GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

0.9%

17,232

General

Electric

Co.

$

2,845,692

Air

Freight

&

Logistics

–

0.7%

16,546

United

Parcel

Service,

Inc.,

Class

B

2,298,736

Automobiles

–

1.3%

49,878

General

Motors

Co.

2,244,011

10,628

Tesla,

Inc.*

1,892,634

4,136,645

Banks

–

4.0%

105,325

Bank

of

America

Corp.

4,211,947

14,467

Citigroup,

Inc.

901,439

23,168

East

West

Bancorp,

Inc.

1,718,834

21,576

JPMorgan

Chase &

Co.

4,371,945

12,327

M&T

Bank

Corp.

1,868,773

13,072,938

Beverages

–

1.0%

29,224

Coca-Cola

Co.

(The)

1,839,067

21,199

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

1,562,578

3,401,645

Biotechnology

–

3.0%

23,495

AbbVie,

Inc.

3,788,334

10,328

Amgen,

Inc.

3,158,819

8,245

Biogen,

Inc.*

1,854,630

8,636

Neurocrine

Biosciences,

Inc.*

1,169,401

9,971,184

Broadline

Retail

–

3.1%

57,404

Amazon.com,

Inc.*

10,128,362

Building

Products

–

1.0%

12,697

Allegion

PLC

1,546,748

10,939

Builders

FirstSource,

Inc.*

1,758,882

3,305,630

Capital

Markets

–

1.0%

2,428

MSCI,

Inc.

1,202,297

36,433

Nasdaq,

Inc.

2,150,640

3,352,937

Chemicals

–

2.1%

14,073

Celanese

Corp.

2,139,659

7,448

Linde

PLC

3,243,753

5,334

Sherwin-Williams

Co.

(The)

1,620,469

7,003,881

Communications

Equipment

–

0.9%

66,006

Cisco

Systems,

Inc.

3,069,279

Consumer

Finance

–

0.9%

12,626

American

Express

Co.

3,030,240

Consumer

Staples

Distribution

&

Retail

–

0.7%

20,939

Performance

Food

Group

Co.*

1,457,354

13,999

Walmart,

Inc.

920,574

2,377,928

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Containers

&

Packaging

–

0.7%

9,866

Avery

Dennison

Corp.

$

2,245,403

Diversified

Telecommunication

Services

–

0.9%

169,131

AT&T,

Inc.

3,081,567

Electric

Utilities

–

1.2%

16,440

Entergy

Corp.

1,849,335

38,475

Xcel

Energy,

Inc.

2,133,439

3,982,774

Electrical

Equipment

–

0.9%

11,469

GE

Vernova,

Inc.*

2,017,397

4,086

Rockwell

Automation,

Inc.

1,052,268

3,069,665

Electronic

Equipment,

Instruments

&

Components

–

1.1%

7,642

CDW

Corp.

1,708,904

14,369

Keysight

Technologies,

Inc.*

1,989,819

3,698,723

Entertainment

–

0.5%

12,603

Electronic

Arts,

Inc.

1,674,687

Financial

Services

–

4.9%

8,551

Berkshire

Hathaway,

Inc.,

Class

B*

3,543,534

5,801

Corpay,

Inc.*

1,552,754

35,124

Fidelity

National

Information

Services,

Inc.

2,665,209

17,417

Fiserv,

Inc.*

2,608,370

2,095

Mastercard,

Inc.,

Class

A

936,612

17,238

Visa,

Inc.,

Class

A

4,696,666

16,003,145

Food

Products

–

0.6%

52,569

Kraft

Heinz

Co.

(The)

1,859,366

Ground

Transportation

–

0.9%

9,922

Old

Dominion

Freight

Line,

Inc.

1,738,830

2,722

Saia,

Inc.*

1,114,605

2,853,435

Health

Care

Equipment

&

Supplies

–

1.1%

6,218

Align

Technology,

Inc.*

1,599,332

3,285

Cooper

Cos.,

Inc.

(The)

309,808

15,918

Zimmer

Biomet

Holdings,

Inc.

1,832,958

3,742,098

Health

Care

Providers

&

Services

–

2.5%

8,412

Cencora,

Inc.

1,905,907

34,801

CVS

Health

Corp.

2,074,140

5,911

Humana,

Inc.

2,116,847

4,151

UnitedHealth

Group,

Inc.

2,056,281

8,153,175

Health

Care

REITs

–

0.5%

14,139

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,682,541

Hotels,

Restaurants

&

Leisure

–

1.4%

3,091

Domino's

Pizza,

Inc.

1,572,021

5,511

McDonald's

Corp.

1,426,743

10,766

Yum!

Brands,

Inc.

1,479,571

4,478,335

GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Household

Durables

–

0.6%

12,739

Lennar

Corp.,

Class

A

$

2,042,699

Household

Products

–

2.2%

27,247

Colgate-Palmolive

Co.

2,532,881

29,163

Procter &

Gamble

Co.

(The)

4,798,480

7,331,361

Industrial

Conglomerates

–

0.3%

4,968

Honeywell

International,

Inc.

1,004,480

Insurance

–

3.3%

5,109

Allstate

Corp.

(The)

855,860

15,897

American

Financial

Group,

Inc.

2,065,179

16,860

Arch

Capital

Group

Ltd.*

1,730,342

15,670

Globe

Life,

Inc.

1,296,849

13,099

Marsh

&

McLennan

Cos.,

Inc.

2,719,090

38,115

Unum

Group

2,052,874

10,720,194

Interactive

Media

&

Services

–

6.9%

54,719

Alphabet,

Inc.,

Class

A*

9,439,028

41,147

Alphabet,

Inc.,

Class

C*

7,157,932

12,744

Meta

Platforms,

Inc.,

Class

A

5,949,281

22,546,241

IT

Services

–

1.6%

8,995

Accenture

PLC,

Class

A

2,539,198

16,614

International

Business

Machines

Corp.

2,772,046

5,311,244

Life

Sciences

Tools

&

Services

–

2.3%

10,025

Agilent

Technologies,

Inc.

1,307,360

12,293

Danaher

Corp.

3,156,843

1,588

Mettler-Toledo

International,

Inc.*

2,229,695

2,488

West

Pharmaceutical

Services,

Inc.

824,548

7,518,446

Machinery

–

3.2%

9,155

Caterpillar,

Inc.

3,099,151

20,136

Fortive

Corp.

1,498,924

8,393

Illinois

Tool

Works,

Inc.

2,037,401

11,831

ITT,

Inc.

1,572,103

19,326

Stanley

Black

&

Decker,

Inc.

1,684,647

5,665

Xylem,

Inc.

798,878

10,691,104

Metals

&

Mining

–

0.6%

13,844

Steel

Dynamics,

Inc.

1,853,296

Multi-Utilities

–

0.6%

73,797

NiSource,

Inc.

2,144,541

Oil,

Gas

&

Consumable

Fuels

–

4.0%

9,016

Chesapeake

Energy

Corp.

819,825

12,828

Chevron

Corp.

2,081,984

33,835

Exxon

Mobil

Corp.

3,967,492

82,766

Marathon

Oil

Corp.

2,396,903

13,627

Marathon

Petroleum

Corp.

2,406,665

10,470

Phillips

66

1,487,892

13,160,761

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Personal

Care

Products

–

0.7%

112,308

Kenvue,

Inc.

$

2,167,544

Pharmaceuticals

–

2.0%

18,480

AstraZeneca

PLC

ADR

(United

Kingdom)

1,441,810

4,090

Eli

Lilly

&

Co.

3,355,190

7,438

Johnson &

Johnson

1,090,931

6,405

Merck &

Co.,

Inc.

804,084

6,692,015

Residential

REITs

–

0.7%

11,586

AvalonBay

Communities,

Inc.

REIT

2,232,390

Semiconductors

&

Semiconductor

Equipment

–

9.8%

1,859

Advanced

Micro

Devices,

Inc.*

310,267

15,096

Applied

Materials,

Inc.

3,246,848

1,582

Broadcom,

Inc.

2,101,766

12,996

Enphase

Energy,

Inc.*

1,662,188

2,997

KLA

Corp.

2,276,311

21,372

Marvell

Technology,

Inc.

1,470,607

16,738

MKS

Instruments,

Inc.

2,118,864

16,191

NVIDIA

Corp.

