0001752724-24-168090.txt : 20240729
0001752724-24-168090.hdr.sgml : 20240729
20240729133552
ACCESSION NUMBER: 0001752724-24-168090
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20240531
FILED AS OF DATE: 20240729
DATE AS OF CHANGE: 20240729
PERIOD START: 20240831
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST
CENTRAL INDEX KEY: 0000822977
ORGANIZATION NAME:
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-05349
FILM NUMBER: 241150760
BUSINESS ADDRESS:
STREET 1: 71 SOUTH WACKER DRIVE
STREET 2: C/O GOLDMAN SACHS & CO
CITY: CHICAGO
STATE: IL
ZIP: 60606
BUSINESS PHONE: 3126554400
MAIL ADDRESS:
STREET 1: 200 WEST STREET
CITY: NEW YORK
STATE: NY
ZIP: 10282
FORMER COMPANY:
FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
DATE OF NAME CHANGE: 19910711
FORMER COMPANY:
FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND
DATE OF NAME CHANGE: 19900104
0000822977
S000009317
Goldman Sachs Large Cap Value Fund
C000025465
Institutional
GSLIX
C000025466
Service
GSVSX
C000025467
Class A
GSLAX
C000025469
Class C
GSVCX
C000055747
Class R
GSVRX
C000055748
Investor Shares
GSVTX
C000159654
Class R6 Shares
GSVUX
C000201803
Class P Shares
GMYPX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000822977
XXXXXXXX
S000009317
C000025469
C000055748
C000025465
C000201803
C000055747
C000025466
C000025467
C000159654
Goldman Sachs Trust
811-05349
0000822977
S2FHCT8U6D2VORP0J605
71 South Wacker Drive
Chicago
60606
312-655-4400
Goldman Sachs Large Cap Value Fund
S000009317
ZFWXN2MU43DFE9U00L46
2024-08-31
2024-05-31
N
434284554.02
315262.82
433969291.20
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
369316.96000000
N
Biogen Inc
W8J5WZB5IY3K0NDQT671
Biogen Inc
09062X103
5621.00000000
NS
USD
1264387.74000000
0.291354196169
Long
EC
CORP
US
N
1
N
N
N
AstraZeneca PLC
PY6ZZQWO2IZFZC3IOL08
AstraZeneca PLC
046353108
73716.00000000
NS
USD
5751322.32000000
1.325283248521
Long
EC
CORP
GB
N
1
N
N
N
Allstate Corp/The
OBT0W1ED8G0NWVOLOJ77
Allstate Corp/The
020002101
38608.00000000
NS
USD
6467612.16000000
1.490338669382
Long
EC
CORP
US
N
1
N
N
N
Phillips 66
5493005JBO5YSIGK1814
Phillips 66
718546104
23821.00000000
NS
USD
3385202.31000000
0.780055727132
Long
EC
CORP
US
N
1
N
N
N
Exelon Corp
3SOUA6IRML7435B56G12
Exelon Corp
30161N101
174882.00000000
NS
USD
6566819.10000000
1.513199028862
Long
EC
CORP
US
N
1
N
N
N
Alexandria Real Estate Equitie
MGCJBT4MKTQBVLNUIS88
Alexandria Real Estate Equities Inc
015271109
19941.00000000
NS
USD
2372979.00000000
0.546808045665
Long
EC
CORP
US
N
1
N
N
N
Omnicom Group Inc
HKUPACFHSSASQK8HLS17
Omnicom Group Inc
681919106
35235.00000000
NS
USD
3275445.60000000
0.754764373060
Long
EC
CORP
US
N
1
N
N
N
General Electric Co
3C7474T6CDKPR9K6YT90
General Electric Co
369604301
50900.00000000
NS
USD
8405626.00000000
1.936917235953
Long
EC
CORP
US
N
1
N
N
N
JPMorgan Chase & Co
8I5DZWZKVSZI1NUHU748
JPMorgan Chase & Co
46625H100
75175.00000000
NS
USD
15232710.25000000
3.510089436945
Long
EC
CORP
US
N
1
N
N
N
Danaher Corp
S4BKK9OTCEWQ3YHPFM11
Danaher Corp
235851102
38171.00000000
NS
USD
9802312.80000000
2.258757243604
Long
EC
CORP
US
N
1
N
N
N
AbbVie Inc
FR5LCKFTG8054YNNRU85
AbbVie Inc
00287Y109
20159.00000000
NS
USD
3250437.16000000
0.749001651939
Long
EC
CORP
US
N
1
N
N
N
Goldman Sachs Financial Square Government Fund
549300BRJMXN4GUWZ402
Goldman Sachs Financial Square Government Fund
38141W273
2665858.90000000
NS
USD
2665858.90000000
0.614296668925
Long
STIV
RF
US
N
1
N
N
N
Lowe's Cos Inc
WAFCR4OKGSC504WU3E95
Lowe's Cos Inc
548661107
23829.00000000
NS
USD
5273119.41000000
1.215090449238
Long
EC
CORP
US
N
1
N
N
N
GE Vernova Inc
254900DP080RU6OK2553
GE Vernova Inc
36828A101
28382.00000000
NS
USD
4992393.80000000
1.150402551801
Long
EC
CORP
US
N
1
N
N
N
Alphabet Inc
5493006MHB84DD0ZWV18
Alphabet Inc
02079K305
53080.00000000
NS
USD
9156300.00000000
2.109895834952
Long
EC
CORP
US
N
1
N
N
N
Chesapeake Energy Corp
X2MT1W32SPAZ9WSKLE78
Chesapeake Energy Corp
165167735
37896.00000000
NS
USD
3445883.28000000
0.794038506842
Long
EC
CORP
US
N
1
N
N
N
CMS Energy Corp
549300IA9XFBAGNIBW29
CMS Energy Corp
125896100
105282.00000000
NS
USD
6625396.26000000
1.526697025423
Long
EC
CORP
US
N
1
N
N
N
General Motors Co
54930070NSV60J38I987
General Motors Co
37045V100
85418.00000000
NS
USD
3842955.82000000
0.885536349674
Long
EC
CORP
US
N
1
N
N
N
Advanced Micro Devices Inc
R2I72C950HOYXII45366
Advanced Micro Devices Inc
007903107
23387.00000000
NS
USD
3903290.30000000
0.899439287329
Long
EC
CORP
US
N
1
N
N
N
Dynatrace Inc
N/A
Dynatrace Inc
268150109
48117.00000000
NS
USD
2200390.41000000
0.507038275430
Long
EC
CORP
US
N
1
N
N
N
AT&T Inc
549300Z40J86GGSTL398
AT&T Inc
00206R102
452743.00000000
NS
USD
8248977.46000000
1.900820548198
Long
EC
CORP
US
N
1
N
N
N
Dell Technologies Inc
549300TJB5YBRUPOG437
Dell Technologies Inc
24703L202
49974.00000000
NS
USD
6974371.44000000
1.607111743025
Long
EC
CORP
US
N
1
N
N
N
Marvell Technology Inc
N/A
Marvell Technology Inc
573874104
85813.00000000
NS
USD
5904792.53000000
1.360647550353
Long
EC
CORP
US
N
1
N
N
N
Old Dominion Freight Line Inc
5299009TWK32WE417T96
Old Dominion Freight Line Inc
679580100
17251.00000000
NS
USD
3023237.75000000
0.696647853040
Long
EC
CORP
US
N
1
N
N
N
Berkshire Hathaway Inc
5493000C01ZX7D35SD85
Berkshire Hathaway Inc
084670702
22912.00000000
NS
USD
9494732.80000000
2.187881260848
Long
EC
CORP
US
N
1
N
N
N
Align Technology Inc
549300N5YSE0U3LCP840
Align Technology Inc
016255101
9312.00000000
NS
USD
2395139.52000000
0.551914517586
Long
EC
CORP
US
N
1
N
N
N
Ball Corp
0BGI85ALH27ZJP15DY16
Ball Corp
058498106
73058.00000000
NS
USD
5072416.94000000
1.168842368079
Long
EC
CORP
US
N
1
N
N
N
Kraft Heinz Co/The
9845007488EC87F5AF14
Kraft Heinz Co/The
500754106
89638.00000000
NS
USD
3170496.06000000
0.730580740225
Long
EC
CORP
US
N
1
N
N
N
Zimmer Biomet Holdings Inc
2P2YLDVPES3BXQ1FRB91
Zimmer Biomet Holdings Inc
98956P102
56970.00000000
NS
USD
6560095.50000000
1.511649702646
Long
EC
CORP
US
N
1
N
N
N
Salesforce Inc
RCGZFPDMRW58VJ54VR07
Salesforce Inc
79466L302
20622.00000000
NS
USD
4834621.68000000
1.114046956325
Long
EC
CORP
US
N
1
N
N
N
NIKE Inc
787RXPR0UX0O0XUXPZ81
NIKE Inc
654106103
55769.00000000
NS
USD
5300843.45000000
1.221478928921
Long
EC
CORP
US
N
1
N
N
N
Oracle Corp
1Z4GXXU7ZHVWFCD8TV52
Oracle Corp
68389X105
50519.00000000
NS
USD
5920321.61000000
1.364225932583
Long
EC
CORP
US
N
1
N
N
N
United Parcel Service Inc
D01LMJZU09ULLNCY6Z23
United Parcel Service Inc
911312106
44988.00000000
NS
USD
6250182.84000000
1.440236202593
Long
EC
CORP
US
N
1
N
N
N
Linde PLC
5299003QR1WT0EF88V51
Linde PLC
000000000
