GOLDMAN

SACHS

EQUITY

INCOME

FUND

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Aerospace

&

Defense

–

1.3%

25,647

L3Harris

Technologies,

Inc.

$

4,893,704

Air

Freight

&

Logistics

–

1.1%

27,274

United

Parcel

Service,

Inc.,

Class

B

4,135,011

Banks

–

6.8%

296,286

Bank

of

America

Corp.

9,033,760

86,288

JPMorgan

Chase &

Co.

13,467,831

119,264

Truist

Financial

Corp.

3,833,145

26,334,736

Beverages

–

2.6%

113,788

Coca-Cola

Co.

(The)

6,649,771

55,186

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

3,346,479

9,996,250

Biotechnology

–

2.0%

99,609

Gilead

Sciences,

Inc.

7,630,049

Capital

Markets

–

5.9%

67,378

Blackstone,

Inc.

7,571,266

59,028

KKR

&

Co.,

Inc.

4,476,683

46,391

Morgan

Stanley

3,680,662

82,466

Nasdaq,

Inc.

4,604,901

22,546

Singapore

Exchange

Ltd.

ADR

(Singapore)

2,394,160

22,727,672

Chemicals

–

2.6%

23,881

Linde

PLC

9,881,241

Commercial

Services

&

Supplies

–

2.1%

49,146

Republic

Services,

Inc.

7,953,789

Communications

Equipment

–

1.5%

116,843

Cisco

Systems,

Inc.

5,652,864

Construction

&

Engineering

–

0.7%

83,655

Vinci

SA

ADR

(France)

(a)

2,553,987

Consumer

Finance

–

1.4%

30,363

American

Express

Co.

5,185,090

Consumer

Staples

Distribution

&

Retail

–

2.1%

53,055

Walmart,

Inc.

8,260,133

Containers

&

Packaging

–

0.9%

92,589

International

Paper

Co.

3,420,238

Diversified

Telecommunication

Services

–

1.5%

358,489

AT&T,

Inc.

5,940,163

Electric

Utilities

–

1.7%

53,505

NextEra

Energy,

Inc.

3,130,577

56,014

Xcel

Energy,

Inc.

3,407,892

6,538,469

Electrical

Equipment

–

1.8%

30,254

Eaton

Corp.

PLC

6,888,533

Financial

Services

–

1.1%

16,590

Visa,

Inc.,

Class

A

4,258,321

Food

Products

–

1.5%

41,309

General

Mills,

Inc.

2,629,731

92,463

Kraft

Heinz

Co.

(The)

3,246,376

5,876,107

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Ground

Transportation

–

0.9%

16,341

Norfolk

Southern

Corp.

$

3,564,953

Health

Care

Equipment

&

Supplies

–

2.4%

56,344

Abbott

Laboratories

5,876,116

27,583

Zimmer

Biomet

Holdings,

Inc.

3,208,178

9,084,294

Health

Care

Providers

&

Services

–

2.5%

84,195

CVS

Health

Corp.

5,721,050

7,240

UnitedHealth

Group,

Inc.

4,003,503

9,724,553

Health

Care

REITs

–

0.8%

178,268

Healthpeak

Properties,

Inc.

REIT

3,087,602

Hotels,

Restaurants

&

Leisure

–

2.8%

24,102

McDonald's

Corp.

6,792,908

32,011

Yum!

Brands,

Inc.

4,018,981

10,811,889

Household

Products

–

2.2%

54,540

Procter &

Gamble

Co.

(The)

8,372,981

Industrial

Conglomerates

–

1.6%

31,778

Honeywell

International,

Inc.

6,225,946

Insurance

–

4.2%

44,760

Allstate

Corp.

(The)

6,171,061

27,309

Marsh

&

McLennan

Cos.,

Inc.

5,445,961

28,267

Progressive

Corp.

(The)

4,636,636

16,253,658

IT

Services

–

1.1%

12,817

Accenture

PLC,

Class

A

4,269,855

Machinery

–

3.5%

23,571

Caterpillar,

Inc.

5,909,721

18,740

Illinois

Tool

Works,

Inc.

4,539,016

34,697

Stanley

Black

&

Decker,

Inc.

3,153,957

13,602,694

Media

–

2.1%

54,742

Comcast

Corp.,

Class

A

2,293,143

64,092

New

York

Times

Co.

(The),

Class

A

3,011,683

36,837

Omnicom

Group,

Inc.

2,970,167

8,274,993

Metals

&

Mining

–

1.3%

74,488

Rio

Tinto

PLC

ADR

(Australia)

5,146,376

Multi-Utilities

–

3.4%

54,029

Ameren

Corp.

4,192,110

63,512

CMS

Energy

Corp.

3,604,941

43,101

Dominion

Energy,

Inc.

1,954,200

53,300

National

Grid

PLC

ADR

(United

Kingdom)

(a)

3,518,333

13,269,584

Oil,

Gas

&

Consumable

Fuels

–

7.3%

64,861

ConocoPhillips

7,495,986

41,603

EOG

Resources,

Inc.

5,120,081

121,502

Exxon

Mobil

Corp.

12,483,116

44,649

Shell

PLC

ADR

(Netherlands)

2,937,904

28,037,087

GOLDMAN

SACHS

EQUITY

INCOME

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Personal

Care

Products

–

0.9%

173,236

Kenvue,

Inc.

$

3,540,944

Pharmaceuticals

–

6.1%

121,144

AstraZeneca

PLC

ADR

(United

Kingdom)

7,824,691

166,089

Bristol-Myers

Squibb

Co.

8,201,475

12,762

Eli

Lilly

&

Co.

7,542,852

23,569,018

Residential

REITs

–

1.0%

23,360

AvalonBay

Communities,

Inc.

REIT

4,039,878

Retail

REITs

–

0.8%

46,785

Regency

Centers

Corp.

REIT

2,937,162

Semiconductors

&

Semiconductor

Equipment

–

2.8%

4,879

KLA

Corp.

2,657,201

90,691

Marvell

Technology,

Inc.

5,054,210

20,658

Texas

Instruments,

Inc.

3,154,683

10,866,094

Software

–

3.7%

6,440

Intuit,

Inc.

3,680,203

11,565

Microsoft

Corp.

4,382,094

53,338

Oracle

Corp.

6,198,409

14,260,706

Specialized

REITs

–

2.4%

17,767

American

Tower

Corp.

REIT

3,709,394

40,292

Digital

Realty

Trust,

Inc.

REIT

5,591,724

9,301,118

Specialty

Retail

–

2.0%

18,774

Lowe’s

Cos.,

Inc.

3,732,834

31,849

Ross

Stores,

Inc.

4,152,473

7,885,307

Technology

Hardware,

Storage

&

Peripherals

–

1.6%

83,527

Dell

Technologies,

Inc.,

Class

C

6,337,193

Textiles,

Apparel

&

Luxury

Goods

–

1.4%

50,198

NIKE,

Inc.,

Class

B

5,535,333

Trading

Companies

&

Distributors

–

1.5%

96,844

Fastenal

Co.

5,807,735

Water

Utilities

–

0.8%

24,208

American

Water

Works

Co.,

Inc.

