GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.6%

Aerospace

&

Defense

–

0.2%

11,782

HEICO

Corp.

$

2,843,468

Automobile

Components

–

0.2%

17,569

Lear

Corp.

2,144,121

Automobiles

–

2.4%

132,953

Tesla,

Inc.*

30,854,403

Biotechnology

–

1.8%

68,480

Natera,

Inc.*

7,011,667

99,955

Neurocrine

Biosciences,

Inc.*

14,150,630

31,670

Viking

Therapeutics,

Inc.*

1,805,190

22,967,487

Broadline

Retail

–

5.5%

380,398

Amazon.com,

Inc.*

71,126,818

Capital

Markets

–

1.4%

35,452

Ameriprise

Financial,

Inc.

15,246,842

5,695

Coinbase

Global,

Inc.,

Class

A*

1,277,730

3,137

Morningstar,

Inc.

996,468

7,051

Stifel

Financial

Corp.

625,212

18,146,252

Chemicals

–

1.1%

64,214

Ecolab,

Inc.

14,813,528

Commercial

Services

&

Supplies

–

1.2%

21,122

Cintas

Corp.

16,135,941

Construction

&

Engineering

–

1.1%

42,633

Comfort

Systems

USA,

Inc.

14,172,062

Consumer

Staples

Distribution

&

Retail

–

3.3%

35,649

Costco

Wholesale

Corp.

29,303,478

81,464

Target

Corp.

12,253,000

41,556,478

Diversified

Consumer

Services

–

0.4%

89,079

H&R

Block,

Inc.

5,161,237

Entertainment

–

1.9%

39,931

Netflix,

Inc.*

25,090,644

Financial

Services

–

1.4%

95,606

Equitable

Holdings,

Inc.

4,169,378

22,325

Fiserv,

Inc.*

3,651,700

8,958

Mastercard,

Inc.,

Class

A

4,153,914

25,373

Visa,

Inc.,

Class

A

6,740,845

18,715,837

Ground

Transportation

–

2.3%

57,779

Old

Dominion

Freight

Line,

Inc.

12,143,990

275,782

Uber

Technologies,

Inc.*

17,779,666

29,923,656

Health

Care

Equipment

&

Supplies

–

0.6%

47,455

Penumbra,

Inc.*

7,929,256

Health

Care

Providers

&

Services

–

1.2%

1,099

Chemed

Corp.

626,606

13,388

Tenet

Healthcare

Corp.*

2,004,183

57,654

Universal

Health

Services,

Inc.,

Class

B

12,324,119

14,954,908

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotel

&

Resort

REITs

–

0.0%

27,348

Park

Hotels

&

Resorts,

Inc.

REIT

$

411,861

Hotels,

Restaurants

&

Leisure

–

2.3%

17,962

Airbnb,

Inc.,

Class

A*

2,506,777

362,629

Carnival

Corp.*

6,041,399

31,131

Cava

Group,

Inc.*

2,621,853

43,527

Texas

Roadhouse,

Inc.

7,600,249

30,593

Wingstop,

Inc.

11,438,111

30,208,389

Insurance

–

1.7%

15,211

Kinsale

Capital

Group,

Inc.

6,952,492

72,639

Progressive

Corp.

(The)

15,553,462

22,505,954

Interactive

Media

&

Services

–

12.6%

217,645

Alphabet,

Inc.,

Class

A

37,334,823

369,228

Alphabet,

Inc.,

Class

C

63,931,828

128,867

Meta

Platforms,

Inc.,

Class

A

61,189,918

11,793

Pinterest,

Inc.,

Class

A*

376,786

162,833,355

IT

Services

–

1.4%

7,197

Cloudflare,

Inc.,

Class

A*

557,767

33,645

Gartner,

Inc.*

16,862,538

17,420,305

Leisure

Products

–

0.4%

75,107

Hasbro,

Inc.

4,841,397

Life

Sciences

Tools

&

Services

–

1.6%

48,196

IQVIA

Holdings,

Inc.*

11,867,301

22,626

Medpace

Holdings,

Inc.*

8,654,898

20,522,199

Machinery

–

1.2%

62,790

Illinois

Tool

Works,

Inc.

15,526,711

Media

–

0.5%

73,160

Trade

Desk,

Inc.

(The),

Class

A*

6,575,621

Personal

Care

Products

–

0.6%

42,344

elf

Beauty,

Inc.*

7,307,728

Pharmaceuticals

–

3.2%

30,824

Eli

Lilly

&

Co.

24,790,818

57,276

Johnson &

Johnson

9,041,017

60,420

Merck &

Co.,

Inc.

6,835,315

3,558

Zoetis,

Inc.

640,582

41,307,732

Residential

REITs

–

0.3%

15,670

AvalonBay

Communities,

Inc.

REIT

3,211,096

Semiconductors

&

Semiconductor

Equipment

–

14.6%

236,483

Broadcom,

Inc.

37,998,089

11,340

KLA

Corp.

9,333,614

1,101,364

NVIDIA

Corp.

128,881,615

74,137

QUALCOMM,

Inc.

13,415,090

189,628,408

Software

–

16.7%

9,203

Adobe,

Inc.*

5,076,835

48,843

Confluent,

Inc.,

Class

A*

1,222,052

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

29,827

Crowdstrike

Holdings,

Inc.,

Class

A*

$

6,918,671

45,662

Datadog,

Inc.,

Class

A*

5,316,883

29,393

HubSpot,

Inc.*

14,609,203

11,354

Manhattan

Associates,

Inc.*

2,899,584

392,659

Microsoft

Corp.

164,268,893

98,737

Nutanix,

Inc.,

Class

A*

4,987,206

20,863

Oracle

Corp.

2,909,345

2,847

Pegasystems,

Inc.

198,493

4,590

ServiceNow,

Inc.*

3,738,050

12,634

Smartsheet,

Inc.,

Class

A*

605,927

18,757

Zscaler,

Inc.*

3,364,068

216,115,210

Specialty

Retail

–

1.4%

25,454

Burlington

Stores,

Inc.*

6,626,185

84,130

Ross

Stores,

Inc.

12,049,940

18,676,125

Technology

Hardware,

Storage

&

Peripherals

–

13.1%

766,406

Apple,

Inc.

170,203,444

TOTAL

COMMON

STOCKS

(Cost

$712,631,322)

1,263,831,631

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.0%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

12,360,128

5.220%

$

12,360,128

(Cost

$12,360,128)

TOTAL

INVESTMENTS

–

98.6%

(Cost

$724,991,450)

$

1,276,191,759

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

18,652,214

NET

ASSETS

–

100.0%

$

1,294,843,973

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

70

09/20/24

$

19,453,000

$

290,255

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Aerospace

&

Defense

–

3.5%

17,329

General

Dynamics

Corp.

$

5,176,346

5,715

Howmet

Aerospace,

Inc.

546,925

10,280

Northrop

Grumman

Corp.

4,978,810

6,658

Textron,

Inc.

618,528

12,693

Woodward,

Inc.

1,979,981

13,300,590

Air

Freight

&

Logistics

–

1.3%

38,632

United

Parcel

Service,

Inc.,

Class

B

5,036,454

Automobile

Components

–

1.3%

8,473

Aptiv

PLC*

587,941

11,767

BorgWarner,

Inc.

415,493

32,746

Lear

Corp.

3,996,322

4,999,756

Automobiles

–

0.2%

80,610

Ford

Motor

Co.

872,200

Banks

–

3.7%

25,793

Bank

of

America

Corp.

1,039,716

10,925

Cullen/Frost

Bankers,

Inc.

1,278,881

1,089

First

Citizens

BancShares,

Inc.,

Class

A

2,273,494

94,104

Huntington

Bancshares,

Inc.

1,406,855

27,070

JPMorgan

Chase &

Co.

5,760,496

10,363

Prosperity

Bancshares,

Inc.

751,525

33,148

US

Bancorp

1,487,682

13,998,649

Beverages

–

0.1%

1,189

Boston

Beer

Co.,

Inc.

(The),

Class

A*

333,170

Biotechnology

–

3.1%

13,952

Biogen,

Inc.*

2,974,566

75,039

Gilead

Sciences,

Inc.

5,707,466

952

Moderna,

Inc.*

113,498

2,688

Regeneron

Pharmaceuticals,

Inc.*

2,900,863

11,696,393

Building

Products

–

0.5%

25,945

Carrier

Global

Corp.

1,767,114

Capital

Markets

–

6.1%

36,470

Bank

of

New

York

Mellon

Corp.

(The)

2,373,103

24,984

CME

Group,

Inc.

4,839,650

1,322

Coinbase

Global,

Inc.,

Class

A*

296,604

15,570

Franklin

Resources,

Inc.

356,086

49,956

Morgan

Stanley

5,155,959

13,201

Raymond

James

Financial,

Inc.

1,531,316

96,489

Robinhood

Markets,

Inc.,

Class

A*

1,984,779

54,154

State

Street

Corp.

4,601,465

26,058

Stifel

Financial

Corp.

2,310,563

23,449,525

Chemicals

–

3.6%

22,850

Axalta

Coating

Systems

Ltd.*

814,602

30,225

Corteva,

Inc.

1,695,623

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Chemicals

–

(continued)

2,386

International

Flavors

&

Fragrances,

Inc.

$

237,359

14,050

Linde

PLC

6,371,675

2,323

NewMarket

Corp.

1,302,901

26,828

RPM

International,

Inc.

3,258,529

13,680,689

Commercial

Services

&

Supplies

–

0.7%

10,736

Clean

Harbors,

Inc.*

2,563,005

Communications

Equipment

–

0.2%

18,829

Cisco

Systems,

Inc.

912,265

Construction

&

Engineering

–

0.4%

4,900

AECOM

443,989

8,830

MasTec,

Inc.*

971,565

1,415,554

Consumer

Finance

–

2.5%

8,732

Ally

Financial,

Inc.

393,027

11,328

American

Express

Co.

2,866,437

18,388

Capital

One

Financial

Corp.

2,783,943

1,745

Discover

Financial

Services

251,263

66,138

Synchrony

Financial

3,359,149

9,653,819

Consumer

Staples

Distribution

&

Retail

–

1.7%

20,479

Maplebear,

Inc.*

706,321

33,578

Target

Corp.

5,050,467

13,700

Walmart,

Inc.

940,368

6,697,156

Containers

&

Packaging

–

1.0%

8,163

Ball

Corp.

521,045

15,775

Packaging

Corp.

of

America

3,152,949

3,673,994

Diversified

Consumer

Services

–

1.0%

5,808

Bright

Horizons

Family

Solutions,

Inc.*

698,412

12,426

H&R

Block,

Inc.

719,962

30,057

Service

Corp.

International

2,401,855

3,820,229

Electric

Utilities

–

2.3%

25,229

Eversource

Energy

1,637,614

136,375

PG&E

Corp.

2,488,844

78,634

Xcel

Energy,

Inc.

4,582,790

8,709,248

Electrical

Equipment

–

3.2%

27,048

AMETEK,

Inc.

4,692,287

18,114

Eaton

Corp.

PLC

5,520,966

26,634

nVent

Electric

PLC

1,934,427

12,147,680

Electronic

Equipment,

Instruments

&

Components

–

0.6%

9,507

Corning,

Inc.

380,375

15,628

Jabil,

Inc.

1,760,807

2,141,182

Energy

Equipment

&

Services

–

0.6%

54,564

NOV,

Inc.

1,136,022

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

Equipment

&

Services

–

(continued)

36,559

TechnipFMC

PLC

(United

Kingdom)

$

1,078,491

2,214,513

Entertainment

–

1.0%

5,907

Netflix,

Inc.*

3,711,663

Financial

Services

–

6.2%

10,663

Affirm

Holdings,

Inc.*

301,656

38,311

Berkshire

Hathaway,

Inc.,

Class

B*

16,799,373

13,200

Euronet

Worldwide,

Inc.*

1,346,268

32,554

Fiserv,

Inc.*

5,324,858

23,772,155

Food

Products

–

0.7%

67,313

Darling

Ingredients,

Inc.*

2,674,345

Gas

Utilities

–

1.2%

35,608

Atmos

Energy

Corp.

4,553,551

Ground

Transportation

–

0.8%

996

JB

Hunt

Transport

Services,

Inc.

172,457

15,864

Landstar

System,

Inc.

3,018,126

3,190,583

Health

Care

Equipment

&

Supplies

–

0.4%

7,805

Teleflex,

Inc.

1,724,281

Health

Care

Providers

&

Services

–

6.4%

7,217

Elevance

Health,

Inc.

3,839,661

16,713

Encompass

Health

Corp.

1,553,306

6,480

HCA

Healthcare,

Inc.

2,352,564

30,983

Quest

Diagnostics,

Inc.

4,408,881

20,673

Tenet

Healthcare

Corp.*

3,094,748

8,156

UnitedHealth

Group,

Inc.

4,699,161

20,382

Universal

Health

Services,

Inc.,

Class

B

4,356,856

24,305,177

Health

Care

REITs

–

1.2%

11,150

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,307,783

43,298

Healthpeak

Properties,

Inc.

REIT

944,762

64,611

Omega

Healthcare

Investors,

Inc.

REIT

2,351,840

4,604,385

Hotel

&

Resort

REITs

–

0.7%

28,204

Host

Hotels

&

Resorts,

Inc.

REIT

493,852

157,229

Park

Hotels

&

Resorts,

Inc.

REIT

2,367,869

2,861,721

Hotels,

Restaurants

&

Leisure

–

1.7%

18,210

Boyd

Gaming

Corp.

1,108,443

222,645

Carnival

Corp.*

3,709,266

10,526

MGM

Resorts

International*

452,302

12,855

Wynn

Resorts

Ltd.

1,064,651

6,334,662

Household

Durables

–

1.7%

28,584

D.R.

Horton,

Inc.

5,143,119

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Household

Durables

–

(continued)

8,760

Toll

Brothers,

Inc.

$

1,250,140

6,393,259

Household

Products

–

2.2%

52,362

Procter &

Gamble

Co.

(The)

8,417,715

Industrial

REITs

–

1.4%

75,982

First

Industrial

Realty

Trust,

Inc.

REIT

4,157,735

25,630

Rexford

Industrial

Realty,

Inc.

REIT

1,284,319

5,442,054

Insurance

–

2.9%

3,927

Allstate

Corp.

(The)

671,988

3,560

First

American

Financial

Corp.

215,665

11,954

MetLife,

Inc.

918,665

7,896

Principal

Financial

Group,

Inc.

643,603

7,012

Progressive

Corp.

(The)

1,501,409

22,563

Travelers

Cos.,

Inc.

(The)

4,883,536

18,183

Unum

Group

1,046,068

20,370

W

R

Berkley

Corp.

1,122,998

11,003,932

Interactive

Media

&

Services

–

0.4%

8,416

Alphabet,

Inc.,

Class

A

1,443,681

556

Meta

Platforms,

Inc.,

Class

A

264,005

1,707,686

IT

Services

–

1.6%

9,132

International

Business

Machines

Corp.

1,754,622

23,649

VeriSign,

Inc.*

4,422,600

6,177,222

Life

Sciences

Tools

&

Services

–

1.6%

19,812

IQVIA

Holdings,

Inc.*

4,878,309

3,491

Medpace

Holdings,

Inc.*

1,335,377

6,213,686

Machinery

–

5.0%

18,542

Illinois

Tool

Works,

Inc.

4,585,066

7,573

Otis

Worldwide

Corp.

715,648

43,434

PACCAR,

Inc.

4,285,198

9,641

Parker-Hannifin

Corp.

5,410,144

25,552

Westinghouse

Air

Brake

Technologies

Corp.

4,117,705

19,113,761

Media

–

0.4%

5,076

Liberty

Broadband

Corp.,

Class

C*

342,072

111,699

Paramount

Global,

Class

B

(a)

1,275,602

1,617,674

Metals

&

Mining

–

0.4%

10,091

Royal

Gold,

Inc.

1,393,769

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.2%

45,489

Starwood

Property

Trust,

Inc.

REIT

907,506

Multi-Utilities

–

0.5%

4,628

CMS

Energy

Corp.

299,895

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Multi-Utilities

–

(continued)

18,220

WEC

Energy

Group,

Inc.

$

1,568,013

1,867,908

Office

REITs

–

0.1%

7,174

Cousins

Properties,

Inc.

REIT

197,357

Oil,

Gas

&

Consumable

Fuels

–

5.6%

38,010

Antero

Midstream

Corp.

545,824

6,378

Chevron

Corp.

1,023,478

22,658

Chord

Energy

Corp.