15084.00000000
NS
USD
6569383.68000000
1.513789987728
Long
EC
CORP
US
N
1
N
N
N
AvalonBay Communities Inc
K9G90K85RBWD2LAGQX17
AvalonBay Communities Inc
053484101
29037.00000000
NS
USD
5594849.16000000
1.289226973763
Long
EC
CORP
US
N
1
N
N
N
Colgate-Palmolive Co
YMEGZFW4SBUSS5BQXF88
Colgate-Palmolive Co
194162103
72792.00000000
NS
USD
6766744.32000000
1.559268007487
Long
EC
CORP
US
N
1
N
N
N
Waste Connections Inc
549300HDLRTPBQU69P29
Waste Connections Inc
94106B101
20832.00000000
NS
USD
3423114.24000000
0.788791813018
Long
EC
CORP
CA
N
1
N
N
N
Citigroup Inc
6SHGI4ZSSLCXXQSBB395
Citigroup Inc
172967424
114660.00000000
NS
USD
7144464.60000000
1.646306488702
Long
EC
CORP
US
N
1
N
N
N
KLA Corp
549300H0BF5JCG96TJ81
KLA Corp
482480100
4069.00000000
NS
USD
3090527.57000000
0.712153517004
Long
EC
CORP
US
N
1
N
N
N
Marsh & McLennan Cos Inc
549300XMP3KDCKJXIU47
Marsh & McLennan Cos Inc
571748102
21868.00000000
NS
USD
4539359.44000000
1.046009367955
Long
EC
CORP
US
N
1
N
N
N
American Express Co
R4PP93JZOLY261QX3811
American Express Co
025816109
34654.00000000
NS
USD
8316960.00000000
1.916485836360
Long
EC
CORP
US
N
1
N
N
N
Extra Space Storage Inc
N/A
Extra Space Storage Inc
30225T102
18326.00000000
NS
USD
2653055.02000000
0.611346257396
Long
EC
CORP
US
N
1
N
N
N
Cooper Cos Inc/The
QJKMVPIGLH7530PCUE20
Cooper Cos Inc/The
216648501
48867.00000000
NS
USD
4608646.77000000
1.061975320248
Long
EC
CORP
US
N
1
N
N
N
Foot Locker Inc
549300X383CBNP6MTV94
Foot Locker Inc
344849104
101013.00000000
NS
USD
2801090.49000000
0.645458226376
Long
EC
CORP
US
N
1
N
N
N
Martin Marietta Materials Inc
5299005MZ4WZECVATV08
Martin Marietta Materials Inc
573284106
8488.00000000
NS
USD
4855815.04000000
1.118930564550
Long
EC
CORP
US
N
1
N
N
N
Texas Instruments Inc
WDJNR2L6D8RWOEB8T652
Texas Instruments Inc
882508104
34399.00000000
NS
USD
6708148.99000000
1.545765823994
Long
EC
CORP
US
N
1
N
N
N
Amgen Inc
62QBXGPJ34PQ72Z12S66
Amgen Inc
031162100
19155.00000000
NS
USD
5858556.75000000
1.349993390960
Long
EC
CORP
US
N
1
N
N
N
Fidelity National Information
6WQI0GK1PRFVBA061U48
Fidelity National Information Services Inc
31620M106
79707.00000000
NS
USD
6048167.16000000
1.393685517073
Long
EC
CORP
US
N
1
N
N
N
Saia Inc
549300WNPG4N9GBOYB29
Saia Inc
78709Y105
5506.00000000
NS
USD
2254596.88000000
0.519529129299
Long
EC
CORP
US
N
1
N
N
N
Prologis Inc
529900DFH19P073LZ636
Prologis Inc
74340W103
48413.00000000
NS
USD
5349152.37000000
1.232610804144
Long
EC
CORP
US
N
1
N
N
N
CVS Health Corp
549300EJG376EN5NQE29
CVS Health Corp
126650100
73777.00000000
NS
USD
4397109.20000000
1.013230495605
Long
EC
CORP
US
N
1
N
N
N
Kenvue Inc
5493008HSF8L4M2LIJ82
Kenvue Inc
49177J102
268903.00000000
NS
USD
5189827.90000000
1.195897499025
Long
EC
CORP
US
N
1
N
N
N
Walmart Inc
Y87794H0US1R65VBXU25
Walmart Inc
931142103
143851.00000000
NS
USD
9459641.76000000
2.179795195609
Long
EC
CORP
US
N
1
N
N
N
Micron Technology Inc
B3DXGBC8GAIYWI2Z0172
Micron Technology Inc
595112103
48926.00000000
NS
USD
6115750.00000000
1.409258701943
Long
EC
CORP
US
N
1
N
N
N
Honeywell International Inc
ISRPG12PN4EIEOEMW547
Honeywell International Inc
438516106
37690.00000000
NS
USD
7620541.10000000
1.756009297092
Long
EC
CORP
US
N
1
N
N
N
KKR & Co Inc
54930013V5I303TF9571
KKR & Co Inc
48251W104
58796.00000000
NS
USD
6046580.64000000
1.393319933601
Long
EC
CORP
US
N
1
N
N
N
Stanley Black & Decker Inc
549300DJ09SMTO561131
Stanley Black & Decker Inc
854502101
70356.00000000
NS
USD
6132932.52000000
1.413218088091
Long
EC
CORP
US
N
1
N
N
N
American Tower Corp
5493006ORUSIL88JOE18
American Tower Corp
03027X100
15111.00000000
NS
USD
2957827.14000000
0.681575217412
Long
EC
CORP
US
N
1
N
N
N
Boston Scientific Corp
Y6ZDD9FP4P8JSSJMW954
Boston Scientific Corp
101137107
106073.00000000
NS
USD
8015936.61000000
1.847120700138
Long
EC
CORP
US
N
1
N
N
N
Caterpillar Inc
WRJR7GS4GTRECRRTVX92
Caterpillar Inc
149123101
15863.00000000
NS
USD
5369942.76000000
1.237401555568
Long
EC
CORP
US
N
1
N
N
N
Bank of America Corp
9DJT3UXIJIZJI4WXO774
Bank of America Corp
060505104
213453.00000000
NS
USD
8535985.47000000
1.966956105672
Long
EC
CORP
US
N
1
N
N
N
BlackRock Inc
549300LRIF3NWCU26A80
BlackRock Inc
09247X101
10065.00000000
NS
USD
7770481.95000000
1.790560324790
Long
EC
CORP
US
N
1
N
N
N
Eaton Corp PLC
549300VDIGTMXUNT7H71
Eaton Corp PLC
000000000
22794.00000000
NS
USD
7586982.90000000
1.748276445787
Long
EC
CORP
US
N
1
N
N
N
EOG Resources Inc
XWTZDRYZPBUHIQBKDB46
EOG Resources Inc
26875P101
43074.00000000
NS
USD
5364866.70000000
1.236231873726
Long
EC
CORP
US
N
1
N
N
N
Johnson & Johnson
549300G0CFPGEF6X2043
Johnson & Johnson
478160104
65440.00000000
NS
USD
9598084.80000000
2.211696770861
Long
EC
CORP
US
N
1
N
N
N
Bristol-Myers Squibb Co
HLYYNH7UQUORYSJQCN42
Bristol-Myers Squibb Co
110122108
140187.00000000
NS
USD
5760283.83000000
1.327348258691
Long
EC
CORP
US
N
1
N
N
N
Freeport-McMoRan Inc
549300IRDTHJQ1PVET45
Freeport-McMoRan Inc
35671D857
134225.00000000
NS
USD
7077684.25000000
1.630918222445
Long
EC
CORP
US
N
1
N
N
N
Illinois Tool Works Inc
76NA4I14SZCFAYMNSV04
Illinois Tool Works Inc
452308109
23336.00000000
NS
USD
5664814.00000000
1.305349045398
Long
EC
CORP
US
N
1
N
N
N
Sherwin-Williams Co/The
Z15BMIOX8DDH0X2OBP21
Sherwin-Williams Co/The
824348106
11567.00000000
NS
USD
3514054.60000000
0.809747295778
Long
EC
CORP
US
N
1
N
N
N
Coca-Cola Co/The
UWJKFUJFZ02DKWI3RY53
Coca-Cola Co/The
191216100
108894.00000000
NS
USD
6852699.42000000
1.579074731544
Long
EC
CORP
US
N
1
N
N
N
Visa Inc
549300JZ4OKEHW3DPJ59
Visa Inc
92826C839
11519.00000000
NS
USD
3138466.74000000
0.723200190345
Long
EC
CORP
US
N
1
N
N
N
Nasdaq Inc
549300L8X1Q78ERXFD06
Nasdaq Inc
631103108
83268.00000000
NS
USD
4915310.04000000
1.132640059947
Long
EC
CORP
US
N
1
N
N
N
Exxon Mobil Corp
J3WHBG0MTS7O8ZVMDC91
Exxon Mobil Corp
30231G102
145412.00000000
NS
USD
17051011.12000000
3.929082417986
Long
EC
CORP
US
N
1
N
N
N
BioMarin Pharmaceutical Inc
NSLL8ITTRR0J5HEMR848
BioMarin Pharmaceutical Inc
09061G101
8285.00000000
NS
USD
621954.95000000
0.143317732985
Long
EC
CORP
US
N
1
N
N
N
M&T Bank Corp
549300WYXDDBYRASEG81
M&T Bank Corp
55261F104
30815.00000000
NS
USD
4671554.00000000
1.076471099391
Long
EC
CORP
US
N
1
N
N
N
Ameren Corp
XRZQ5S7HYJFPHJ78L959
Ameren Corp
023608102
86950.00000000
NS
USD
6379521.50000000
1.470039845989
Long
EC
CORP
US
N
1
N
N
N
2024-07-26
Goldman Sachs Trust
Peter Fortner
Peter Fortner
Vice President Assistant Treasurer
XXXX
NPORT-EX
2
717246GS053124.htm
GOLDMAN
SACHS
EQUITY
INCOME
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.9%
Aerospace
&
Defense
–
2.3%
30,698
General
Electric
Co.