17,750,679

6,593

Texas

Instruments,

Inc.

1,285,701

32,223,231

Software

–

10.9%

6,471

Adobe,

Inc.*

2,878,042

19,604

AppLovin

Corp.,

Class

A*

1,597,334

17,305

Dynatrace,

Inc.*

791,358

4,674

Intuit,

Inc.

2,694,280

58,643

Microsoft

Corp.

24,344,469

12,087

Salesforce,

Inc.

2,833,676

2,575

Workday,

Inc.,

Class

A*

544,484

35,683,643

Specialized

REITs

–

1.1%

9,917

American

Tower

Corp.

REIT

1,941,154

63,724

VICI

Properties,

Inc.

REIT

1,829,516

3,770,670

Specialty

Retail

–

2.2%

3,626

Home

Depot,

Inc.

(The)

1,214,238

11,565

Lowe’s

Cos.,

Inc.

2,559,219

13,339

Ross

Stores,

Inc.

1,864,259

3,977

Ulta

Beauty,

Inc.*

1,571,273

7,208,989

Technology

Hardware,

Storage

&

Peripherals

–

6.4%

99,469

Apple,

Inc.

19,122,915

14,461

Dell

Technologies,

Inc.,

Class

C

2,018,177

21,141,092

Textiles,

Apparel

&

Luxury

Goods

–

0.8%

26,943

NIKE,

Inc.,

Class

B

2,560,932

Trading

Companies

&

Distributors

–

0.6%

27,709

Fastenal

Co.

1,828,240

TOTAL

COMMON

STOCKS

(Cost

$237,559,784)

324,353,124

GOLDMAN

SACHS

ENHANCED

CORE

EQUITY

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

a

Exchange-Traded

Fund

–

0.8%

14,156

iShares

Russell

1000

Value

ETF

(Cost

$2,480,156)

$

2,507,877

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.4%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,388,614

5.227%

1,388,614

(Cost

$1,388,614)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$241,428,554)

$

328,249,615

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

525,800

NET

ASSETS

–

100.0%

$

328,775,415

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.5%

Aerospace

&

Defense

–

0.8%

32,875

General

Electric

Co.

$

5,428,977

10,701

L3Harris

Technologies,

Inc.

2,405,906

6,334

Northrop

Grumman

Corp.

2,855,177

10,690,060

Air

Freight

&

Logistics

–

0.9%

87,142

United

Parcel

Service,

Inc.,

Class

B

12,106,638

Automobile

Components

–

0.1%

46,329

Mobileye

Global,

Inc.,

Class

A

(Israel)*

1,188,802

Automobiles

–

1.6%

292,806

General

Motors

Co.

13,173,342

50,543

Tesla,

Inc.*

9,000,697

22,174,039

Banks

–

3.8%

490,730

Bank

of

America

Corp.

19,624,293

62,544

East

West

Bancorp,

Inc.

4,640,139

275,507

Huntington

Bancshares,

Inc.

3,835,057

60,822

JPMorgan

Chase &

Co.

12,324,362

32,959

M&T

Bank

Corp.

4,996,584

80,907

Pinnacle

Financial

Partners,

Inc.

6,432,916

51,853,351

Beverages

–

1.5%

120,482

Coca-Cola

Co.

(The)

7,581,932

70,365

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

5,186,604

28,874

Constellation

Brands,

Inc.,

Class

A

7,225,141

19,993,677

Biotechnology

–

2.4%

99,824

AbbVie,

Inc.

16,095,622

6,592

Alnylam

Pharmaceuticals,

Inc.*

978,450

13,508

Amgen,

Inc.

4,131,422

31,204

Biogen,

Inc.*

7,019,028

24,719

BioMarin

Pharmaceutical,

Inc.*

1,855,655

43,195

Exact

Sciences

Corp.*

1,963,213

32,043,390

Broadline

Retail

–

3.1%

237,543

Amazon.com,

Inc.*

41,912,087

Building

Products

–

0.5%

13,343

Builders

FirstSource,

Inc.*

2,145,421

12,893

Trane

Technologies

PLC

4,221,942

6,367,363

Capital

Markets

–

2.1%

5,315

BlackRock,

Inc.

4,103,339

18,721

Blackstone,

Inc.

2,255,881

53,989

Charles

Schwab

Corp.

(The)

3,956,314

50,075

KKR

&

Co.,

Inc.

5,149,713

10,189

MSCI,

Inc.

5,045,389

60,299

Nasdaq,

Inc.

3,559,450

8,299

S&P

Global,

Inc.

3,547,905

8,386

Tradeweb

Markets,

Inc.,

Class

A

914,158

28,532,149

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Chemicals

–

2.4%

16,828

Ashland,

Inc.

$

1,685,661

13,052

Celanese

Corp.

1,984,426

32,612

Linde

PLC

14,203,178

50,771

Sherwin-Williams

Co.

(The)

15,424,230

33,297,495

Commercial

Services

&

Supplies

–

0.2%

9,684

Copart,

Inc.*

513,833

15,338

Waste

Connections,

Inc.

2,520,340

3,034,173

Communications

Equipment

–

1.1%

5,683

Arista

Networks,

Inc.*

1,691,545

231,681

Cisco

Systems,

Inc.

10,773,167

7,153

Motorola

Solutions,

Inc.

2,610,201

15,074,913

Construction

Materials

–

0.2%

5,186

Martin

Marietta

Materials,

Inc.

2,966,807

Consumer

Finance

–

0.9%

49,691

American

Express

Co.

11,925,840

Consumer

Staples

Distribution

&

Retail

–

1.0%

16,516

Dollar

Tree,

Inc.*

1,948,062

176,435

Walmart,

Inc.

11,602,366

13,550,428

Containers

&

Packaging

–

0.6%

10,162

Avery

Dennison

Corp.

2,312,770

80,892

Ball

Corp.

5,616,331

7,929,101

Diversified

Telecommunication

Services

–

1.4%

1,016,126

AT&T,

Inc.

18,513,816

Electric

Utilities

–

1.9%

20,404

Entergy

Corp.

2,295,246

141,250

Eversource

Energy

8,366,238

65,201

FirstEnergy

Corp.

2,624,992

97,368

NextEra

Energy,

Inc.

7,791,387

69,915

PPL

Corp.

2,050,607

56,577

Xcel

Energy,

Inc.

3,137,195

26,265,665

Electrical

Equipment

–

2.9%

14,618

AMETEK,

Inc.

2,478,920

41,591

Eaton

Corp.

PLC

13,843,564

68,362

GE

Vernova,

Inc.*

12,024,876

43,716

Rockwell

Automation,

Inc.

11,258,182

39,605,542

Electronic

Equipment,

Instruments

&

Components

–

0.3%

12,363

CDW

Corp.

2,764,614

14,036

Keysight

Technologies,

Inc.*

1,943,705

4,708,319

Energy

Equipment

&

Services

–

0.2%

61,575

Schlumberger

NV

2,825,677

Entertainment

–

1.2%

15,947

Electronic

Arts,

Inc.

2,119,037

34,326

Live

Nation

Entertainment,

Inc.*

3,217,719

9,043

Netflix,

Inc.*

5,802,170

7,972

Spotify

Technology

SA*

2,365,930

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Entertainment

–

(continued)

29,873

Walt

Disney

Co.

(The)

$

3,104,104

16,608,960

Financial

Services

–

2.8%

33,595

Berkshire

Hathaway,

Inc.,

Class

B*

13,921,768

40,958

Fiserv,

Inc.*

6,133,870

52,870

Mr

Cooper

Group,

Inc.*

4,409,358

51,449

Visa,

Inc.,

Class

A

14,017,795

38,482,791

Food

Products

–

0.8%

84,575

Kraft

Heinz

Co.

(The)

2,991,418

102,939

McCormick

&

Co.,

Inc.

7,434,254

10,425,672

Ground

Transportation

–

1.3%

36,141

Norfolk

Southern

Corp.

8,124,497

34,592

Old

Dominion

Freight

Line,

Inc.

6,062,248

58,002

Uber

Technologies,

Inc.*

3,744,609

17,931,354

Health

Care

Equipment

&

Supplies

–

3.8%

31,811

Align

Technology,

Inc.*

8,182,107

165,391

Boston

Scientific

Corp.*

12,498,598

43,363

Cooper

Cos.,

Inc.