3,889,472

53,857

ConocoPhillips

5,988,898

88,349

Devon

Energy

Corp.

4,155,054

38,260

Exxon

Mobil

Corp.

4,537,253

6,237

Marathon

Petroleum

Corp.

1,104,074

21,244,053

Pharmaceuticals

–

5.3%

68,830

Bristol-Myers

Squibb

Co.

3,273,555

64,087

Johnson &

Johnson

10,116,133

225,849

Pfizer,

Inc.

6,897,428

20,287,116

Professional

Services

–

0.9%

15,609

FTI

Consulting,

Inc.*

3,402,294

Residential

REITs

–

3.1%

21,066

AvalonBay

Communities,

Inc.

REIT

4,316,845

38,877

Camden

Property

Trust

REIT

4,305,628

38,739

Equity

Residential

REIT

2,697,397

3,985

Mid-America

Apartment

Communities,

Inc.

REIT

556,983

11,876,853

Semiconductors

&

Semiconductor

Equipment

–

1.1%

136

KLA

Corp.

111,938

1,749

MACOM

Technology

Solutions

Holdings,

Inc.*

176,509

2,232

ON

Semiconductor

Corp.*

174,654

17,850

Texas

Instruments,

Inc.

3,638,008

4,101,109

Software

–

1.6%

3,024

Crowdstrike

Holdings,

Inc.,

Class

A*

701,447

153

HubSpot,

Inc.*

76,046

5,068

Microsoft

Corp.

2,120,198

112

MicroStrategy,

Inc.,

Class

A*

180,817

28,554

Nutanix,

Inc.,

Class

A*

1,442,262

11,558

Oracle

Corp.

1,611,763

6,132,533

Specialized

REITs

–

0.4%

9,185

Extra

Space

Storage,

Inc.

REIT

1,466,110

Specialty

Retail

–

2.2%

27,855

CarMax,

Inc.*

2,352,076

10,367

Lowe’s

Cos.,

Inc.

2,545,202

25,767

Ross

Stores,

Inc.

3,690,608

8,587,886

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

1.0%

17,796

Apple,

Inc.

$

3,952,136

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

13,213

Ralph

Lauren

Corp.

2,320,071

Tobacco

–

0.7%

24,396

Philip

Morris

International,

Inc.

2,809,443

Trading

Companies

&

Distributors

–

0.2%

4,201

Ferguson

PLC

935,353

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$330,558,739)

378,384,194

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

1,089,050

5.220%

1,089,050

(Cost

$1,089,050)

TOTAL

INVESTMENTS

–

99.3%

(Cost

$331,647,789)

$

379,473,244

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.7%

2,707,221

NET

ASSETS

–

100.0%

$

382,180,465

  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

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

0.2%

14,245

AerSale

Corp.*

$

96,011

17,090

Kratos

Defense &

Security

Solutions,

Inc.*

385,209

4,847

Park

Aerospace

Corp.

64,998

105,203

Rocket

Lab

USA,

Inc.*

551,264

1,097,482

Automobile

Components

–

1.9%

92,250

American

Axle &

Manufacturing

Holdings,

Inc.*

685,418

4,133

Cooper-Standard

Holdings,

Inc.*

61,086

5,975

Fox

Factory

Holding

Corp.*

319,005

231,269

Goodyear

Tire

&

Rubber

Co.

(The)*

2,705,847

44,929

Holley,

Inc.*

177,020

28,860

Modine

Manufacturing

Co.*

3,395,668

19,368

Phinia,

Inc.

865,749

46,002

Solid

Power,

Inc.*

86,484

4,358

Stoneridge,

Inc.*

73,258

871

Visteon

Corp.*

100,635

8,470,170

Banks

–

10.4%

27,475

Amalgamated

Financial

Corp.

873,980

32,907

Ameris

Bancorp

2,003,707

18,643

Axos

Financial,

Inc.*

1,361,125

15,297

BancFirst

Corp.

1,643,357

33,673

Bancorp,

Inc.

(The)*

1,745,608

37,053

BankUnited,

Inc.

1,427,282

8,894

Banner

Corp.

526,703

2,103

Business

First

Bancshares,

Inc.

53,458

16,061

Byline

Bancorp,

Inc.

450,511

43,997

Cadence

Bank

1,446,181

6,775

Capital

City

Bank

Group,

Inc.

240,513

125,500

Capitol

Federal

Financial,

Inc.

793,160

3,202

Civista

Bancshares,

Inc.

57,476

1,262

Community

Financial

System,

Inc.

77,840

6,122

Community

Trust

Bancorp,

Inc.

310,508

89,851

CVB

Financial

Corp.

1,712,560

1,451

Equity

Bancshares,

Inc.,

Class

A

58,766

6,945

First

Bancorp,

Inc.

(The)

195,502

61,156

First

BanCorp.

(Puerto

Rico)

1,311,796

3,367

First

Bancshares,

Inc.

(The)

112,188

49,867

First

Commonwealth

Financial

Corp.

901,595

25,568

First

Financial

Bankshares,

Inc.

983,345

4,722

First

Internet

Bancorp

174,997

37,860

Hancock

Whitney

Corp.

2,072,078

69,320

Hanmi

Financial

Corp.

1,414,128

64,299

Heritage

Financial

Corp.

1,489,808

3,612

Home

Bancorp,

Inc.

159,362

10,786

Home

BancShares,

Inc.

305,567

2,460

HomeTrust

Bancshares,

Inc.

87,256

6,512

Hope

Bancorp,

Inc.

85,698

14,336

Independent

Bank

Corp.

919,654

6,333

Independent

Bank

Corp.

219,692

28,002

International

Bancshares

Corp.

1,888,455

19,992

Kearny

Financial

Corp.

143,942

6,385

Metrocity

Bankshares,

Inc.

201,830

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

36,276

National

Bank

Holdings

Corp.,

Class

A

$

1,519,239

18,159

Northeast

Community

Bancorp,

Inc.

413,662

1,544

Northrim

BanCorp,

Inc.

105,610

35,121

OFG

Bancorp

(Puerto

Rico)

1,595,196

27,595

Old

Second

Bancorp,

Inc.

466,907

7,872

Park

National

Corp.

1,393,029

22,687

PCB

Bancorp

437,179

16,351

Preferred

Bank

1,407,167

15,581

Provident

Financial

Services,

Inc.

288,872

45,712

Renasant

Corp.

1,572,036

9,607

ServisFirst

Bancshares,

Inc.

770,866

4,536

Sierra

Bancorp

131,952

43,690

Southside

Bancshares,

Inc.

1,528,713

7,030

Stock

Yards

Bancorp,

Inc.

437,407

27,336

Texas

Capital

Bancshares,

Inc.*

1,806,910

4,325

Timberland

Bancorp,

Inc.

132,129

2,242

Tompkins

Financial

Corp.

141,111

39,394

TrustCo

Bank

Corp.

1,402,820

11,715

UMB

Financial

Corp.

1,195,164

11,190

Veritex

Holdings,

Inc.

280,533

33,371

WesBanco,

Inc.

1,063,867

9,270

Westamerica

BanCorp

500,209

46,040,206

Beverages

–

0.4%

80,745

Primo

Water

Corp.

1,770,738

Biotechnology

–

8.5%

55,666

89bio,

Inc.*

509,901

99,153

ACADIA

Pharmaceuticals,

Inc.*

1,885,890

47,118

Akebia

Therapeutics,

Inc.*

65,023

22,824

Akero

Therapeutics,

Inc.*

610,085

14,675

Allogene

Therapeutics,

Inc.*

43,144

43,978

Altimmune,

Inc.*

(a)

279,700

36,404

Amicus

Therapeutics,

Inc.*

375,325

19,497

Annexon,

Inc.*

124,976

2,609

Apogee

Therapeutics,

Inc.*

127,058

10,489

Arcturus

Therapeutics

Holdings,

Inc.*

246,072

2,694

Arcus

Biosciences,

Inc.*

44,209

105,726

Ardelyx,

Inc.*

586,779

1,930

Arrowhead

Pharmaceuticals,

Inc.*

55,121

182,626

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

1,073,841

20,490

Beam

Therapeutics,

Inc.*

648,304

61,975

BioCryst

Pharmaceuticals,

Inc.*

451,178

8,595

Biomea

Fusion,

Inc.*

(a)

47,874

25,135

Blueprint

Medicines

Corp.*

2,722,120

8,730

Bridgebio

Pharma,

Inc.*

226,543

24,511

C4

Therapeutics,

Inc.*

164,224

3,374

Cabaletta

Bio,

Inc.*

23,955

26,167

Caribou

Biosciences,

Inc.*

60,707

28,671

Catalyst

Pharmaceuticals,

Inc.*

494,288

29,418

Celldex

Therapeutics,

Inc.*

1,121,120

1,526

CG

oncology,

Inc.*

50,892

6,497

Cogent

Biosciences,

Inc.*

61,267

27,594

Coherus

Biosciences,

Inc.*

42,495

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

12,243

Day

One

Biopharmaceuticals,

Inc.*

$

175,197

57,134

Denali

Therapeutics,

Inc.*

1,392,356

62,052

Design

Therapeutics,

Inc.*

316,465

8,981

Dyne

Therapeutics,

Inc.*

385,375

63,807

Editas

Medicine,

Inc.*

345,196

45,602

Generation

Bio

Co.*

152,311

45,165

Heron

Therapeutics,

Inc.*

134,140

19,441

Ideaya

Biosciences,

Inc.*

836,935

4,765

Immunovant,

Inc.*

138,519

14,840

Insmed,

Inc.*

1,079,610

35,685

Intellia

Therapeutics,

Inc.*

935,304

68,774

iTeos

Therapeutics,

Inc.*

1,209,735

4,188

Janux

Therapeutics,

Inc.*

170,033

4,995

Keros

Therapeutics,

Inc.*

250,549

2,851

Kiniksa

Pharmaceuticals

International

PLC*

75,837

20,144

Kodiak

Sciences,

Inc.*

58,619

3,617

Krystal

Biotech,

Inc.*

754,000

13,406

Kura

Oncology,

Inc.*

278,979

23,526

Larimar

Therapeutics,

Inc.*

197,383

2,681

Lexeo

Therapeutics,

Inc.*

33,647

106,541

MannKind

Corp.*

613,676

10,714

MeiraGTx

Holdings

PLC*

56,034

7,815

Nkarta,

Inc.*

50,250

8,754

Novavax,

Inc.*

112,139

12,038

Nurix

Therapeutics,

Inc.*

263,391

18,716

Nuvalent,

Inc.,

Class

A*

1,496,157

7,698

ORIC

Pharmaceuticals,

Inc.*

86,218

83,968

Poseida

Therapeutics,

Inc.*

296,407

4,853

Praxis

Precision

Medicines,

Inc.*

280,067

19,399

Protagonist

Therapeutics,

Inc.*

726,299

16,227

Prothena

Corp.

PLC

(Ireland)*

377,765

69,874

PTC

Therapeutics,

Inc.*

2,365,235

62,544

RAPT

Therapeutics,

Inc.*

196,388

7,624

Recursion

Pharmaceuticals,

Inc.,

Class

A*

62,517

115,633

Relay

Therapeutics,

Inc.*

950,503

26,726

REVOLUTION

Medicines,

Inc.*

1,219,775

1,250

Rhythm

Pharmaceuticals,

Inc.*

60,262

35,826

Rocket

Pharmaceuticals,

Inc.*

866,989

17,448

Sage

Therapeutics,

Inc.*

191,056

9,798

Solid

Biosciences,

Inc.*

87,398

6,821

SpringWorks

Therapeutics,

Inc.*

244,942

179,954

Sutro

Biopharma,

Inc.*

714,417

143,130

Taysha

Gene

Therapies,

Inc.*

316,317

30,363

Tenaya

Therapeutics,

Inc.*

106,270

92,924

TG

Therapeutics,

Inc.*

1,836,178

11,771

Twist

Bioscience

Corp.*

656,939

8,062

Tyra

Biosciences,

Inc.*

178,654

16,261

Vera

Therapeutics,

Inc.*

594,990

4,669

Veracyte,

Inc.*

112,056

120,343

Verve

Therapeutics,

Inc.*

842,401

22,707

Vir

Biotechnology,

Inc.*

230,703

11,309

Xencor,

Inc.*

230,930

37,485,604

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Broadline

Retail

–

0.2%

75,236

Savers

Value

Village,

Inc.*

$

766,655

Capital

Markets

–

1.9%

8,102

Brightsphere

Investment

Group,

Inc.

212,191

15,063

Moelis

&

Co.,

Class

A

1,024,284

68,923

Open

Lending

Corp.*

434,215

34,252

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

445,619

12,669

Piper

Sandler

Cos.

3,462,184

6,821

PJT

Partners,

Inc.,

Class

A

906,784

16,864

StoneX

Group,

Inc.*

1,405,446

1,660

Virtus

Investment

Partners,

Inc.

375,160

8,265,883

Chemicals

–

2.3%

94,254

Arcadium

Lithium

PLC

(Jersey)*

299,728

33,422

Aspen

Aerogels,

Inc.*

682,143

1,003

Hawkins,

Inc.

104,212

35,626

HB

Fuller

Co.

3,070,961

11,340

Ingevity

Corp.*

520,392

22,892

Innospec,

Inc.

3,002,057

11,707

Minerals

Technologies,

Inc.

917,595

59,494

Orion

SA

(Germany)

1,464,742

10,061,830

Commercial

Services

&

Supplies

–

2.6%

33,285

ABM

Industries,

Inc.

1,849,315

66,432

CECO

Environmental

Corp.*

1,939,814

1,256

Cimpress

PLC

(Ireland)*

114,635

34,032

Deluxe

Corp.

829,700

50,339

Ennis,

Inc.

1,200,082

75,526

Enviri

Corp.*

892,717

153,327

Healthcare

Services

Group,

Inc.*

1,752,528

11,570

Montrose

Environmental

Group,

Inc.*

368,967

12,467

UniFirst

Corp.

2,425,330

10,271

Viad

Corp.*

341,511

11,714,599

Communications

Equipment

–

0.9%

233,882

Infinera

Corp.*

1,389,259

110,584

NetScout

Systems,

Inc.*

2,250,385

19,955

Viavi

Solutions,

Inc.*

160,438

3,800,082

Construction

&

Engineering

–

2.9%

3,186

Construction

Partners,

Inc.,

Class

A*

205,975

11,912

Dycom

Industries,

Inc.*

2,185,971

45,022

Fluor

Corp.*

2,165,558

38,731

Great

Lakes

Dredge

&

Dock

Corp.*

365,233

11,042

IES

Holdings,

Inc.*

1,700,137

19,987

Limbach

Holdings,

Inc.*

1,273,572

13,510

Matrix

Service

Co.*

136,721

40,451

Primoris

Services

Corp.

2,284,268

24,696

Sterling

Infrastructure,

Inc.*

2,873,627

13,191,062

Construction

Materials

–

0.7%

34,455

Knife

River

Corp.*

2,739,862

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

Materials

–

(continued)

4,330

Summit

Materials,

Inc.,

Class

A*

$

180,907

3,045

United

States

Lime

&

Minerals,

Inc.

258,977

3,179,746

Consumer

Finance

–

1.5%

32,501

Encore

Capital

Group,

Inc.*

1,642,926

20,754

Enova

International,

Inc.*

1,794,598

50,261

Green

Dot

Corp.,

Class

A*

480,495

5,636

Moneylion,

Inc.*

388,433

47,635

Navient

Corp.

781,690

3,220

PRA

Group,

Inc.*

85,813

2,926

PROG

Holdings,

Inc.

131,846

16,245

Regional

Management

Corp.

531,211

20,233

Upstart

Holdings,

Inc.*

565,108

2,285

World

Acceptance

Corp.*

279,044

6,681,164

Consumer

Staples

Distribution

&

Retail

–

0.2%

3,383

Sprouts

Farmers

Market,

Inc.*

337,928

5,108

Weis

Markets,

Inc.

385,398

723,326

Diversified

Consumer

Services

–

1.2%

146,469

Coursera,

Inc.*

1,362,162

14,056

European

Wax

Center,

Inc.,

Class

A*

131,986

25,181

Frontdoor,

Inc.*

993,642

191

Graham

Holdings

Co.,

Class

B

147,996

29,699

OneSpaWorld

Holdings

Ltd.

(Bahamas)*

477,857

19,680

Strategic

Education,

Inc.

2,074,272

5,187,915

Diversified

REITs

–

0.3%

40,508

American

Assets

Trust,

Inc.

REIT

1,074,272

56,917

Armada

Hoffler

Properties,

Inc.