$
5,069,468
17,300
L3Harris
Technologies,
Inc.
3,889,559
8,959,027
Air
Freight
&
Logistics
–
1.3%
36,448
United
Parcel
Service,
Inc.,
Class
B
5,063,721
Banks
–
8.6%
219,634
Bank
of
America
Corp.
8,783,164
100,626
Citigroup,
Inc.
6,270,006
152,876
Huntington
Bancshares,
Inc.
2,128,034
76,720
JPMorgan
Chase &
Co.
15,545,773
32,726,977
Beverages
–
2.4%
101,168
Coca-Cola
Co.
(The)
6,366,502
38,379
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
2,828,916
9,195,418
Biotechnology
–
2.1%
25,711
Amgen,
Inc.
7,863,709
Capital
Markets
–
5.9%
3,470
BlackRock,
Inc.
2,678,944
41,035
Blackstone,
Inc.
4,944,718
52,487
KKR
&
Co.,
Inc.
5,397,763
51,455
Morgan
Stanley
5,034,357
73,325
Nasdaq,
Inc.
4,328,375
22,384,157
Chemicals
–
2.4%
21,220
Linde
PLC
9,241,734
Commercial
Services
&
Supplies
–
1.7%
35,628
Republic
Services,
Inc.
6,597,949
Communications
Equipment
–
1.7%
140,340
Cisco
Systems,
Inc.
6,525,810
Construction
&
Engineering
–
0.6%
74,382
Vinci
SA
ADR
(France)
2,313,280
Consumer
Finance
–
1.7%
26,999
American
Express
Co.
6,479,760
Consumer
Staples
Distribution
&
Retail
–
2.2%
127,208
Walmart,
Inc.
8,365,198
Diversified
Telecommunication
Services
–
1.5%
318,712
AT&T,
Inc.
5,806,933
Electric
Utilities
–
1.7%
47,577
NextEra
Energy,
Inc.
3,807,112
49,807
Xcel
Energy,
Inc.
2,761,798
6,568,910
Electrical
Equipment
–
2.1%
24,413
Eaton
Corp.
PLC
8,125,867
Financial
Services
–
1.1%
14,741
Visa,
Inc.,
Class
A
4,016,333
Food
Products
–
1.8%
36,736
General
Mills,
Inc.
2,525,600
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Food
Products
–
(continued)
124,928
Kraft
Heinz
Co.
(The)
$
4,418,703
6,944,303
Ground
Transportation
–
0.9%
14,527
Norfolk
Southern
Corp.
3,265,670
Health
Care
Equipment
&
Supplies
–
2.5%
58,103
Abbott
Laboratories
5,937,546
29,576
Zimmer
Biomet
Holdings,
Inc.
3,405,676
9,343,222
Health
Care
Providers
&
Services
–
0.8%
49,332
CVS
Health
Corp.
2,940,187
Health
Care
REITs
–
0.8%
158,493
Healthpeak
Properties,
Inc.
REIT
3,154,011
Hotels,
Restaurants
&
Leisure
–
1.1%
15,682
McDonald's
Corp.
4,059,913
Household
Products
–
2.1%
48,498
Procter &
Gamble
Co.
(The)
7,979,861
Industrial
Conglomerates
–
1.5%
28,258
Honeywell
International,
Inc.
5,713,485
Insurance
–
4.2%
34,298
Allstate
Corp.
(The)
5,745,601
24,285
Marsh
&
McLennan
Cos.,
Inc.
5,041,080
25,141
Progressive
Corp.
(The)
5,309,277
16,095,958
Interactive
Media
&
Services
–
1.0%
7,753
Meta
Platforms,
Inc.,
Class
A
3,619,333
IT
Services
–
0.9%
11,383
Accenture
PLC,
Class
A
3,213,307
Life
Sciences
Tools
&
Services
–
1.7%
25,631
Danaher
Corp.
6,582,041
Machinery
–
3.2%
16,532
Caterpillar,
Inc.
5,596,412
16,652
Illinois
Tool
Works,
Inc.
4,042,273
30,857
Stanley
Black
&
Decker,
Inc.
2,689,805
12,328,490
Media
–
2.1%
48,677
Comcast
Corp.,
Class
A
1,948,540
56,987
New
York
Times
Co.
(The),
Class
A
2,917,734
32,759
Omnicom
Group,
Inc.
3,045,277
7,911,551
Metals
&
Mining
–
1.5%
80,884
Rio
Tinto
PLC
ADR
(Australia)
5,669,968
Multi-Utilities
–
3.1%
48,043
Ameren
Corp.
3,524,915
56,473
CMS
Energy
Corp.
3,553,846
38,327
Dominion
Energy,
Inc.
2,066,592
47,395
National
Grid
PLC
ADR
(United
Kingdom)
2,742,274
11,887,627
Oil,
Gas
&
Consumable
Fuels
–
7.3%
57,673
ConocoPhillips
6,717,751
GOLDMAN
SACHS
EQUITY
INCOME
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
36,995
EOG
Resources,
Inc.
$
4,607,727
108,028
Exxon
Mobil
Corp.
12,667,364
52,054
Shell
PLC
ADR
3,788,490
27,781,332
Personal
Care
Products
–
1.0%
201,814
Kenvue,
Inc.
3,895,010
Pharmaceuticals
–
6.1%
84,891
AstraZeneca
PLC
ADR
(United
Kingdom)
6,623,196
147,664
Bristol-Myers
Squibb
Co.
6,067,514
4,012
Eli
Lilly
&
Co.
3,291,204
48,866
Johnson &
Johnson
7,167,176
23,149,090
Residential
REITs
–
1.0%
20,778
AvalonBay
Communities,
Inc.
REIT
4,003,505
Retail
REITs
–
0.7%
41,604
Regency
Centers
Corp.
REIT
2,554,485
Semiconductors
&
Semiconductor
Equipment
–
3.9%
4,324
KLA
Corp.
3,284,208
80,637
Marvell
Technology,
Inc.
5,548,632
29,752
Texas
Instruments,
Inc.
5,801,937
14,634,777
Software
–
3.4%
10,270
Microsoft
Corp.
4,263,385
47,428
Oracle
Corp.
5,558,087
12,744
Salesforce,
Inc.
2,987,704
12,809,176
Specialized
REITs
–
2.2%
15,800
American
Tower
Corp.
REIT
3,092,692
35,829
Digital
Realty
Trust,
Inc.
REIT
5,207,387
8,300,079
Specialty
Retail
–
1.0%
16,695
Lowe’s
Cos.,
Inc.
3,694,437
Technology
Hardware,
Storage
&
Peripherals
–
1.8%
47,890
Dell
Technologies,
Inc.,
Class
C
6,683,528
Textiles,
Apparel
&
Luxury
Goods
–
1.1%
44,637
NIKE,
Inc.,
Class
B
4,242,747
Trading
Companies
&
Distributors
–
1.2%
70,476
Fastenal
Co.
4,650,007
Water
Utilities
–
0.7%
21,532
American
Water
Works
Co.,
Inc.
2,815,740
TOTAL
INVESTMENTS
–
99.9%
(Cost
$292,159,799)
$
380,157,623
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
452,474
NET
ASSETS
–
100.0%
$
380,610,097
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
FOCUSED
VALUE
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
You
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
97.9%
Air
Freight
&
Logistics
–
3.1%
12,196
United
Parcel
Service,
Inc.,
Class
B
$
1,694,390
Banks
–
7.6%
63,031
Bank
of
America
Corp.
2,520,610
26,872
Citigroup,
Inc.
1,674,394
4,195,004
Biotechnology
–
2.6%
4,661
Amgen,
Inc.
1,425,567
Capital
Markets
–
5.5%
12,908
KKR
&
Co.,
Inc.
1,327,459
28,702
Nasdaq,
Inc.
1,694,279
3,021,738
Construction
Materials
–
1.9%
1,829
Martin
Marietta
Materials,
Inc.
1,046,334
Diversified
Telecommunication
Services
–
4.3%
129,774
AT&T,
Inc.
2,364,482
Electrical
Equipment
–
2.7%
8,557
GE
Vernova,
Inc.*
1,505,176
Health
Care
Equipment
&
Supplies
–
4.0%
19,049
Zimmer
Biomet
Holdings,
Inc.
2,193,492
Household
Products
–
4.7%
27,554
Colgate-Palmolive
Co.
2,561,420
Industrial
Conglomerates
–
3.0%
8,112
Honeywell
International,
Inc.
1,640,165
Insurance
–
4.3%
7,378
Allstate
Corp.
(The)
1,235,963
5,562
Marsh
&
McLennan
Cos.,
Inc.
1,154,560
2,390,523
Interactive
Media
&
Services
–
4.5%
14,436
Alphabet,
Inc.,
Class
A*
2,490,210
Life
Sciences
Tools
&
Services
–
5.4%
11,534
Danaher
Corp.
2,961,931
Machinery
–
5.5%
5,622
Caterpillar,
Inc.