3,191,583

TOTAL

COMMON

STOCKS

(Cost

$315,964,647)

385,124,893

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

177,384

5.259%

177,384

(Cost

$177,384)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$316,142,031)

385,302,277

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

194,775

5.259%

$

194,775

(Cost

$194,775)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$316,336,806)

$

385,497,052

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

932,521

NET

ASSETS

–

100.0%

$

386,429,573

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

FOCUSED

VALUE

FUND

Schedule

of

Investments

November

30,2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

98.8%

Aerospace

&

Defense

–

2.6%

6,015

L3Harris

Technologies,

Inc.

$

1,147,722

Banks

–

7.8%

60,121

Bank

of

America

Corp.

1,833,089

12,902

M&T

Bank

Corp.

1,653,650

3,486,739

Biotechnology

–

2.7%

16,051

Gilead

Sciences,

Inc.

1,229,507

Capital

Markets

–

5.1%

15,718

KKR

&

Co.,

Inc.

1,192,053

19,975

Nasdaq,

Inc.

1,115,404

2,307,457

Chemicals

–

3.1%

4,994

Sherwin-Williams

Co.

(The)

1,392,327

Commercial

Services

&

Supplies

–

2.7%

9,088

Waste

Connections,

Inc.

1,231,333

Construction

Materials

–

2.8%

2,745

Martin

Marietta

Materials,

Inc.

1,275,300

Diversified

Telecommunication

Services

–

3.1%

83,598

AT&T,

Inc.

1,385,219

Health

Care

Equipment

&

Supplies

–

6.3%

28,251

Boston

Scientific

Corp.

*

1,578,948

10,545

Zimmer

Biomet

Holdings,

Inc.

1,226,489

2,805,437

Health

Care

Providers

&

Services

–

2.9%

19,024

CVS

Health

Corp.

1,292,681

Household

Products

–

4.3%

24,199

Colgate-Palmolive

Co.

1,906,155

Industrial

Conglomerates

–

3.0%

11,196

General

Electric

Co.

1,363,673

Insurance

–

5.4%

8,090

Allstate

Corp.

(The)

1,115,368

10,555

Globe

Life,

Inc.

1,299,637

2,415,005

Interactive

Media

&

Services

–

3.8%

12,907

Alphabet,

Inc.,

Class

A

*

1,710,565

Life

Sciences

Tools

&

Services

–

2.5%

4,981

Danaher

Corp.

1,112,307

Machinery

–

6.0%

6,172

Caterpillar,

Inc.

1,547,444

12,316

Stanley

Black

&

Decker,

Inc.

1,119,524

2,666,968

Metals

&

Mining

–

3.0%

35,920

Freeport-McMoRan,

Inc.

1,340,534

Multi-Utilities

–

4.8%

27,888

Ameren

Corp.

2,163,830

Oil,

Gas

&

Consumable

Fuels

–

5.6%

24,488

Exxon

Mobil

Corp.

2,515,897

Pharmaceuticals

–

3.5%

31,658

Bristol-Myers

Squibb

Co.

1,563,272

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

2.8%

7,258

AvalonBay

Communities,

Inc.

REIT

$

1,255,199

Semiconductors

&

Semiconductor

Equipment

–

3.3%

26,932

Marvell

Technology,

Inc.

1,500,920

Software

–

5.3%

9,449

Salesforce,

Inc.

*

2,380,203

Specialty

Retail

–

3.9%

13,393

Ross

Stores,

Inc.

1,746,179

Textiles,

Apparel

&

Luxury

Goods

–

2.5%

10,177

NIKE,

Inc.,

Class

B

1,122,218

TOTAL

COMMON

STOCKS

(Cost

$40,118,621)

44,316,647

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

384,311

5.259%

384,311

(Cost

$384,311)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$40,502,932)

$

44,700,958

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

145,739

NET

ASSETS

–

100.0%

$

44,846,697

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

LARGE

CAP

VALUE

FUND

Schedule

of

Investments

May

31,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

1.5%

31,930

L3Harris

Technologies,

Inc.

$

6,092,563

Automobile

Components

–

1.0%

50,447

Aptiv

PLC

*

4,179,029

Banks

–

7.1%

248,532

Bank

of

America

Corp.

7,577,741

35,438

East

West

Bancorp,

Inc.

2,229,759

84,396

JPMorgan

Chase &

Co.

13,172,527

48,363

M&T

Bank

Corp.

6,198,686

29,178,713

Beverages

–

1.5%

101,995

Coca-Cola

Co.

(The)

5,960,588

Biotechnology

–

1.9%

75,590

Gilead

Sciences,

Inc.

5,790,194

19,029

Neurocrine

Biosciences,

Inc.

*

2,218,591

8,008,785

Broadline

Retail

–

0.9%

24,408

Amazon.com,

Inc.

*

3,565,765

Capital

Markets

–

4.5%

10,788

BlackRock,

Inc.

8,104,269

71,840

KKR

&

Co.,

Inc.

5,448,346

89,211

Nasdaq,

Inc.

4,981,542

18,534,157

Chemicals

–

3.2%

18,251

Linde

PLC

7,551,716

20,381

Sherwin-Williams

Co.

(The)

5,682,223

13,233,939

Commercial

Services

&

Supplies

–

1.4%

20,331

Veralto

Corp.

*

1,570,570

30,689

Waste

Connections,

Inc.

4,158,052

5,728,622

Communications

Equipment

–

0.6%

11,900

Arista

Networks,

Inc.

*

2,614,549

Construction

Materials

–

1.5%

13,227

Martin

Marietta

Materials,

Inc.

6,145,132

Consumer

Finance

–

1.5%

37,124

American

Express

Co.

6,339,665

Consumer

Staples

Distribution

&

Retail

–

2.4%

62,506

Walmart,

Inc.

9,731,559

Containers

&

Packaging

–

1.2%

88,354

Ball

Corp.

4,885,093

Diversified

Telecommunication

Services

–

1.7%

181,405

Verizon

Communications,

Inc.

6,953,254

Electric

Utilities

–

3.3%

108,732

Exelon

Corp.

4,187,269

88,405

NextEra

Energy,

Inc.

5,172,577

67,487

Xcel

Energy,

Inc.

4,105,909

13,465,755

Electrical

Equipment

–

2.0%

35,465

Eaton

Corp.

PLC

8,075,026

Financial

Services

–

3.6%

21,395

Berkshire

Hathaway,

Inc.,

Class

B

*

7,702,200

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

69,967

Fidelity

National

Information

Services,

Inc.

$

4,102,865

12,346

Visa,

Inc.,

Class

A

3,168,971

14,974,036

Food

Products

–

1.4%

79,403

Mondelez

International,

Inc.,

Class

A

5,642,377

Ground

Transportation

–

2.3%

26,935

Norfolk

Southern

Corp.

5,876,139

9,245

Old

Dominion

Freight

Line,

Inc.

3,596,860

9,472,999

Health

Care

Equipment

&

Supplies

–

4.1%

113,643

Boston

Scientific

Corp.

*

6,351,507

13,090

Cooper

Cos.,

Inc.

(The)

4,410,283

52,026

Zimmer

Biomet

Holdings,

Inc.

6,051,144

16,812,934

Health

Care

Providers

&

Services

–

2.1%

124,214

CVS

Health

Corp.

8,440,341

Household

Products

–

1.5%

77,987

Colgate-Palmolive

Co.

6,143,036

Industrial

Conglomerates

–

1.9%

64,758

General

Electric

Co.

7,887,524

Industrial

REITs

–

1.5%

51,867

Prologis,

Inc.