REIT

676,174

1,750,446

Diversified

Telecommunication

Services

–

0.7%

7,569

AST

SpaceMobile,

Inc.*

(a)

156,527

24,240

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

254,035

865,360

Lumen

Technologies,

Inc.*

2,725,884

3,136,446

Electrical

Equipment

–

2.2%

6,846

American

Superconductor

Corp.*

165,399

45,087

Array

Technologies,

Inc.*

474,315

7,512

Atkore,

Inc.

1,014,120

31,323

Bloom

Energy

Corp.,

Class

A*

(a)

424,113

32,515

Enovix

Corp.*

(a)

468,541

47,042

Fluence

Energy,

Inc.*

770,548

171,354

FuelCell

Energy,

Inc.*

(a)

86,774

52,334

GrafTech

International

Ltd.*

40,198

15,128

NEXTracker,

Inc.,

Class

A*

743,390

13,108

NuScale

Power

Corp.*

(a)

133,964

22,575

Plug

Power,

Inc.*

55,760

3,817

Powell

Industries,

Inc.

700,916

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

235,735

Shoals

Technologies

Group,

Inc.,

Class

A*

$

1,532,277

28,602

Sunrun,

Inc.*

501,393

58,381

Thermon

Group

Holdings,

Inc.*

1,915,481

29,779

TPI

Composites,

Inc.*

(a)

126,859

15,932

Vicor

Corp.*

670,896

9,824,944

Electronic

Equipment,

Instruments

&

Components

–

3.9%

15,936

Badger

Meter,

Inc.

3,285,366

4,541

Bel

Fuse,

Inc.,

Class

B

337,260

9,060

Belden,

Inc.

839,771

8,894

Benchmark

Electronics,

Inc.

425,756

15,783

Fabrinet

(Thailand)*

3,481,098

25,850

Itron,

Inc.*

2,673,924

136,271

Knowles

Corp.*

2,489,671

5,043

Napco

Security

Technologies,

Inc.

281,450

27,224

nLight,

Inc.*

328,594

8,359

Ouster,

Inc.*

109,754

23,224

Sanmina

Corp.*

1,749,464

20,277

TTM

Technologies,

Inc.*

392,968

26,982

Vishay

Precision

Group,

Inc.*

925,213

17,320,289

Energy

Equipment

&

Services

–

1.7%

21,388

Archrock,

Inc.

443,373

6,751

Borr

Drilling

Ltd.

(Mexico)*

46,244

40,635

ChampionX

Corp.

1,392,155

29,846

Dril-Quip,

Inc.*

516,933

4,199

Nabors

Industries

Ltd.*

431,783

2,306

Noble

Corp.

PLC

108,889

17,293

Oceaneering

International,

Inc.*

519,136

24,086

Patterson-UTI

Energy,

Inc.

264,705

21,680

SEACOR

Marine

Holdings,

Inc.*

300,485

5,750

Seadrill

Ltd.

(Norway)*

316,308

27,246

Tidewater,

Inc.*

2,696,264

103,201

Transocean

Ltd.*

597,534

7,633,809

Entertainment

–

0.8%

29,429

AMC

Entertainment

Holdings,

Inc.,

Class

A*

(a)

156,268

7,478

Cinemark

Holdings,

Inc.*

176,331

164,651

Eventbrite,

Inc.,

Class

A*

805,143

57,761

Madison

Square

Garden

Entertainment

Corp.*

2,280,982

3,418,724

Financial

Services

–

2.6%

4,852

Alerus

Financial

Corp.

108,927

89,611

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

2,897,124

47,801

Flywire

Corp.*

875,236

50,696

I3

Verticals,

Inc.,

Class

A*

1,242,559

17,995

International

Money

Express,

Inc.*

399,669

54,915

Marqeta,

Inc.,

Class

A*

295,992

10,410

Merchants

Bancorp

468,450

15,343

Mr

Cooper

Group,

Inc.*

1,379,029

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

14,394

NCR

Atleos

Corp.*

$

462,767

23,221

NMI

Holdings,

Inc.,

Class

A*

913,746

83,715

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

1,069,878

221,460

Payoneer

Global,

Inc.*

1,224,674

13,982

Remitly

Global,

Inc.*

184,702

10,460

Repay

Holdings

Corp.*

100,625

11,623,378

Food

Products

–

0.4%

3,537

Dole

PLC

52,525

46,067

Hain

Celestial

Group,

Inc.

(The)*

356,559

5,805

Lancaster

Colony

Corp.

1,120,713

26,399

WK

Kellogg

Co.

464,622

1,994,419

Ground

Transportation

–

0.2%

3,464

ArcBest

Corp.

436,637

9,511

Heartland

Express,

Inc.

123,358

7,814

Marten

Transport

Ltd.

146,981

706,976

Health

Care

Equipment

&

Supplies

–

1.7%

56,635

AtriCure,

Inc.*

1,221,617

16,457

CONMED

Corp.

1,136,191

9,145

CVRx,

Inc.*

78,190

74,144

Embecta

Corp.

1,161,836

7,681

Haemonetics

Corp.*

691,674

8,567

Inari

Medical,

Inc.*

398,880

7,397

Inmode

Ltd.*

134,034

9,753

iRadimed

Corp.

455,563

10,828

Lantheus

Holdings,

Inc.*

1,135,099

1,325

LeMaitre

Vascular,

Inc.

115,129

8,865

Novocure

Ltd.*

201,856

16,434

Pulmonx

Corp.*

113,559

2,019

RxSight,

Inc.*

92,410

1,548

UFP

Technologies,

Inc.*

497,821

7,433,859

Health

Care

Providers

&

Services

–

4.2%

3,120

Addus

HomeCare

Corp.*

378,643

77,879

agilon

health,

Inc.*

536,586

27,558

Alignment

Healthcare,

Inc.*

240,857

135,809

Brookdale

Senior

Living,

Inc.*

1,049,804

192,999

Community

Health

Systems,

Inc.*

1,015,175

18,206

DocGo,

Inc.*

66,088

71,987

Enhabit,

Inc.*

737,147

23,526

Ensign

Group,

Inc.

(The)

3,311,285

40,363

Guardant

Health,

Inc.*

1,417,952

4,584

HealthEquity,

Inc.*

359,752

80,181

Hims

&

Hers

Health,

Inc.*

1,703,044

64,778

Joint

Corp.

(The)*

934,099

118,577

LifeStance

Health

Group,

Inc.*

653,359

19,937

ModivCare,

Inc.*

454,962

12,485

Option

Care

Health,

Inc.*

370,680

62,744

Pediatrix

Medical

Group,

Inc.*

523,285

62,133

Pennant

Group,

Inc.

(The)*

1,852,185

36,666

Select

Medical

Holdings

Corp.

1,457,840

2,102

Surgery

Partners,

Inc.*

63,817

8,973

US

Physical

Therapy,

Inc.

874,867

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

92,694

Viemed

Healthcare,

Inc.*

$

668,324

18,669,751

Health

Care

REITs

–

0.2%

12,488

LTC

Properties,

Inc.

REIT

445,946

6,990

Universal

Health

Realty

Income

Trust

REIT

298,822

744,768

Health

Care

Technology

–

0.3%

29,186

Evolent

Health,

Inc.,

Class

A*

680,618

30,187

Health

Catalyst,

Inc.*

222,478

81,604

LifeMD,

Inc.*

581,836

1,484,932

Hotel

&

Resort

REITs

–

1.2%

182,012

Chatham

Lodging

Trust

REIT

1,599,885

225,878

RLJ

Lodging

Trust

REIT

2,132,288

149,950

Service

Properties

Trust

REIT

850,217

31,294

Summit

Hotel

Properties,

Inc.

REIT

198,404

23,013

Sunstone

Hotel

Investors,

Inc.

REIT

238,415

39,849

Xenia

Hotels

&

Resorts,

Inc.

REIT

553,104

5,572,313

Hotels,

Restaurants

&

Leisure

–

3.0%

39,527

BJ's

Restaurants,

Inc.*

1,248,263

45,242

Cheesecake

Factory,

Inc.

(The)

1,759,461

17,463

Cracker

Barrel

Old

Country

Store,

Inc.

(a)

800,329

162,210

Denny’s

Corp.*

1,193,866

2,183

Everi

Holdings,

Inc.*

28,095

20,363

Jack

in

the

Box,

Inc.

1,210,377

88,845

Life

Time

Group

Holdings,

Inc.*

1,845,311

8,033

PlayAGS,

Inc.*

91,978

68,307

Portillo's,

Inc.,

Class

A*

707,661

23,846

RCI

Hospitality

Holdings,

Inc.

1,179,900

182,738

Rush

Street

Interactive,

Inc.*

1,829,207

7,912

Shake

Shack,

Inc.,

Class

A*

693,249

9,320

Sweetgreen,

Inc.,

Class

A*

256,114

8,393

United

Parks

&

Resorts,

Inc.*

441,891

4,035

Xponential

Fitness,

Inc.,

Class

A*

69,281

13,354,983

Household

Durables

–

2.0%

12,734

Cricut,

Inc.,

Class

A

79,078

117,177

GoPro,

Inc.,

Class

A*

178,109

21,206

Green

Brick

Partners,

Inc.*

1,551,219

7,178

Installed

Building

Products,

Inc.

1,940,572

11,520

LGI

Homes,

Inc.*

1,325,607

21,775

M/I

Homes,

Inc.*

3,632,723

8,707,308

Household

Products

–

0.5%

49,183

Energizer

Holdings,

Inc.

1,514,345

2,043

WD-40

Co.

534,469

2,048,814

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Independent

Power

and

Renewable

Electricity

Producers

–

0.2%

11,469

Ormat

Technologies,

Inc.

$

890,453

Industrial

REITs

–

0.7%

282,834

LXP

Industrial

Trust

REIT

2,913,190

Insurance

–

2.9%

15,126

Ambac

Financial

Group,

Inc.*

199,512

4,619

American

Coastal

Insurance

Corp.*

56,398

24,146

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

1,056,146

53,997

CNO

Financial

Group,

Inc.

1,882,336

295,745

Genworth

Financial,

Inc.,

Class

A*

2,002,194

5,852

Goosehead

Insurance,

Inc.,

Class

A*

528,377

124,702

James

River

Group

Holdings

Ltd.

1,077,425

34,808

Mercury

General

Corp.

2,083,955

21,540

Palomar

Holdings,

Inc.*

1,981,895

5,673

Selective

Insurance

Group,

Inc.

512,385

65,191

Universal

Insurance

Holdings,

Inc.

1,291,434

12,672,057

Interactive

Media

&

Services

–

0.7%

18,029

Cargurus,

Inc.*

447,480

4,949

EverQuote,

Inc.,

Class

A*

129,120

185,537

fuboTV,

Inc.*

270,884

2,036

MediaAlpha,

Inc.,

Class

A*

29,868

44,436

QuinStreet,

Inc.*

830,953

4,654

Shutterstock,

Inc.

205,800

271,798

Vimeo,

Inc.*

1,092,628

31,888

ZipRecruiter,

Inc.,

Class

A*

292,094

3,298,827

IT

Services

–

0.3%

27,055

Fastly,

Inc.,

Class

A*

219,146

21,855

Hackett

Group,

Inc.

(The)

596,204

66,232

Thoughtworks

Holding,

Inc.*

230,487

1,045,837

Leisure

Products

–

0.7%

69,559

Funko,

Inc.,

Class

A*

694,894

32,866

Malibu

Boats,

Inc.,

Class

A*

1,250,222

159,502

Peloton

Interactive,

Inc.,

Class

A*

567,827

13,045

Smith

&

Wesson

Brands,

Inc.

215,895

2,728,838

Life

Sciences

Tools

&

Services

–

0.6%

107,315

Adaptive

Biotechnologies

Corp.*

488,283

7,427

BioLife

Solutions,

Inc.*

178,397

36,413

Codexis,

Inc.*

130,359

95,907

Cytek

Biosciences,

Inc.*

643,536

122,491

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

1,191,837

95,854

Pacific

Biosciences

of

California,

Inc.*

(a)

197,459

2,538

Quanterix

Corp.*

37,461

2,867,332

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

4.5%

6,937

Chart

Industries,

Inc.*

$

1,117,412

56,831

Douglas

Dynamics,

Inc.

1,642,984

11,175

ESCO

Technologies,

Inc.

1,374,078

35,679

Federal

Signal

Corp.

3,566,830

6,456

Franklin

Electric

Co.,

Inc.

688,339

9,961

Gorman-Rupp

Co.

(The)

411,489

1,747

Graham

Corp.*

57,249

9,545

Helios

Technologies,

Inc.

438,593

35,897

Hillman

Solutions

Corp.*

364,355

1,431

John

Bean

Technologies

Corp.

140,782

9,234

Kennametal,

Inc.

241,377

5,238

Mayville

Engineering

Co.,

Inc.*

100,098

19,210

Miller

Industries,

Inc.

1,305,127

19,195

Mueller

Industries,

Inc.

1,361,693

154,554

Mueller

Water

Products,

Inc.,

Class

A

3,196,177

6,785

Omega

Flex,

Inc.

356,755

1,771

Proto

Labs,

Inc.*

61,666

21,944

SPX

Technologies,

Inc.*

3,237,618

17,276

Wabash

National

Corp.

371,261

20,033,883

Marine

Transportation

–

0.7%

54,567

Costamare,

Inc.

(Monaco)

808,683

11,247

Matson,

Inc.

1,492,590

19,656

Pangaea

Logistics

Solutions

Ltd.

142,703

119,422

Safe

Bulkers,

Inc.

(Monaco)

604,275

3,048,251

Media

–

1.1%

20,049

Entravision

Communications

Corp.,

Class

A

43,907

154,643

EW

Scripps

Co.

(The),

Class

A*

581,458

218,322

Gray

Television,

Inc.

1,403,811

8,210

John

Wiley

&

Sons,

Inc.,

Class

A

392,028

26,822

Magnite,

Inc.*

389,992

60,891

PubMatic,

Inc.,

Class

A*

1,337,166

12,447

TechTarget,

Inc.*

398,304

22,059

Thryv

Holdings,

Inc.*

429,709

23,507

WideOpenWest,

Inc.*

128,113

5,104,488

Metals

&

Mining

–

1.5%

26,649

Carpenter

Technology

Corp.

3,887,290

25,052

Coeur

Mining,

Inc.*

162,587

354,768

Hecla

Mining

Co.

2,050,559

3,813

Materion

Corp.

459,200

6,559,636

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.1%

181,369

Arbor

Realty

Trust,

Inc.

REIT

2,448,481

59,567

BrightSpire

Capital,

Inc.

REIT

341,319

12,688

Chimera

Investment

Corp.

REIT

185,372

71,421

Invesco

Mortgage

Capital,

Inc.

REIT

648,503

69,133

PennyMac

Mortgage

Investment

Trust

REIT

951,961

35,286

TPG

RE

Finance

Trust,

Inc.

REIT

308,400

4,884,036

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Multi-Utilities

–

1.2%

61,691

Avista

Corp.

$

2,417,053

50,372

Black

Hills

Corp.

2,974,467

5,391,520

Office

REITs

–

0.0%

16,389

Brandywine

Realty

Trust

REIT

82,601

Oil,

Gas

&

Consumable

Fuels

–

2.6%

8,736

Ardmore

Shipping

Corp.

(Ireland)

189,396

75,818

Berry

Corp.

520,111

61,956

Dorian

LPG

Ltd.

2,531,522

41,424

Excelerate

Energy,

Inc.,

Class

A

833,865

14,298

Kinetik

Holdings,

Inc.

593,081

80,618

Kosmos

Energy

Ltd.

(Ghana)*

445,818

453,745

Nordic

American

Tankers

Ltd.

1,692,469

12,841

PBF

Energy,

Inc.,

Class

A

523,271

19,944

Scorpio

Tankers,

Inc.

(Monaco)

1,529,306

5,416

Sitio

Royalties

Corp.,

Class

A

131,880

151,935

Teekay

Corp.

(Bermuda)*

1,317,276

15,991

Teekay

Tankers

Ltd.,

Class

A

(Canada)

1,046,451

11,354,446

Paper

&

Forest

Products

–

0.3%

19,128

Sylvamo

Corp.