1,903,159
12,792
Stanley
Black
&
Decker,
Inc.
1,115,079
3,018,238
Metals
&
Mining
–
3.1%
32,416
Freeport-McMoRan,
Inc.
1,709,296
Multi-Utilities
–
4.3%
32,497
Ameren
Corp.
2,384,305
Oil,
Gas
&
Consumable
Fuels
–
6.1%
28,554
Exxon
Mobil
Corp.
3,348,242
Pharmaceuticals
–
6.3%
22,646
AstraZeneca
PLC
ADR
(United
Kingdom)
1,766,841
41,866
Bristol-Myers
Squibb
Co.
1,720,274
3,487,115
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Residential
REITs
–
3.1%
8,814
AvalonBay
Communities,
Inc.
REIT
$
1,698,282
Semiconductors
&
Semiconductor
Equipment
–
5.7%
22,744
Marvell
Technology,
Inc.
1,565,015
8,118
Texas
Instruments,
Inc.
1,583,091
3,148,106
Software
–
3.4%
7,978
Salesforce,
Inc.
1,870,362
Specialty
Retail
–
4.0%
10,001
Lowe’s
Cos.,
Inc.
2,213,121
Textiles,
Apparel
&
Luxury
Goods
–
2.8%
16,345
NIKE,
Inc.,
Class
B
1,553,592
TOTAL
COMMON
STOCKS
(Cost
$47,265,703)
53,921,091
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,059,324
5.227%
1,059,324
(Cost
$1,059,324)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$48,325,027)
$
54,980,415
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
87,925
NET
ASSETS
–
100.0%
$
55,068,340
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
VALUE
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.3%
Aerospace
&
Defense
–
1.9%
50,900
General
Electric
Co.
$
8,405,626
Air
Freight
&
Logistics
–
1.4%
44,988
United
Parcel
Service,
Inc.,
Class
B
6,250,183
Automobiles
–
0.9%
85,418
General
Motors
Co.
3,842,956
Banks
–
8.2%
213,453
Bank
of
America
Corp.
8,535,985
114,660
Citigroup,
Inc.
7,144,465
75,175
JPMorgan
Chase &
Co.
15,232,710
30,815
M&T
Bank
Corp.
4,671,554
35,584,714
Beverages
–
1.6%
108,894
Coca-Cola
Co.
(The)
6,852,699
Biotechnology
–
2.5%
20,159
AbbVie,
Inc.
3,250,437
19,155
Amgen,
Inc.
5,858,557
5,621
Biogen,
Inc.*
1,264,388
8,285
BioMarin
Pharmaceutical,
Inc.*
621,955
10,995,337
Capital
Markets
–
4.3%
10,065
BlackRock,
Inc.
7,770,482
58,796
KKR
&
Co.,
Inc.
6,046,581
83,268
Nasdaq,
Inc.
4,915,310
18,732,373
Chemicals
–
2.3%
15,084
Linde
PLC
6,569,384
11,567
Sherwin-Williams
Co.
(The)
3,514,054
10,083,438
Commercial
Services
&
Supplies
–
0.8%
20,832
Waste
Connections,
Inc.
3,423,114
Construction
Materials
–
1.1%
8,488
Martin
Marietta
Materials,
Inc.
4,855,815
Consumer
Finance
–
1.9%
34,654
American
Express
Co.
8,316,960
Consumer
Staples
Distribution
&
Retail
–
2.2%
143,851
Walmart,
Inc.
9,459,642
Containers
&
Packaging
–
1.2%
73,058
Ball
Corp.
5,072,417
Diversified
Telecommunication
Services
–
1.9%
452,743
AT&T,
Inc.
8,248,977
Electric
Utilities
–
1.5%
174,882
Exelon
Corp.
6,566,819
Electrical
Equipment
–
2.9%
22,794
Eaton
Corp.
PLC
7,586,983
28,382
GE
Vernova,
Inc.*
4,992,394
12,579,377
Financial
Services
–
4.3%
22,912
Berkshire
Hathaway,
Inc.,
Class
B*
9,494,733
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Financial
Services
–
(continued)
79,707
Fidelity
National
Information
Services,
Inc.
$
6,048,167
11,519
Visa,
Inc.,
Class
A
3,138,467
18,681,367
Food
Products
–
0.7%
89,638
Kraft
Heinz
Co.
(The)
3,170,496
Ground
Transportation
–
1.2%
17,251
Old
Dominion
Freight
Line,
Inc.
3,023,238
5,506
Saia,
Inc.*
2,254,597
5,277,835
Health
Care
Equipment
&
Supplies
–
5.0%
9,312
Align
Technology,
Inc.*
2,395,139
106,073
Boston
Scientific
Corp.*
8,015,937
48,867
Cooper
Cos.,
Inc.
(The)
4,608,647
56,970
Zimmer
Biomet
Holdings,
Inc.
6,560,095
21,579,818
Health
Care
Providers
&
Services
–
1.0%
73,777
CVS
Health
Corp.
4,397,109
Health
Care
REITs
–
0.6%
19,941
Alexandria
Real
Estate
Equities,
Inc.
REIT
2,372,979
Household
Products
–
1.6%
72,792
Colgate-Palmolive
Co.
6,766,744
Industrial
Conglomerates
–
1.8%
37,690
Honeywell
International,
Inc.
7,620,541
Industrial
REITs
–
1.2%
48,413
Prologis,
Inc.
REIT
5,349,153
Insurance
–
2.5%
38,608
Allstate
Corp.
(The)
6,467,612
21,868
Marsh
&
McLennan
Cos.,
Inc.
4,539,360
11,006,972
Interactive
Media
&
Services
–
2.1%
53,080
Alphabet,
Inc.,
Class
A*
9,156,300
Life
Sciences
Tools
&
Services
–
2.3%
38,171
Danaher
Corp.
9,802,313
Machinery
–
4.0%
15,863
Caterpillar,
Inc.
5,369,943
23,336
Illinois
Tool
Works,
Inc.
5,664,814
70,356
Stanley
Black
&
Decker,
Inc.
6,132,932
17,167,689
Media
–
0.8%
35,235
Omnicom
Group,
Inc.
3,275,446
Metals
&
Mining
–
1.6%
134,225
Freeport-McMoRan,
Inc.
7,077,684
Multi-Utilities
–
3.0%
86,950
Ameren
Corp.
6,379,522
105,282
CMS
Energy
Corp.
6,625,396
13,004,918
Oil,
Gas
&
Consumable
Fuels
–
6.7%
37,896
Chesapeake
Energy
Corp.
3,445,883
43,074
EOG
Resources,
Inc.
5,364,867
GOLDMAN
SACHS
LARGE
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
145,412
Exxon
Mobil
Corp.
$
17,051,011
23,821
Phillips
66
3,385,202
29,246,963
Personal
Care
Products
–
1.2%
268,903
Kenvue,
Inc.
5,189,828
Pharmaceuticals
–
4.9%
73,716
AstraZeneca
PLC
ADR
(United
Kingdom)
5,751,322
140,187
Bristol-Myers
Squibb
Co.
5,760,284
65,440
Johnson &
Johnson
9,598,085
21,109,691
Residential
REITs
–
1.3%
29,037
AvalonBay
Communities,
Inc.
REIT
5,594,849
Semiconductors
&
Semiconductor
Equipment
–
5.9%
23,387
Advanced
Micro
Devices,
Inc.*
3,903,290
4,069
KLA
Corp.
3,090,528
85,813
Marvell
Technology,
Inc.
5,904,792
48,926
Micron
Technology,
Inc.
6,115,750
34,399
Texas
Instruments,
Inc.
6,708,149
25,722,509
Software
–
3.0%
48,117
Dynatrace,
Inc.*
2,200,390
50,519
Oracle
Corp.
5,920,322
20,622
Salesforce,
Inc.
4,834,622
12,955,334
Specialized
REITs
–
1.3%
15,111
American
Tower
Corp.
REIT
2,957,827
18,326
Extra
Space
Storage,
Inc.
REIT
2,653,055
5,610,882
Specialty
Retail
–
1.9%
101,013
Foot
Locker,
Inc.
2,801,091
23,829
Lowe’s
Cos.,
Inc.
5,273,119
8,074,210
Technology
Hardware,
Storage
&
Peripherals
–
1.6%
49,974
Dell
Technologies,
Inc.,
Class
C
6,974,371
Textiles,
Apparel
&
Luxury
Goods
–
1.2%
55,769
NIKE,
Inc.,
Class
B
5,300,843
TOTAL
COMMON
STOCKS
(Cost
$331,331,174)
430,757,291
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,780,012
5.227%
$
2,780,012
(Cost
$2,780,012)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$334,111,186)
$
433,537,303
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
431,779
NET
ASSETS
–
100.0%
$
433,969,082
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
MID
CAP
VALUE
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.5%
Aerospace
&
Defense
–
2.0%
40,908
L3Harris
Technologies,
Inc.
$
9,197,346
79,879
Woodward,
Inc.
14,897,433
24,094,779
Automobiles
–
1.1%
277,859
General
Motors
Co.
12,500,876
Banks
–
4.6%
274,317
Citizens
Financial
Group,
Inc.
9,680,647
148,243
East
West
Bancorp,
Inc.
10,998,148
905,068
Huntington
Bancshares,
Inc.
12,598,547
87,606
M&T
Bank
Corp.
13,281,070
108,679
Pinnacle
Financial
Partners,
Inc.
