# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-075155
**Filing Date:** 2023-3
**Character Count:** 224146
**Document Hash:** c3c22124b9800731c0d141bf476efe5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075155.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075155

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23784302

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Large Cap Growth Insights Fund (Series ID: S000009328)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025529 | Institutional   | GCGIX           |
| C000025530 | Service         | GSCLX           |
| C000025531 | Class A         | GLCGX           |
| C000025533 | Class C         | GLCCX           |
| C000058967 | Class R         | GLCRX           |
| C000058968 | Investor Shares | GLCTX           |
| C000158457 | Class R6 Shares | GLCUX           |
| C000201738 | Class P Shares  | GMZPX           |

## Nport-Ex

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.4%** | **Common Stocks – 98.4%** | **Common Stocks – 98.4%** |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10676 | General Dynamics Corp. | $2488148 |
| 70903 | Howmet Aerospace, Inc. | 2885043 |
| 31649 | Lockheed Martin Corp. | 14661716 |
|  |  | 20034907 |
| **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** |
| 79883 | Delta Air Lines, Inc.\* | 3123425 |
| **Auto Components – 0.4%** | **Auto Components – 0.4%** | **Auto Components – 0.4%** |
| 29715 | Aptiv PLC\* | 3360469 |
| **Automobiles – 2.1%** | **Automobiles – 2.1%** | **Automobiles – 2.1%** |
| 17676 | General Motors Co. | 695021 |
| 107456 | Tesla, Inc.\* | 18613528 |
|  |  | 19308549 |
| **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** |
| 25761 | East West Bancorp, Inc. | 2022754 |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| 7629 | Boston Beer Co., Inc. (The), Class A\* | 2964705 |
| 41442 | PepsiCo, Inc. | 7087411 |
|  |  | 10052116 |
| **Biotechnology – 5.1%** | **Biotechnology – 5.1%** | **Biotechnology – 5.1%** |
| 87627 | AbbVie, Inc. | 12946889 |
| 135630 | Exelixis, Inc.\* | 2389801 |
| 121259 | Incyte Corp.\* | 10323991 |
| 54748 | Neurocrine Biosciences, Inc.\* | 6073196 |
| 6200 | Sarepta Therapeutics, Inc.\* | 774814 |
| 4871 | Seagen, Inc.\* | 679407 |
| 43258 | Vertex Pharmaceuticals, Inc.\* | 13976660 |
|  |  | 47164758 |
| **Building Products – 0.4%** | **Building Products – 0.4%** | **Building Products – 0.4%** |
| 34302 | Johnson Controls International PLC | 2386390 |
| 7913 | Trane Technologies PLC | 1417377 |
|  |  | 3803767 |
| **Capital Markets – 2.3%** | **Capital Markets – 2.3%** | **Capital Markets – 2.3%** |
| 17133 | Ameriprise Financial, Inc. | 5998606 |
| 14288 | Bank of New York Mellon Corp. (The) | 722544 |
| 21085 | MarketAxess Holdings, Inc. | 7671777 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12051 | MSCI, Inc. | $6405830 |
|  |  | 20798757 |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| 11341 | Mosaic Co. (The) | 561833 |
| 50829 | Sherwin-Williams Co. (The) | 12025633 |
|  |  | 12587466 |
| **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** |
| 24366 | Cintas Corp. | 10812169 |
| **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** |
| 34756 | Arista Networks, Inc.\* | 4379951 |
| **Construction Materials – 0.6%** | **Construction Materials – 0.6%** | **Construction Materials – 0.6%** |
| 36398 | Eagle Materials, Inc. | 5317020 |
| **Consumer Finance – 0.2%** | **Consumer Finance – 0.2%** | **Consumer Finance – 0.2%** |
| 39792 | Synchrony Financial | 1461560 |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| 136337 | Liberty Global PLC, Class C (United Kingdom)\* | 3047132 |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| 19946 | AMETEK, Inc. | 2890574 |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| 40432 | Jabil, Inc. | 3179168 |
| 20944 | TE Connectivity Ltd. | 2663030 |
|  |  | 5842198 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 24289 | Live Nation Entertainment, Inc.\* | 1955022 |
| **Equity Real Estate Investment Trusts (REITs) – 4.3%** | **Equity Real Estate Investment Trusts (REITs) – 4.3%** | **Equity Real Estate Investment Trusts (REITs) – 4.3%** |