(The)

4,089,565

22,327

Insulet

Corp.*

3,956,121

12,545

Intuitive

Surgical,

Inc.*

5,044,595

149,955

Zimmer

Biomet

Holdings,

Inc.

17,267,318

51,038,304

Health

Care

Providers

&

Services

–

1.8%

177,188

CVS

Health

Corp.

10,560,405

25,312

Humana,

Inc.

9,064,733

10,837

UnitedHealth

Group,

Inc.

5,368,325

24,993,463

Health

Care

REITs

–

0.7%

85,943

Alexandria

Real

Estate

Equities,

Inc.

REIT

10,227,217

Hotels,

Restaurants

&

Leisure

–

1.9%

14,885

Domino's

Pizza,

Inc.

7,570,214

18,334

DoorDash,

Inc.,

Class

A*

2,018,757

93,102

DraftKings,

Inc.,

Class

A*

3,270,673

40,389

McDonald's

Corp.

10,456,308

19,782

Royal

Caribbean

Cruises

Ltd.*

2,921,406

26,237,358

Household

Products

–

2.6%

157,657

Colgate-Palmolive

Co.

14,655,795

126,085

Procter &

Gamble

Co.

(The)

20,746,026

35,401,821

Industrial

Conglomerates

–

1.2%

17,218

3M

Co.

1,724,211

73,170

Honeywell

International,

Inc.

14,794,242

16,518,453

Industrial

REITs

–

0.9%

77,800

Americold

Realty

Trust,

Inc.

REIT

2,074,926

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrial

REITs

–

(continued)

88,485

Prologis,

Inc.

REIT

$

9,776,708

11,851,634

Insurance

–

1.4%

16,984

Allstate

Corp.

(The)

2,845,160

19,812

Arch

Capital

Group

Ltd.*

2,033,306

12,632

Chubb

Ltd.

3,420,998

17,254

Globe

Life,

Inc.

1,427,941

21,343

Marsh

&

McLennan

Cos.,

Inc.

4,430,380

11,940

Progressive

Corp.

(The)

2,521,489

32,032

Unum

Group

1,725,243

18,404,517

Interactive

Media

&

Services

–

5.6%

197,866

Alphabet,

Inc.,

Class

A*

34,131,885

149,181

Alphabet,

Inc.,

Class

C*

25,951,527

32,140

Meta

Platforms,

Inc.,

Class

A

15,003,916

110,156

Snap,

Inc.,

Class

A*

1,654,543

76,741,871

IT

Services

–

2.4%

47,179

Accenture

PLC,

Class

A

13,318,160

87,695

International

Business

Machines

Corp.

14,631,911

17,815

Shopify,

Inc.,

Class

A

(Canada)*

1,053,757

19,126

Snowflake,

Inc.,

Class

A*

2,604,579

31,608,407

Life

Sciences

Tools

&

Services

–

2.7%

86,376

Danaher

Corp.

22,181,357

16,918

Illumina,

Inc.*

1,764,209

6,898

Mettler-Toledo

International,

Inc.*

9,685,413

9,114

West

Pharmaceutical

Services,

Inc.

3,020,470

36,651,449

Machinery

–

2.5%

49,726

Caterpillar,

Inc.

16,833,246

61,086

Illinois

Tool

Works,

Inc.

14,828,626

17,935

Xylem,

Inc.

2,529,194

34,191,066

Metals

&

Mining

–

0.9%

104,945

Freeport-McMoRan,

Inc.

5,533,750

52,718

Steel

Dynamics,

Inc.

7,057,358

12,591,108

Multi-Utilities

–

0.4%

39,008

CMS

Energy

Corp.

2,454,774

85,454

NiSource,

Inc.

2,483,293

4,938,067

Oil,

Gas

&

Consumable

Fuels

–

4.4%

12,381

Cheniere

Energy,

Inc.

1,953,598

71,018

Chesapeake

Energy

Corp.

6,457,667

88,822

Chevron

Corp.

14,415,811

9,882

ConocoPhillips

1,151,055

44,400

Diamondback

Energy,

Inc.

8,847,144

21,451

DT

Midstream,

Inc.

1,438,933

104,675

Exxon

Mobil

Corp.

12,274,191

9,912

Hess

Corp.

1,527,439

GOLDMAN

SACHS

LARGE

CAP

CORE

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

123,703

Marathon

Oil

Corp.

$

3,582,439

8,614

Marathon

Petroleum

Corp.

1,521,319

10,977

Phillips

66

1,559,941

45,519

Targa

Resources

Corp.

5,381,711

60,111,248

Passenger

Airlines

–

0.1%

26,112

United

Airlines

Holdings,

Inc.*

1,383,675

Personal

Care

Products

–

0.2%

151,965

Kenvue,

Inc.

2,932,924

Pharmaceuticals

–

2.2%

38,312

AstraZeneca

PLC

ADR

(United

Kingdom)

2,989,102

19,252

Eli

Lilly

&

Co.

15,793,186

15,123

Intra-Cellular

Therapies,

Inc.*

1,016,871

53,993

Johnson &

Johnson

7,919,153

9,222

Zoetis,

Inc.

1,563,682

29,281,994

Professional

Services

–

0.2%

5,578

Equifax,

Inc.

1,290,693

2,477

Verisk

Analytics,

Inc.

626,136

1,916,829

Real

Estate

Management

&

Development

–

0.5%

91,111

CoStar

Group,

Inc.*

7,122,147

Residential

REITs

–

0.4%

13,469

AvalonBay

Communities,

Inc.

REIT

2,595,207

35,655

Equity

LifeStyle

Properties,

Inc.

REIT

2,238,064

4,833,271

Semiconductors

&

Semiconductor

Equipment

–

9.0%

83,107

Advanced

Micro

Devices,

Inc.*

13,870,558

27,944

Applied

Materials,

Inc.

6,010,195

12,710

KLA

Corp.

9,653,626

237,312

Marvell

Technology,

Inc.

16,329,439

94,388

Micron

Technology,

Inc.

11,798,500

38,033

NVIDIA

Corp.

41,696,719

116,967

Texas

Instruments,

Inc.

22,809,735

122,168,772

Software

–

8.6%

13,802

Adobe,

Inc.*

6,138,577

9,426

Cadence

Design

Systems,

Inc.*

2,698,758

5,749

Crowdstrike

Holdings,

Inc.,

Class

A*

1,803,289

3,995

HubSpot,

Inc.*

2,441,145

213,575

Microsoft

Corp.

88,661,390

32,569

Salesforce,

Inc.

7,635,476

52,477

Samsara,

Inc.,

Class

A*

1,780,545

14,588

Workday,

Inc.,

Class

A*

3,084,633

17,011

Zscaler,

Inc.*

2,891,189

117,135,002

Specialized

REITs

–

0.5%

18,654

American

Tower

Corp.

REIT

3,651,334

3,715

Equinix,

Inc.

REIT

2,834,471

6,485,805

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

1.3%

21,511

Lowe’s

Cos.,

Inc.

$

4,760,169

17,915

RH*

4,871,626

21,077

Ross

Stores,

Inc.

2,945,722

7,621

Ulta

Beauty,

Inc.*

3,010,981

35,544

Wayfair,

Inc.,

Class

A*

2,114,512

17,703,010

Technology

Hardware,

Storage

&

Peripherals

–

6.6%

389,749

Apple,

Inc.

74,929,245

107,997

Dell

Technologies,

Inc.,

Class

C

15,072,062

90,001,307

Textiles,

Apparel

&

Luxury

Goods

–

0.7%

12,486

Lululemon

Athletica,

Inc.*

3,895,507

58,389

NIKE,

Inc.,

Class

B

5,549,875

9,445,382

TOTAL

COMMON

STOCKS

(Cost

$836,358,653)

1,351,924,210

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,241,361

5.227%

3,241,361

(Cost

$3,241,361)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$839,600,014)

$

1,355,165,571

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

3,883,439

NET

ASSETS

–

100.0%

$

1,359,049,010

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MID

CAP

GROWTH

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.4%

Aerospace

&

Defense

–

0.5%

25,042

Woodward,

Inc.