8,641,067
55,199,479
Beverages
–
1.7%
161,047
Coca-Cola
Europacific
Partners
PLC
(United
Kingdom)
11,870,775
32,919
Constellation
Brands,
Inc.,
Class
A
8,237,321
20,108,096
Biotechnology
–
1.3%
40,592
Biogen,
Inc.*
9,130,764
660,005
Roivant
Sciences
Ltd.*
6,837,652
15,968,416
Building
Products
–
2.3%
102,692
Allegion
PLC
12,509,939
44,199
Trane
Technologies
PLC
14,473,405
26,983,344
Capital
Markets
–
3.8%
124,386
KKR
&
Co.,
Inc.
12,791,856
221,626
Nasdaq,
Inc.
13,082,583
153,677
Raymond
James
Financial,
Inc.
18,863,852
44,738,291
Chemicals
–
3.7%
204,195
Ashland,
Inc.
20,454,213
75,257
Celanese
Corp.
11,442,074
111,849
RPM
International,
Inc.
12,538,273
44,434,560
Communications
Equipment
–
0.7%
22,830
Motorola
Solutions,
Inc.
8,330,895
Construction
Materials
–
1.4%
28,909
Martin
Marietta
Materials,
Inc.
16,538,261
Consumer
Staples
Distribution
&
Retail
–
0.6%
96,627
Performance
Food
Group
Co.*
6,725,239
Containers
&
Packaging
–
1.8%
39,799
Avery
Dennison
Corp.
9,057,854
181,522
Ball
Corp.
12,603,073
21,660,927
Electric
Utilities
–
2.1%
254,563
Eversource
Energy
15,077,766
254,499
FirstEnergy
Corp.
10,246,130
25,323,896
Electrical
Equipment
–
4.6%
121,753
AMETEK,
Inc.
20,646,874
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electrical
Equipment
–
(continued)
75,843
GE
Vernova,
Inc.*
$
13,340,784
14,285
Hubbell,
Inc.
5,555,294
57,699
Rockwell
Automation,
Inc.
14,859,223
54,402,175
Electronic
Equipment,
Instruments
&
Components
–
2.5%
197,376
Cognex
Corp.
8,984,555
56,868
Keysight
Technologies,
Inc.*
7,875,081
39,711
Zebra
Technologies
Corp.,
Class
A*
12,403,334
29,262,970
Entertainment
–
1.0%
85,938
Electronic
Arts,
Inc.
11,419,441
Financial
Services
–
3.0%
352,766
Fidelity
National
Information
Services,
Inc.
26,767,884
115,935
Voya
Financial,
Inc.
8,790,192
35,558,076
Food
Products
–
1.2%
220,030
Kraft
Heinz
Co.
(The)
7,782,461
76,383
Lamb
Weston
Holdings,
Inc.
6,743,855
14,526,316
Ground
Transportation
–
1.0%
34,453
Old
Dominion
Freight
Line,
Inc.
6,037,888
14,647
Saia,
Inc.*
5,997,654
12,035,542
Health
Care
Equipment
&
Supplies
–
3.3%
179,899
Cooper
Cos.,
Inc.
(The)
16,966,275
192,886
Zimmer
Biomet
Holdings,
Inc.
22,210,823
39,177,098
Health
Care
Providers
&
Services
–
1.2%
63,437
Cencora,
Inc.
14,372,921
Health
Care
REITs
–
2.4%
139,938
Alexandria
Real
Estate
Equities,
Inc.
REIT
16,652,622
242,367
Ventas,
Inc.
REIT
12,181,365
28,833,987
Hotels,
Restaurants
&
Leisure
–
2.0%
89,610
Royal
Caribbean
Cruises
Ltd.*
13,233,605
75,999
Yum!
Brands,
Inc.
10,444,542
23,678,147
Household
Durables
–
2.0%
145,757
Lennar
Corp.,
Class
A
23,372,135
Independent
Power
and
Renewable
Electricity
Producers
–
1.7%
960,090
AES
Corp.
(The)
20,728,343
Industrial
REITs
–
0.4%
163,030
Americold
Realty
Trust,
Inc.
REIT
4,348,010
Insurance
–
5.8%
118,511
Allstate
Corp.
(The)
19,852,963
67,662
American
Financial
Group,
Inc.
8,789,970
106,393
Arch
Capital
Group
Ltd.*
10,919,114
41,883
Arthur
J
Gallagher
&
Co.
10,610,220
GOLDMAN
SACHS
MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
(continued)
65,209
Globe
Life,
Inc.
$
5,396,697
261,922
Unum
Group
14,107,119
69,676,083
Life
Sciences
Tools
&
Services
–
1.4%
11,779
Mettler-Toledo
International,
Inc.*
16,538,776
Machinery
–
7.0%
248,619
Fortive
Corp.
18,507,198
40,923
IDEX
Corp.
8,538,175
124,975
Ingersoll
Rand,
Inc.
11,628,924
95,140
ITT,
Inc.
12,642,203
217,848
Stanley
Black
&
Decker,
Inc.
18,989,810
94,349
Xylem,
Inc.
13,305,096
83,611,406
Metals
&
Mining
–
2.0%
180,080
Steel
Dynamics,
Inc.
24,107,310
Multi-Utilities
–
4.4%
562,878
CenterPoint
Energy,
Inc.
17,173,408
225,254
CMS
Energy
Corp.
14,175,234
731,031
NiSource,
Inc.
21,243,761
52,592,403
Oil,
Gas
&
Consumable
Fuels
–
6.4%
80,292
Chesapeake
Energy
Corp.
7,300,952
83,224
Diamondback
Energy,
Inc.
16,583,214
188,304
DT
Midstream,
Inc.
12,631,432
482,802
Marathon
Oil
Corp.
13,981,946
127,613
Phillips
66
18,135,083
67,076
Targa
Resources
Corp.
7,930,396
76,563,023
Passenger
Airlines
–
1.1%
253,345
United
Airlines
Holdings,
Inc.*
13,424,752
Residential
REITs
–
3.1%
198,744
American
Homes
4
Rent,
Class
A
REIT
7,162,734
103,050
AvalonBay
Communities,
Inc.
REIT
19,855,674
178,150
Equity
LifeStyle
Properties,
Inc.
REIT
11,182,475
38,200,883
Semiconductors
&
Semiconductor
Equipment
–
3.8%
494,179
Marvell
Technology,
Inc.
34,004,457
93,477
MKS
Instruments,
Inc.
11,833,253
45,837,710
Software
–
1.0%
117,968
Dynatrace,
Inc.*
5,394,677
294,350
Klaviyo,
Inc.,
Class
A*
6,664,084
12,058,761
Specialized
REITs
–
3.5%
72,450
Digital
Realty
Trust,
Inc.
REIT
10,529,883
63,714
Extra
Space
Storage,
Inc.
REIT
9,223,876
734,778
VICI
Properties,
Inc.
REIT
21,095,476
40,849,235
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
3.2%
259,017
Foot
Locker,
Inc.
$
7,182,542
18,218
RH*
4,954,021
91,136
Ross
Stores,
Inc.
12,737,167
34,379
Ulta
Beauty,
Inc.*
13,582,799
38,456,529
Technology
Hardware,
Storage
&
Peripherals
–
0.7%
114,788
Western
Digital
Corp.*
8,642,389
Trading
Companies
&
Distributors
–
2.7%
153,629
Fastenal
Co.
10,136,442
33,703
United
Rentals,
Inc.
22,561,125
32,697,567
TOTAL
COMMON
STOCKS
(Cost
$953,745,416)
1,187,579,047
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.4%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,830,642
5.227%
4,830,642
(Cost
$4,830,642)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$958,576,058)
$
1,192,409,689
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
857,984
NET
ASSETS
–
100.0%
$
1,193,267,673
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
VALUE
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.8%
Aerospace
&
Defense
–
3.1%
378,087
Kratos
Defense &
Security
Solutions,
Inc.*
$
8,219,611
200,742
Leonardo
DRS,
Inc.*
4,727,474
106,814
Loar
Holdings,
Inc.*
(a)
6,085,194
80,238
Moog,
Inc.,
Class
A
13,594,724
143,988
V2X,
Inc.*
6,927,263
39,554,266
Automobile
Components
–
1.4%
315,479
Adient
PLC*
8,909,127
377,327
Goodyear
Tire
&
Rubber
Co.
(The)*
4,644,895
86,098
Phinia,
Inc.
3,853,747
17,407,769
Banks
–
12.7%
276,823
Ameris
Bancorp
13,827,309
286,336
Atlantic
Union
Bankshares
Corp.
9,343,144
169,098
Banner
Corp.
7,918,859
159,160
Community
Financial
System,
Inc.
7,235,414
279,557
ConnectOne
Bancorp,
Inc.
5,210,942
332,617
CVB
Financial
Corp.
5,501,485
570,061
Eastern
Bankshares,
Inc.
7,809,836
181,065
FB
Financial
Corp.
6,699,405
187,120
First
Financial
Bankshares,
Inc.
5,609,858
232,196
First
Merchants
Corp.
7,674,078
191,059
Glacier
Bancorp,
Inc.
7,141,785
125,711
Heritage
Financial
Corp.
2,279,140
536,197
Home
BancShares,
Inc.
12,611,353
160,325
NBT
Bancorp,
Inc.
5,960,884
376,913
OceanFirst
Financial
Corp.
5,672,541
185,784
Origin
Bancorp,
Inc.
5,809,466
352,092
Pacific
Premier
Bancorp,
Inc.
7,830,526
121,310
Pinnacle
Financial
Partners,
Inc.
9,645,358
133,274
SouthState
Corp.