| 61031 | Crown Castle, Inc. REIT | 9039301 |
| 184956 | Host Hotels & Resorts, Inc. REIT | 3486421 |
| 48444 | Lamar Advertising Co., Class A REIT | 5161224 |
| 104040 | National Storage Affiliates Trust REIT | 4244832 |
| 43960 | Park Hotels & Resorts, Inc. REIT | 646652 |
| 31015 | Public Storage REIT | 9439105 |
| 24082 | SBA Communications Corp. REIT | 7165117 |
|  |  | 39182652 |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food & Staples Retailing – 3.0%** | **Food & Staples Retailing – 3.0%** | **Food & Staples Retailing – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40477 | Costco Wholesale Corp. | $20689414 |
| 91821 | Sysco Corp. | 7112454 |
|  |  | 27801868 |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| 64266 | Boston Scientific Corp.\* | 2972303 |
| 17445 | Intuitive Surgical, Inc.\* | 4286062 |
|  |  | 7258365 |
| **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** |
| 82120 | DaVita, Inc.\* | 6765867 |
| 15357 | Humana, Inc. | 7858177 |
| 24367 | UnitedHealth Group, Inc. | 12163762 |
|  |  | 26787806 |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| 31488 | Veeva Systems, Inc., Class A\* | 5370278 |
| **Hotels, Restaurants & Leisure – 3.7%** | **Hotels, Restaurants & Leisure – 3.7%** | **Hotels, Restaurants & Leisure – 3.7%** |
| 55530 | Airbnb, Inc., Class A\* | 6169939 |
| 5103 | Booking Holdings, Inc.\* | 12421212 |
| 8710 | Hilton Worldwide Holdings, Inc. | 1263734 |
| 53517 | Marriott International, Inc., Class A | 9321591 |
| 59173 | Wyndham Hotels & Resorts, Inc. | 4586499 |
|  |  | 33762975 |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| 2396 | TopBuild Corp.\* | 479344 |
| **Insurance – 1.4%** | **Insurance – 1.4%** | **Insurance – 1.4%** |
| 74968 | Marsh & McLennan Cos., Inc. | 13112653 |
| **Interactive Media & Services – 4.3%** | **Interactive Media & Services – 4.3%** | **Interactive Media & Services – 4.3%** |
| 5554 | Alphabet, Inc., Class A\* | 548958 |
| 393560 | Alphabet, Inc., Class C\* | 39304837 |
|  |  | 39853795 |
| **Internet & Direct Marketing Retail – 5.4%** | **Internet & Direct Marketing Retail – 5.4%** | **Internet & Direct Marketing Retail – 5.4%** |
| 478409 | Amazon.com, Inc.\* | 49338320 |
| **IT Services – 7.6%** | **IT Services – 7.6%** | **IT Services – 7.6%** |
| 24169 | Accenture PLC, Class A | 6744359 |
| 31503 | Euronet Worldwide, Inc.\* | 3549758 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31281 | Gartner, Inc.\* | $10577357 |
| 37027 | Mastercard, Inc., Class A | 13722206 |
| 5851 | MongoDB, Inc.\* | 1253343 |
| 108691 | PayPal Holdings, Inc.\* | 8857230 |
| 46718 | Snowflake, Inc., Class A\* | 7308564 |
| 61651 | Visa, Inc., Class A | 14192677 |
| 8518 | WEX, Inc.\* | 1575574 |
| 29370 | Wix.com Ltd. (Israel)\* | 2554603 |
|  |  | 70335671 |
| **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** |
| 425956 | Avantor, Inc.\* | 10180349 |
| 3139 | IQVIA Holdings, Inc.\* | 720118 |
| 3533 | Mettler-Toledo International, Inc.\* | 5415806 |
|  |  | 16316273 |
| **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** |
| 8201 | Charter Communications, Inc., Class A\* | 3151726 |
| 110248 | Trade Desk, Inc. (The), Class A\* | 5589574 |
|  |  | 8741300 |
| **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** |
| 140072 | Macy's, Inc. | 3309901 |
| **Oil, Gas & Consumable Fuels – 1.2%** | **Oil, Gas & Consumable Fuels – 1.2%** | **Oil, Gas & Consumable Fuels – 1.2%** |
| 18655 | EOG Resources, Inc. | 2467124 |
| 7160 | Hess Corp. | 1075146 |
| 27504 | Pioneer Natural Resources Co. | 6335546 |
| 27335 | Williams Cos., Inc. (The) | 881280 |
|  |  | 10759096 |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| 8335 | Eli Lilly & Co. | 2868490 |
| **Road & Rail – 1.2%** | **Road & Rail – 1.2%** | **Road & Rail – 1.2%** |
| 116129 | CSX Corp. | 3590709 |
| 16228 | Ryder System, Inc. | 1532085 |
| 28640 | Union Pacific Corp. | 5848002 |
|  |  | 10970796 |
| **Semiconductors & Semiconductor Equipment – 7.4%** | **Semiconductors & Semiconductor Equipment – 7.4%** | **Semiconductors & Semiconductor Equipment – 7.4%** |