$

4,670,333

Automobile

Components

–

0.6%

216,489

Mobileye

Global,

Inc.,

Class

A

(Israel)*

5,555,108

Beverages

–

1.0%

124,081

Coca-Cola

Europacific

Partners

PLC

(United

Kingdom)

9,146,011

Biotechnology

–

4.0%

40,911

Alnylam

Pharmaceuticals,

Inc.*

6,072,420

36,023

Biogen,

Inc.*

8,103,014

90,161

BioMarin

Pharmaceutical,

Inc.*

6,768,386

70,629

Neurocrine

Biosciences,

Inc.*

9,563,873

500,928

Roivant

Sciences

Ltd.*

5,189,614

35,697,307

Building

Products

–

2.5%

68,672

Trane

Technologies

PLC

22,487,333

Capital

Markets

–

5.2%

133,304

KKR

&

Co.,

Inc.

13,708,983

41,243

MSCI,

Inc.

20,422,709

78,378

Nasdaq,

Inc.

4,626,653

68,651

Tradeweb

Markets,

Inc.,

Class

A

7,483,646

46,241,991

Chemicals

–

1.6%

138,703

Ashland,

Inc.

13,893,880

Construction

Materials

–

1.8%

28,914

Martin

Marietta

Materials,

Inc.

16,541,121

Consumer

Staples

Distribution

&

Retail

–

0.7%

69,307

BJ's

Wholesale

Club

Holdings,

Inc.*

6,103,867

Containers

&

Packaging

–

1.3%

172,625

Ball

Corp.

11,985,354

Electrical

Equipment

–

6.5%

78,581

AMETEK,

Inc.

13,325,766

84,578

GE

Vernova,

Inc.*

14,877,270

22,432

Hubbell,

Inc.

8,723,581

81,636

Rockwell

Automation,

Inc.

21,023,719

57,950,336

Electronic

Equipment,

Instruments

&

Components

–

2.2%

151,271

Amphenol

Corp.,

Class

A

20,023,742

Entertainment

–

1.0%

92,822

Live

Nation

Entertainment,

Inc.*

8,701,134

Financial

Services

–

2.0%

37,156

Corpay,

Inc.*

9,945,547

102,092

Fidelity

National

Information

Services,

Inc.

7,746,741

17,692,288

Ground

Transportation

–

2.9%

99,034

Old

Dominion

Freight

Line,

Inc.

17,355,708

20,377

Saia,

Inc.*

8,343,974

25,699,682

Health

Care

Equipment

&

Supplies

–

9.3%

52,113

Align

Technology,

Inc.*

13,403,985

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

95,332

Cooper

Cos.,

Inc.

(The)

$

8,990,761

89,944

Dexcom,

Inc.*

10,682,649

33,073

IDEXX

Laboratories,

Inc.*

16,435,627

109,601

Insulet

Corp.*

19,420,201

122,647

Zimmer

Biomet

Holdings,

Inc.

14,122,802

83,056,025

Health

Care

Providers

&

Services

–

2.5%

96,699

Cencora,

Inc.

21,909,092

Hotel

&

Resort

REITs

–

1.0%

85,124

Ryman

Hospitality

Properties,

Inc.

REIT

8,943,979

Hotels,

Restaurants

&

Leisure

–

7.4%

99,154

Cava

Group,

Inc.*

9,176,703

36,985

Domino's

Pizza,

Inc.

18,809,831

112,594

DoorDash,

Inc.,

Class

A*

12,397,725

223,167

DraftKings,

Inc.,

Class

A*

7,839,857

128,987

Yum!

Brands,

Inc.

17,726,683

65,950,799

IT

Services

–

1.6%

65,957

Cloudflare,

Inc.,

Class

A*

4,464,629

43,446

MongoDB,

Inc.*

10,255,863

14,720,492

Life

Sciences

Tools

&

Services

–

5.5%

134,358

Agilent

Technologies,

Inc.

17,521,627

13,267

Mettler-Toledo

International,

Inc.*

18,628,062

38,715

West

Pharmaceutical

Services,

Inc.

12,830,538

48,980,227

Machinery

–

3.4%

112,604

Fortive

Corp.

8,382,242

34,701

ITT,

Inc.

4,611,069

125,509

Xylem,

Inc.

17,699,279

30,692,590

Media

–

2.6%

247,388

Trade

Desk,

Inc.

(The),

Class

A*

22,952,659

Oil,

Gas

&

Consumable

Fuels

–

3.6%

75,858

Cheniere

Energy,

Inc.

11,969,634

42,765

Chesapeake

Energy

Corp.

3,888,621

25,775

Hess

Corp.

3,971,928

107,536

Targa

Resources

Corp.

12,713,981

32,544,164

Personal

Care

Products

–

0.6%

28,783

elf

Beauty,

Inc.*

5,379,831

Professional

Services

–

1.2%

46,822

Equifax,

Inc.

10,834,143

Real

Estate

Management

&

Development

–

1.4%

160,648

CoStar

Group,

Inc.*

12,557,854

Semiconductors

&

Semiconductor

Equipment

–

3.0%

27,462

Entegris,

Inc.

3,469,824

265,298

Marvell

Technology,

Inc.

18,255,155

37,851

MKS

Instruments,

Inc.

4,791,558

26,516,537

GOLDMAN

SACHS

MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

14.0%

117,069

AppLovin

Corp.,

Class

A*

$

9,538,782

77,585

Crowdstrike

Holdings,

Inc.,

Class

A*

24,336,087

133,208

Datadog,

Inc.,

Class

A*

14,676,858

14,200

Fair

Isaac

Corp.*

18,317,006

14,326

HubSpot,

Inc.*

8,753,902

123,946

Klaviyo,

Inc.,

Class

A*

2,806,138

49,996

Manhattan

Associates,

Inc.*

10,976,122

28,063

Monday.com

Ltd.*

6,339,712

279,028

Palantir

Technologies,

Inc.,

Class

A*

6,049,327

162,296

Samsara,

Inc.,

Class

A*

5,506,703

18,115

Tyler

Technologies,

Inc.*

8,701,721

52,345

Zscaler,

Inc.*

8,896,556

124,898,914

Specialty

Retail

–

3.7%

139,953

Ross

Stores,

Inc.

19,559,831

34,269

Ulta

Beauty,

Inc.*

13,539,339

33,099,170

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

29,184

Lululemon

Athletica,

Inc.*

9,105,116

Trading

Companies

&

Distributors

–

2.8%

235,765

Fastenal

Co.

15,555,775

13,981

United

Rentals,

Inc.

9,359,021

24,914,796

TOTAL

COMMON

STOCKS

(Cost

$689,434,196)

879,445,875

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

16,751,832

5.227%

16,751,832

(Cost

$16,751,832)

TOTAL

INVESTMENTS

–

100.3%

(Cost

$706,186,028)

$

896,197,707

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(2,891,101)

NET

ASSETS

–

100.0%

$

893,306,606

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

GROWTH

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.5%

Aerospace

&

Defense

–

3.0%

19,482

Loar

Holdings,

Inc.*

$

1,109,890

13,172

Moog,

Inc.,

Class

A

2,231,732

3,341,622

Automobile

Components

–

1.9%

14,061

Dorman

Products,

Inc.*

1,293,190

8,060

Modine

Manufacturing

Co.*

813,415

2,106,605

Beverages

–

1.8%

1,402

Coca-Cola

Consolidated,

Inc.

1,375,418

7,000

MGP

Ingredients,

Inc.

543,340

1,918,758

Biotechnology

–

9.3%

31,439

Alkermes

PLC*

735,673

7,889

Apellis

Pharmaceuticals,

Inc.*

309,643

15,459

Arrowhead

Pharmaceuticals,

Inc.*

354,784

7,350

Blueprint

Medicines

Corp.*

775,866

15,282

Bridgebio

Pharma,

Inc.*

428,049

11,834

CG

oncology,

Inc.*

385,552

8,918

Crinetics

Pharmaceuticals,

Inc.*

396,048

32,223

Dynavax

Technologies

Corp.*

386,354

17,672

Dyne

Therapeutics,

Inc.*

563,383

18,411

Immunovant,

Inc.*

467,455

16,926

Insmed,

Inc.*

931,776

2,895

Krystal

Biotech,

Inc.*

463,345

1,941

Madrigal

Pharmaceuticals,

Inc.*

458,387

9,013

Natera,

Inc.*

960,155

26,856

Syndax

Pharmaceuticals,

Inc.*

517,515

9,155

Ultragenyx

Pharmaceutical,

Inc.*

367,482

16,925

Vaxcyte,

Inc.*

1,189,320

9,651

Xenon

Pharmaceuticals,

Inc.