10,303,413
110,437
Stock
Yards
Bancorp,
Inc.
5,173,973
219,258
TriCo
Bancshares
8,349,345
858,201
Valley
National
Bancorp
6,118,973
163,727,087
Beverages
–
0.9%
491,054
Primo
Water
Corp.
11,078,178
Biotechnology
–
2.5%
87,455
Agios
Pharmaceuticals,
Inc.*
3,178,115
112,325
Alkermes
PLC*
2,628,405
68,644
Biohaven
Ltd.*
2,409,405
59,405
Bridgebio
Pharma,
Inc.*
1,663,934
43,283
Celldex
Therapeutics,
Inc.*
1,441,324
50,886
Crinetics
Pharmaceuticals,
Inc.*
2,259,847
101,777
Dynavax
Technologies
Corp.*
(a)
1,220,306
79,600
Intellia
Therapeutics,
Inc.*
1,701,848
217,583
Iovance
Biotherapeutics,
Inc.*
1,932,137
239,762
Myriad
Genetics,
Inc.*
5,456,983
112,775
Relay
Therapeutics,
Inc.*
722,888
72,049
Syndax
Pharmaceuticals,
Inc.*
1,388,384
31,148
Ultragenyx
Pharmaceutical,
Inc.*
1,250,281
219,839
Veracyte,
Inc.*
4,561,659
31,815,516
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Broadline
Retail
–
0.2%
29,688
Ollie's
Bargain
Outlet
Holdings,
Inc.*
$
2,447,182
Building
Products
–
2.0%
81,094
AZZ,
Inc.
6,802,165
504,248
Masterbrand,
Inc.*
8,425,984
359,621
Zurn
Elkay
Water
Solutions
Corp.
11,259,734
26,487,883
Capital
Markets
–
2.7%
166,388
Marex
Group
PLC
(United
Kingdom)*
3,364,365
607,871
Perella
Weinberg
Partners
9,385,528
41,361
Piper
Sandler
Cos.
8,759,433
45,865
PJT
Partners,
Inc.,
Class
A
4,892,420
96,733
Stifel
Financial
Corp.
7,830,536
34,232,282
Chemicals
–
3.2%
92,780
Ashland,
Inc.
9,293,773
190,146
Avient
Corp.
8,495,723
247,445
Ecovyst,
Inc.*
2,301,238
202,853
Element
Solutions,
Inc.
4,874,558
55,305
HB
Fuller
Co.
4,403,937
80,059
Minerals
Technologies,
Inc.
6,945,118
241,323
Tronox
Holdings
PLC
4,780,609
41,094,956
Commercial
Services
&
Supplies
–
0.5%
438,550
BrightView
Holdings,
Inc.*
6,056,375
Construction
&
Engineering
–
2.4%
143,451
Arcosa,
Inc.
12,610,777
215,592
Granite
Construction,
Inc.
13,429,226
92,695
Primoris
Services
Corp.
5,075,978
31,115,981
Construction
Materials
–
0.6%
105,757
Knife
River
Corp.*
7,478,077
Consumer
Finance
–
1.1%
151,172
Encore
Capital
Group,
Inc.*
6,687,849
58,827
FirstCash
Holdings,
Inc.
6,936,880
13,624,729
Containers
&
Packaging
–
0.6%
80,070
Greif,
Inc.,
Class
A
5,199,746
246,904
O-I
Glass,
Inc.*
3,133,211
8,332,957
Electric
Utilities
–
2.2%
58,176
IDACORP,
Inc.
5,554,063
60,719
MGE
Energy,
Inc.
4,865,413
211,991
PNM
Resources,
Inc.
8,127,735
226,496
Portland
General
Electric
Co.
10,092,662
28,639,873
Electronic
Equipment,
Instruments
&
Components
–
3.5%
95,392
Benchmark
Electronics,
Inc.
4,108,533
80,251
CTS
Corp.
4,249,291
64,242
Itron,
Inc.*
6,909,227
545,302
Knowles
Corp.*
9,553,691
37,945
Rogers
Corp.*
4,477,510
GOLDMAN
SACHS
SMALL
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Electronic
Equipment,
Instruments
&
Components
–
(continued)
125,111
Sanmina
Corp.*
$
8,575,108
409,771
TTM
Technologies,
Inc.*
7,621,741
45,495,101
Energy
Equipment
&
Services
–
2.7%
145,129
Kodiak
Gas
Services,
Inc.
3,998,304
294,068
Liberty
Energy,
Inc.
7,260,539
134,771
Noble
Corp.
PLC
6,261,461
455,514
Patterson-UTI
Energy,
Inc.
5,019,764
108,849
Seadrill
Ltd.
(Norway)*
5,645,997
61,600
Tidewater,
Inc.*
6,365,128
34,551,193
Financial
Services
–
3.1%
587,894
MGIC
Investment
Corp.
12,345,774
169,640
Mr
Cooper
Group,
Inc.*
14,147,976
76,615
PennyMac
Financial
Services,
Inc.
6,945,150
70,252
Walker &
Dunlop,
Inc.
6,743,489
40,182,389
Food
Products
–
0.9%
18,578
Lancaster
Colony
Corp.
3,446,219
128,954
Simply
Good
Foods
Co.
(The)*
4,963,440
205,199
Utz
Brands,
Inc.
3,804,389
12,214,048
Gas
Utilities
–
1.1%
45,545
Chesapeake
Utilities
Corp.
5,101,496
144,559
ONE
Gas,
Inc.
8,909,171
14,010,667
Ground
Transportation
–
0.4%
43,433
ArcBest
Corp.
4,583,050
Health
Care
Equipment
&
Supplies
–
2.1%
123,058
Enovis
Corp.*
6,186,126
71,050
Globus
Medical,
Inc.,
Class
A*
4,768,165
62,557
Integer
Holdings
Corp.*
7,584,411
55,777
Merit
Medical
Systems,
Inc.*
4,526,303
102,226
QuidelOrtho
Corp.*
4,517,367
27,582,372
Health
Care
Providers
&
Services
–
1.4%
63,726
Acadia
Healthcare
Co.,
Inc.*
4,390,084
77,949
AMN
Healthcare
Services,
Inc.*
4,360,467
645,059
NeoGenomics,
Inc.*
8,843,759
17,594,310
Health
Care
Technology
–
0.1%
212,825
Health
Catalyst,
Inc.*
1,411,030
Hotel
&
Resort
REITs
–
1.8%
504,304
Apple
Hospitality
REIT,
Inc.
REIT
7,282,150
421,189
Pebblebrook
Hotel
Trust
REIT
5,959,824
1,000,739
RLJ
Lodging
Trust
REIT
9,987,375
23,229,349
Hotels,
Restaurants
&
Leisure
–
2.4%
143,212
Boyd
Gaming
Corp.
7,636,064
168,106
First
Watch
Restaurant
Group,
Inc.*
3,308,326
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Hotels,
Restaurants
&
Leisure
–
(continued)
228,415
International
Game
Technology
PLC
$
4,508,912
136,294
Travel
+
Leisure
Co.
5,988,758
60,759
United
Parks
&
Resorts,
Inc.*
3,177,088
96,214
Wyndham
Hotels
&
Resorts,
Inc.
6,808,103
31,427,251
Household
Durables
–
3.5%
24,074
Installed
Building
Products,
Inc.
5,099,836
88,005
La-Z-Boy,
Inc.
3,301,948
79,132
M/I
Homes,
Inc.*
9,885,169
111,381
Meritage
Homes
Corp.
19,642,039
189,568
Tri
Pointe
Homes,
Inc.*
7,341,969
45,270,961
Industrial
REITs
–
1.7%
325,865
STAG
Industrial,
Inc.
REIT
11,424,827
176,309
Terreno
Realty
Corp.
REIT
9,975,563
21,400,390
Insurance
–
3.6%
66,903
Bowhead
Specialty
Holdings,
Inc.*
1,793,000
222,413
CNO
Financial
Group,
Inc.
6,381,029
32,390
Enstar
Group
Ltd.*
10,142,605
63,370
Hanover
Insurance
Group,
Inc.
(The)
8,360,404
157,085
Kemper
Corp.
9,399,966
266,961
Skyward
Specialty
Insurance
Group,
Inc.*
9,962,985
46,039,989
IT
Services
–
1.2%
163,705
ASGN,
Inc.*
15,373,537
Leisure
Products
–
0.4%
352,753
Topgolf
Callaway
Brands
Corp.*
5,520,584
Life
Sciences
Tools
&
Services
–
0.2%
111,222
Fortrea
Holdings,
Inc.*
2,823,926
Machinery
–
5.5%
105,117
Columbus
McKinnon
Corp.
4,110,075
53,689
Enpro,
Inc.
8,228,376
46,622
Federal
Signal
Corp.
4,290,156
1,036,856
Gates
Industrial
Corp.
PLC*
18,062,032
327,708
REV
Group,
Inc.
8,982,476
125,163
SPX
Technologies,
Inc.*
17,450,225
56,475
Standex
International
Corp.
9,499,660
70,623,000
Media
–
1.0%
100,990
John
Wiley
&
Sons,
Inc.,
Class
A
3,681,086
28,249
Nexstar
Media
Group,
Inc.
4,680,577
282,995
TEGNA,
Inc.
4,219,455
12,581,118
Metals
&
Mining
–
3.3%
34,728
Arch
Resources,
Inc.
6,040,241
83,119
Carpenter
Technology
Corp.
9,215,404
194,089
Commercial
Metals
Co.
