	Equity LifeStyle Properties, Inc. REIT	9,348,687
	179,867	First Industrial Realty Trust, Inc. REIT	10,932,316
	273,138	Invitation Homes, Inc. REIT	11,466,333
			48,025,065
	Food Products – 1.7%
	169,375	Archer-Daniels-Midland Co.	12,703,125
	66,499	Conagra Brands, Inc.	2,311,505
	65,164	Mondelez International, Inc., Class A	4,367,943
			19,382,573
	Health Care Equipment & Supplies – 1.9%
	13,962	Align Technology, Inc.*	6,910,632
	268,620	Boston Scientific Corp.*	11,523,798
	26,488	Medtronic PLC	2,741,243
	1,049	Teleflex, Inc.	325,389
			21,501,062
	Health Care Providers & Services – 4.5%
	26,424	Anthem, Inc.	11,652,720
	53,130	HCA Healthcare, Inc.	12,753,856
	26,022	McKesson Corp.	6,680,368
	14,414	Molina Healthcare, Inc.*	4,186,979
	33,888	UnitedHealth Group, Inc.	16,014,452
			51,288,375
	Hotels, Restaurants & Leisure – 2.5%
	2,240	Domino’s Pizza, Inc.	1,018,416
	82,542	Hilton Worldwide Holdings, Inc.*	11,977,670
	79,374	Marriott International, Inc., Class A*	12,788,739
	9,174	Wyndham Hotels & Resorts, Inc.	770,157

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	32,017	Yum China Holdings, Inc. (China)	$       1,542,259
			28,097,241
	Household Durables – 0.6%
	67,597	D.R. Horton, Inc.	6,031,004
	5,636	PulteGroup, Inc.	296,961
			6,327,965
	Household Products – 0.5%
	55,238	Colgate-Palmolive Co.	4,554,373
	3,897	Procter & Gamble Co. (The)	625,274
			5,179,647
	Insurance – 2.1%
	59,817	Arch Capital Group Ltd.*	2,770,723
	41,713	Globe Life, Inc.	4,267,240
	8,812	Lincoln National Corp.	616,664
	3,240	Marsh & McLennan Cos., Inc.	497,793
	48,414	MetLife, Inc.	3,246,643
	6,623	Reinsurance Group of America, Inc.	760,519
	70,127	Travelers Cos., Inc. (The)	11,653,705
	6,214	W R Berkley Corp.	525,083
			24,338,370
	Interactive Media & Services – 7.5%
	5,546	Alphabet, Inc., Class A*	15,007,864
	16,103	Alphabet, Inc., Class C*	43,703,059
	84,540	Meta Platforms, Inc., Class A*	26,483,001
			85,193,924
	Internet & Direct Marketing Retail – 2.6%
	10,114	Amazon.com, Inc.*	30,255,728
	IT Services – 6.7%
	50,955	Accenture PLC, Class A	18,016,669
	66,764	Cognizant Technology Solutions Corp., Class A	5,702,981
	12,456	EPAM Systems, Inc.*	5,930,800
	21,638	Fidelity National Information Services, Inc.	2,594,829
	40,323	Gartner, Inc.*	11,850,526
	97,659	PayPal Holdings, Inc.*	16,791,488
	51,244	VeriSign, Inc.*	11,129,172
	13,597	Visa, Inc., Class A	3,075,234

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	61,019	Western Union Co. (The)	$       1,153,869
			76,245,568
	Life Sciences Tools & Services – 2.4%
	11,517	Danaher Corp.	3,291,443
	52,099	IQVIA Holdings, Inc.*	12,759,045
	7,967	Mettler-Toledo International, Inc.*	11,732,842
			27,783,330
	Machinery – 1.8%
	66,928	Caterpillar, Inc.	13,490,008
	18,755	Otis Worldwide Corp.	1,602,240
	2,407	Parker-Hannifin Corp.	746,194
	1,901	Snap-on, Inc.	395,883
	23,796	Stanley Black & Decker, Inc.	4,155,971
			20,390,296
	Media – 1.6%
	23,311	Charter Communications, Inc., Class A*	13,831,349
	35,948	News Corp., Class A	799,484
	52,873	Omnicom Group, Inc.	3,984,509
			18,615,342
	Metals & Mining – 1.3%
	37,371	Alcoa Corp.	2,119,309
	330,990	Freeport-McMoRan, Inc.	12,319,448
			14,438,757
	Multi-Utilities – 0.6%
	114,155	CMS Energy Corp.	7,349,299
	Oil, Gas & Consumable Fuels – 1.7%
	6,758	ConocoPhillips	598,894
	22,444	Exxon Mobil Corp.	1,704,846
	61,359	Hess Corp.	5,662,822
	294,463	Marathon Oil Corp.	5,733,195
	15,219	Pioneer Natural Resources Co.	3,331,287
	48,271	Targa Resources Corp.	2,851,851
			19,882,895
	Pharmaceuticals – 2.6%
	79,190	Johnson & Johnson	13,643,645
	22,848	Perrigo Co. PLC	869,823