(Canada)*

367,414

10,058,201

Broadline

Retail

–

1.0%

13,061

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,076,618

Building

Products

–

2.2%

31,461

AAON,

Inc.

2,361,148

Capital

Markets

–

4.3%

10,804

Hamilton

Lane,

Inc.,

Class

A

1,355,794

5,953

Houlihan

Lokey,

Inc.

805,739

6,679

Piper

Sandler

Cos.

1,414,479

11,735

PJT

Partners,

Inc.,

Class

A

1,251,772

4,827,784

Chemicals

–

2.9%

18,423

Ashland,

Inc.

1,845,432

8,801

Balchem

Corp.

1,351,834

3,197,266

Commercial

Services

&

Supplies

–

2.4%

11,625

Casella

Waste

Systems,

Inc.,

Class

A*

1,169,359

16,683

VSE

Corp.

1,365,670

2,535,029

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

&

Engineering

–

2.8%

2,497

EMCOR

Group,

Inc.

$

970,484

8,272

MYR

Group,

Inc.*

1,282,656

6,103

Sterling

Infrastructure,

Inc.*

749,876

3,003,016

Diversified

Consumer

Services

–

0.6%

6,482

Bright

Horizons

Family

Solutions,

Inc.*

681,388

Electrical

Equipment

–

1.0%

13,372

nVent

Electric

PLC

1,088,213

Electronic

Equipment,

Instruments

&

Components

–

5.2%

12,785

Badger

Meter,

Inc.

2,466,994

11,333

Novanta,

Inc.*

1,837,759

32,733

Vontier

Corp.

1,308,665

5,613,418

Energy

Equipment

&

Services

–

0.9%

10,100

Kodiak

Gas

Services,

Inc.

278,255

8,616

Noble

Corp.

PLC

400,299

1,590

Weatherford

International

PLC*

191,341

869,895

Health

Care

Equipment

&

Supplies

–

5.5%

26,239

Inari

Medical,

Inc.*

1,311,950

13,663

iRhythm

Technologies,

Inc.*

1,205,213

10,593

Merit

Medical

Systems,

Inc.*

859,622

21,691

PROCEPT

BioRobotics

Corp.*

1,440,282

8,724

TransMedics

Group,

Inc.*

1,189,954

6,007,021

Health

Care

Providers

&

Services

–

1.8%

5,440

Acadia

Healthcare

Co.,

Inc.*

374,762

40,010

NeoGenomics,

Inc.*

548,537

45,846

Pennant

Group,

Inc.

(The)*

1,079,215

2,002,514

Health

Care

Technology

–

0.7%

35,006

Evolent

Health,

Inc.,

Class

A*

741,777

Hotels,

Restaurants

&

Leisure

–

5.6%

13,659

Cava

Group,

Inc.*

1,264,140

34,578

Dutch

Bros,

Inc.,

Class

A*

1,223,715

50,506

First

Watch

Restaurant

Group,

Inc.*

993,958

5,469

Kura

Sushi

USA,

Inc.,

Class

A*

546,408

8,874

Shake

Shack,

Inc.,

Class

A*

842,054

3,153

Texas

Roadhouse,

Inc.

544,429

1,686

Wingstop,

Inc.

621,544

6,036,248

Household

Durables

–

2.0%

4,651

Installed

Building

Products,

Inc.

985,268

15,731

SharkNinja,

Inc.

1,205,309

2,190,577

Insurance

–

1.8%

13,461

Goosehead

Insurance,

Inc.,

Class

A*

868,234

12,860

Palomar

Holdings,

Inc.*

1,091,042

1,959,276

GOLDMAN

SACHS

SMALL

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

IT

Services

–

1.6%

22,689

Couchbase,

Inc.*

$

514,360

31,050

DigitalOcean

Holdings,

Inc.*

1,150,402

1,664,762

Life

Sciences

Tools

&

Services

–

1.2%

69,233

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

600,250

2,101

Medpace

Holdings,

Inc.*

811,700

1,411,950

Machinery

–

10.9%

13,988

Esab

Corp.

1,438,246

22,482

Federal

Signal

Corp.

2,068,794

14,007

Franklin

Electric

Co.,

Inc.

1,393,416

8,225

RBC

Bearings,

Inc.*

2,428,678

17,940

SPX

Technologies,

Inc.*

2,501,195

4,228

Standex

International

Corp.

711,192

6,888

Watts

Water

Technologies,

Inc.,

Class

A

1,371,607

11,913,128

Oil,

Gas

&

Consumable

Fuels

–

0.9%

4,789

Matador

Resources

Co.

303,862

36,860

Permian

Resources

Corp.

604,135

907,997

Personal

Care

Products

–

1.0%

5,844

Inter

Parfums,

Inc.

699,994

13,088

Oddity

Tech

Ltd.,

Class

A

(Israel)*

469,990

1,169,984

Pharmaceuticals

–

0.7%

10,778

Intra-Cellular

Therapies,

Inc.*

724,713

Professional

Services

–

0.7%

9,168

Maximus,

Inc.

789,365

Semiconductors

&

Semiconductor

Equipment

–

9.3%

3,684

Astera

Labs,

Inc.*

(a)

237,765

9,966

Axcelis

Technologies,

Inc.*

1,121,075

12,120

Camtek

Ltd.

(Israel)

1,241,209

34,500

Cohu,

Inc.*

1,112,280

48,700

Credo

Technology

Group

Holding

Ltd.*

1,269,609

25,001

FormFactor,

Inc.*

1,368,055

7,450

Impinj,

Inc.*

1,219,341

6,047

Onto

Innovation,

Inc.*

1,310,385

16,969

Power

Integrations,

Inc.

1,289,814

10,169,533

Software

–

9.8%

43,170

Alkami

Technology,

Inc.*

1,184,153

15,991

Braze,

Inc.,

Class

A*

602,061

36,678

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

696,148

30,189

Confluent,

Inc.,

Class

A*

784,008

26,567

Instructure

Holdings,

Inc.*

588,459

29,104

JFrog

Ltd.

(Israel)*

936,276

13,084

Smartsheet,

Inc.,

Class

A*

484,108

9,654

SPS

Commerce,

Inc.*

1,815,821

29,819

Tenable

Holdings,

Inc.*

1,258,064

31,784

Varonis

Systems,

Inc.*

1,365,441

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

32,284

Vertex,

Inc.,

Class

A*

$

1,066,986

10,781,525

Specialty

Retail

–

3.1%

79,342

Arhaus,

Inc.

1,492,423

15,748

Boot

Barn

Holdings,

Inc.*

1,872,910

3,365,333

Textiles,

Apparel

&

Luxury

Goods

–

2.1%

7,266

Crocs,

Inc.*

1,130,880

16,237

Kontoor

Brands,

Inc.

1,190,822

2,321,702

Trading

Companies

&

Distributors

–

1.5%

28,994

Core

&

Main,

Inc.,

Class

A*

1,668,895

TOTAL

COMMON

STOCKS

(Cost

$92,394,287)

108,505,261

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.4%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

459,387

5.227%

459,387

(Cost

$459,387)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$92,853,674)

108,964,648

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

238,498

5.227%

238,498

(Cost

$238,498)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$93,092,172)

$

109,203,146

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(158,911)

NET

ASSETS

–

100.0%

$

109,044,235

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

SMALL/MID

CAP

GROWTH

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.1%

Aerospace

&

Defense

–

1.7%

142,237

HEICO

Corp.

$

31,543,899

Beverages

–

1.4%

314,978

Celsius

Holdings,

Inc.*

25,191,940

Biotechnology

–

9.7%

142,686

Apellis

Pharmaceuticals,

Inc.*

5,600,425

131,408

BioMarin

Pharmaceutical,

Inc.*

9,864,798

126,557

Blueprint

Medicines

Corp.*

13,359,357

107,895

Crinetics

Pharmaceuticals,

Inc.*

4,791,617

265,805

Exact

Sciences

Corp.*

12,080,837

350,204

Exelixis,

Inc.*

7,595,925

245,573

Insmed,

Inc.*

13,518,794

50,201

Krystal

Biotech,

Inc.*

8,034,670

327,522

Natera,

Inc.*

34,890,919

167,687

Neurocrine

Biosciences,

Inc.*

22,706,497

1,136,758

Roivant

Sciences

Ltd.*

11,776,813

91,914

Sarepta

Therapeutics,

Inc.*

11,935,952

190,027

Ultragenyx

Pharmaceutical,

Inc.*

7,627,684

174,160

Vaxcyte,

Inc.*

12,238,223

176,022,511

Building

Products

–

3.1%

400,447

AAON,

Inc.