10,931,093
423,384
Constellium
SE*
9,174,731
91,326
Warrior
Met
Coal,
Inc.
6,249,438
GOLDMAN
SACHS
SMALL
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Metals
&
Mining
–
(continued)
19,390
Worthington
Steel,
Inc.
$
639,676
42,250,583
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
1.1%
571,485
Ladder
Capital
Corp.
REIT
6,389,202
394,636
PennyMac
Mortgage
Investment
Trust
REIT
5,398,621
259,873
TPG
RE
Finance
Trust,
Inc.
REIT
2,229,710
14,017,533
Office
REITs
–
0.3%
115,433
Kilroy
Realty
Corp.
REIT
3,870,468
Oil,
Gas
&
Consumable
Fuels
–
7.0%
109,631
California
Resources
Corp.
5,191,028
60,946
Chord
Energy
Corp.
11,299,998
134,686
Civitas
Resources,
Inc.
9,907,502
444,003
DHT
Holdings,
Inc.
5,372,436
287,179
Equitrans
Midstream
Corp.
4,100,916
26,840
Gulfport
Energy
Corp.*
4,342,980
225,804
Murphy
Oil
Corp.
9,662,153
149,898
PBF
Energy,
Inc.,
Class
A
6,944,774
204,822
Peabody
Energy
Corp.
5,075,489
618,291
Permian
Resources
Corp.
10,133,790
76,025
Scorpio
Tankers,
Inc.
(Monaco)
6,239,372
195,085
SM
Energy
Co.
9,838,137
416,634
Uranium
Energy
Corp.*
2,974,767
91,083,342
Passenger
Airlines
–
0.1%
327,383
JetBlue
Airways
Corp.*
1,830,071
Professional
Services
–
0.8%
765,856
Alight,
Inc.,
Class
A*
5,935,384
34,962
ICF
International,
Inc.
4,990,825
10,926,209
Real
Estate
Management
&
Development
–
0.6%
728,682
Newmark
Group,
Inc.,
Class
A
7,585,580
Residential
REITs
–
0.6%
457,565
Independence
Realty
Trust,
Inc.
REIT
7,641,336
Retail
REITs
–
2.3%
763,423
Acadia
Realty
Trust
REIT
13,161,413
1,152,231
SITE
Centers
Corp.
REIT
16,615,171
29,776,584
Semiconductors
&
Semiconductor
Equipment
–
3.0%
248,690
Amkor
Technology,
Inc.
8,104,807
180,475
Cohu,
Inc.*
5,818,514
130,926
Ichor
Holdings
Ltd.*
4,973,879
35,118
MACOM
Technology
Solutions
Holdings,
Inc.*
3,551,834
15,424
Onto
Innovation,
Inc.*
3,342,381
250,474
Semtech
Corp.*
9,740,934
36,176
Synaptics,
Inc.*
3,390,053
38,922,402
Software
–
0.7%
104,510
LiveRamp
Holdings,
Inc.*
3,270,118
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
127,927
Tenable
Holdings,
Inc.*
$
5,397,240
8,667,358
Specialty
Retail
–
3.0%
81,937
Academy
Sports
&
Outdoors,
Inc.
4,726,945
33,780
Asbury
Automotive
Group,
Inc.*
7,940,665
197,252
Foot
Locker,
Inc.
5,469,798
27,175
Group
1
Automotive,
Inc.
8,450,881
76,710
Signet
Jewelers
Ltd.
8,398,978
89,431
Valvoline,
Inc.*
3,630,899
38,618,166
Textiles,
Apparel
&
Luxury
Goods
–
1.1%
51,035
Crocs,
Inc.*
7,943,088
78,001
Kontoor
Brands,
Inc.
5,720,593
13,663,681
Trading
Companies
&
Distributors
–
2.0%
138,891
Beacon
Roofing
Supply,
Inc.*
13,480,760
49,350
Boise
Cascade
Co.
6,775,262
36,324
Herc
Holdings,
Inc.
5,269,523
25,525,545
Wireless
Telecommunication
Services
–
0.2%
127,748
Telephone
and
Data
Systems,
Inc.
2,540,908
TOTAL
COMMON
STOCKS
(Cost
$947,435,668)
1,271,927,142
a
Exchange-Traded
Fund
–
0.7%
56,328
iShares
Russell
2000
Value
ETF
(Cost
$8,461,221)
8,780,409
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
6,459,103
5.227%
6,459,103
(Cost
$6,459,103)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$962,355,992)
1,287,166,654
GOLDMAN
SACHS
SMALL
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,018,160
5.227%
$
4,018,160
(Cost
$4,018,160)
TOTAL
INVESTMENTS
–
100.3%
(Cost
$966,374,152)
$
1,291,184,814
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.3)%
(3,802,985)
NET
ASSETS
–
100.0%
$
1,287,381,829
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
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
SMALL/MID
CAP
VALUE
FUND
Schedule
of
Investments
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
98.3%
Aerospace
&
Defense
–
1.6%
8,405
Curtiss-Wright
Corp.
$
2,377,102
Automobile
Components
–
1.2%
24,910
Adient
PLC*
703,458
8,543
Autoliv,
Inc.
(Sweden)
1,089,831
1,793,289
Banks
–
7.9%
22,200
Commerce
Bancshares,
Inc.
1,235,208
26,125
East
West
Bancorp,
Inc.
1,938,214
20,104
Glacier
Bancorp,
Inc.
751,488
16,512
Pinnacle
Financial
Partners,
Inc.
1,312,869
33,884
Prosperity
Bancshares,
Inc.
2,110,973
15,893
SouthState
Corp.
1,228,688
33,973
Webster
Financial
Corp.
1,502,286
16,453
Wintrust
Financial
Corp.
1,622,430
11,702,156
Biotechnology
–
0.6%
7,643
Exact
Sciences
Corp.*
347,374
1,755
United
Therapeutics
Corp.*
482,853
830,227
Broadline
Retail
–
0.8%
25,104
Macy’s,
Inc.
489,026
9,254
Ollie's
Bargain
Outlet
Holdings,
Inc.*
762,807
1,251,833
Building
Products
–
1.5%
5,899
Advanced
Drainage
Systems,
Inc.
1,023,418
40,024
Zurn
Elkay
Water
Solutions
Corp.
1,253,151
2,276,569
Capital
Markets
–
3.1%
5,832
Evercore,
Inc.,
Class
A
1,183,546
38,546
Jefferies
Financial
Group,
Inc.
1,793,160
20,243
Stifel
Financial
Corp.
1,638,671
4,615,377
Chemicals
–
2.5%
16,081
Ashland,
Inc.
1,610,834
8,126
HB
Fuller
Co.
647,073
13,133
RPM
International,
Inc.
1,472,209
3,730,116
Communications
Equipment
–
0.8%
23,755
Ciena
Corp.*
1,144,278
Construction
&
Engineering
–
2.6%
28,098
AECOM
2,454,080
15,786
Arcosa,
Inc.
1,387,747
3,841,827
Consumer
Finance
–
1.6%
13,469
Encore
Capital
Group,
Inc.*
595,868
5,651
FirstCash
Holdings,
Inc.
666,366
23,231
OneMain
Holdings,
Inc.
1,141,107
2,403,341
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Consumer
Staples
Distribution
&
Retail
–
1.2%
14,959
BJ's
Wholesale
Club
Holdings,
Inc.*
$
1,317,439
7,429
Performance
Food
Group
Co.*
517,059
1,834,498
Containers
&
Packaging
–
2.5%
4,138
Avery
Dennison
Corp.
941,767
22,663
Crown
Holdings,
Inc.
1,907,998
33,167
Graphic
Packaging
Holding
Co.
939,290
3,789,055
Diversified
Telecommunication
Services
–
–%
3,739
GCI
Liberty,
Inc.,
Class
A*
(a)
—
Electric
Utilities
–
2.2%
11,108
IDACORP,
Inc.
1,060,481
26,740
PNM
Resources,
Inc.
1,025,212
25,979
Portland
General
Electric
Co.
1,157,624
3,243,317
Electrical
Equipment
–
2.5%
2,794
Hubbell,
Inc.
1,086,558
10,337
nVent
Electric
PLC
841,225
12,457
Regal
Rexnord
Corp.
1,862,820
3,790,603
Electronic
Equipment,
Instruments
&
Components
–
4.3%
18,499
Cognex
Corp.
842,075
16,519
Coherent
Corp.*
942,574
48,385
Knowles
Corp.*
847,705
4,674
Littelfuse,
Inc.
1,199,349
12,958
Sanmina
Corp.*
888,141
12,837
TD
SYNNEX
Corp.
1,679,593
6,399,437
Energy
Equipment
&
Services
–
1.2%
14,166
Noble
Corp.
PLC
658,153
23,045
Seadrill
Ltd.
(Norway)*
1,195,344
1,853,497
Financial
Services
–
3.5%
70,007
MGIC
Investment
Corp.
1,470,147
19,043
Mr
Cooper
Group,
Inc.*
1,588,186
14,592
PennyMac
Financial
Services,
Inc.
1,322,765
11,781
Voya
Financial,
Inc.
893,235
5,274,333
Food
Products
–
1.0%
15,140
Darling
Ingredients,
Inc.*
611,656
22,327
Simply
Good
Foods
Co.
(The)*
859,366
1,471,022
Gas
Utilities
–
0.8%
18,762
ONE
Gas,
Inc.
1,156,302
Ground
Transportation
–
1.4%
4,397
ArcBest
Corp.
