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)