REIT

5,961,074

Insurance

–

3.1%

46,963

Allstate

Corp.

(The)

6,474,789

51,008

Globe

Life,

Inc.

6,280,615

12,755,404

Interactive

Media

&

Services

–

1.8%

56,867

Alphabet,

Inc.,

Class

A

*

7,536,584

Life

Sciences

Tools

&

Services

–

2.2%

40,896

Danaher

Corp.

9,132,486

Machinery

–

3.9%

24,176

Caterpillar,

Inc.

6,061,407

15,513

Illinois

Tool

Works,

Inc.

3,757,404

67,849

Stanley

Black

&

Decker,

Inc.

6,167,474

15,986,285

Media

–

0.9%

47,809

Omnicom

Group,

Inc.

3,854,840

Metals

&

Mining

–

1.4%

156,943

Freeport-McMoRan,

Inc.

5,857,113

Multi-Utilities

–

1.9%

62,605

Ameren

Corp.

4,857,522

53,599

CMS

Energy

Corp.

3,042,279

7,899,801

Oil,

Gas

&

Consumable

Fuels

–

6.9%

55,097

Chesapeake

Energy

Corp.

4,424,840

63,687

EOG

Resources,

Inc.

7,837,959

155,791

Exxon

Mobil

Corp.

16,005,968

28,268,767

GOLDMAN

SACHS

LARGE

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

May

31,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Personal

Care

Products

–

1.3%

258,055

Kenvue,

Inc.

$

5,274,644

Pharmaceuticals

–

4.4%

78,975

AstraZeneca

PLC

ADR

(United

Kingdom)

5,100,995

129,970

Bristol-Myers

Squibb

Co.

6,417,919

41,706

Johnson &

Johnson

6,450,250

17,969,164

Residential

REITs

–

1.3%

31,107

AvalonBay

Communities,

Inc.

REIT

5,379,645

Semiconductors

&

Semiconductor

Equipment

–

4.7%

35,704

Advanced

Micro

Devices,

Inc.

*

4,325,897

19,189

Applied

Materials,

Inc.

2,874,128

4,363

KLA

Corp.

2,376,177

102,540

Marvell

Technology,

Inc.

5,714,554

52,415

Micron

Technology,

Inc.

3,989,830

19,280,586

Software

–

2.9%

54,123

Oracle

Corp.

6,289,634

21,590

Salesforce,

Inc.

*

5,438,521

11,728,155

Specialized

REITs

–

1.5%

16,187

American

Tower

Corp.

REIT

3,379,522

19,631

Extra

Space

Storage,

Inc.

REIT

2,555,367

5,934,889

Specialty

Retail

–

1.8%

108,223

Foot

Locker,

Inc.

2,914,445

34,837

Ross

Stores,

Inc.

4,542,048

7,456,493

Technology

Hardware,

Storage

&

Peripherals

–

1.6%

88,290

Dell

Technologies,

Inc.,

Class

C

6,698,562

Textiles,

Apparel

&

Luxury

Goods

–

1.4%

51,180

NIKE,

Inc.,

Class

B

5,643,619

TOTAL

COMMON

STOCKS

(Cost

$340,166,185)

404,683,552

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,481,824

5.259%

3,481,824

(Cost

$3,481,824)

TOTAL

INVESTMENTS

–

99.4%

(Cost

$343,648,009)

$

408,165,376

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.6%

2,346,455

NET

ASSETS

–

100.0%

$

410,511,831

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MID

CAP

VALUE

FUND

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.1%

Aerospace

&

Defense

–

2.2%

41,690

L3Harris

Technologies,

Inc.

$

7,954,869

116,663

Woodward,

Inc.

15,770,504

23,725,373

Banks

–

5.1%

293,815

Citizens

Financial

Group,

Inc.

8,012,335

252,968

East

West

Bancorp,

Inc.

15,916,746

142,328

M&T

Bank

Corp.

18,242,180

182,054

Pinnacle

Financial

Partners,

Inc.

13,211,659

55,382,920

Beverages

–

0.9%

155,427

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

9,425,093

Biotechnology

–

0.9%

44,060

Biogen,

Inc.

*

10,313,565

Broadline

Retail

–

1.0%

147,116

Etsy,

Inc.

*

11,152,864

Building

Products

–

1.9%

104,651

Allegion

PLC

11,102,424

45,043

Trane

Technologies

PLC

10,153,143

21,255,567

Capital

Markets

–

3.8%

164,139

KKR

&

Co.,

Inc.

12,448,302

225,854

Nasdaq,

Inc.

12,611,687

156,609

Raymond

James

Financial,

Inc.

16,467,436

41,527,425

Chemicals

–

3.7%

208,090

Ashland,

Inc.

16,630,553

76,692

Celanese

Corp.

10,634,113

93,446

PPG

Industries,

Inc.

13,268,397

40,533,063

Communications

Equipment

–

0.7%

23,267

Motorola

Solutions,

Inc.

7,512,216

Construction

Materials

–

1.9%

43,422

Martin

Marietta

Materials,

Inc.

20,173,427

Consumer

Staples

Distribution

&

Retail

–

1.2%

179,288

Grocery

Outlet

Holding

Corp.

*

5,057,714

123,230

Performance

Food

Group

Co.

*

8,016,112

13,073,826

Containers

&

Packaging

–

2.4%

40,559

Avery

Dennison

Corp.

7,888,725

321,020

Ball

Corp.

17,749,196

25,637,921

Electric

Utilities

–

3.2%

259,420

Eversource

Energy

15,412,142

259,354

FirstEnergy

Corp.

9,580,537

154,202

Xcel

Energy,

Inc.

9,381,650

34,374,329

Electrical

Equipment

–

2.7%

124,075

AMETEK,

Inc.

19,260,162

37,888

Rockwell

Automation,

Inc.

10,435,871

29,696,033

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

1.6%

57,952

Keysight

Technologies,

Inc.

*

$

7,875,097

40,469

Zebra

Technologies

Corp.,

Class

A

*

9,590,344

17,465,441

Entertainment

–

1.6%

87,577

Electronic

Arts,

Inc.

12,086,502

475,597

Warner

Bros

Discovery,

Inc.

*

4,969,988

17,056,490

Financial

Services

–

2.7%

359,496

Fidelity

National

Information

Services,

Inc.

21,080,845

118,146

Voya

Financial,

Inc.

8,448,620

29,529,465

Food

Products

–

1.7%

213,689

McCormick

&

Co.,

Inc.

13,853,458

369,441

Utz

Brands,

Inc.

4,880,316

18,733,774

Ground

Transportation

–

0.9%

13,380

Old

Dominion

Freight

Line,

Inc.

5,205,623

11,935

Saia,

Inc.

*

4,659,304

9,864,927

Health

Care

Equipment

&

Supplies

–

3.3%

45,833

Cooper

Cos.,

Inc.

(The)

15,442,055

178,246

Zimmer

Biomet

Holdings,

Inc.

20,731,792

36,173,847

Health

Care

Providers

&

Services

–

1.4%

74,908

Cencora,

Inc.

15,234,040

Health

Care

REITs

–

1.0%

246,990

Ventas,

Inc.

REIT

11,322,022

Hotels,

Restaurants

&

Leisure

–

3.2%

118,230

Royal

Caribbean

Cruises

Ltd.