30,053,547

213,735

Allegion

PLC

26,037,198

56,090,745

Capital

Markets

–

2.3%

103,516

Hamilton

Lane,

Inc.,

Class

A

12,990,223

104,769

Houlihan

Lokey,

Inc.

14,180,484

48,571

LPL

Financial

Holdings,

Inc.

13,901,506

41,072,213

Chemicals

–

3.2%

324,233

Ashland,

Inc.

32,478,420

224,011

RPM

International,

Inc.

25,111,633

57,590,053

Commercial

Services

&

Supplies

–

1.7%

146,287

Tetra

Tech,

Inc.

30,645,664

Construction

&

Engineering

–

1.4%

63,772

EMCOR

Group,

Inc.

24,785,625

Consumer

Staples

Distribution

&

Retail

–

2.9%

358,234

BJ's

Wholesale

Club

Holdings,

Inc.*

31,549,668

65,659

Casey's

General

Stores,

Inc.

21,784,343

53,334,011

Containers

&

Packaging

–

2.2%

84,753

Avery

Dennison

Corp.

19,288,935

300,473

Ball

Corp.

20,861,841

40,150,776

Distributors

–

1.1%

53,274

Pool

Corp.

19,367,763

Electrical

Equipment

–

2.8%

68,710

Hubbell,

Inc.

26,720,632

294,856

nVent

Electric

PLC

23,995,381

50,716,013

Electronic

Equipment,

Instruments

&

Components

–

2.6%

97,034

Badger

Meter,

Inc.

18,723,681

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

(continued)

178,182

Novanta,

Inc.*

$

28,893,993

47,617,674

Energy

Equipment

&

Services

–

1.0%

277,717

Noble

Corp.

PLC

12,902,732

42,335

Weatherford

International

PLC*

5,094,594

17,997,326

Entertainment

–

1.1%

282,215

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

20,923,420

Financial

Services

–

0.8%

77,693

WEX,

Inc.*

14,553,453

Health

Care

Equipment

&

Supplies

–

3.1%

278,165

Cooper

Cos.,

Inc.

(The)

26,233,741

90,761

Inspire

Medical

Systems,

Inc.*

14,411,939

85,333

Penumbra,

Inc.*

16,168,044

56,813,724

Health

Care

Providers

&

Services

–

0.7%

482,057

Surgery

Partners,

Inc.*

13,304,773

Health

Care

Technology

–

0.4%

381,852

Evolent

Health,

Inc.,

Class

A*

8,091,444

Hotels,

Restaurants

&

Leisure

–

5.7%

61,695

Domino's

Pizza,

Inc.

31,376,843

200,403

Texas

Roadhouse,

Inc.

34,603,586

275,923

Viking

Holdings

Ltd.*

8,666,741

80,026

Wingstop,

Inc.

29,501,585

104,148,755

Household

Durables

–

1.9%

274,782

SharkNinja,

Inc.

21,053,797

33,661

TopBuild

Corp.*

14,068,615

35,122,412

Insurance

–

1.0%

50,025

Kinsale

Capital

Group,

Inc.

19,190,590

Life

Sciences

Tools

&

Services

–

5.2%

315,640

Bio-Techne

Corp.

24,364,252

380,703

Bruker

Corp.

24,939,853

33,247

Medpace

Holdings,

Inc.*

12,844,646

10,157

Mettler-Toledo

International,

Inc.*

14,261,342

118,651

Repligen

Corp.*

17,689,678

94,099,771

Machinery

–

8.3%

157,465

Esab

Corp.

16,190,551

168,307

Federal

Signal

Corp.

15,487,610

98,073

IDEX

Corp.

20,461,951

127,588

Lincoln

Electric

Holdings,

Inc.

25,053,180

87,574

Nordson

Corp.

20,555,369

74,804

RBC

Bearings,

Inc.*

22,088,125

92,758

SPX

Technologies,

Inc.*

12,932,320

91,606

Watts

Water

Technologies,

Inc.,

Class

A

18,241,503

151,010,609

Oil,

Gas

&

Consumable

Fuels

–

1.0%

142,211

Antero

Resources

Corp.*

5,066,978

GOLDMAN

SACHS

SMALL/MID

CAP

GROWTH

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

50,225

Chesapeake

Energy

Corp.

$

4,566,959

473,028

Permian

Resources

Corp.

7,752,929

17,386,866

Personal

Care

Products

–

2.1%

185,842

BellRing

Brands,

Inc.*

10,810,429

146,348

elf

Beauty,

Inc.*

27,353,905

38,164,334

Pharmaceuticals

–

0.6%

169,258

Intra-Cellular

Therapies,

Inc.*

11,380,908

Professional

Services

–

1.1%

259,971

Parsons

Corp.*

19,796,792

Semiconductors

&

Semiconductor

Equipment

–

6.3%

538,558

Allegro

MicroSystems,

Inc.

(Japan)*

16,232,138

83,109

Astera

Labs,

Inc.*

(a)

5,363,855

317,557

Lattice

Semiconductor

Corp.*

23,575,432

297,301

MACOM

Technology

Solutions

Holdings,

Inc.*

30,069,023

149,053

MKS

Instruments,

Inc.

18,868,619

60,355

Onto

Innovation,

Inc.*

13,078,929

146,471

Rambus,

Inc.*

8,093,987

115,281,983

Software

–

11.2%

85,726

CyberArk

Software

Ltd.*

19,652,686

504,002

Dynatrace,

Inc.*

23,048,011

163,444

Elastic

NV*

17,006,348

139,513

Guidewire

Software,

Inc.*

15,893,321

361,730

Informatica,

Inc.,

Class

A*

10,435,910

408,795

Klaviyo,

Inc.,

Class

A*

9,255,119

142,967

Manhattan

Associates,

Inc.*

31,386,975

56,694

Monday.com

Ltd.*

12,807,742

268,523

Nutanix,

Inc.,

Class

A*

14,853,350

278,595

Procore

Technologies,

Inc.*

18,702,082

532,979

Samsara,

Inc.,

Class

A*

18,083,977

72,409

SPS

Commerce,

Inc.*

13,619,409

204,744,930

Specialty

Retail

–

1.4%

217,189

Floor

&

Decor

Holdings,

Inc.,

Class

A*

25,380,707

Technology

Hardware,

Storage

&

Peripherals

–

1.4%

416,923

Pure

Storage,

Inc.,

Class

A*

25,136,288

Textiles,

Apparel

&

Luxury

Goods

–

5.2%

248,521

Birkenstock

Holding

PLC

(Luxembourg)*

(a)

14,165,697

148,138

Crocs,

Inc.*

23,056,198

37,637

Deckers

Outdoor

Corp.*

41,171,867

387,870

On

Holding

AG,

Class

A

(Switzerland)*

16,499,990

94,893,752

Trading

Companies

&

Distributors

–

3.5%

395,353

Core

&

Main,

Inc.,

Class

A*

22,756,519

94,308

SiteOne

Landscape

Supply,

Inc.*

14,600,765

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Trading

Companies

&

Distributors

–

(continued)

54,277

Watsco,

Inc.

$

25,776,147

63,133,431

TOTAL

COMMON

STOCKS

(Cost

$1,342,594,905)

1,804,685,155

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

13,405,397

5.227%

13,405,397

(Cost

$13,405,397)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,356,000,302)

1,818,090,552

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

10,195,063

5.227%

10,195,063

(Cost

$10,195,063)

TOTAL

INVESTMENTS

–

100.4%

(Cost

$1,366,195,365)

$

1,828,285,615

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.4)%

(7,824,857)

NET

ASSETS

–

100.0%

$

1,820,460,758

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Automobiles

–

1.0%

9,200

Tesla,

Inc.*

$

1,638,336

Biotechnology

–

1.3%

2,434

Alnylam

Pharmaceuticals,

Inc.*

361,279

2,022

Argenx

SE

ADR

(Netherlands)*

750,202

4,581

Biogen,

Inc.*

1,030,450

2,141,931

Broadline

Retail

–

6.5%

61,864

Amazon.com,

Inc.*

10,915,284

Capital

Markets

–

1.9%

22,087

Charles

Schwab

Corp.

(The)

1,618,536

3,101

MSCI,

Inc.

1,535,553

3,154,089

Chemicals

–

1.9%

2,860

Linde

PLC

1,245,587

6,110

Sherwin-Williams

Co.

(The)

1,856,218

3,101,805

Commercial

Services

&

Supplies

–

0.9%

8,673

Waste

Connections,

Inc.

1,425,147

Construction

Materials

–

0.6%

1,797

Martin

Marietta

Materials,

Inc.

1,028,028

Electrical

Equipment

–

1.4%

4,869

GE

Vernova,

Inc.*

856,457

5,620

Rockwell

Automation,

Inc.

1,447,319

2,303,776

Entertainment

–

1.5%

3,885

Netflix,

Inc.*

2,492,694

Financial

Services

–

4.3%

11,861

Mastercard,

Inc.,

Class

A

5,302,697

6,665

Visa,

Inc.,

Class

A

1,815,946

7,118,643

Food

Products

–

0.3%

7,139

McCormick

&

Co.,

Inc.

515,579

Ground

Transportation

–

0.9%

8,951

Old

Dominion

Freight

Line,

Inc.

1,568,663

Health

Care

Equipment

&

Supplies

–

3.4%

3,245

Align

Technology,

Inc.*

834,646

22,998

Boston

Scientific

Corp.*

1,737,959

8,033

Insulet

Corp.*

1,423,367

4,340

Intuitive

Surgical,

Inc.*

1,745,201

5,741,173

Hotels,

Restaurants

&

Leisure

–

2.1%

13,928

Cava

Group,

Inc.*

1,289,036

6,497

DoorDash,

Inc.,

Class

A*

715,385

14,660

DraftKings,

Inc.,

Class

A*

515,006

4,175

McDonald's

Corp.

1,080,866

3,600,293

Household

Products

–

0.5%

4,925

Procter &

Gamble

Co.

(The)

810,360

Interactive

Media

&

Services

–

10.9%

56,959

Alphabet,

Inc.,

Class

A*

9,825,427

28,702

Alphabet,

Inc.,

Class

C*

4,993,000

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Interactive

Media

&

Services

–

(continued)

4,981

Meta

Platforms,

Inc.,

Class

A

$

2,325,280

70,591

Snap,

Inc.,

Class

A*

1,060,277

18,203,984

IT

Services

–

1.9%

7,777

Accenture

PLC,

Class

A

2,195,369

7,808

Snowflake,

Inc.,

Class

A*

1,063,294

3,258,663

Machinery

–

0.5%

6,360

Xylem,

Inc.

896,887

Oil,

Gas

&

Consumable

Fuels

–

1.0%

11,044

Cheniere

Energy,

Inc.

1,742,633

Personal

Care

Products

–

0.6%

8,346

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,029,563

Pharmaceuticals

–

5.0%

27,122

AstraZeneca

PLC

ADR

(United

Kingdom)

2,116,059

7,492

Eli

Lilly

&

Co.

6,145,987

8,262,046

Professional

Services

–

0.7%

4,880

Equifax,

Inc.

1,129,183

Real

Estate

Management

&

Development

–

0.6%

12,472

CoStar

Group,

Inc.*

974,936

Semiconductors

&

Semiconductor

Equipment

–

15.6%

16,506

Advanced

Micro

Devices,

Inc.*

2,754,851

4,982

Enphase

Energy,

Inc.*

637,198

1,547

KLA

Corp.

1,174,993

33,042

Marvell

Technology,

Inc.

2,273,620

15,032

NVIDIA

Corp.

16,480,032

13,371

Texas

Instruments,

Inc.

2,607,479

25,928,173

Software

–

18.8%

4,948

Adobe,

Inc.*

2,200,672

13,363

AppLovin

Corp.,

Class

A*

1,088,817

702

Fair

Isaac

Corp.*

905,531

4,434

Intuit,

Inc.

2,555,935

48,614

Microsoft

Corp.

20,181,130

10,520

Oracle

Corp.

1,232,839

9,438

Salesforce,

Inc.

2,212,645

4,710

Workday,

Inc.,

Class

A*

995,929

31,373,498

Specialized

REITs

–

1.2%

6,240

American

Tower

Corp.

REIT

1,221,418

952

Equinix,

Inc.

REIT

726,357

1,947,775

Specialty

Retail

–

2.3%

9,570

Lowe’s

Cos.,

Inc.

2,117,745

11,840

Ross

Stores,

Inc.

1,654,759

3,772,504

GOLDMAN

SACHS

STRATEGIC

GROWTH

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

10.8%

93,385

Apple,

Inc.

$

17,953,266

Textiles,

Apparel

&

Luxury

Goods

–

0.8%

4,366

Lululemon

Athletica,

Inc.*

1,362,148

TOTAL

COMMON

STOCKS

(Cost

$68,178,833)

165,391,060

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

876,578

5.227%

876,578

(Cost

$876,578)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$69,055,411)

$

166,267,638

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

466,851

NET

ASSETS

–

100.0%

$

166,734,489

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

TECHNOLOGY

OPPORTUNITIES

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.1%

Broadline

Retail

–

8.7%

314,994

Amazon.com,

Inc.*

$

55,577,542

5,395

MercadoLibre,

Inc.

(Brazil)*

9,309,504

64,887,046

Communications

Equipment

–

2.4%

224,568

Cisco

Systems,

Inc.

10,442,412

21,377

Motorola

Solutions,

Inc.

7,800,681

18,243,093

Financial

Services

–

6.0%

177,969

Fidelity

National

Information

Services,

Inc.

13,504,288

26,659

Mastercard,

Inc.,

Class

A

11,918,439

70,531

Visa,

Inc.,

Class

A

19,216,876

44,639,603

Interactive

Media

&

Services

–

10.9%

419,586

Alphabet,

Inc.,

Class

C*

72,991,181

546,890

Snap,

Inc.,

Class

A*

8,214,288

81,205,469

IT

Services

–

3.1%

55,718

Accenture

PLC,

Class

A

15,728,634

53,826

Snowflake,

Inc.,

Class

A*

7,330,025

23,058,659

Semiconductors

&

Semiconductor

Equipment

–

29.5%

118,893

Advanced

Micro

Devices,

Inc.*

19,843,242

85,695

Applied

Materials,

Inc.

18,431,281

15,953

ASML

Holding

NV

(Netherlands)

15,320,463

33,832

KLA

Corp.

25,696,419

424,820

Marvell

Technology,

Inc.

29,231,864

122,109

Micron

Technology,

Inc.

15,263,625

65,077

NVIDIA

Corp.

71,345,867

127,965

Texas

Instruments,

Inc.

24,954,455

220,087,216

Software

–

29.2%

41,494

Adobe,

Inc.*

18,454,871

15,251

Autodesk,

Inc.*

3,074,602

117,875

Datadog,

Inc.,

Class

A*

12,987,467

193,209

Dynatrace,

Inc.*

8,835,448

27,262

HubSpot,

Inc.*

16,658,445

29,914

Intuit,

Inc.

17,243,626

184,136

Microsoft

Corp.

76,440,378

134,058

Oracle

Corp.

15,710,257

83,490

Salesforce,

Inc.

19,573,396

66,951

Workday,

Inc.,

Class

A*

14,156,789

86,486

Zscaler,

Inc.*

14,699,160

217,834,439

Specialized

REITs

–

4.7%

73,608

American

Tower

Corp.

REIT

14,408,030

26,901

Equinix,

Inc.

REIT

20,524,925

34,932,955

Technology

Hardware,

Storage

&

Peripherals

–

4.6%

176,509

Apple,

Inc.

33,933,855

TOTAL

COMMON

STOCKS

(Cost

$363,787,910)

738,822,335

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

6,832,771

5.227%

$

6,832,771

(Cost

$6,832,771)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$370,620,681)

$

745,655,106

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

346,989

NET

ASSETS

–

100.0%

$

746,002,095

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

U.S.