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	255,725	Pfizer, Inc.	$     13,474,150
	8,726	Zoetis, Inc.	1,743,368
			29,730,986
	Road & Rail – 3.7%
	7,298	AMERCO	4,444,117
	389,988	CSX Corp.	13,345,390
	48,010	Norfolk Southern Corp.	13,058,240
	45,746	Union Pacific Corp.	11,187,184
			42,034,931
	Semiconductors & Semiconductor Equipment – 5.3%
	51,075	Applied Materials, Inc.	7,057,543
	10,126	Broadcom, Inc.	5,932,621
	2,881	Lam Research Corp.	1,699,560
	149,647	Micron Technology, Inc.	12,311,459
	72,148	NVIDIA Corp.	17,666,159
	89,508	Texas Instruments, Inc.	16,065,791
			60,733,133
	Software – 11.5%
	40,442	Fortinet, Inc.*	12,020,980
	1,192	HubSpot, Inc.*	582,650
	27,798	Intuit, Inc.	15,434,283
	187,553	Microsoft Corp.	58,325,232
	175,480	Oracle Corp.	14,241,957
	730	Palo Alto Networks, Inc.*	377,702
	25,331	salesforce.com, Inc.*	5,892,750
	22,440	ServiceNow, Inc.*	13,144,903
	90,289	VMware, Inc., Class A	11,600,331
			131,620,788
	Specialty Retail – 1.6%
	41,909	AutoNation, Inc.*	4,568,081
	2,764	Home Depot, Inc. (The)	1,014,332
	19,389	O’Reilly Automotive, Inc.*	12,636,781
			18,219,194
	Technology Hardware, Storage & Peripherals – 7.1%
	399,218	Apple, Inc.	69,775,322
	199,055	Dell Technologies, Inc., Class C*	11,308,315

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – (continued)
	25,555	Hewlett Packard Enterprise Co.	$          417,313
			81,500,950
	Tobacco – 0.0%
	3,076	Philip Morris International, Inc.	316,367
	Trading Companies & Distributors – 0.2%
	3,201	SiteOne Landscape Supply, Inc.*	576,564
	6,282	United Rentals, Inc.*	2,010,994
			2,587,558
	TOTAL COMMON STOCKS (Cost $895,023,573)		$1,121,805,587
Shares		Dividend Rate	Value
	Investment Company – 0.2%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,469,861	0.026%	$       2,469,861
	(Cost $2,469,861)
	TOTAL INVESTMENTS – 98.4% (Cost $897,493,434)		$1,124,275,448
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%		17,815,934
	NET ASSETS – 100.0%		$1,142,091,382

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 INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2022, the Fund 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		52		03/18/22	$	12,001,046	$	(289,996	)

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

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. The Trustees have delegated to GSAM 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.

B. 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 approved by the Trustees 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 Fair Valuation Procedures approved by the Trustees 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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 an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 receivables/payables 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.

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 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 the cash collateral received from the borrower for the loan, subject to the 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.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

C. 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 Valuation Procedures approved by the Trustees. 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.

D. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of January 31, 2022:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	1,361,016,820		$	—	$	—
Securities Lending Reinvestment Vehicle		147,200			—		—
Total	$	1,361,164,020		$	—	$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,248,133		$	—	$	—
North America		405,767,657			—		—
Total	$	407,015,790		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(37,755	)	$	—	$	—
SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	237,132		$	—	$	—
Asia		4,787,583			—		—
Europe		2,631,387			—		—
North America		506,906,683			—		—
South America		180,332			—		—
Securities Lending Reinvestment Vehicle		6,109,750			—		—
Total	$	520,852,867		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(99,034	)	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SMALL CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	163,016		$	—	$	—
Asia		5,526,359			—		—
Europe		2,490,209			—		—
North America		282,978,099			—		—
Securities Lending Reinvestment Vehicle		3,803,304			—		—
Total	$	294,960,987		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	494,396		$	—	$	—
Europe		4,145,253			—		—
North America		1,125,436,227			—		—
South America		1,427,745			—		—
Securities Lending Reinvestment Vehicle		12,775,327			—		—
Total	$	1,144,278,948		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(10,497	)	$	—	$	—
U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,542,259		$	—	$	—
Europe		115,569			—		—
North America		1,120,147,759			—		—
Investment Company		2,469,861			—		—
Total	$	1,124,275,448		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(289,996	)	$	—	$	—

(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 loss at period end.

For further information regarding security characteristics, see the Schedules of Investments.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

January 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign Custody Risk — The Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

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.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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, acts of terrorism, social unrest, natural disasters, 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.

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.