1,409,925

Passenger

Airlines

–

0.0%

34,020

Joby

Aviation,

Inc.*

(a)

203,440

Pharmaceuticals

–

0.7%

2,206

ANI

Pharmaceuticals,

Inc.*

144,978

2,360

Axsome

Therapeutics,

Inc.*

206,052

8,352

Edgewise

Therapeutics,

Inc.*

142,235

7,212

Fulcrum

Therapeutics,

Inc.*

66,927

484

Ligand

Pharmaceuticals,

Inc.*

52,751

30,696

Phathom

Pharmaceuticals,

Inc.*

(a)

362,827

50,955

Phibro

Animal

Health

Corp.,

Class

A

962,030

33,761

Supernus

Pharmaceuticals,

Inc.*

1,006,753

31,778

Theravance

Biopharma,

Inc.*

321,276

3,265,829

Professional

Services

–

1.2%

133,050

Conduent,

Inc.*

542,844

54,329

ExlService

Holdings,

Inc.*

1,915,641

10,598

Exponent,

Inc.

1,124,236

28,626

Franklin

Covey

Co.*

1,251,242

2,664

NV5

Global,

Inc.*

274,765

66,775

Planet

Labs

PBC*

169,608

1,433

Willdan

Group,

Inc.*

48,550

5,326,886

Real

Estate

Management

&

Development

–

0.5%

60,805

Compass,

Inc.,

Class

A*

266,934

39,890

Forestar

Group,

Inc.*

1,261,721

50,794

Newmark

Group,

Inc.,

Class

A

659,306

2,135

St

Joe

Co.

(The)

131,687

2,319,648

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Residential

REITs

–

1.2%

47,452

Apartment

Investment

and

Management

Co.,

Class

A

REIT*

$

420,425

4,320

Centerspace

REIT

301,666

61,867

NexPoint

Residential

Trust,

Inc.

REIT

2,702,969

94,931

UMH

Properties,

Inc.

REIT

1,685,975

5,111,035

Retail

REITs

–

0.5%

3,642

Alexander's,

Inc.

REIT

882,457

21,063

Kite

Realty

Group

Trust

REIT

519,414

17,484

Macerich

Co.

(The)

REIT

279,919

10,005

Tanger,

Inc.

REIT

289,144

1,970,934

Semiconductors

&

Semiconductor

Equipment

–

1.8%

9,264

Ambarella,

Inc.*

487,657

19,856

Axcelis

Technologies,

Inc.*

2,508,806

2,955

Cohu,

Inc.*

94,530

4,188

Credo

Technology

Group

Holding

Ltd.*

116,217

29,084

FormFactor,

Inc.*

1,557,739

3,114

Ichor

Holdings

Ltd.*

105,876

711

Impinj,

Inc.*

113,255

7,786

MaxLinear,

Inc.*

110,094

39,462

PDF

Solutions,

Inc.*

1,384,722

25,105

Photronics,

Inc.*

637,918

2,958

Power

Integrations,

Inc.

216,052

4,446

SiTime

Corp.*

631,110

7,963,976

Software

–

5.8%

11,505

A10

Networks,

Inc.

150,601

76,743

ACI

Worldwide,

Inc.*

3,317,600

11,588

Agilysys,

Inc.*

1,298,899

40,016

Alarm.com

Holdings,

Inc.*

2,823,129

50,732

Alkami

Technology,

Inc.*

1,660,458

17,131

Altair

Engineering,

Inc.,

Class

A*

1,513,695

6,753

C3.ai,

Inc.,

Class

A*

180,643

49,728

Cleanspark,

Inc.*

795,648

121,141

Clear

Secure,

Inc.,

Class

A

2,586,360

66,527

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

1,300,603

18,108

CommVault

Systems,

Inc.*

2,767,808

35,108

Consensus

Cloud

Solutions,

Inc.*

747,801

55,148

Marathon

Digital

Holdings,

Inc.*

1,084,761

22,503

Olo,

Inc.,

Class

A*

107,564

19,079

OneSpan,

Inc.*

282,369

21,490

Pagaya

Technologies

Ltd.,

Class

A*

(a)

319,771

40,215

Q2

Holdings,

Inc.*

2,713,306

7,718

Red

Violet,

Inc.*

198,816

30,039

Riot

Platforms,

Inc.*

306,098

1,009

Sapiens

International

Corp.

NV

(Israel)

39,250

4,841

SolarWinds

Corp.

57,753

77,601

Terawulf,

Inc.*

322,820

9,374

Verint

Systems,

Inc.*

338,776

9,976

Viant

Technology,

Inc.,

Class

A*

116,021

5,320

Workiva,

Inc.*

392,456

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

23,824

Xperi,

Inc.*

$

194,642

38,125

Zuora,

Inc.,

Class

A*

345,794

25,963,442

Specialized

REITs

–

0.2%

48,604

Outfront

Media,

Inc.

REIT

788,357

32,416

Uniti

Group,

Inc.

REIT

124,477

912,834

Specialty

Retail

–

3.1%

10,519

Abercrombie

&

Fitch

Co.,

Class

A*

1,551,342

124,295

American

Eagle

Outfitters,

Inc.

2,740,705

7,696

America's

Car-Mart,

Inc.*

532,948

12,716

Arko

Corp.

83,290

638

Asbury

Automotive

Group,

Inc.*

171,762

12,409

Beyond,

Inc.*

140,222

21,221

Buckle,

Inc.

(The)

916,535

23,236

EVgo,

Inc.*

(a)

89,226

51,077

Foot

Locker,

Inc.

1,484,298

218

Group

1

Automotive,

Inc.

79,727

4,799

J

Jill,

Inc.

184,521

129,625

Leslie's,

Inc.*

382,394

13,593

Revolve

Group,

Inc.*

263,024

30,287

Shoe

Carnival,

Inc.

1,286,289

13,307

Upbound

Group,

Inc.

502,073

4,050

Winmark

Corp.

1,602,342

58,799

Zumiez,

Inc.*

1,494,671

13,505,369

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

48,895

Eastman

Kodak

Co.*

284,080

6,405

IonQ,

Inc.*

(a)

52,201

336,281

Textiles,

Apparel

&

Luxury

Goods

–

0.3%

201,241

Figs,

Inc.,

Class

A*

1,308,066

Tobacco

–

0.6%

214,717

Vector

Group

Ltd.

2,744,083

Trading

Companies

&

Distributors

–

1.5%

77,189

DNOW,

Inc.*

1,185,623

6,699

DXP

Enterprises,

Inc.*

366,837

31,717

FTAI

Aviation

Ltd.

3,534,860

3,238

McGrath

RentCorp

355,629

86,933

MRC

Global,

Inc.*

1,258,790

6,701,739

Water

Utilities

–

0.1%

12,232

Consolidated

Water

Co.

Ltd.

355,462

Wireless

Telecommunication

Services

–

0.2%

6,163

Gogo,

Inc.*

55,960

5,236

Spok

Holdings,

Inc.

80,268

37,951

Telephone

and

Data

Systems,

Inc.

804,561

940,789

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$364,492,736)

437,077,754

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

3,675,005

5.220%

$

3,675,005

(Cost

$3,675,005)

TOTAL

INVESTMENTS

–

99.4%

(Cost

$368,167,741)

$

440,752,759

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.6%

2,519,460

NET

ASSETS

–

100.0%

$

443,272,219

  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

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.9%

Aerospace

&

Defense

–

0.7%

2,891

AeroVironment,

Inc.*

$

516,159

7,680

Archer

Aviation,

Inc.,

Class

A*

(a)

32,026

2,740

Redwire

Corp.*

19,399

62,613

Rocket

Lab

USA,

Inc.*

328,092

895,676

Automobile

Components

–

1.6%

6,106

Dorman

Products,

Inc.*

618,965

24,256

Goodyear

Tire

&

Rubber

Co.

(The)*

283,795

9,659

Modine

Manufacturing

Co.*

1,136,478

389

XPEL,

Inc.*

15,899

2,055,137

Banks

–

1.3%

1,187

BancFirst

Corp.

127,519

11,919

Bancorp,

Inc.

(The)*

617,881

12,421

First

Financial

Bankshares,

Inc.

477,712

341

International

Bancshares

Corp.

22,997

5,556

Live

Oak

Bancshares,

Inc.

250,798

2,188

Stock

Yards

Bancorp,

Inc.

136,137

1,633,044

Beverages

–

0.0%

1,048

National

Beverage

Corp.

51,132

Biotechnology

–

12.8%

19,695

89bio,

Inc.*

180,406

40,037

ACADIA

Pharmaceuticals,

Inc.*

761,504

6,505

Actinium

Pharmaceuticals,

Inc.*

45,015

7,492

Akero

Therapeutics,

Inc.*

200,261

2,078

Altimmune,

Inc.*

(a)

13,216

18,078

ALX

Oncology

Holdings,

Inc.*

86,774

21,661

Amicus

Therapeutics,

Inc.*

223,325

871

AnaptysBio,

Inc.*

30,346

4,255

Apogee

Therapeutics,

Inc.*

207,219

4,948

Arcturus

Therapeutics

Holdings,

Inc.*

116,080

2,409

Arcus

Biosciences,

Inc.*

39,532

49,091

Ardelyx,

Inc.*

272,455

4,065

Arrowhead

Pharmaceuticals,

Inc.*

116,096

86,938

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

511,195

26,275

BioCryst

Pharmaceuticals,

Inc.*

191,282

5,048

Biomea

Fusion,

Inc.*

(a)

28,117

4,770

Black

Diamond

Therapeutics,

Inc.*

29,049

10,764

Blueprint

Medicines

Corp.*

1,165,741

2,403

Bridgebio

Pharma,

Inc.*

62,358

2,299

Cabaletta

Bio,

Inc.*

16,323

4,451

Capricor

Therapeutics,

Inc.*

(a)

18,071

31,760

Catalyst

Pharmaceuticals,

Inc.*

547,542

12,391

Celldex

Therapeutics,

Inc.*

472,221

1,663

CG

oncology,

Inc.*

55,461

7,958

Coherus

Biosciences,

Inc.*

12,255

5,535

Crinetics

Pharmaceuticals,

Inc.*

294,019

10,043

Day

One

Biopharmaceuticals,

Inc.*

143,715

28,382

Denali

Therapeutics,

Inc.*

691,669

11,757

Design

Therapeutics,

Inc.*

59,961

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

8,725

Dyne

Therapeutics,

Inc.*

$

374,390

2,479

G1

Therapeutics,

Inc.*

10,635

14,970

Ideaya

Biosciences,

Inc.*

644,458

6,949

Immunovant,

Inc.*

202,007

9,638

Insmed,

Inc.*

701,165

848

iTeos

Therapeutics,

Inc.*

14,916

3,108

Janux

Therapeutics,

Inc.*

126,185

5,081

Keros

Therapeutics,

Inc.*

254,863

3,640

Kiniksa

Pharmaceuticals

International

PLC*

96,824

2,799

Krystal

Biotech,

Inc.*

583,480

1,011

Kymera

Therapeutics,

Inc.*

46,708

20,211

Larimar

Therapeutics,

Inc.*

169,570

7,323

Lexeo

Therapeutics,

Inc.*

91,904

1,110

Madrigal

Pharmaceuticals,

Inc.*

315,973

37,296

MannKind

Corp.*

214,825

4,733

MeiraGTx

Holdings

PLC*

24,754

6,979

Novavax,

Inc.*

89,401

3,489

Nurix

Therapeutics,

Inc.*

76,339

7,572

Nuvalent,

Inc.,

Class

A*

605,306

2,108

PepGen,

Inc.*

24,094

3,341

Praxis

Precision

Medicines,

Inc.*

192,809

11,610

Precigen,

Inc.*

17,647

5,444

ProKidney

Corp.*

12,739

9,214

Protagonist

Therapeutics,

Inc.*

344,972

2,721

Prothena

Corp.

PLC

(Ireland)*

63,345

20,445

PTC

Therapeutics,

Inc.*

692,063

9,148

RAPT

Therapeutics,

Inc.*

28,725

12,043

Recursion

Pharmaceuticals,

Inc.,

Class

A*

98,753

12,327

Relay

Therapeutics,

Inc.*

101,328

10,777

REVOLUTION

Medicines,

Inc.*

491,862

837

Rhythm

Pharmaceuticals,

Inc.*

40,352

2,239

Rigel

Pharmaceuticals,

Inc.*

23,689

10,878

Rocket

Pharmaceuticals,

Inc.*

263,248

6,635

Sana

Biotechnology,

Inc.*

40,407

2,973

Scholar

Rock

Holding

Corp.*

26,995

7,188

SpringWorks

Therapeutics,

Inc.*

258,121

4,995

Stoke

Therapeutics,

Inc.*

74,775

17,117

Sutro

Biopharma,

Inc.*

67,954

7,623

Syndax

Pharmaceuticals,

Inc.*

173,042

73,870

Taysha

Gene

Therapies,

Inc.*

163,253

39,917

TG

Therapeutics,

Inc.*

788,760

7,528

Twist

Bioscience

Corp.*

420,138

5,907

Tyra

Biosciences,

Inc.*

130,899

4,566

Vaxcyte,

Inc.*

360,212

8,147

Vera

Therapeutics,

Inc.*

298,099

8,237

Zentalis

Pharmaceuticals,

Inc.*

32,042

16,465,234

Broadline

Retail

–

0.4%

51,517

Savers

Value

Village,

Inc.*

524,958

Building

Products

–

0.4%

1,525

CSW

Industrials,

Inc.

494,740

1,001

Tecnoglass,

Inc.

53,864

548,604

Capital

Markets

–

2.0%

2,574

B

Riley

Financial,

Inc.

(a)

49,421

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Capital

Markets

–

(continued)

2,945

Brightsphere

Investment

Group,

Inc.

$

77,130

3,855

Moelis

&

Co.,

Class

A

262,140

9,467

Open

Lending

Corp.*

59,642

20,823

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

270,907

4,273

Piper

Sandler

Cos.

1,167,725

4,394

PJT

Partners,

Inc.,

Class

A

584,138

2,656

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

47,091

2,518,194

Chemicals

–

2.7%

2,710

Aspen

Aerogels,

Inc.*

55,311

4,921

Hawkins,

Inc.

511,292

11,089

HB

Fuller

Co.

955,872

8,122

Ingevity

Corp.*

372,719

7,144

Innospec,

Inc.

936,864

26,505

Orion

SA

(Germany)

652,553

3,484,611

Commercial

Services

&

Supplies

–

1.5%

1,439

ACV

Auctions,

Inc.,

Class

A*

24,578

24,771

CECO

Environmental

Corp.*

723,313

64,272

Healthcare

Services

Group,

Inc.*

734,629

8,456

Montrose

Environmental

Group,

Inc.*

269,662

4,040

Viad

Corp.*

134,330

1,886,512

Communications

Equipment

–

0.6%

2,495

Harmonic,

Inc.*

36,577

105,008

Infinera

Corp.*

623,747

19,243

Viavi

Solutions,

Inc.*

154,714

815,038

Construction

&

Engineering

–

3.5%

2,701

Construction

Partners,

Inc.,

Class

A*

174,620

4,544

Dycom

Industries,

Inc.*

833,869

22,169

Fluor

Corp.*

1,066,329

4,827

IES

Holdings,

Inc.*

743,213

10,493

Limbach

Holdings,

Inc.*

668,614

8,546

Sterling

Infrastructure,

Inc.*

994,413

4,481,058

Construction

Materials

–

0.7%

852

Knife

River

Corp.*

67,751

9,665

United

States

Lime

&

Minerals,

Inc.

822,008

889,759

Consumer

Finance

–

0.5%

381

Encore

Capital

Group,

Inc.*

19,260

3,121

Moneylion,

Inc.*

215,099

9,745

Upstart

Holdings,

Inc.*

272,178

812

World

Acceptance

Corp.*

99,161

605,698

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

Distribution

&

Retail

–

0.7%

8,599

Sprouts

Farmers

Market,

Inc.*

$

858,954

Diversified

Consumer

Services

–

1.8%

64,832

Coursera,

Inc.*

602,938

4,099

European

Wax

Center,

Inc.,

Class

A*

38,490

18,167

Frontdoor,

Inc.*

716,870

15,786

Laureate

Education,

Inc.

244,683

40,861

OneSpaWorld

Holdings

Ltd.

(Bahamas)*

657,453

491

Stride,

Inc.*

37,306

2,297,740

Diversified

REITs

–

0.0%

4,019

NexPoint

Diversified

Real

Estate

Trust

REIT

25,440

Electrical

Equipment

–

3.1%

6,969

Allient,

Inc.

201,683

6,242

American

Superconductor

Corp.*

150,807

3,222

Array

Technologies,

Inc.*

33,895

4,989

Atkore,

Inc.