463,971
3,918
Saia,
Inc.*
1,604,343
2,068,314
Health
Care
Equipment
&
Supplies
–
2.3%
27,370
DENTSPLY
SIRONA,
Inc.
766,634
19,872
Enovis
Corp.*
998,965
GOLDMAN
SACHS
SMALL/MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
(continued)
15,221
Globus
Medical,
Inc.,
Class
A*
$
1,021,481
15,373
QuidelOrtho
Corp.*
679,333
3,466,413
Health
Care
Providers
&
Services
–
2.5%
14,949
Acadia
Healthcare
Co.,
Inc.*
1,029,837
52,423
NeoGenomics,
Inc.*
718,720
14,137
Tenet
Healthcare
Corp.*
1,911,605
3,660,162
Hotel
&
Resort
REITs
–
0.9%
138,272
RLJ
Lodging
Trust
REIT
1,379,955
Hotels,
Restaurants
&
Leisure
–
3.5%
19,565
Boyd
Gaming
Corp.
1,043,206
9,019
Hyatt
Hotels
Corp.,
Class
A
1,330,032
18,279
Travel
+
Leisure
Co.
803,179
14,309
United
Parks
&
Resorts,
Inc.*
748,218
18,641
Wyndham
Hotels
&
Resorts,
Inc.
1,319,037
5,243,672
Household
Durables
–
3.3%
11,046
Meritage
Homes
Corp.
1,947,962
15,112
PulteGroup,
Inc.
1,772,940
2,915
TopBuild
Corp.*
1,218,324
4,939,226
Independent
Power
and
Renewable
Electricity
Producers
–
0.4%
5,601
Vistra
Corp.
554,947
Industrial
REITs
–
1.0%
44,093
STAG
Industrial,
Inc.
REIT
1,545,901
Insurance
–
3.5%
11,864
American
Financial
Group,
Inc.
1,541,252
30,590
CNO
Financial
Group,
Inc.
877,627
9,059
Globe
Life,
Inc.
749,723
22,532
Kemper
Corp.
1,348,315
7,695
Selective
Insurance
Group,
Inc.
751,109
5,268,026
Interactive
Media
&
Services
–
0.2%
6,257
IAC,
Inc.*
311,536
IT
Services
–
1.2%
18,987
ASGN,
Inc.*
1,783,069
Leisure
Products
–
0.6%
2,414
Brunswick
Corp.
199,228
43,339
Topgolf
Callaway
Brands
Corp.*
678,255
877,483
Life
Sciences
Tools
&
Services
–
0.8%
12,281
Bruker
Corp.
804,528
2,657
Repligen
Corp.*
396,132
1,200,660
Machinery
–
5.6%
7,420
Crane
Co.
1,106,174
9,237
Esab
Corp.
949,748
131,101
Gates
Industrial
Corp.
PLC*
2,283,779
24,909
Pentair
PLC
2,027,095
13,674
SPX
Technologies,
Inc.*
1,906,429
8,273,225
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Media
–
1.3%
9,253
John
Wiley
&
Sons,
Inc.,
Class
A
$
337,272
15,539
Liberty
Media
Corp.-Liberty
SiriusXM*
352,114
5,892
Nexstar
Media
Group,
Inc.
976,245
18,836
TEGNA,
Inc.
280,845
1,946,476
Metals
&
Mining
–
3.1%
7,899
Alcoa
Corp.
349,689
7,220
Carpenter
Technology
Corp.
800,481
18,757
Commercial
Metals
Co.
1,056,394
5,258
Reliance,
Inc.
1,581,501
6,277
Royal
Gold,
Inc.
804,649
4,592,714
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
0.5%
61,403
Ladder
Capital
Corp.
REIT
686,486
Office
REITs
–
0.4%
21,486
Highwoods
Properties,
Inc.
REIT
557,991
Oil,
Gas
&
Consumable
Fuels
–
4.5%
5,540
Chord
Energy
Corp.
1,027,172
24,720
EQT
Corp.
1,015,745
13,620
HF
Sinclair
Corp.
752,233
38,443
Marathon
Oil
Corp.
1,113,309
51,341
Range
Resources
Corp.
1,894,996
7,036
Targa
Resources
Corp.
831,866
6,635,321
Passenger
Airlines
–
0.1%
32,643
JetBlue
Airways
Corp.*
182,474
Pharmaceuticals
–
0.6%
15,958
Catalent,
Inc.*
858,381
Professional
Services
–
3.1%
4,152
CACI
International,
Inc.,
Class
A*
1,762,441
43,661
KBR,
Inc.
2,866,781
4,629,222
Real
Estate
Management
&
Development
–
0.7%
4,799
Jones
Lang
LaSalle,
Inc.*
969,734
Residential
REITs
–
1.1%
43,668
American
Homes
4
Rent,
Class
A
REIT
1,573,795
Retail
REITs
–
2.4%
37,663
Regency
Centers
Corp.
REIT
2,312,508
90,622
SITE
Centers
Corp.
REIT
1,306,769
3,619,277
Semiconductors
&
Semiconductor
Equipment
–
2.9%
10,991
Entegris,
Inc.
1,388,713
7,540
MACOM
Technology
Solutions
Holdings,
Inc.*
762,596
9,387
MKS
Instruments,
Inc.
1,188,300
26,314
Semtech
Corp.*
1,023,351
4,362,960
Software
–
0.7%
6,467
Procore
Technologies,
Inc.*
434,130
GOLDMAN
SACHS
SMALL/MID
CAP
VALUE
FUND
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Software
–
(continued)
15,994
Tenable
Holdings,
Inc.*
$
674,787
1,108,917
Specialized
REITs
–
0.9%
32,937
CubeSmart
REIT
1,393,564
Specialty
Retail
–
1.8%
9,967
Academy
Sports
&
Outdoors,
Inc.
574,996
26,846
Foot
Locker,
Inc.
744,440
4,181
Group
1
Automotive,
Inc.
1,300,207
2,619,643
Textiles,
Apparel
&
Luxury
Goods
–
1.4%
8,450
Crocs,
Inc.*
1,315,158
10,575
Kontoor
Brands,
Inc.
775,570
2,090,728
Trading
Companies
&
Distributors
–
2.2%
16,196
Beacon
Roofing
Supply,
Inc.*
1,571,984
5,867
Boise
Cascade
Co.
805,480
14,516
Core
&
Main,
Inc.,
Class
A*
835,541
3,213,005
TOTAL
COMMON
STOCKS
(Cost
$117,747,364)
146,391,456
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.5%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
2,241,359
5.227%
2,241,359
(Cost
$2,241,359)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$119,988,723)
$
148,632,815
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
233,446
NET
ASSETS
–
100.0%
$
148,866,261
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Fundamental
Equity
Value
Funds
Schedule
of
Investments
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
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-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.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/
ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
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
Value
Funds
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
B.
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.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
Equity
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
14,507,666
$
—
$
—
North
America
359,979,989
—
—
Oceania
5,669,968
—
—
Total
$
380,157,623
$
—
$
—
€
1.00
€
1.00
€
1.00
Focused
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
1,766,841
$
—
$
—
North
America
52,154,250
—
—
Investment
Company
1,059,324
—
—
Total
$
54,980,415
$
—
$
—
€
1.00
€
1.00
€
1.00
Large
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
5,751,322
$
—
$
—
North
America
425,005,969
—
—
Investment
Company
2,780,012
—
—
Total
$
433,537,303
$
—
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Value
Funds
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
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.
€
1.00
€
1.00
€
1.00
Mid
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
11,870,775
$
—
$
—
North
America
1,175,708,272
—
—
Investment
Company
4,830,642
—
—
Total
$
1,192,409,689
$
—
$
—
€
1.00
€
1.00
€
1.00
Small
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
15,249,734
$
—
$
—
North
America
1,256,677,408
—
—
Exchange-Traded
Fund
8,780,409
—
—
Investment
Company
6,459,103
—
—
Securities
Lending
Reinvestment
Vehicle
4,018,160
—
—
Total
$
1,291,184,814
$
—
$
—
€
1.00
€
1.00
€
1.00
Small/Mid
Cap
Value
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
2,285,175
$
—
$
—
North
America
144,106,281
—
—
Investment
Company
2,241,359
—
—
Total
$
148,632,815
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Value
Funds
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Government
Money
Market
Fund,
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
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
problems
with
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
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
stocks
inordinately
even
if
earnings
showed
an
absolute
increase.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
Value
Funds
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
Focused
Value
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
REIT
Risk
—
Risks
associated
with
investments
in
the
real
estate
industry
(such
as
REITs)
include,
among
others:
possible
declines
in
the
value
of
real
estate;
risks
related
to
general
and
local
economic
conditions;
possible
lack
of
availability
of
mortgage
financing,
variations
in
rental
income,
neighborhood
values
or
the
appeal
of
property
to
tenants;
interest
rates;
overbuilding;
extended
vacancies
of
properties;
increases
in
competition,
property
taxes
and
operating
expenses;
and
changes
in
zoning
laws.
REITs
whose
underlying
properties
are
concentrated
in
a
particular
industry
or
geographic
region
are
subject
to
risks
affecting
such
industries
and
regions.
The
securities
of
REITs
involve
greater
risks
than
those
associated
with
larger,
more
established
companies
and
may
be
subject
to
more
abrupt
or
erratic
price
movements
because
of
interest
rate
changes,
economic
conditions
and
other
factors.
Securities
of
such
issuers
may
lack
sufficient
market
liquidity
to
enable
the
Fund
to
effect
sales
at
an
advantageous
time
or
without
a
substantial
drop
in
price.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)