| 13510 | Applied Materials, Inc. | 1506230 |
| 21792 | Broadcom, Inc. | 12748538 |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| 7394 | Enphase Energy, Inc.\* | $1636884 |
| 6072 | KLA Corp. | 2383139 |
| 12971 | Lam Research Corp. | 6486797 |
| &nbsp;&nbsp;&nbsp;&nbsp;140603 | Microchip Technology, Inc. | 10913605 |
| 13559 | Monolithic Power Systems, Inc. | 5783727 |
| 94525 | NVIDIA Corp. | 18467349 |
| 11933 | NXP Semiconductors NV (China) | 2199371 |
| 79787 | ON Semiconductor Corp.\* | 5860355 |
|  |  | 67985995 |
| **Software – 17.5%** | **Software – 17.5%** | **Software – 17.5%** |
| 50317 | Adobe, Inc.\* | 18634398 |
| 15871 | Autodesk, Inc.\* | 3414804 |
| 116011 | Fortinet, Inc.\* | 6072016 |
| 7688 | HubSpot, Inc.\* | 2667813 |
| 18872 | Intuit, Inc. | 7976628 |
| 14382 | Manhattan Associates, Inc.\* | 1874837 |
| 334738 | Microsoft Corp. | 82951424 |
| 78418 | Palo Alto Networks, Inc.\* | 12440232 |
| 17002 | Paycom Software, Inc.\* | 5507628 |
| 14913 | Paylocity Holding Corp.\* | 3106229 |
| 27192 | ServiceNow, Inc.\* | 12375895 |
| 12898 | Splunk, Inc.\* | 1235241 |
| 1608 | Synopsys, Inc.\* | 568830 |
| 3033 | Tyler Technologies, Inc.\* | 978961 |
| 17317 | Zoom Video Communications, Inc., Class A\* | 1298775 |
|  |  | 161103711 |
| **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** |
| 4714 | AutoZone, Inc.\* | 11496739 |
| 50914 | TJX Cos., Inc. (The) | 4167820 |
| 8006 | Ulta Beauty, Inc.\* | 4114764 |
|  |  | 19779323 |
| **Technology Hardware, Storage & Peripherals – 10.9%** | **Technology Hardware, Storage & Peripherals – 10.9%** | **Technology Hardware, Storage & Peripherals – 10.9%** |
| 675475 | Apple, Inc. | 97464288 |
| 117069 | Pure Storage, Inc., Class A\* | 3387977 |
|  |  | 100852265 |
| **Textiles, Apparel & Luxury Goods – 0.4%** | **Textiles, Apparel & Luxury Goods – 0.4%** | **Textiles, Apparel & Luxury Goods – 0.4%** |
| 4821 | Deckers Outdoor Corp.\* | 2060881 |
| 785 | Lululemon Athletica, Inc.\* | 240901 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |
| 11265 | NIKE, Inc., Class B | $1434372 |
|  |  | 3736154 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 29055 | Altria Group, Inc. | 1308637 |
| **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** |
| 138461 | Fastenal Co. | 6999204 |
| **TOTAL COMMON STOCKS<br>(Cost $625,364,060)** | **TOTAL COMMON STOCKS<br>(Cost $625,364,060)** | $905977466 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **INVESTMENT COMPANY – 0.2%<sup>(a)</sup>** | **INVESTMENT COMPANY – 0.2%<sup>(a)</sup>** | **INVESTMENT COMPANY – 0.2%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 1793520 | 4.237% | $1793520 |
| **(Cost $1,793,520)** | **(Cost $1,793,520)** |  |
| **TOTAL INVESTMENTS – 98.6%<br>(Cost $627,157,580)** | **TOTAL INVESTMENTS – 98.6%<br>(Cost $627,157,580)** | $907770986 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.4%** | 12881826 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $920652812 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At January 31, 2023, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 50 | 03/17/23 | $10225000 | $698107 |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.2%** | **Common Stocks – 99.2%** | **Common Stocks – 99.2%** |
| **Aerospace & Defense – 4.0%** | **Aerospace & Defense – 4.0%** | **Aerospace & Defense – 4.0%** |
| 19715 | General Dynamics Corp. | $4594778 |
| 104239 | Howmet Aerospace, Inc. | 4241485 |
| 7863 | Lockheed Martin Corp. | 3642613 |
| 24566 | Raytheon Technologies Corp. | 2452915 |
|  |  | 14931791 |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 8665 | United Airlines Holdings, Inc.\* | 424238 |
| **Auto Components – 0.7%** | **Auto Components – 0.7%** | **Auto Components – 0.7%** |
| 19272 | Aptiv PLC\* | 2179471 |
| 2976 | Lear Corp. | 433841 |
|  |  | 2613312 |
| **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** |
| 131661 | General Motors Co. | 5176911 |
| **Banks – 6.6%** | **Banks – 6.6%** | **Banks – 6.6%** |
| 27736 | Bank of America Corp. | 984073 |
| 12549 | BOK Financial Corp. | 1261175 |
| 102855 | