NPORT-EX 2 717239GS053124.htm
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)