*

12,704,996

115,722

Wyndham

Hotels

&

Resorts,

Inc.

8,949,940

107,539

Yum!

Brands,

Inc.

13,501,521

35,156,457

Household

Durables

–

1.5%

128,796

Lennar

Corp.,

Class

A

16,475,584

Independent

Power

and

Renewable

Electricity

Producers

–

0.8%

484,664

AES

Corp.

(The)

8,341,067

Industrial

REITs

–

1.0%

166,140

Americold

Realty

Trust,

Inc.

REIT

4,690,132

39,249

EastGroup

Properties,

Inc.

REIT

6,819,514

11,509,646

Insurance

–

6.9%

120,771

Allstate

Corp.

(The)

16,650,698

70,262

American

Financial

Group,

Inc.

8,037,270

145,178

Arch

Capital

Group

Ltd.

*

12,149,947

56,527

Arthur

J

Gallagher

&

Co.

14,075,223

123,896

Globe

Life,

Inc.

15,255,314

215,553

Unum

Group

9,268,779

75,437,231

Interactive

Media

&

Services

–

0.6%

214,931

Match

Group,

Inc.

*

6,959,466

GOLDMAN

SACHS

MID

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

0.7%

7,171

Mettler-Toledo

International,

Inc.

*

$

7,830,230

Machinery

–

7.7%

25,015

Chart

Industries,

Inc.

*

3,252,701

55,658

Cummins,

Inc.

12,476,297

253,362

Fortive

Corp.

17,476,911

41,705

IDEX

Corp.

8,411,064

138,793

ITT,

Inc.

15,027,118

188,522

Stanley

Black

&

Decker,

Inc.

17,136,650

96,148

Xylem,

Inc.

10,108,039

83,888,780

Metals

&

Mining

–

2.0%

183,515

Steel

Dynamics,

Inc.

21,862,142

Multi-Utilities

–

3.9%

98,351

Ameren

Corp.

7,631,054

211,285

CMS

Energy

Corp.

11,992,537

321,891

NiSource,

Inc.

8,253,285

173,711

WEC

Energy

Group,

Inc.

14,525,714

42,402,590

Office

REITs

–

1.2%

115,710

Alexandria

Real

Estate

Equities,

Inc.

REIT

12,658,674

Oil,

Gas

&

Consumable

Fuels

–

5.2%

51,054

Cheniere

Energy,

Inc.

9,299,486

119,563

Chesapeake

Energy

Corp.

9,602,105

131,042

Devon

Energy

Corp.

5,892,959

67,050

Diamondback

Energy,

Inc.

10,353,190

637,748

Marathon

Oil

Corp.

16,217,932

45,018

Phillips

66

5,802,370

57,168,042

Passenger

Airlines

–

0.8%

220,157

United

Airlines

Holdings,

Inc.

*

8,674,186

Residential

REITs

–

2.5%

88,518

AvalonBay

Communities,

Inc.

REIT

15,308,303

75,407

Equity

LifeStyle

Properties,

Inc.

REIT

5,361,438

210,754

Invitation

Homes,

Inc.

REIT

7,030,754

27,700,495

Retail

REITs

–

1.0%

165,853

Regency

Centers

Corp.

REIT

10,412,251

Semiconductors

&

Semiconductor

Equipment

–

4.4%

133,795

ARM

Holdings

PLC

ADR

*

8,228,393

483,682

Marvell

Technology,

Inc.

26,955,598

156,206

MKS

Instruments,

Inc.

12,894,805

48,078,796

Software

–

2.1%

30,144

ANSYS,

Inc.

*

8,843,044

69,428

DocuSign,

Inc.

*

2,992,347

197,144

Dynatrace,

Inc.

*

10,557,061

22,392,452

Specialized

REITs

–

1.9%

64,929

Extra

Space

Storage,

Inc.

REIT

8,451,808

421,024

VICI

Properties,

Inc.

REIT

12,584,407

21,036,215

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

3.9%

41,776

Burlington

Stores,

Inc.

*

$

7,084,792

266,136

Foot

Locker,

Inc.

7,167,043

18,567

RH

*

5,012,533

121,103

Ross

Stores,

Inc.

15,789,409

17,061

Ulta

Beauty,

Inc.

*

7,267,815

42,321,592

Trading

Companies

&

Distributors

–

2.0%

86,328

Fastenal

Co.

5,177,090

34,347

United

Rentals,

Inc.

16,349,859

21,526,949

TOTAL

COMMON

STOCKS

(Cost

$959,313,677)

1,080,996,473

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

8,194,838

5.259%

8,194,838

(Cost

$8,194,838)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$967,508,515)

$

1,089,191,311

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

1,575,355

NET

ASSETS

–

100.0%

$

1,090,766,666

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

VALUE

FUND

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.7%

Aerospace

&

Defense

–

2.2%

101,439

Ducommun,

Inc.*

$

5,110,497

389,316

Kratos

Defense &

Security

Solutions,

Inc.*

7,416,470

97,978

Moog,

Inc.,

Class

A

13,717,899

155,047

V2X,

Inc.*

6,573,993

32,818,859

Automobile

Components

–

1.3%

393,965

Adient

PLC*

12,685,673

471,464

Goodyear

Tire

&

Rubber

Co.

(The)*

6,548,635

19,234,308

Banks

–

16.4%

64,734

Amalgamated

Financial

Corp.

1,359,414

272,993

Ameris

Bancorp

11,624,042

551,651

Associated

Banc-Corp.

9,786,289

322,321

Atlantic

Union

Bankshares

Corp.

9,853,353

200,723

Banner

Corp.

9,060,636

210,847

Community

Bank

System,

Inc.

9,353,173

303,477

ConnectOne

Bancorp,

Inc.

5,966,358

448,076

CVB

Financial

Corp.

8,011,599

608,163

Eastern

Bankshares,

Inc.

7,273,629

240,198

FB

Financial

Corp.

8,061,045

252,068

First

Financial

Bankshares,

Inc.

6,616,785

252,075

First

Merchants

Corp.

7,731,140

145,888

German

American

Bancorp,

Inc.

4,204,492

230,490

Glacier

Bancorp,

Inc.

7,751,379

305,719

Hancock

Whitney

Corp.

12,610,909

210,328

Heritage

Financial

Corp.

3,748,045

360,467

Home

BancShares,

Inc.

7,995,158

102,648

Independent

Bank

Corp.

5,852,989

136,455

Lakeland

Financial

Corp.

7,580,075

196,867

NBT

Bancorp,

Inc.

6,994,684

349,086

OceanFirst

Financial

Corp.

4,838,332

202,336

Origin

Bancorp,

Inc.

6,428,215

456,247

Pacific

Premier

Bancorp,

Inc.

10,274,682

147,695

Pinnacle

Financial

Partners,

Inc.

10,718,226

239,368

Renasant

Corp.

6,520,384

176,913

SouthState

Corp.

13,100,408

138,023

Stock

Yards

Bancorp,

Inc.

6,089,575

248,488

Towne

Bank

6,525,295

213,493

TriCo

Bancshares

7,348,429

405,138

United

Community

Banks,

Inc.

9,986,652

205,770

WaFd,

Inc.

5,500,232

238,765,624

Beverages

–

0.6%

650,937

Primo

Water

Corp.