673,515

18,094

Bloom

Energy

Corp.,

Class

A*

(a)

244,993

1,157

EnerSys

127,189

21,694

Enovix

Corp.*

(a)

312,611

17,647

Fluence

Energy,

Inc.*

289,058

1,599

LSI

Industries,

Inc.

27,279

12,477

NEXTracker,

Inc.,

Class

A*

613,120

10,819

NuScale

Power

Corp.*

(a)

110,570

3,625

Powell

Industries,

Inc.

665,659

69,821

Shoals

Technologies

Group,

Inc.,

Class

A*

453,836

2,703

Thermon

Group

Holdings,

Inc.*

88,685

3,992,900

Electronic

Equipment,

Instruments

&

Components

–

3.4%

6,581

Badger

Meter,

Inc.

1,356,739

5,081

Belden,

Inc.

470,958

6,612

Fabrinet

(Thailand)*

1,458,343

6,771

Itron,

Inc.*

700,392

8,418

Knowles

Corp.*

153,797

4,218

Napco

Security

Technologies,

Inc.

235,406

309

OSI

Systems,

Inc.*

45,726

4,421,361

Energy

Equipment

&

Services

–

1.7%

12,223

Borr

Drilling

Ltd.

(Mexico)*

83,728

22,390

ChampionX

Corp.

767,081

1,191

Noble

Corp.

PLC

56,239

12,772

Oceaneering

International,

Inc.*

383,415

9,436

Tidewater,

Inc.*

933,787

2,224,250

Entertainment

–

0.5%

4,328

Eventbrite,

Inc.,

Class

A*

21,164

17,471

Madison

Square

Garden

Entertainment

Corp.*

689,930

711,094

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

2.4%

12,803

AvidXchange

Holdings,

Inc.*

$

114,459

14,215

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

459,571

23,417

Flywire

Corp.*

428,765

12,239

I3

Verticals,

Inc.,

Class

A*

299,978

13,284

International

Money

Express,

Inc.*

295,038

13,217

NCR

Atleos

Corp.*

424,927

14,656

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

187,304

101,541

Payoneer

Global,

Inc.*

561,522

14,976

Paysign,

Inc.*

79,822

1,143

PennyMac

Financial

Services,

Inc.

112,151

9,263

Remitly

Global,

Inc.*

122,364

3,085,901

Food

Products

–

0.9%

5,064

Lancaster

Colony

Corp.

977,656

13,640

WK

Kellogg

Co.

240,064

1,217,720

Ground

Transportation

–

0.6%

4,205

ArcBest

Corp.

530,040

9,534

Heartland

Express,

Inc.

123,656

3,268

PAM

Transportation

Services,

Inc.*

66,635

720,331

Health

Care

Equipment

&

Supplies

–

3.9%

24,902

AtriCure,

Inc.*

537,136

65,595

Cerus

Corp.*

148,245

6,933

CONMED

Corp.

478,654

3,603

CVRx,

Inc.*

30,806

1,707

Embecta

Corp.

26,749

492

Glaukos

Corp.*

57,648

7,963

Haemonetics

Corp.*

717,068

8,114

Inari

Medical,

Inc.*

377,788

7,693

iRadimed

Corp.

359,340

6,968

Lantheus

Holdings,

Inc.*

730,455

2,916

LeMaitre

Vascular,

Inc.

253,371

5,754

Novocure

Ltd.*

131,018

3,466

PROCEPT

BioRobotics

Corp.*

219,467

8,848

Pulmonx

Corp.*

61,140

3,187

RxSight,

Inc.*

145,869

2,766

Tandem

Diabetes

Care,

Inc.*

102,287

371

TransMedics

Group,

Inc.*

52,778

2,076

UFP

Technologies,

Inc.*

667,621

5,097,440

Health

Care

Providers

&

Services

–

4.8%

42,755

agilon

health,

Inc.*

294,582

28,776

Community

Health

Systems,

Inc.*

151,362

130

CorVel

Corp.*

39,884

4,424

Enhabit,

Inc.*

45,302

9,938

Ensign

Group,

Inc.

(The)

1,398,774

19,631

Guardant

Health,

Inc.*

689,637

5,453

HealthEquity,

Inc.*

427,951

33,003

Hims

&

Hers

Health,

Inc.*

700,984

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

8,713

InfuSystem

Holdings,

Inc.*

$

60,120

17,584

Joint

Corp.

(The)*

253,561

6,792

LifeStance

Health

Group,

Inc.*

37,424

2,017

ModivCare,

Inc.*

46,028

2,102

National

Research

Corp.

53,580

20,888

Pennant

Group,

Inc.

(The)*

622,671

1,184

RadNet,

Inc.*

70,744

12,795

Select

Medical

Holdings

Corp.

508,729

5,461

US

Physical

Therapy,

Inc.

532,447

38,281

Viemed

Healthcare,

Inc.*

276,006

6,209,786

Health

Care

REITs

–

0.0%

1,170

Universal

Health

Realty

Income

Trust

REIT

50,017

Health

Care

Technology

–

0.8%

26,707

Evolent

Health,

Inc.,

Class

A*

622,807

48,930

LifeMD,

Inc.*

348,871

971,678

Hotel

&

Resort

REITs

–

0.9%

35,688

Chatham

Lodging

Trust

REIT

313,698

53,113

RLJ

Lodging

Trust

REIT

501,387

4,379

Ryman

Hospitality

Properties,

Inc.

REIT

440,133

1,255,218

Hotels,

Restaurants

&

Leisure

–

4.4%

8,614

BJ's

Restaurants,

Inc.*

272,030

4,988

Brinker

International,

Inc.*

333,248

20,064

Cheesecake

Factory,

Inc.

(The)

780,289

4,730

Dave

&

Buster's

Entertainment,

Inc.*

177,895

47,197

Denny’s

Corp.*

347,370

5,062

Hilton

Grand

Vacations,

Inc.*

218,729

11,147

Jack

in

the

Box,

Inc.

662,578

13,637

Life

Time

Group

Holdings,

Inc.*

283,241

440

Nathan's

Famous,

Inc.

33,022

14,875

ONE

Group

Hospitality,

Inc.

(The)*

75,416

17,071

PlayAGS,

Inc.*

195,463

11,903

Portillo's,

Inc.,

Class

A*

123,315

7,717

Potbelly

Corp.*

56,334

7,497

RCI

Hospitality

Holdings,

Inc.

370,952

76,968

Rush

Street

Interactive,

Inc.*

770,450

4,026

Shake

Shack,

Inc.,

Class

A*

352,758

25,080

Super

Group

SGHC

Ltd.

(Guernsey)

96,056

4,748

Sweetgreen,

Inc.,

Class

A*

130,475

5,620

United

Parks

&

Resorts,

Inc.*

295,893

1,059

Xponential

Fitness,

Inc.,

Class

A*

18,183

5,593,697

Household

Durables

–

1.6%

4,716

Installed

Building

Products,

Inc.

1,274,971

4,322

M/I

Homes,

Inc.*

721,039

1,996,010

Household

Products

–

0.8%

24,513

Energizer

Holdings,

Inc.

754,755

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Household

Products

–

(continued)

1,072

WD-40

Co.

$

280,446

1,035,201

Insurance

–

2.1%

21,090

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

922,477

3,359

Goosehead

Insurance,

Inc.,

Class

A*

303,284

450

HCI

Group,

Inc.

42,417

4,741

James

River

Group

Holdings

Ltd.

40,962

751

Lemonade,

Inc.*

13,540

1,041

Mercury

General

Corp.

62,325

7,106

Palomar

Holdings,

Inc.*

653,823

5,504

Selective

Insurance

Group,

Inc.

497,121

7,423

Universal

Insurance

Holdings,

Inc.

147,050

2,682,999

Interactive

Media

&

Services

–

1.2%

21,515

Cargurus,

Inc.*

534,002

2,650

EverQuote,

Inc.,

Class

A*

69,138

42,130

fuboTV,

Inc.*

61,510

12,639

Grindr,

Inc.

(Singapore)*

146,992

34,595

QuinStreet,

Inc.*

646,927

8,284

Vimeo,

Inc.*

33,302

3,202

ZipRecruiter,

Inc.,

Class

A*

29,330

1,521,201

IT

Services

–

0.7%

5,471

Core

Scientific,

Inc.*

53,342

8,911

DigitalOcean

Holdings,

Inc.*

295,221

15,846

Fastly,

Inc.,

Class

A*

128,353

14,501

Hackett

Group,

Inc.

(The)

395,587

872,503

Leisure

Products

–

0.1%

1,374

Marine

Products

Corp.

14,550

42,630

Peloton

Interactive,

Inc.,

Class

A*

151,763

166,313

Life

Sciences

Tools

&

Services

–

0.8%

28,541

Adaptive

Biotechnologies

Corp.*

129,862

7,307

BioLife

Solutions,

Inc.*

175,514

12,178

ChromaDex

Corp.*

36,412

18,218

Codexis,

Inc.*

65,221

30,430

Cytek

Biosciences,

Inc.*

204,185

4,697

Harvard

Bioscience,

Inc.*

15,030

46,463

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

452,085

1,078,309

Machinery

–

5.6%

4,979

Blue

Bird

Corp.*

259,505

4,786

Chart

Industries,

Inc.*

770,929

15,501

Douglas

Dynamics,

Inc.

448,134

2,428

ESCO

Technologies,

Inc.

298,547

13,231

Federal

Signal

Corp.

1,322,703

7,286

Franklin

Electric

Co.,

Inc.

776,833

11,076

Gorman-Rupp

Co.

(The)

457,550

6,463

Graham

Corp.*

211,793

377

Miller

Industries,

Inc.

25,613

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

1,580

Mueller

Industries,

Inc.

$

112,085

53,209

Mueller

Water

Products,

Inc.,

Class

A

1,100,362

5,175

Omega

Flex,

Inc.

272,101

6,781

SPX

Technologies,

Inc.*

1,000,469

290

Standex

International

Corp.

54,172

3,761

Wabash

National

Corp.

80,824

7,191,620

Media

–

1.0%

39,358

Entravision

Communications

Corp.,

Class

A

86,194

32,760

EW

Scripps

Co.

(The),

Class

A*

123,178

36,716

Gray

Television,

Inc.

236,084

26,463

PubMatic,

Inc.,

Class

A*

581,127

6,129

TechTarget,

Inc.*

196,128

3,917

Thryv

Holdings,

Inc.*

76,303

1,299,014

Metals

&

Mining

–

0.9%

4,259

Carpenter

Technology

Corp.

621,260

25,856

Hecla

Mining

Co.

149,448

229

Kaiser

Aluminum

Corp.

18,020

2,533

Materion

Corp.

305,049

1,093,777

Oil,

Gas

&

Consumable

Fuels

–

0.8%

15,103

Dorian

LPG

Ltd.

617,109

17,227

Excelerate

Energy,

Inc.,

Class

A

346,779

15,364

Kosmos

Energy

Ltd.

(Ghana)*

84,963

1,038

Sable

Offshore

Corp.*

(a)

17,459

1,066,310

Passenger

Airlines

–

0.1%

29,589

Joby

Aviation,

Inc.*

(a)

176,942

Pharmaceuticals

–

1.0%

5,631

Amphastar

Pharmaceuticals,

Inc.*

245,061

1,032

ANI

Pharmaceuticals,

Inc.*

67,823

7,956

Arvinas,

Inc.*

218,870

2,271

Axsome

Therapeutics,

Inc.*

198,281

3,444

Collegium

Pharmaceutical,

Inc.*

132,835

10,874

CorMedix,

Inc.*

49,803

4,078

Edgewise

Therapeutics,

Inc.*

69,448

796

Longboard

Pharmaceuticals,

Inc.*

26,459

9,750

Supernus

Pharmaceuticals,

Inc.*

290,745

1,299,325

Professional

Services

–

2.0%

8,382

CBIZ,

Inc.*

581,711

21,349

ExlService

Holdings,

Inc.*

752,766

7,049

Exponent,

Inc.

747,758

8,548

Franklin

Covey

Co.*

373,633

481

Huron

Consulting

Group,

Inc.*

52,915

382

Innodata,

Inc.*

7,392

2,516,175

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

Management

&

Development

–

0.2%

4,262

St

Joe

Co.

(The)

$

262,880

Residential

REITs

–

0.5%

13,389

NexPoint

Residential

Trust,

Inc.

REIT

584,965

Retail

REITs

–

0.6%

2,972

Alexander's,

Inc.

REIT

720,116

1,762

Tanger,

Inc.

REIT

50,922

771,038

Semiconductors

&

Semiconductor

Equipment

–

3.3%

882

Ambarella,

Inc.*

46,428

7,500

Axcelis

Technologies,

Inc.*

947,625

9,417

Credo

Technology

Group

Holding

Ltd.*

261,322

3,120

Everspin

Technologies,

Inc.*

19,375

16,695

FormFactor,

Inc.*

894,184

1,631

Impinj,

Inc.*

259,802

6,861

MaxLinear,

Inc.*

97,015

177

NVE

Corp.

15,806

20,247

PDF

Solutions,

Inc.*

710,467

4,396

Power

Integrations,

Inc.

321,084

11,633

Semtech

Corp.*

368,999

2,548

SiTime

Corp.*

361,689

4,303,796

Software

–

10.4%

15,692

A10

Networks,

Inc.

205,408

26,537

ACI

Worldwide,

Inc.*

1,147,195

6,714

Agilysys,

Inc.*

752,572

13,992

Alarm.com

Holdings,

Inc.*

987,136

23,658

Alkami

Technology,

Inc.*

774,326

9,663

Altair

Engineering,

Inc.,

Class

A*

853,823

2,386

BlackLine,

Inc.*

113,383

5,876

C3.ai,

Inc.,

Class

A*

157,183

24,459

Cleanspark,

Inc.*

391,344

39,395

Clear

Secure,

Inc.,

Class

A

841,083

35,762

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

699,147

5,328

CommVault

Systems,

Inc.*

814,385

14,645

Consensus

Cloud

Solutions,

Inc.*

311,939

21,886

Freshworks,

Inc.,

Class

A*

273,575

23,823

Marathon

Digital

Holdings,

Inc.*

468,598

11,136

OneSpan,

Inc.*

164,813

15,991

Porch

Group,

Inc.*

32,782

15,063

Q2

Holdings,

Inc.*

1,016,301

11,635

Red

Violet,

Inc.*

299,717

10,246

Sapiens

International

Corp.

NV

(Israel)

398,569

15,681

SoundHound

AI,

Inc.,

Class

A*

(a)

79,816

1,612

SPS

Commerce,

Inc.*

347,257

11,929

Tenable

Holdings,

Inc.*

547,780

27,570

Terawulf,

Inc.*

114,691

9,549

Varonis

Systems,

Inc.*

526,436

13,234

Viant

Technology,

Inc.,

Class

A*

153,911

8,458

Workiva,

Inc.*

623,947

28,560

Zuora,

Inc.,

Class

A*

259,039

13,356,156

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

2.6%

8,194

Abercrombie

&

Fitch

Co.,

Class

A*

$

1,208,451

39,757

American

Eagle

Outfitters,

Inc.

876,642

929

Boot

Barn

Holdings,

Inc.*

124,003

12,392

Buckle,

Inc.

(The)

535,211

1,787

J

Jill,

Inc.

68,710

15,358

Leslie's,

Inc.*

45,306

1,768

Revolve

Group,

Inc.*

34,211

9,373

Upbound

Group,

Inc.

353,643

4,057

Zumiez,

Inc.*

103,129

3,349,306

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

10,714

IonQ,

Inc.*

(a)

87,319

Textiles,

Apparel

&

Luxury

Goods

–

0.3%

30,118

Figs,

Inc.,

Class

A*

195,767

939

Kontoor

Brands,

Inc.

65,871

261,638

Tobacco

–

0.1%

10,064

Vector

Group

Ltd.

128,618

Trading

Companies

&

Distributors

–

2.4%

740

Applied

Industrial

Technologies,

Inc.

161,461

16,846

FTAI

Aviation

Ltd.

1,877,487

1,223

Herc

Holdings,

Inc.

190,592

5,926

McGrath

RentCorp

(a)

650,852

11,991

MRC

Global,

Inc.*

173,630

3,054,022

Water

Utilities

–

0.1%

7,443

Global

Water

Resources,

Inc.