EQUITY

ESG

FUND

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.3%

Air

Freight

&

Logistics

–

1.7%

3,395

United

Parcel

Service,

Inc.,

Class

B

$

471,667

Banks

–

4.1%

5,521

JPMorgan

Chase &

Co.

1,118,720

Broadline

Retail

–

4.4%

6,815

Amazon.com,

Inc.*

1,202,439

Capital

Markets

–

4.6%

629

BlackRock,

Inc.

485,607

7,948

Morgan

Stanley

777,632

1,263,239

Chemicals

–

1.7%

1,073

Linde

PLC

467,313

Communications

Equipment

–

2.5%

15,055

Cisco

Systems,

Inc.

700,058

Consumer

Finance

–

2.6%

2,955

American

Express

Co.

709,200

Consumer

Staples

Distribution

&

Retail

–

2.0%

8,380

Walmart,

Inc.

551,069

Diversified

Telecommunication

Services

–

2.4%

36,274

AT&T,

Inc.

660,912

Electric

Utilities

–

3.0%

10,205

NextEra

Energy,

Inc.

816,604

Electrical

Equipment

–

4.9%

1,403

Eaton

Corp.

PLC

466,989

2,648

GE

Vernova,

Inc.*

465,783

1,683

Rockwell

Automation,

Inc.

433,423

1,366,195

Ground

Transportation

–

1.0%

1,596

Old

Dominion

Freight

Line,

Inc.

279,699

Health

Care

Equipment

&

Supplies

–

4.0%

4,271

Cooper

Cos.,

Inc.

(The)

402,798

2,196

Dexcom,

Inc.*

260,819

1,095

Intuitive

Surgical,

Inc.*

440,321

1,103,938

Health

Care

Providers

&

Services

–

1.7%

3,412

CVS

Health

Corp.

203,355

758

Humana,

Inc.

271,455

474,810

Hotels,

Restaurants

&

Leisure

–

2.5%

2,629

McDonald's

Corp.

680,622

Household

Products

–

2.8%

4,772

Procter &

Gamble

Co.

(The)

785,185

Interactive

Media

&

Services

–

6.3%

10,030

Alphabet,

Inc.,

Class

A*

1,730,175

IT

Services

–

1.8%

1,745

Accenture

PLC,

Class

A

492,596

Life

Sciences

Tools

&

Services

–

2.2%

2,340

Danaher

Corp.

600,912

Machinery

–

4.1%

1,264

Caterpillar,

Inc.

427,889

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

5,083

Xylem,

Inc.

$

716,805

1,144,694

Metals

&

Mining

–

2.1%

4,254

Steel

Dynamics,

Inc.

569,483

Pharmaceuticals

–

4.3%

12,120

Bristol-Myers

Squibb

Co.

498,011

850

Eli

Lilly

&

Co.

697,289

1,195,300

Semiconductors

&

Semiconductor

Equipment

–

10.0%

1,752

Advanced

Micro

Devices,

Inc.*

292,409

3,256

Marvell

Technology,

Inc.

224,045

2,155

Micron

Technology,

Inc.

269,375

1,309

NVIDIA

Corp.

1,435,096

2,844

Texas

Instruments,

Inc.

554,609

2,775,534

Software

–

10.2%

5,696

Microsoft

Corp.

2,364,580

1,922

Salesforce,

Inc.

450,594

2,815,174

Specialized

REITs

–

2.1%

3,001

American

Tower

Corp.

REIT

587,416

Specialty

Retail

–

1.9%

2,429

Lowe’s

Cos.,

Inc.

537,513

Technology

Hardware,

Storage

&

Peripherals

–

5.1%

7,386

Apple,

Inc.

1,419,959

Textiles,

Apparel

&

Luxury

Goods

–

1.9%

5,560

NIKE,

Inc.,

Class

B

528,478

Water

Utilities

–

1.4%

3,033

American

Water

Works

Co.,

Inc.

396,625

TOTAL

COMMON

STOCKS

(Cost

$19,534,177)

27,445,529

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

156,883

5.227%

156,883

(Cost

$156,883)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$19,691,060)

$

27,602,412

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

31,627

NET

ASSETS

–

100.0%

$

27,634,039

  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.

GOLDMAN

SACHS

U.S.

EQUITY

ESG

FUND

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

**End

swaps

header**

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

May

31,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

rule

2a-5

under

the

Investment

Company

Action

of

1940

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/

ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Funds

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2024:

Enhanced

Core

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

3,004,388

$

—

$

—

North

America

321,348,736

—

—

Exchange-Traded

Fund

2,507,877

—

—

Investment

Company

1,388,614

—

—

Total

$

328,249,615

$

—

$

—

€

1.00

€

1.00

€

1.00

Large

Cap

Core

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,188,802

$

—

$

—

Europe

8,175,706

—

—

North

America

1,342,559,702

—

—

Investment

Company

3,241,361

—

—

Total

$

1,355,165,571

$

—

$

—

€

1.00

€

1.00

€

1.00

Mid

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

5,555,108

$

—

$

—

Europe

9,146,011

—

—

North

America

864,744,756

—

—

Investment

Company

16,751,832

—

—

Total

$

896,197,707

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

€

1.00

€

1.00

€

1.00

Small

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,647,475

$

—

$

—

North

America

105,857,786

—

—

Investment

Company

459,387

—

—

Securities

Lending

Reinvestment

Vehicle

238,498

—

—

Total

$

109,203,146

$

—

$

—

€

1.00

€

1.00

€

1.00

Small/Mid

Cap

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

16,232,138

$

—

$

—

Europe

30,665,687

—

—

North

America

1,757,787,330

—

—

Investment

Company

13,405,397

—

—

Securities

Lending

Reinvestment

Vehicle

10,195,063

—

—

Total

$

1,828,285,615

$

—

$

—

€

1.00

€

1.00

€

1.00

Strategic

Growth

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

2,866,261

$

—

$

—

North

America

162,524,799

—

—

Investment

Company

876,578

—

—

Total

$

166,267,638

$

—

$

—

€

1.00

€

1.00

€

1.00

Technology

Opportunities

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

15,320,463

$

—

$

—

North

America

714,192,368

—

—

South

America

9,309,504

—

—

Investment

Company

6,832,771

—

—

Total

$

745,655,106

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(the

“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

U.S.

Equity

ESG

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

27,445,529

$

—

$

—

Investment

Company

156,883

—

—

Total

$

27,602,412

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

the

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Industry

Concentration

Risk

—

The

Technology

Opportunities

Fund

invests

primarily

in

equity

investments

in

high-quality

technology,

media,

or

service

companies

that

adopt

or

use

technology

to

improve

their

cost

structure,

revenue

opportunities

or

competitive

advantage.

Because

of

its

focus

on

technology,

media

and

service

companies,

the

Technology

Opportunities

Fund

is

subject

to

greater

risk

of

loss

as

a

result

of

adverse

economic,

business

or

other

developments

than

if

its

investments

were

diversified

across

different

industry

sectors.

The

Technology

Opportunities

Fund

may

also

invest

in

a

relatively

few

number

of

issuers.

Thus,

the

Technology

Opportunities

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”,

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Growth

investing

is

an

example

of

an

investment

style.

Growth

companies

are

often

expected

by

investors

to

increase

their

earnings

at

a

certain

rate.

When

these

expectations

are

not

met,

investors

can

punish

the

stock

as

inordinately

even

if

earnings

showed

an

absolute

increase.

Issuer

Concentration

Risk

—

Under

normal

circumstances,

the

Concentrated

Growth

Fund

and

the

U.S.

Equity

ESG

Fund

intend

to

invest

in

up

to

approximately

40

and

50

companies,

respectively.

As

a

result

of

the

relatively

small

number

of

issuers

in

which

a

Fund

generally

invests,

it

may

be

subject

to

greater

risks

than

a

fund

that

invests

in

a

greater

number

of

issuers.

A

change

in

the

value

of

any

single

investment

held

by

a

Fund

may

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

a

mutual

fund

that

holds

more

investments.

In

particular,

a

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

in

the

Fund

and

may

be

susceptible

to

greater

losses

because

of

these

developments.

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

Growth

Funds

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

Military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

and

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Strategic

Growth

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)