9,353,965

Biotechnology

–

1.6%

116,721

Agios

Pharmaceuticals,

Inc.*

2,594,708

170,431

Alkermes

PLC*

4,114,204

92,885

Intellia

Therapeutics,

Inc.*

2,752,183

328,406

Myriad

Genetics,

Inc.*

6,269,271

150,530

Relay

Therapeutics,

Inc.*

1,190,692

235,317

Veracyte,

Inc.*

6,024,115

22,945,173

Broadline

Retail

–

0.5%

51,983

Ollie's

Bargain

Outlet

Holdings,

Inc.*

3,808,795

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Broadline

Retail

–

(continued)

197,263

Savers

Value

Village,

Inc.*

(a)

$

2,968,808

6,777,603

Building

Products

–

2.9%

946,712

Hayward

Holdings,

Inc.*

11,161,734

153,982

UFP

Industries,

Inc.

16,881,047

509,899

Zurn

Elkay

Water

Solutions

Corp.

15,011,427

43,054,208

Capital

Markets

–

1.3%

259,851

P10,

Inc.,

Class

A

2,650,480

54,913

Piper

Sandler

Cos.

8,496,688

54,053

PJT

Partners,

Inc.,

Class

A

4,868,013

59,030

Stifel

Financial

Corp.

3,602,011

19,617,192

Chemicals

–

2.4%

123,162

Ashland,

Inc.

9,843,107

315,844

Avient

Corp.

10,849,241

398,415

Element

Solutions,

Inc.

8,350,779

106,200

Minerals

Technologies,

Inc.

6,652,368

35,695,495

Communications

Equipment

–

0.2%

346,348

Viavi

Solutions,

Inc.*

2,798,492

Construction

&

Engineering

–

2.0%

209,648

Arcosa,

Inc.

15,555,882

146,046

Fluor

Corp.*

5,554,129

173,394

Granite

Construction,

Inc.

7,967,454

29,077,465

Construction

Materials

–

1.2%

157,447

Knife

River

Corp.*

9,396,437

235,791

Summit

Materials,

Inc.,

Class

A*

8,179,590

17,576,027

Consumer

Finance

–

0.6%

74,157

FirstCash

Holdings,

Inc.

8,305,584

Containers

&

Packaging

–

0.2%

38,958

Greif,

Inc.,

Class

A

2,723,164

Diversified

Consumer

Services

–

0.8%

196,667

Adtalem

Global

Education,

Inc.*

11,204,119

Electric

Utilities

–

2.1%

78,377

IDACORP,

Inc.

7,563,381

127,954

MGE

Energy,

Inc.

9,436,607

327,251

Portland

General

Electric

Co.

13,436,926

30,436,914

Electronic

Equipment,

Instruments

&

Components

–

2.7%

123,685

CTS

Corp.

4,792,794

128,366

Itron,

Inc.*

8,649,301

637,954

Knowles

Corp.*

10,124,330

38,184

Rogers

Corp.*

4,941,010

147,201

Sanmina

Corp.*

7,376,242

240,914

TTM

Technologies,

Inc.*

3,616,119

39,499,796

Energy

Equipment

&

Services

–

2.0%

390,112

Liberty

Energy,

Inc.

7,743,723

173,069

Noble

Corp.

PLC

7,985,404

GOLDMAN

SACHS

SMALL

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

Equipment

&

Services

–

(continued)

685,025

Patterson-UTI

Energy,

Inc.

$

8,021,643

81,715

Tidewater,

Inc.*

4,909,437

28,660,207

Financial

Services

–

2.8%

53,007

Alerus

Financial

Corp.

968,438

780,422

MGIC

Investment

Corp.

13,727,623

176,367

Mr

Cooper

Group,

Inc.*

10,673,731

283,869

NMI

Holdings,

Inc.,

Class

A*

7,806,397

88,341

Walker &

Dunlop,

Inc.

7,422,411

40,598,600

Food

Products

–

1.4%

180,652

Simply

Good

Foods

Co.

(The)*

6,998,458

209,419

TreeHouse

Foods,

Inc.*

8,525,448

368,971

Utz

Brands,

Inc.

4,874,107

20,398,013

Gas

Utilities

–

1.4%

96,935

Chesapeake

Utilities

Corp.

9,266,986

191,889

ONE

Gas,

Inc.

11,058,563

20,325,549

Ground

Transportation

–

0.6%

46,509

ArcBest

Corp.

5,543,408

8,662

Saia,

Inc.*

3,381,558

8,924,966

Health

Care

Equipment

&

Supplies

–

3.2%

271,704

Avanos

Medical,

Inc.*

5,855,221

73,746

CONMED

Corp.

7,910,733

186,634

Enovis

Corp.*

9,230,918

159,313

LivaNova

PLC*

7,145,188

394,018

Neogen

Corp.*

6,686,486

139,149

Nevro

Corp.*

2,410,061

101,248

QuidelOrtho

Corp.*

6,958,775

46,197,382

Health

Care

Providers

&

Services

–

1.4%

85,844

Acadia

Healthcare

Co.,

Inc.*

6,265,754

779,410

NeoGenomics,

Inc.*

14,161,880

20,427,634

Health

Care

REITs

–

1.0%

1,318,335

Physicians

Realty

Trust

REIT

15,398,153

Health

Care

Technology

–

0.5%

288,004

Health

Catalyst,

Inc.*

2,067,869

472,559

Veradigm,

Inc.*

5,424,977

7,492,846

Hotel

&

Resort

REITs

–

2.8%

536,343

Apple

Hospitality

REIT,

Inc.

REIT

8,940,838

567,400

Pebblebrook

Hotel

Trust

REIT

7,234,350

1,181,331

RLJ

Lodging

Trust

REIT

12,628,428

122,618

Ryman

Hospitality

Properties,

Inc.

REIT

12,304,716

41,108,332

Hotels,

Restaurants

&

Leisure

–

2.8%

182,480

Boyd

Gaming

Corp.

10,775,444

402,314

Everi

Holdings,

Inc.*

4,204,181

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

319,827

International

Game

Technology

PLC

$

8,548,976

197,136

SeaWorld

Entertainment,

Inc.*

9,639,951

91,195

Wyndham

Hotels

&

Resorts,

Inc.

7,053,021

40,221,573

Household

Durables

–

2.9%

133,062

Century

Communities,

Inc.

9,599,093

74,280

Helen

of

Troy

Ltd.*

7,801,628

44,141

Installed

Building

Products,

Inc.

6,643,662

133,000

Meritage

Homes

Corp.

18,792,900

42,837,283

Industrial

REITs

–

2.0%

359,853

STAG

Industrial,

Inc.

REIT

12,900,730

273,945

Terreno

Realty

Corp.

REIT

15,644,999

28,545,729

Insurance

–

2.9%

70,987

AMERISAFE,

Inc.

3,418,734

295,049

CNO

Financial

Group,

Inc.

7,818,798

37,729

Enstar

Group

Ltd.*

10,361,893

33,440

RLI

Corp.

4,534,464

103,108

Selective

Insurance

Group,

Inc.

10,485,052

165,621

Skyward

Specialty

Insurance

Group,

Inc.*

5,415,807

42,034,748

Interactive

Media

&

Services

–

0.2%

164,501

Bumble,

Inc.,

Class

A*

2,279,984

Leisure

Products

–

0.3%

338,848

Topgolf

Callaway

Brands

Corp.*

4,154,276

Life

Sciences

Tools

&

Services

–

0.1%

141,652

Pacific

Biosciences

of

California,

Inc.*

1,201,209

Machinery

–

5.3%

46,826

Chart

Industries,

Inc.*

6,088,785

141,601

Columbus

McKinnon

Corp.