96,238

TOTAL

COMMON

STOCKS

(Cost

$106,154,815)

125,839,857

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

981,084

5.220%

981,084

(Cost

$981,084)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$107,135,899)

126,820,941

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

920,420

5.220%

$

920,420

(Cost

$920,420)

TOTAL

INVESTMENTS

–

99.4%

(Cost

$108,056,319)

$

127,741,361

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.6%

713,381

NET

ASSETS

–

100.0%

$

128,454,742

  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

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

Russell

2000

Index

13

09/20/24

$

1,477,450

$

158,138

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

97.3%

Aerospace

&

Defense

–

0.7%

90,706

AerSale

Corp.*

$

611,359

14,408

Astronics

Corp.*

331,816

147,166

Kratos

Defense &

Security

Solutions,

Inc.*

3,317,122

5,260

Mercury

Systems,

Inc.*

186,993

24,552

National

Presto

Industries,

Inc.

1,877,491

30,741

Triumph

Group,

Inc.*

503,845

6,828,626

Automobile

Components

–

2.1%

441,375

American

Axle &

Manufacturing

Holdings,

Inc.*

3,279,416

46,916

Cooper-Standard

Holdings,

Inc.*

693,418

89,070

Dana,

Inc.

1,132,080

2,258

Fox

Factory

Holding

Corp.*

120,555

589,408

Goodyear

Tire

&

Rubber

Co.

(The)*

6,896,074

145,441

Holley,

Inc.*

573,037

29,956

Modine

Manufacturing

Co.*

3,524,623

72,174

Phinia,

Inc.

3,226,178

83,340

Solid

Power,

Inc.*

156,679

70,297

Stoneridge,

Inc.*

1,181,693

20,783,753

Banks

–

19.6%

43,006

1st

Source

Corp.

2,733,031

99,025

Amalgamated

Financial

Corp.

3,149,985

95,330

Ameris

Bancorp

5,804,644

75,117

Axos

Financial,

Inc.*

5,484,292

39,614

BancFirst

Corp.

4,255,732

27,950

Bancorp,

Inc.

(The)*

1,448,928

130,549

BankUnited,

Inc.

5,028,747

2,063

Bankwell

Financial

Group,

Inc.

58,073

64,027

Banner

Corp.

3,791,679

65,001

BayCom

Corp.

1,565,874

19,717

Berkshire

Hills

Bancorp,

Inc.

544,189

69,203

Brookline

Bancorp,

Inc.

725,939

60,315

Business

First

Bancshares,

Inc.

1,533,207

34,906

Byline

Bancorp,

Inc.

979,113

163,632

Cadence

Bank

5,378,584

26,315

Capital

Bancorp,

Inc.

670,769

520,046

Capitol

Federal

Financial,

Inc.

3,286,691

10,475

Cathay

General

Bancorp

464,252

3,195

City

Holding

Co.

389,470

68,650

Community

Financial

System,

Inc.

4,234,332

40,873

Community

Trust

Bancorp,

Inc.

2,073,079

247,325

CVB

Financial

Corp.

4,714,014

6,821

Dime

Community

Bancshares,

Inc.

172,435

24,614

Eagle

Bancorp,

Inc.

529,693

61,396

Enterprise

Financial

Services

Corp.

3,246,007

9,717

Equity

Bancshares,

Inc.,

Class

A

393,538

20,629

Financial

Institutions,

Inc.

542,955

101,844

First

BanCorp.

(Puerto

Rico)

2,184,554

43,042

First

Bancshares,

Inc.

(The)

1,434,159

242,552

First

Commonwealth

Financial

Corp.

4,385,340

156,501

First

Financial

Bancorp

4,281,867

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

3,817

First

Financial

Corp.

$

171,612

24,256

First

of

Long

Island

Corp.

(The)

318,239

60,294

Flushing

Financial

Corp.

888,131

113,288

Fulton

Financial

Corp.

2,194,389

70,337

Glacier

Bancorp,

Inc.

3,144,767

42,507

Great

Southern

Bancorp,

Inc.

2,661,363

115,171

Hancock

Whitney

Corp.

6,303,309

168,375

Hanmi

Financial

Corp.

3,434,850

119,485

Heritage

Commerce

Corp.

1,236,670

156,705

Heritage

Financial

Corp.

3,630,855

32,768

Hilltop

Holdings,

Inc.

1,081,016

85,243

Home

BancShares,

Inc.

2,414,934

34,702

HomeTrust

Bancshares,

Inc.

1,230,880

207,645

Hope

Bancorp,

Inc.

2,732,608

29,713

Horizon

Bancorp,

Inc.

474,517

101,375

Independent

Bank

Corp.

3,516,699

77,132

Independent

Bank

Corp.

4,948,018

83,327

International

Bancshares

Corp.

5,619,573

316,944

Kearny

Financial

Corp.

2,281,997

91,658

National

Bank

Holdings

Corp.,

Class

A

3,838,637

3,393

Nicolet

Bankshares,

Inc.

341,200

29,892

Northeast

Community

Bancorp,

Inc.

680,940

17,669

Northfield

Bancorp,

Inc.

221,039

17,686

Northwest

Bancshares,

Inc.

248,311

38,258

OceanFirst

Financial

Corp.

695,148

98,342

OFG

Bancorp

(Puerto

Rico)

4,466,694

81,295

Old

National

Bancorp

1,627,526

73,311

Old

Second

Bancorp,

Inc.

1,240,422

72,336

Origin

Bancorp,

Inc.

2,485,465

18,322

Pacific

Premier

Bancorp,

Inc.

495,793

11,583

Park

National

Corp.

2,049,728

38,022

PCB

Bancorp

732,684

12,252

Peapack-Gladstone

Financial

Corp.

346,242

31,864

Preferred

Bank

2,742,216

141,258

Provident

Financial

Services,

Inc.

2,618,923

119,194

Renasant

Corp.

4,099,082

36,234

Seacoast

Banking

Corp.

of

Florida

1,008,755

16,355

ServisFirst

Bancshares,

Inc.

1,312,325

56,544

Sierra

Bancorp

1,644,865

9,849

Southern

First

Bancshares,

Inc.*

340,775

4,089

Southern

Missouri

Bancorp,

Inc.

233,891

106,049

Southside

Bancshares,

Inc.

3,710,655

25,932

SouthState

Corp.

2,566,490

17,950

Stock

Yards

Bancorp,

Inc.

1,116,849

75,365

Texas

Capital

Bancshares,

Inc.*

4,981,627

8,608

Timberland

Bancorp,

Inc.

262,974

23,873

Tompkins

Financial

Corp.

1,502,567

98,417

TrustCo

Bank

Corp.

3,504,629

56,242

UMB

Financial

Corp.

5,737,809

46,948

United

Bankshares,

Inc.

1,827,686

68,842

United

Community

Banks,

Inc.

2,130,660

16,548

Unity

Bancorp,

Inc.

572,892

62,782

Valley

National

Bancorp

527,369

148,652

Veritex

Holdings,

Inc.

3,726,706

14,526

WaFd,

Inc.

516,980

129,127

WesBanco,

Inc.

4,116,569

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

13,608

Westamerica

BanCorp

$

734,288

11,934

WSFS

Financial

Corp.

674,152

195,451,162

Beverages

–

0.5%

218,327

Primo

Water

Corp.

4,787,911

Biotechnology

–

4.4%

192,914

89bio,

Inc.*

1,767,092

43,716

ACADIA

Pharmaceuticals,

Inc.*

831,478

67,458

ACELYRIN,

Inc.*

404,748

13,992

Agios

Pharmaceuticals,

Inc.*

649,229

79,875

Akero

Therapeutics,

Inc.*

2,135,059

248,744

Allogene

Therapeutics,

Inc.*

731,307

44,526

Altimmune,

Inc.*

(a)

283,185

34,375

Annexon,

Inc.*

220,344

3,377

Apogee

Therapeutics,

Inc.*

164,460

32,805

Arcturus

Therapeutics

Holdings,

Inc.*

769,605

7,985

Arcus

Biosciences,

Inc.*

131,034

83,009

Ardelyx,

Inc.*

460,700

280,536

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

1,649,552

71,601

Beam

Therapeutics,

Inc.*

2,265,456

45,011

BioCryst

Pharmaceuticals,

Inc.*

327,680

33,688

C4

Therapeutics,

Inc.*

225,710

246,653

Caribou

Biosciences,

Inc.*

572,235

48,106

Celldex

Therapeutics,

Inc.*

1,833,320

65,492

Coherus

Biosciences,

Inc.*

100,858

104,701

Denali

Therapeutics,

Inc.*

2,551,563

69,894

Design

Therapeutics,

Inc.*

356,459

263,264

Editas

Medicine,

Inc.*

1,424,258

87,665

Erasca,

Inc.*

276,145

34,875

Fate

Therapeutics,

Inc.*

185,884

167,719

Generation

Bio

Co.*

560,182

117,449

Intellia

Therapeutics,

Inc.*

3,078,338

155,677

iTeos

Therapeutics,

Inc.*

2,738,359

4,494

Kiniksa

Pharmaceuticals

International

PLC*

119,540

147,010

Kodiak

Sciences,

Inc.*

427,799

12,284

Larimar

Therapeutics,

Inc.*

103,063

43,339

Nkarta,

Inc.*

278,670

3,563

Olema

Pharmaceuticals,

Inc.*

57,578

103,321

Poseida

Therapeutics,

Inc.*

364,723

19,626

Prothena

Corp.

PLC

(Ireland)*

456,893

27,581

PTC

Therapeutics,

Inc.*

933,617

61,874

RAPT

Therapeutics,

Inc.*

194,284

8,465

REGENXBIO,

Inc.*

120,626

441,038

Relay

Therapeutics,

Inc.*

3,625,332

16,803

REVOLUTION

Medicines,

Inc.*

766,889

92,172

Sage

Therapeutics,

Inc.*

1,009,283

13,116

Scholar

Rock

Holding

Corp.*

119,093

467,606

Sutro

Biopharma,

Inc.*

1,856,396

19,013

Tenaya

Therapeutics,

Inc.*

66,546

76,460

TG

Therapeutics,

Inc.*

1,510,850

25,594

Veracyte,

Inc.*

614,256

426,898

Verve

Therapeutics,

Inc.*

2,988,286

100,082

Vir

Biotechnology,

Inc.*

1,016,833

2,695

Xencor,

Inc.*

55,032

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

49,807

Zentalis

Pharmaceuticals,

Inc.*

$

193,749

43,573,578

Broadline

Retail

–

0.0%

10,149

Savers

Value

Village,

Inc.*

103,418

Building

Products

–

0.1%

10,113

American

Woodmark

Corp.*

1,033,043

Capital

Markets

–

0.8%

2,439

Piper

Sandler

Cos.

666,530

62,245

StoneX

Group,

Inc.*

5,187,498

8,339

Virtus

Investment

Partners,

Inc.

1,884,614

7,738,642

Chemicals

–

1.9%

559,527

Arcadium

Lithium

PLC

(Jersey)*

1,779,296

63,823

Aspen

Aerogels,

Inc.*

1,302,627

24,066

Core

Molding

Technologies,

Inc.*

444,018

13,376

Ecovyst,

Inc.*

127,607

31,217

HB

Fuller

Co.

2,690,905

35,705

Innospec,

Inc.

4,682,354

6,931

Intrepid

Potash,

Inc.*

180,830

10,049

Kronos

Worldwide,

Inc.

120,186

49,339

LSB

Industries,

Inc.*

449,478

16,694

Mativ

Holdings,

Inc.

318,688

80,057

Minerals

Technologies,

Inc.

6,274,868

3,690

Orion

SA

(Germany)

90,848

18,461,705

Commercial

Services

&

Supplies

–

3.3%

125,301

ABM

Industries,

Inc.

6,961,723

82,636

ACCO

Brands

Corp.

422,270

102,615

CECO

Environmental

Corp.*

2,996,358

135,109

Deluxe

Corp.

3,293,957

164,682

Ennis,

Inc.

3,926,019

237,384

Enviri

Corp.*

2,805,879

328,800

Healthcare

Services

Group,

Inc.*

3,758,184

31,887

Matthews

International

Corp.,

Class

A

923,129

9,153

Pitney

Bowes,

Inc.

60,410

38,035

UniFirst

Corp.

7,399,329

32,547,258

Communications

Equipment

–

0.9%

313,229

NetScout

Systems,

Inc.*

6,374,210

25,173

Viasat,

Inc.*

508,998

291,989

Viavi

Solutions,

Inc.*

2,347,592

9,230,800

Construction

&

Engineering

–

1.4%

19,501

Arcosa,

Inc.

1,811,838

201,756

Great

Lakes

Dredge

&

Dock

Corp.*

1,902,559

32,112

Limbach

Holdings,

Inc.*

2,046,177

111,896

Primoris

Services

Corp.

6,318,767

13,610

Sterling

Infrastructure,

Inc.*

1,583,659

25,975

Tutor

Perini

Corp.*

646,518

14,309,518

Construction

Materials

–

0.8%

54,646

Knife

River

Corp.*

4,345,450

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

Materials

–

(continued)

95,903

Summit

Materials,

Inc.,

Class

A*

$

4,006,827

8,352,277

Consumer

Finance

–

2.4%

15,797

Bread

Financial

Holdings,

Inc.

862,200

83,876

Encore

Capital

Group,

Inc.*

4,239,932

91,263

Enova

International,

Inc.*

7,891,512

261,884

Green

Dot

Corp.,

Class

A*

2,503,611

18,722

LendingClub

Corp.*

234,212

311,524

Navient

Corp.

5,112,109

14,642

Nelnet,

Inc.,

Class

A

1,650,300

39,484

PRA

Group,

Inc.*

1,052,249

3,512

Regional

Management

Corp.

114,842

3,744

World

Acceptance

Corp.*

457,217

24,118,184

Consumer

Staples

Distribution

&

Retail

–

0.3%

29,186

Natural

Grocers

by

Vitamin

Cottage,

Inc.

796,194

16,136

SpartanNash

Co.

340,792

26,428

Weis

Markets,

Inc.

1,993,993

3,130,979

Containers

&

Packaging

–

0.0%

20,058

TriMas

Corp.

493,026

Distributors

–

0.2%

41,298

A-Mark

Precious

Metals,

Inc.

1,587,495

Diversified

Consumer

Services

–

1.0%

143,786

Coursera,

Inc.*

1,337,210

2,546

Graham

Holdings

Co.,

Class

B

1,972,768

62,081

Strategic

Education,

Inc.

6,543,337

9,853,315

Diversified

REITs

–

1.1%

33,109

Alexander

&

Baldwin,

Inc.

REIT

652,578

233,480

American

Assets

Trust,

Inc.

REIT

6,191,890

251,738

Armada

Hoffler

Properties,

Inc.

REIT

2,990,648

10,073

Gladstone

Commercial

Corp.

REIT

151,599

111,540

NexPoint

Diversified

Real

Estate

Trust

REIT

706,048

10,692,763

Diversified

Telecommunication

Services

–

1.3%

60,427

AST

SpaceMobile,

Inc.*

(a)

1,249,630

10,273

ATN

International,

Inc.

304,800

140,334

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

1,470,700

159,335

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

1,688,951

2,737,279

Lumen

Technologies,

Inc.*

8,622,429

16,470

Shenandoah

Telecommunications

Co.

350,646

13,687,156

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electric

Utilities

–

0.4%

81,643

Portland

General

Electric

Co.

$

3,868,245

Electrical

Equipment

–

1.7%

146,831

Freyr

Battery,

Inc.

(Norway)*

(a)

264,296

1,667,262

FuelCell

Energy,

Inc.*

(a)

844,301

482,517

Plug

Power,

Inc.*

(a)

1,191,817

13,485

Powell

Industries,

Inc.

2,476,250

206,142

Shoals

Technologies

Group,

Inc.,

Class

A*

1,339,923

219,524

Sunrun,

Inc.*

3,848,256

159,249

Thermon

Group

Holdings,

Inc.*

5,224,960

67,272

TPI

Composites,

Inc.*

(a)

286,579

23,289

Vicor

Corp.*

980,700

16,457,082

Electronic

Equipment,

Instruments

&

Components

–

3.3%

804

Badger

Meter,

Inc.

165,752

16,534

Bel

Fuse,

Inc.,

Class

B

1,227,980

6,842

Belden,

Inc.

634,185

96,332

Benchmark

Electronics,

Inc.

4,611,413

18,256

Fabrinet

(Thailand)*

4,026,543

35,747

Itron,

Inc.*

3,697,670

324,936

Knowles

Corp.*

5,936,581

128,687

nLight,

Inc.*

1,553,252

81,296

Sanmina

Corp.*

6,124,028

146,644

TTM

Technologies,

Inc.*

2,841,961

73,973

Vishay

Precision

Group,

Inc.*

2,536,534

33,355,899

Energy

Equipment

&

Services

–

1.8%

178,794

Borr

Drilling

Ltd.