4,944,707

116,934

Crane

Co.

12,357,585

82,828

Enpro

Industries,

Inc.

10,637,600

127,833

ESCO

Technologies,

Inc.

13,419,908

89,106

Federal

Signal

Corp.

6,142,968

200,095

SPX

Technologies,

Inc.*

17,070,104

55,330

Standex

International

Corp.

7,404,261

78,065,918

Media

–

0.9%

642,927

Entravision

Communications

Corp.,

Class

A

2,552,420

38,064

Nexstar

Media

Group,

Inc.

5,402,424

313,367

TEGNA,

Inc.

4,803,916

12,758,760

Metals

&

Mining

–

2.7%

51,089

Arch

Resources,

Inc.

8,478,730

206,878

ATI,

Inc.*

9,092,288

225,529

Commercial

Metals

Co.

10,223,230

518,122

Constellium

SE*

9,015,323

93,832

Ryerson

Holding

Corp.

2,905,977

39,715,548

GOLDMAN

SACHS

SMALL

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.4%

687,286

Ladder

Capital

Corp.

REIT

$

7,704,476

531,624

PennyMac

Mortgage

Investment

Trust

REIT

7,464,001

815,574

TPG

RE

Finance

Trust,

Inc.

REIT

4,820,042

19,988,519

Oil,

Gas

&

Consumable

Fuels

–

7.4%

165,450

Antero

Resources

Corp.*

3,909,584

93,480

Chord

Energy

Corp.

15,156,847

148,112

Civitas

Resources,

Inc.

10,173,813

598,138

DHT

Holdings,

Inc.

5,957,454

243,521

Golar

LNG

Ltd.

(Cameroon)

5,243,007

58,455

Green

Plains,

Inc.*

1,454,360

26,088

Gulfport

Energy

Corp.*

3,575,100

116,502

Matador

Resources

Co.

6,743,136

297,708

Murphy

Oil

Corp.

12,732,971

248,477

PBF

Energy,

Inc.,

Class

A

11,032,379

275,914

Peabody

Energy

Corp.

6,577,790

743,324

Permian

Resources

Corp.

9,767,277

100,848

Scorpio

Tankers,

Inc.

(Monaco)

5,535,547

270,802

SM

Energy

Co.

10,141,535

108,000,800

Passenger

Airlines

–

0.3%

345,313

JetBlue

Airways

Corp.*

1,526,283

211,317

Spirit

Airlines,

Inc.

3,131,718

4,658,001

Professional

Services

–

2.1%

847,018

Alight,

Inc.,

Class

A*

6,479,688

183,969

ASGN,

Inc.*

16,417,393

56,620

ICF

International,

Inc.

7,923,969

30,821,050

Real

Estate

Management

&

Development

–

0.5%

633,392

Kennedy-Wilson

Holdings,

Inc.

7,188,999

Retail

REITs

–

2.3%

957,007

Acadia

Realty

Trust

REIT

14,469,946

1,395,107

SITE

Centers

Corp.

REIT

18,401,461

32,871,407

Semiconductors

&

Semiconductor

Equipment

–

2.6%

355,233

Amkor

Technology,

Inc.

10,006,914

243,117

Cohu,

Inc.*

7,714,102

69,044

MACOM

Technology

Solutions

Holdings,

Inc.*

5,798,315

43,454

Onto

Innovation,

Inc.*

6,127,449

323,828

Semtech

Corp.*

5,301,064

34,043

Synaptics,

Inc.*

3,446,513

38,394,357

Software

–

1.3%

187,050

LiveRamp

Holdings,

Inc.*

6,202,578

149,033

Smartsheet,

Inc.,

Class

A*

6,316,019

170,342

Tenable

Holdings,

Inc.*

7,050,455

19,569,052

Specialty

Retail

–

2.6%

87,191

Academy

Sports

&

Outdoors,

Inc.

4,435,406

44,745

Asbury

Automotive

Group,

Inc.*

9,388,396

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

55,349

Boot

Barn

Holdings,

Inc.*

$

4,055,975

216,339

Foot

Locker,

Inc.

5,826,009

36,085

Group

1

Automotive,

Inc.

10,179,578

54,810

Signet

Jewelers

Ltd.

4,504,286

38,389,650

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

35,723

Crocs,

Inc.*

3,772,706

82,543

Kontoor

Brands,

Inc.

4,537,389

8,310,095

Trading

Companies

&

Distributors

–

1.2%

90,971

Beacon

Roofing

Supply,

Inc.*

7,310,430

82,987

Herc

Holdings,

Inc.

10,262,172

17,572,602

Wireless

Telecommunication

Services

–

0.2%

150,302

Telephone

and

Data

Systems,

Inc.

2,960,949

TOTAL

COMMON

STOCKS

(Cost

$1,164,662,421)

1,439,956,179

a

Exchange-Traded

Fund

–

0.6%

65,782

iShares

Russell

2000

Value

ETF

(Cost

$8,404,512)

9,141,725

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

8,269,392

5.259%

8,269,392

(Cost

$8,269,392)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,181,336,325)

1,457,367,296

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,736,025

5.259%

2,736,025

(Cost

$2,736,025)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$1,184,072,350)

$

1,460,103,321

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(1,652,400)

NET

ASSETS

–

100.0%

$

1,458,450,921

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

GOLDMAN

SACHS

SMALL

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL/MID

CAP

VALUE

FUND

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Aerospace

&

Defense

–

2.3%

11,104

Curtiss-Wright

Corp.

$

2,375,146

13,304

Hexcel

Corp.

922,100

3,297,246

Automobile

Components

–

1.1%

20,395

Adient

PLC

*

656,719

9,164

Autoliv,

Inc.

(Sweden)

949,574

1,606,293

Banks

–

9.0%

51,100

Associated

Banc-Corp.

906,514

21,872

Commerce

Bancshares,

Inc.

1,106,067

13,437

Cullen/Frost

Bankers,

Inc.

1,320,723

22,561

East

West

Bancorp,

Inc.

1,419,538

24,378

First

Financial

Bankshares,

Inc.

639,923

21,561

Glacier

Bancorp,

Inc.

725,096

24,625

Hancock

Whitney

Corp.

1,015,781

17,712

Pinnacle

Financial

Partners,

Inc.

1,285,360

17,038

Prosperity

Bancshares,

Inc.

1,027,562

15,506

SouthState

Corp.

1,148,219

28,577

United

Community

Banks,

Inc.

704,423

16,526

WaFd,

Inc.

441,740

14,668

Wintrust

Financial

Corp.

1,256,608

12,997,554

Biotechnology

–

0.6%

6,578

Exact

Sciences

Corp.

*

420,992

1,886

United

Therapeutics

Corp.

*

452,640

873,632

Broadline

Retail

–

0.9%

29,955

Macy’s,

Inc.

475,086

11,237

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

823,335

1,298,421

Building

Products

–

1.6%

8,046

Advanced

Drainage

Systems,

Inc.

974,451

42,939

Zurn

Elkay

Water

Solutions

Corp.

1,264,124

2,238,575

Capital

Markets

–

3.1%

7,633

Cboe

Global

Markets,

Inc.