(Mexico)*

1,224,739

16,995

Diamond

Offshore

Drilling,

Inc.*

279,058

132,617

Dril-Quip,

Inc.*

2,296,926

92,782

Helix

Energy

Solutions

Group,

Inc.*

1,094,827

35,795

Helmerich

&

Payne,

Inc.

1,446,834

30,569

Kodiak

Gas

Services,

Inc.

881,916

9,550

Nabors

Industries

Ltd.*

982,026

230,619

Oil

States

International,

Inc.*

1,319,141

219,617

Patterson-UTI

Energy,

Inc.

2,413,591

64,570

ProPetro

Holding

Corp.*

619,226

53,287

SEACOR

Marine

Holdings,

Inc.*

738,558

14,602

Tidewater,

Inc.*

1,445,014

615,354

Transocean

Ltd.*

3,562,900

18,304,756

Entertainment

–

0.6%

162,632

AMC

Entertainment

Holdings,

Inc.,

Class

A*

(a)

863,576

96,304

Madison

Square

Garden

Entertainment

Corp.*

3,803,045

24,661

Marcus

Corp.

(The)

310,482

20,172

Sphere

Entertainment

Co.*

897,250

5,874,353

Financial

Services

–

2.6%

12,150

Alerus

Financial

Corp.

272,768

202,159

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

6,535,800

11,449

Enact

Holdings,

Inc.

389,610

43,153

Essent

Group

Ltd.

2,711,735

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

28,361

I3

Verticals,

Inc.,

Class

A*

$

695,128

86,493

Merchants

Bancorp

3,892,185

26,131

Mr

Cooper

Group,

Inc.*

2,348,654

8,173

NewtekOne,

Inc.

114,340

93,018

NMI

Holdings,

Inc.,

Class

A*

3,660,258

144,687

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

1,849,100

162,799

Payoneer

Global,

Inc.*

900,278

18,126

PennyMac

Financial

Services,

Inc.

1,778,523

147,352

Repay

Holdings

Corp.*

1,417,526

26,565,905

Food

Products

–

0.2%

283,632

Hain

Celestial

Group,

Inc.

(The)*

2,195,312

Gas

Utilities

–

0.2%

2,754

ONE

Gas,

Inc.

191,761

22,078

Southwest

Gas

Holdings,

Inc.

1,637,305

1,829,066

Ground

Transportation

–

0.1%

88,717

Heartland

Express,

Inc.

1,150,659

Health

Care

Equipment

&

Supplies

–

0.6%

31,030

AtriCure,

Inc.*

669,317

11,522

Avanos

Medical,

Inc.*

275,606

215,810

Embecta

Corp.

3,381,743

21,056

Nevro

Corp.*

209,086

2,023

OmniAb,

Inc.

12.5

Earnout*

(b)

—

2,023

OmniAb,

Inc.

15.00

Earnout*

(b)

—

3,688

OrthoPediatrics

Corp.*

113,517

83,779

Varex

Imaging

Corp.*

1,239,091

5,888,360

Health

Care

Providers

&

Services

–

1.1%

2,618

Addus

HomeCare

Corp.*

317,720

421,469

Community

Health

Systems,

Inc.*

2,216,927

212,186

Enhabit,

Inc.*

2,172,785

7,946

Fulgent

Genetics,

Inc.*

190,148

35,576

Hims

&

Hers

Health,

Inc.*

755,634

29,801

Joint

Corp.

(The)*

429,730

172,347

LifeStance

Health

Group,

Inc.*

949,632

206,334

Pediatrix

Medical

Group,

Inc.*

1,720,826

48,013

Pennant

Group,

Inc.

(The)*

1,431,268

34,554

Surgery

Partners,

Inc.*

1,049,059

22,360

Viemed

Healthcare,

Inc.*

161,216

11,394,945

Health

Care

REITs

–

0.3%

24,462

Diversified

Healthcare

Trust

REIT

81,703

5,859

Global

Medical

REIT,

Inc.

REIT

55,954

78,799

LTC

Properties,

Inc.

REIT

2,813,912

2,951,569

Health

Care

Technology

–

0.0%

57,486

Health

Catalyst,

Inc.*

423,672

Hotel

&

Resort

REITs

–

3.0%

183,305

Apple

Hospitality

REIT,

Inc.

REIT

2,711,081

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotel

&

Resort

REITs

–

(continued)

486,873

Chatham

Lodging

Trust

REIT

$

4,279,614

624,507

RLJ

Lodging

Trust

REIT

5,895,346

748,812

Service

Properties

Trust

REIT

4,245,764

610,933

Summit

Hotel

Properties,

Inc.

REIT

3,873,315

530,251

Sunstone

Hotel

Investors,

Inc.

REIT

5,493,400

182,057

Xenia

Hotels

&

Resorts,

Inc.

REIT

2,526,951

29,025,471

Hotels,

Restaurants

&

Leisure

–

1.9%

47,066

BJ's

Restaurants,

Inc.*

1,486,344

19,076

Cracker

Barrel

Old

Country

Store,

Inc.

(a)

874,253

322,523

Denny’s

Corp.*

2,373,769

14,302

Dine

Brands

Global,

Inc.

512,584

87,471

El

Pollo

Loco

Holdings,

Inc.*

1,054,900

32,604

Golden

Entertainment,

Inc.

1,089,952

96,379

International

Game

Technology

PLC

2,262,015

16,207

Jack

in

the

Box,

Inc.

963,344

282,357

Life

Time

Group

Holdings,

Inc.*

5,864,555

22,573

Portillo's,

Inc.,

Class

A*

233,857

53,033

RCI

Hospitality

Holdings,

Inc.

2,624,073

19,339,646

Household

Durables

–

3.2%

14,961

Beazer

Homes

USA,

Inc.*

503,737

10,408

Century

Communities,

Inc.

1,089,822

22,790

Ethan

Allen

Interiors,

Inc.

703,527

419,745

GoPro,

Inc.,

Class

A*

638,012

57,681

Green

Brick

Partners,

Inc.*

4,219,365

5,278

Helen

of

Troy

Ltd.*

311,983

9,498

Legacy

Housing

Corp.*

270,503

49,588

LGI

Homes,

Inc.*

5,706,091

58,067

M/I

Homes,

Inc.*

9,687,318

22,881

Meritage

Homes

Corp.

4,641,868

64,964

Taylor

Morrison

Home

Corp.*

4,357,785

32,130,011

Independent

Power

and

Renewable

Electricity

Producers

–

0.1%

9,421

Ormat

Technologies,

Inc.

731,446

Industrial

REITs

–

0.8%

751,832

LXP

Industrial

Trust

REIT

7,743,870

8,724

Plymouth

Industrial

REIT,

Inc.

REIT

208,678

7,952,548

Insurance

–

3.3%

145,472

Ambac

Financial

Group,

Inc.*

1,918,776

28,023

American

Coastal

Insurance

Corp.*

342,161

242,546

CNO

Financial

Group,

Inc.

8,455,154

58,097

Employers

Holdings,

Inc.

2,789,237

862,474

Genworth

Financial,

Inc.,

Class

A*

5,838,949

15,420

Horace

Mann

Educators

Corp.

533,069

1,728

Investors

Title

Co.

367,787

269,340

James

River

Group

Holdings

Ltd.

2,327,098

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

105,156

Mercury

General

Corp.

$

6,295,690

10,637

Stewart

Information

Services

Corp.

752,036

142,850

Universal

Insurance

Holdings,

Inc.

2,829,858

32,449,815

Interactive

Media

&

Services

–

0.5%

6,891

Cars.com,

Inc.*

142,092

551,209

fuboTV,

Inc.*

804,765

17,216

QuinStreet,

Inc.*

321,939

721,853

Vimeo,

Inc.*

2,901,849

13,446

Ziff

Davis,

Inc.*

643,795

4,814,440

IT

Services

–

0.0%

98,681

Rackspace

Technology,

Inc.*

(a)

230,914

Leisure

Products

–

0.6%

32,228

Clarus

Corp.

194,657

108,940

Funko,

Inc.,

Class

A*

1,088,311

77,711

Latham

Group,

Inc.*

282,868

39,602

Malibu

Boats,

Inc.,

Class

A*

1,506,460

88,860

Peloton

Interactive,

Inc.,

Class

A*

316,342

42,083

Smith

&

Wesson

Brands,

Inc.

696,474

120,017

Topgolf

Callaway

Brands

Corp.*

1,980,280

6,065,392

Life

Sciences

Tools

&

Services

–

0.7%

388,925

Adaptive

Biotechnologies

Corp.*

1,769,609

70,643

Codexis,

Inc.*

252,902

202,041

Cytek

Biosciences,

Inc.*

1,355,695

25,873

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

251,744

128,655

MaxCyte,

Inc.*

617,544

1,016,465

Pacific

Biosciences

of

California,

Inc.*

(a)

2,093,918

41,450

Quanterix

Corp.*

611,802

6,953,214

Machinery

–

1.8%

244,193

3D

Systems

Corp.*

891,304

9,168

Astec

Industries,

Inc.

321,705

13,601

Columbus

McKinnon

Corp.

519,014

30,668

Douglas

Dynamics,

Inc.

886,612

10,005

ESCO

Technologies,

Inc.

1,230,215

6,698

Federal

Signal

Corp.

669,599

5,426

Gencor

Industries,

Inc.*

133,642

25,473

Gorman-Rupp

Co.

(The)

1,052,290

6,107

Helios

Technologies,

Inc.

280,617

224,554

Hillman

Solutions

Corp.*

2,279,223

153,793

Kennametal,

Inc.

4,020,149

6,569

Mayville

Engineering

Co.,

Inc.*

125,534

35,422

Miller

Industries,

Inc.

2,406,571

26,943

Mueller

Water

Products,

Inc.,

Class

A

557,181

37,898

Proto

Labs,

Inc.*

1,319,608

27,443

Shyft

Group,

Inc.

(The)

460,219

5,077

SPX

Technologies,

Inc.*

749,060

17,902,543

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Marine

Transportation

–

1.3%

271,393

Costamare,

Inc.

(Monaco)

$

4,022,044

45,514

Matson,

Inc.

6,040,163

50,649

Pangaea

Logistics

Solutions

Ltd.

367,712

599,332

Safe

Bulkers,

Inc.

(Monaco)

3,032,620

13,462,539

Media

–

1.5%

28,069

Boston

Omaha

Corp.,

Class

A*

412,614

6,752

Cable

One,

Inc.

2,791,142

591,536

EW

Scripps

Co.

(The),

Class

A*

2,224,175

614,315

Gray

Television,

Inc.

3,950,046

409,667

iHeartMedia,

Inc.,

Class

A*

729,207

46,888

John

Wiley

&

Sons,

Inc.,

Class

A

2,238,902

40,104

PubMatic,

Inc.,

Class

A*

880,684

45,029

Thryv

Holdings,

Inc.*

877,165

188,543

WideOpenWest,

Inc.*

1,027,559

15,131,494

Metals

&

Mining

–

0.8%

3,904

Carpenter

Technology

Corp.

569,477

261,743

Coeur

Mining,

Inc.*

1,698,712

1,369

Commercial

Metals

Co.

82,277

948,545

Hecla

Mining

Co.

5,482,590

25,162

Novagold

Resources,

Inc.

(Canada)*

120,274

2,689

Warrior

Met

Coal,

Inc.

185,837

8,139,167

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

2.1%

427,497

Arbor

Realty

Trust,

Inc.

REIT

5,771,210

284,572

BrightSpire

Capital,

Inc.

REIT

1,630,598

104,184

Chimera

Investment

Corp.

REIT

1,522,128

185,751

Invesco

Mortgage

Capital,

Inc.

REIT

1,686,619

165,803

Ladder

Capital

Corp.

REIT

1,989,636

58,199

MFA

Financial,

Inc.

REIT

651,247

213,012

Orchid

Island

Capital,

Inc.

REIT

1,712,616

317,021

PennyMac

Mortgage

Investment

Trust

REIT

4,365,379

190,689

TPG

RE

Finance

Trust,

Inc.

REIT

1,666,622

20,996,055

Multi-Utilities

–

1.6%

188,411

Avista

Corp.

7,381,943

138,672

Black

Hills

Corp.

8,188,582

15,570,525

Office

REITs

–

0.6%

260,327

Brandywine

Realty

Trust

REIT

1,312,048

149,089

City

Office

REIT,

Inc.

REIT

901,989

54,091

COPT

Defense

Properties

REIT

1,567,016

134,419

JBG

SMITH

Properties

REIT

2,197,751

5,978,804

Oil,

Gas

&

Consumable

Fuels

–

4.7%

84,790

Ardmore

Shipping

Corp.

(Ireland)

1,838,247

182,145

Berry

Corp.

1,249,515

105,048

DHT

Holdings,

Inc.

1,234,314

90,521

Dorian

LPG

Ltd.

3,698,688

29,504

Energy

Fuels,

Inc.*

(a)

167,878

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

97,962

Excelerate

Energy,

Inc.,

Class

A

$

1,971,975

68,539

Golar

LNG

Ltd.

(Cameroon)

2,392,011

17,165

Green

Plains,

Inc.*

304,335

38,728

Kinetik

Holdings,

Inc.

1,606,437

123,614

Murphy

Oil

Corp.

5,115,147

1,243,382

Nordic

American

Tankers

Ltd.

4,637,815

66,558

PBF

Energy,

Inc.,

Class

A

2,712,239

44,152

Peabody

Energy

Corp.

980,616

70,627

Scorpio

Tankers,

Inc.

(Monaco)

5,415,678

143,617

Sitio

Royalties

Corp.,

Class

A

3,497,074

55,120

Talos

Energy,

Inc.*

652,621

460,347

Teekay

Corp.

(Bermuda)*

3,991,209

72,928

Teekay

Tankers

Ltd.,

Class

A

(Canada)

4,772,408

6,192

Vital

Energy,

Inc.*

270,033

46,508,240

Paper

&

Forest

Products

–

0.2%

28,859

Sylvamo

Corp.

2,127,197

Passenger

Airlines

–

0.3%

48,010

Allegiant

Travel

Co.

2,691,921

Pharmaceuticals

–

0.3%

7,959

Ligand

Pharmaceuticals,

Inc.*

867,451

10,404

Phathom

Pharmaceuticals,

Inc.*

(a)

122,976

7,265

Phibro

Animal

Health

Corp.,

Class

A

137,163

12,851

Pliant

Therapeutics,

Inc.*

183,898

47,871

Supernus

Pharmaceuticals,

Inc.*

1,427,513

17,173

Theravance

Biopharma,

Inc.*

173,619

2,912,620

Professional

Services

–

0.4%

37,265

Alight,

Inc.,

Class

A*

282,096

17,578

Asure

Software,

Inc.*

181,053

643,364

Conduent,

Inc.*

2,624,925

6,565

IBEX

Holdings

Ltd.*

114,494

336,214

Planet

Labs

PBC*

853,984

4,056,552

Real

Estate

Management

&

Development

–

1.1%

205,012

Anywhere

Real

Estate,

Inc.*

967,657

125,880

Forestar

Group,

Inc.*

3,981,584

171,818

Kennedy-Wilson

Holdings,

Inc.

1,788,625

296,196

Newmark

Group,

Inc.,

Class

A

3,844,624

10,582,490

Residential

REITs

–

1.5%

46,029

Apartment

Investment

and

Management

Co.,

Class

A

REIT*

407,817

39,747

Centerspace

REIT

2,775,533

145,333

Elme

Communities

REIT

2,392,181

47,322

Independence

Realty

Trust,

Inc.

REIT

882,555

135,664

NexPoint

Residential

Trust,

Inc.

REIT

5,927,160

150,009

UMH

Properties,

Inc.

REIT

2,664,160

27,128

Veris

Residential,

Inc.

REIT

426,181

15,475,587

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Retail

REITs

–

0.8%

197,855

Kite

Realty

Group

Trust

REIT

$

4,879,104

122,142

Macerich

Co.

(The)

REIT

1,955,493

30,283

Tanger,

Inc.

REIT

875,179

7,709,776

Semiconductors

&

Semiconductor

Equipment

–

0.8%

10,548

Alpha

&

Omega

Semiconductor

Ltd.*

436,687

19,129

Ambarella,

Inc.*

1,006,951

51,646

Cohu,

Inc.*

1,652,156

3,124

FormFactor,

Inc.*

167,321

18,096

Ichor

Holdings

Ltd.*

615,264

104,153

Photronics,

Inc.*

2,646,528

29,503

Semtech

Corp.*

935,835

4,961

SMART

Global

Holdings,

Inc.*

116,087

7,576,829

Software

–

1.7%

113,637

ACI

Worldwide,

Inc.*

4,912,528

8,983

Alarm.com

Holdings,

Inc.*

633,751

12,876

Alkami

Technology,

Inc.*

421,432

65,464

Clear

Secure,

Inc.,

Class

A

1,397,656

82,959

Consensus

Cloud

Solutions,

Inc.*

1,767,027

25,660

Hut

8

Corp.

(Canada)*

(a)

375,662

16,530

Marathon

Digital

Holdings,

Inc.*

325,145

27,976

Olo,

Inc.,

Class

A*

133,725

126,265

Riot

Platforms,

Inc.*

1,286,640

165,219

SolarWinds

Corp.

1,971,063

20,759

Terawulf,

Inc.*

86,357

46,037

Verint

Systems,

Inc.*

1,663,777

175,357

Xperi,

Inc.*

1,432,667

22,962

Zuora,

Inc.,

Class

A*

208,265

16,615,695

Specialized

REITs

–

0.2%

43,902

Four

Corners

Property

Trust,

Inc.

REIT

1,191,500

237,493

Uniti

Group,

Inc.

REIT

911,973

2,103,473

Specialty

Retail

–

3.4%

15,340

Abercrombie

&

Fitch

Co.,

Class

A*

2,262,343

72,796

American

Eagle

Outfitters,

Inc.

1,605,152

40,292

America's

Car-Mart,

Inc.*

2,790,221

4,518

Asbury

Automotive

Group,

Inc.*

1,216,336

45,562

Beyond,

Inc.*

514,850

147,153

Foot

Locker,

Inc.

4,276,266

13,917

Group

1

Automotive,

Inc.

5,089,725

9,115

Haverty

Furniture

Cos.,

Inc.

266,796

5,644

J

Jill,

Inc.

217,012

237,882

Leslie's,

Inc.*

701,752

7,577

OneWater

Marine,

Inc.,

Class

A*

187,000

115,885

Shoe

Carnival,

Inc.

4,921,636

32,707

Sleep

Number

Corp.*

385,943

21,884

Stitch

Fix,

Inc.,

Class

A*

103,074

14,679

Winmark

Corp.

5,807,600

132,677

Zumiez,

Inc.*

3,372,649

33,718,355

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

131,850

Eastman

Kodak

Co.*

$

766,049

Textiles,

Apparel

&

Luxury

Goods

–

0.2%

281,175

Figs,

Inc.,

Class

A*

1,827,638

6,016

Movado

Group,

Inc.

155,814

1,983,452

Tobacco

–

0.6%

486,092

Vector

Group

Ltd.

6,212,256

Trading

Companies

&

Distributors

–

0.9%

1,917

BlueLinx

Holdings,

Inc.*

231,171

223,174

DNOW,

Inc.*

3,427,953

28,414

DXP

Enterprises,

Inc.*

1,555,951

216,044

MRC

Global,

Inc.*

3,128,317

13,328

Rush

Enterprises,

Inc.,

Class

A

679,861

9,023,253

Water

Utilities

–

0.1%

23,857

Consolidated

Water

Co.

Ltd.

693,284

6,060

SJW

Group

367,297

1,060,581

Wireless

Telecommunication

Services

–

0.5%

40,625

Spok

Holdings,

Inc.

622,781

167,568

Telephone

and

Data

Systems,

Inc.

3,552,442

4,175,223

TOTAL

COMMON

STOCKS

(Cost

$818,509,450)

969,198,005

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

9,317,514

5.220%

$

9,317,514

(Cost

$9,317,514)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$827,826,964)

978,515,519

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

6,012,810

5.220%

6,012,810

(Cost

$6,012,810)

TOTAL

INVESTMENTS

–

98.8%

(Cost

$833,839,774)

$

984,528,329

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.2%

11,586,429

NET

ASSETS

–

100.0%

$

996,114,758

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

Russell

2000

Index

211

09/20/24

$

23,980,150

$

1,277,899

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.7%

Aerospace

&

Defense

–

2.6%

28,353

General

Dynamics

Corp.

$

8,469,325

17,138

Lockheed

Martin

Corp.

9,287,425

15,020

Northrop

Grumman

Corp.

7,274,486

21,173

Woodward,

Inc.

3,302,776

28,334,012

Air

Freight

&

Logistics

–

1.0%

80,274

United

Parcel

Service,

Inc.,

Class

B

10,465,321

Automobile

Components

–

0.9%

80,791

Lear

Corp.

9,859,734

Automobiles

–

1.4%

62,616

Tesla,

Inc.*

14,531,295

Banks

–

0.4%

646

First

Citizens

BancShares,

Inc.,

Class

A

1,348,648

12,258

JPMorgan

Chase &

Co.

2,608,502

6,114

Prosperity

Bancshares,

Inc.

443,387

4,400,537

Biotechnology

–

1.5%

78,405

Gilead

Sciences,

Inc.

5,963,484

22,980

Natera,

Inc.*

2,352,922

3,272

Regeneron

Pharmaceuticals,

Inc.*

3,531,110

9,397

Vertex

Pharmaceuticals,

Inc.*

4,658,281

16,505,797

Broadline

Retail

–

3.9%

222,821

Amazon.com,

Inc.*

41,663,071

Capital

Markets

–

5.3%

28,194

Ameriprise

Financial,

Inc.

12,125,393

63,378

CME

Group,

Inc.

12,276,952

1,484

Coinbase

Global,

Inc.,

Class

A*

332,950

69,502

Franklin

Resources,

Inc.

1,589,511

133,947

Morgan

Stanley

13,824,670

34,935

Raymond

James

Financial,

Inc.

4,052,460

47,917

Robinhood

Markets,

Inc.,

Class

A*

985,653

109,802

State

Street

Corp.

9,329,876

30,634

Stifel

Financial

Corp.

2,716,317

57,233,782

Chemicals

–

3.2%

40,099

Corteva,

Inc.

2,249,554

49,298

Ecolab,

Inc.

11,372,555

18,632

Linde

PLC

8,449,612

71,793

RPM

International,

Inc.

8,719,978

10,440

Sherwin-Williams

Co.

(The)

3,662,352

34,454,051

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Commercial

Services

&

Supplies

–

1.2%

17,496

Cintas

Corp.

$

13,365,894

Communications

Equipment

–

0.1%

3,081

Motorola

Solutions,

Inc.

1,229,072

Construction

&

Engineering

–

0.5%

15,377

Comfort

Systems

USA,

Inc.

5,111,622

Consumer

Finance

–

1.1%

9,936

Ally

Financial,

Inc.

447,220

8,509

American

Express

Co.

2,153,117

58,752

Capital

One

Financial

Corp.

8,895,053

13,699

Synchrony

Financial

695,772

12,191,162

Consumer

Staples

Distribution

&

Retail

–

3.0%

23,291

Costco

Wholesale

Corp.

19,145,202

84,409

Target

Corp.

12,695,958

31,841,160

Diversified

Consumer

Services

–

0.4%

8,790

Bright

Horizons

Family

Solutions,

Inc.*

1,056,998

38,495

H&R

Block,

Inc.

2,230,400

12,803

Service

Corp.

International

1,023,088

4,310,486

Electric

Utilities

–

0.6%

27,050

Eversource

Energy

1,755,816

257,730

PG&E

Corp.

4,703,572

6,459,388

Electrical

Equipment

–

1.1%

67,129

AMETEK,

Inc.

11,645,539

Electronic

Equipment,

Instruments

&

Components

–

0.6%

59,138

Jabil,

Inc.

6,663,078

Energy

Equipment

&

Services

–

0.0%

21,063

NOV,

Inc.

438,532

Entertainment

–

1.6%

27,386

Netflix,

Inc.*

17,207,993

Financial

Services

–

4.8%

69,034

Berkshire

Hathaway,

Inc.,

Class

B*

30,271,409

9,036

Euronet

Worldwide,

Inc.*

921,582

86,111

Fiserv,

Inc.*

14,085,176

24,671

Visa,

Inc.,

Class

A

6,554,345

51,832,512

Food

Products

–

0.1%

23,003

Darling

Ingredients,

Inc.*

913,909

Gas

Utilities

–

0.3%

23,854

Atmos

Energy

Corp.

3,050,450

Ground

Transportation

–

1.4%

26,476

Old

Dominion

Freight

Line,

Inc.

5,564,726

142,987

Uber

Technologies,

Inc.*

9,218,372

14,783,098

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

0.1%

8,129

Penumbra,

Inc.*

$

1,358,275

Health

Care

Providers

&

Services

–

3.2%

1,061

Elevance

Health,

Inc.

564,484

72,898

Quest

Diagnostics,

Inc.

10,373,385

37,617

Tenet

Healthcare

Corp.*

5,631,265

10,579

UnitedHealth

Group,

Inc.

6,095,197

55,595

Universal

Health

Services,

Inc.,

Class

B

11,883,987

34,548,318

Health

Care

REITs

–

0.1%

44,677

Healthpeak

Properties,

Inc.

REIT

974,852

7,842

Omega

Healthcare

Investors,

Inc.

REIT

285,449

1,260,301

Hotel

&

Resort

REITs

–

0.6%

401,749

Park

Hotels

&

Resorts,

Inc.

REIT

6,050,340

Hotels,

Restaurants

&

Leisure

–

1.3%

10,732

Boyd

Gaming

Corp.

653,257

628,253

Carnival

Corp.*

10,466,695

2,316

Texas

Roadhouse,

Inc.

404,397

7,398

Wingstop,

Inc.

2,765,964

14,290,313

Household

Durables

–

0.8%

45,846

D.R.

Horton,

Inc.

8,249,071

Household

Products

–

1.8%

121,337

Procter &

Gamble

Co.

(The)

19,506,136

Industrial

REITs

–

0.2%

31,519

First

Industrial

Realty

Trust,

Inc.

REIT

1,724,720

Insurance

–

2.3%

1,824

Kinsale

Capital

Group,

Inc.

833,696

66,538

Progressive

Corp.

(The)

14,247,117

43,194

Travelers

Cos.,

Inc.

(The)

9,348,909

24,429,722

Interactive

Media

&

Services

–

6.7%

26,922

Alphabet,

Inc.,

Class

A

4,618,200

203,037

Alphabet,

Inc.,

Class

C

35,155,856

68,356

Meta

Platforms,

Inc.,

Class

A

32,457,480

72,231,536

IT

Services

–

1.7%

21,603

Gartner,

Inc.*

10,827,208

37,257

VeriSign,

Inc.*

6,967,431

17,794,639

Leisure

Products

–

0.2%

30,679

Hasbro,

Inc.

1,977,568

Life

Sciences

Tools

&

Services

–

1.8%

53,003

IQVIA

Holdings,

Inc.*

13,050,929

17,495

Medpace

Holdings,

Inc.*

6,692,187

19,743,116

Machinery

–

3.1%

51,960

Illinois

Tool

Works,

Inc.

12,848,669

48,879

PACCAR,

Inc.

4,822,402

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Machinery

–

(continued)

20,566

Parker-Hannifin

Corp.

$

11,540,816

28,331

Westinghouse

Air

Brake

Technologies

Corp.

4,565,541

33,777,428

Media

–

0.1%

130,136

Paramount

Global,

Class

B

(a)

1,486,153

Oil,

Gas

&

Consumable

Fuels

–

2.2%

28,472

Antero

Midstream

Corp.

408,858

23,211

Chord

Energy

Corp.

3,984,400

124,200

ConocoPhillips

13,811,040

98,936

Devon

Energy

Corp.

4,652,960

8,085

Exxon

Mobil

Corp.

958,800

23,816,058

Personal

Care

Products

–

0.2%

11,222

elf

Beauty,

Inc.*

1,936,693

Pharmaceuticals

–

5.0%

2,635

Bristol-Myers

Squibb

Co.

125,320

13,206

Eli

Lilly

&

Co.

10,621,190

128,927

Johnson &

Johnson

20,351,127

84,360

Merck &

Co.,

Inc.

9,543,647

76,902

Pfizer,

Inc.

2,348,587

57,105

Zoetis,

Inc.

10,281,184

53,271,055

Professional

Services

–

0.3%

16,798

FTI

Consulting,

Inc.*

3,661,460

Residential

REITs

–

1.5%

57,229

AvalonBay

Communities,

Inc.

REIT

11,727,367

40,002

Camden

Property

Trust

REIT

4,430,221

16,157,588

Semiconductors

&

Semiconductor

Equipment

–

8.6%

118,540

Broadcom,

Inc.

19,047,007

2,393

KLA

Corp.

1,969,607

520,136

NVIDIA

Corp.

60,866,315

5,234

QUALCOMM,

Inc.

947,092

49,469

Texas

Instruments,

Inc.

10,082,277

92,912,298

Software

–

9.7%

6,997

Crowdstrike

Holdings,

Inc.,

Class

A*

1,623,024

14,027

HubSpot,

Inc.*

6,971,840

193,384

Microsoft

Corp.

80,902,196

45,728

Nutanix,

Inc.,

Class

A*

2,309,721

80,055

Oracle

Corp.

11,163,670

1,426

ServiceNow,

Inc.*

1,161,320

104,131,771

Specialized

REITs

–

0.1%

9,359

Extra

Space

Storage,

Inc.

REIT

1,493,883

Specialty

Retail

–

1.6%

31,029

CarMax,

Inc.*

2,620,089

2,191

Carvana

Co.*

291,907

10,398

Lowe’s

Cos.,

Inc.

2,552,813

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

82,817

Ross

Stores,

Inc.

$

11,861,879

17,326,688

Technology

Hardware,

Storage

&

Peripherals

–

8.0%

387,621

Apple,

Inc.

86,082,872

Textiles,

Apparel

&

Luxury

Goods

–

0.4%

21,771

Ralph

Lauren

Corp.

3,822,770

Trading

Companies

&

Distributors

–

0.1%

6,939

Ferguson

PLC

1,544,968

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$751,890,853)

1,063,077,235

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

1,187,950

5.220%

1,187,950

(Cost

$1,187,950)

TOTAL

INVESTMENTS

–

98.8%

(Cost

$753,078,803)

$

1,064,265,185

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.2%

12,940,350

NET

ASSETS

–

100.0%

$

1,077,205,535

  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

Domestic

Equity

Insights

Funds

Schedule

of

Investments

July

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

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

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

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivatives

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

31,

2024:

(a)

Large

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

1,263,831,631

$

—

$

—

Investment

Company

12,360,128

—

—

Total

$

1,276,191,759

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

290,255

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Large

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

1,078,491

$

—

$

—

North

America

377,305,703

—

—

Securities

Lending

Reinvestment

Vehicle

1,089,050

—

—

Total

$

379,473,244

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

445,818

$

—

$

—

Asia

3,520,348

—

—

Europe

5,704,838

—

—

North

America

426,336,872

—

—

South

America

1,069,878

—

—

Securities

Lending

Reinvestment

Vehicle

3,675,005

—

—

Total

$

440,752,759

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Small

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

84,963

$

—

$

—

Asia

2,003,904

—

—

Europe

811,954

—

—

North

America

122,751,732

—

—

South

America

187,304

—

—

Investment

Company

981,084

—

—

Securities

Lending

Reinvestment

Vehicle

920,420

—

—

Total

$

127,741,361

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

158,138

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

2,392,011

$

—

$

—

Asia

4,026,543

—

—

Europe

16,899,922

—

—

North

America

944,030,429

—

—

South

America

1,849,100

—

—

Investment

Company

9,317,514

—

—

Securities

Lending

Reinvestment

Vehicle

6,012,810

—

—

Total

$

984,528,329

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

1,277,899

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

U.S.

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

1,063,077,235

$

—

$

—

Securities

Lending

Reinvestment

Vehicle

1,187,950

—

—

Total

$

1,064,265,185

$

—

$

—

€

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.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Securities

Lending

—

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

(“SEC”)

and

the

terms

and

conditions

contained

therein,

the

Funds

may

lend

their

securities

through

a

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

a

wholly-owned

subsidiary

of

Goldman

Sachs,

to

certain

qualified

borrowers

including

Goldman

Sachs

and

affiliates.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“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,

GSAL

will

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

GSAL

is

unable

to

purchase

replacement

securities,

GSAL

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:

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.

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

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

Large

Cap

Growth

Insights

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

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.

Portfolio

Turnover

Rate

Risk

—

A

high

rate

of

portfolio

turnover

may

involve

correspondingly

greater

expenses

which

must

be

borne

by

the

Fund

and

its

shareholders,

and

is

also

likely

to

result

in

short-term

capital

gains

taxable

to

shareholders..

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)