1,390,656

6,261

Evercore,

Inc.,

Class

A

923,811

28,778

Jefferies

Financial

Group,

Inc.

1,019,892

18,450

Stifel

Financial

Corp.

1,125,819

4,460,178

Chemicals

–

2.0%

17,253

Ashland,

Inc.

1,378,860

19,382

Chemours

Co.

(The)

531,648

8,703

RPM

International,

Inc.

895,800

2,806,308

Commercial

Services

&

Supplies

–

1.6%

48,846

GFL

Environmental,

Inc.

(Canada)

1,401,880

6,128

Tetra

Tech,

Inc.

969,143

2,371,023

Communications

Equipment

–

1.6%

42,795

Ciena

Corp.

*

1,962,151

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

(continued)

34,640

Viavi

Solutions,

Inc.

*

$

279,891

2,242,042

Construction

&

Engineering

–

2.3%

24,642

AECOM

2,189,688

15,836

Arcosa,

Inc.

1,175,031

3,364,719

Consumer

Finance

–

1.0%

6,386

FirstCash

Holdings,

Inc.

715,232

15,640

OneMain

Holdings,

Inc.

661,572

1,376,804

Consumer

Staples

Distribution

&

Retail

–

1.4%

9,275

Albertsons

Cos.,

Inc.,

Class

A

201,917

13,062

BJ's

Wholesale

Club

Holdings,

Inc.

*

843,544

15,628

Performance

Food

Group

Co.

*

1,016,601

2,062,062

Containers

&

Packaging

–

1.3%

12,724

Crown

Holdings,

Inc.

1,094,391

35,582

Graphic

Packaging

Holding

Co.

806,644

1,901,035

Divesified

Telecommunication

–

–%

3,739

GCI

Liberty

Inc.,

Class

A

*

(a)

—

Electric

Utilities

–

2.2%

17,607

Alliant

Energy

Corp.

890,386

12,736

IDACORP,

Inc.

1,229,024

23,645

Portland

General

Electric

Co.

970,864

3,090,274

Electrical

Equipment

–

3.0%

4,687

Hubbell,

Inc.

1,406,100

24,711

nVent

Electric

PLC

1,315,861

13,368

Regal

Rexnord

Corp.

1,601,486

4,323,447

Electronic

Equipment,

Instruments

&

Components

–

2.3%

19,846

Cognex

Corp.

748,194

10,829

Itron,

Inc.

*

729,658

5,020

Littelfuse,

Inc.

1,168,656

5,648

Rogers

Corp.

*

730,851

3,377,359

Energy

Equipment

&

Services

–

0.7%

11,644

Noble

Corp.

PLC

537,254

44,936

Patterson-UTI

Energy,

Inc.

526,201

1,063,455

Entertainment

–

0.1%

4,167

Liberty

Media

Corp.-Liberty

Live,

Class

C

*

142,720

Financial

Services

–

2.1%

4,095

Jack

Henry

&

Associates,

Inc.

649,836

62,595

MGIC

Investment

Corp.

1,101,046

14,709

NMI

Holdings,

Inc.,

Class

A

*

404,498

12,637

Voya

Financial,

Inc.

903,672

3,059,052

GOLDMAN

SACHS

SMALL/MID

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Food

Products

–

1.4%

16,242

Darling

Ingredients,

Inc.

*

$

712,536

18,924

Simply

Good

Foods

Co.

(The)

*

733,116

15,504

TreeHouse

Foods,

Inc.

*

631,168

2,076,820

Gas

Utilities

–

0.7%

16,512

ONE

Gas,

Inc.

951,587

Ground

Transportation

–

1.9%

4,720

ArcBest

Corp.

562,577

5,493

Saia,

Inc.

*

2,144,412

2,706,989

Health

Care

Equipment

&

Supplies

–

2.4%

5,837

CONMED

Corp.

626,135

29,363

DENTSPLY

SIRONA,

Inc.

932,275

21,318

Enovis

Corp.

*

1,054,388

12,041

QuidelOrtho

Corp.

*

827,578

3,440,376

Health

Care

Providers

&

Services

–

2.3%

16,035

Acadia

Healthcare

Co.,

Inc.

*

1,170,395

41,386

NeoGenomics,

Inc.

*

751,983

21,525

Tenet

Healthcare

Corp.

*

1,485,440

3,407,818

Health

Care

REITs

–

0.8%

79,397

Healthcare

Realty

Trust,

Inc.

REIT

1,212,392

Hotel

&

Resort

REITs

–

1.7%

104,789

RLJ

Lodging

Trust

REIT

1,120,194

12,622

Ryman

Hospitality

Properties,

Inc.

REIT

1,266,618

2,386,812

Hotels,

Restaurants

&

Leisure

–

3.2%

20,988

Boyd

Gaming

Corp.

1,239,342

11,891

Hyatt

Hotels

Corp.,

Class

A

1,364,611

23,901

SeaWorld

Entertainment,

Inc.

*

1,168,759

11,509

Wyndham

Hotels

&

Resorts,

Inc.

890,106

4,662,818

Household

Durables

–

2.5%

9,838

Meritage

Homes

Corp.

1,390,109

13,573

PulteGroup,

Inc.

1,200,125

3,544

TopBuild

Corp.

*

1,048,244

3,638,478

Industrial

REITs

–

2.0%

42,249

Americold

Realty

Trust,

Inc.

REIT

1,192,689

29,366

Terreno

Realty

Corp.

REIT

1,677,092

2,869,781

Insurance

–

4.3%

11,013

American

Financial

Group,

Inc.

1,259,777

15,262

Brown

&

Brown,

Inc.

1,140,682

21,979

CNO

Financial

Group,

Inc.

582,443

11,784

Globe

Life,

Inc.

1,450,964

14,314

Ryan

Specialty

Holdings,

Inc.

*

656,583

10,804

Selective

Insurance

Group,

Inc.

1,098,659

6,189,108

Interactive

Media

&

Services

–

0.2%

6,709

IAC,

Inc.

*

320,891

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Leisure

Products

–

1.1%

5,728

Brunswick

Corp.

$

451,767

30,936

Mattel,

Inc.

*

587,784

40,329

Topgolf

Callaway

Brands

Corp.

*

494,434

1,533,985

Life

Sciences

Tools

&

Services

–

0.8%

10,319

Bruker

Corp.

671,664

2,855

Repligen

Corp.

*

448,949

1,120,613

Machinery

–

5.6%

5,613

Chart

Industries,

Inc.

*

729,859

14,986

Crane

Co.

1,583,721

10,427

ITT,

Inc.

1,128,931

19,563

Pentair

PLC

1,262,596

18,678

SPX

Technologies,

Inc.

*

1,593,420

23,368

Timken

Co.

(The)

1,691,843

7,990,370

Media

–

1.2%

16,668

Liberty

Media

Corp.-Liberty

SiriusXM

*

449,870

6,327

Nexstar

Media

Group,

Inc.

897,991

20,207

TEGNA,

Inc.

309,773

1,657,634

Metals

&

Mining

–

3.4%

8,470

Alcoa

Corp.

227,504

29,865

ATI,

Inc.

*

1,312,567

29,852

Commercial

Metals

Co.

1,353,191

6,736

Royal

Gold,

Inc.

820,445

10,436

Steel

Dynamics,

Inc.

1,243,241

4,956,948

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.5%

47,503

PennyMac

Mortgage

Investment

Trust

REIT

666,942

Oil,

Gas

&

Consumable

Fuels

–

5.1%

5,948

Chord

Energy

Corp.

964,409

26,520

EQT

Corp.

1,059,739

14,610

HF

Sinclair

Corp.

766,733

41,244

Marathon

Oil

Corp.

1,048,835

55,083

Range

Resources

Corp.

1,790,197

18,970

Targa

Resources

Corp.

1,715,837

7,345,750

Passenger

Airlines

–

0.2%

23,912

Spirit

Airlines,

Inc.

354,376

Pharmaceuticals

–

0.4%

15,319

Catalent,

Inc.

*

595,143

Professional

Services

–

3.6%

56,937

Alight,

Inc.,

Class

A

*

435,568

16,797

ASGN,

Inc.

*

1,498,964

3,053

CACI

International,

Inc.,

Class

A

*

979,860

36,595

KBR,

Inc.

1,890,864

2,399

Paylocity

Holding

Corp.

*

375,852

5,181,108

Real

Estate

Management

&

Development

–

0.4%

50,387

Kennedy-Wilson

Holdings,

Inc.

571,892

GOLDMAN

SACHS

SMALL/MID

CAP

VALUE

FUND

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

1.1%

42,226

American

Homes

4

Rent,

Class

A

REIT

$

1,531,537

Retail

REITs

–

2.2%

31,766

Regency

Centers

Corp.

REIT

1,994,270

85,899

SITE

Centers

Corp.

REIT

1,133,008

3,127,278

Semiconductors

&

Semiconductor

Equipment

–

2.9%

15,261

Entegris,

Inc.

1,593,248

20,243

MKS

Instruments,

Inc.

1,671,060

34,131

Semtech

Corp.

*

558,724

7,717

Wolfspeed,

Inc.

*

284,449

4,107,481

Software

–

1.7%

4,502

BILL

Holdings,

Inc.

*

294,746

6,935

Procore

Technologies,

Inc.

*

409,789

16,664

Smartsheet,

Inc.,

Class

A

*

706,220

15,834

Tenable

Holdings,

Inc.

*

655,369

18,341

UiPath,

Inc.,

Class

A

*

362,418

2,428,542

Specialized

REITs

–

1.0%

35,336

CubeSmart

REIT

1,404,959

Specialty

Retail

–

2.0%

10,686

Academy

Sports

&

Outdoors,

Inc.

543,597

3,842

AutoNation,

Inc.

*

519,707

20,449

Foot

Locker,

Inc.

550,692

4,489

Group

1

Automotive,

Inc.

1,266,347

2,880,343

Textiles,

Apparel

&

Luxury

Goods

–

0.5%

1,141

Deckers

Outdoor

Corp.

*

757,590

Trading

Companies

&

Distributors

–

1.9%

47,245

Core

&

Main,

Inc.,

Class

A

*

1,654,992

9,021

Herc

Holdings,

Inc.

1,115,537

2,770,529

TOTAL

COMMON

STOCKS

(Cost

$127,078,366)

142,799,089

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

795,665

5.259%

795,665

(Cost

$795,665)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$127,874,031)

$

143,594,754

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

251,727

NET

ASSETS

–

100.0%

$

143,846,481

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

FUNDAMENTAL

EQUITY

VALUE

FUNDS

Schedule

of

Investments

November

30,

2023

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-today

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/

ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

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.

GOLDMAN

SACHS

FUNDAMENTAL

EQUITY

VALUE

FUNDS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

other

investment

companies

and

exchange-traded

funds

(“ETFs”).

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

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.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2023:

Equity

Income

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,394,160‌

$

—‌

$

—‌

Europe

20,181,394‌

—‌

—‌

North

America

357,402,963‌

—‌

—‌

Oceania

5,146,376‌

—‌

—‌

Investment

Company

177,384‌

—‌

—‌

Securities

Lending

Reinvestment

Vehicle

194,775‌

—‌

—‌

Total

$

385,497,052‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Focused

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

44,316,647‌

$

—‌

$

—‌

Investment

Company

384,311‌

—‌

—‌

Total

$

44,700,958‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

GOLDMAN

SACHS

FUNDAMENTAL

EQUITY

VALUE

FUNDS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

€

1.00

€

1.00

€

1.00

Large

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

5,100,995‌

$

—‌

$

—‌

North

America

399,582,557‌

—‌

—‌

Investment

Company

3,481,824‌

—‌

—‌

Total

$

408,165,376‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Mid

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

9,425,093‌

$

—‌

$

—‌

North

America

1,071,571,380‌

—‌

—‌

Investment

Company

8,194,838‌

—‌

—‌

Total

$

1,089,191,311‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Small

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

5,243,007‌

$

—‌

$

—‌

Europe

5,535,547‌

—‌

—‌

North

America

1,429,177,625‌

—‌

—‌

Exchange-Traded

Fund

9,141,725‌

—‌

—‌

Investment

Company

8,269,392‌

—‌

—‌

Securities

Lending

Reinvestment

Vehicle

2,736,025‌

—‌

—‌

Total

$

1,460,103,321‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Small/Mid

Cap

Value

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

949,574‌

$

—‌

$

—‌

North

America

141,849,515‌

—‌

—‌

Investment

Company

795,665‌

—‌

—‌

Total

$

143,594,754‌

$

—‌

$

—‌

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

GOLDMAN

SACHS

FUNDAMENTAL

EQUITY

VALUE

FUNDS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Government

Money

Market

Fund,

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

amounts

of

the

Funds’

overnight

and

continuous

agreements,

which

represent

the

gross

amounts

of

recognized

liabilities

for

securities

lending

transactions

outstanding

as

of

February

28,

2023,

are

disclosed

as

“Payable

upon

return

of

securities

loaned”

on

the

Statements

of

Assets

and

Liabilities,

where

applicable.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

a

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

pronounced.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

GOLDMAN

SACHS

FUNDAMENTAL

EQUITY

VALUE

FUNDS

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Value

investing

is

an

example

of

an

investment

style.

Value

stocks

are

those

believed

to

be

undervalued

in

comparison

to

their

peers,

due

to

market,

company-specific

or

other

factors.

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

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.

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Focused

Value

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

REIT

Risk

—

Risks

associated

with

investments

in

the

real

estate

industry

(such

as

REITs)

include,

among

others:

possible

declines

in

the

value

of

real

estate;

risks

related

to

general

and

local

economic

conditions;

possible

lack

of

availability

of

mortgage

financing,

variations

in

rental

income,

neighborhood

values

or

the

appeal

of

property

to

tenants;

interest

rates;

overbuilding;

extended

vacancies

of

properties;

increases

in

competition,

property

taxes

and

operating

expenses;

and

changes

in

zoning

laws.

REITs

whose

underlying

properties

are

concentrated

in

a

particular

industry

or

geographic

region

are

subject

to

risks

affecting

such

industries

and

regions.

The

securities

of

REITs

involve

greater

risks

than

those

associated

with

larger,

more

established

companies

and

may

be

subject

to

more

abrupt

or

erratic

price

movements

because

of

interest

rate

changes,

economic

conditions

and

other

factors.

Securities

of

such

issuers

may

lack

sufficient

market

liquidity

to

enable

the

Fund

to

effect

sales

at

an

advantageous

time

or

without

a

substantial

drop

in

price.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)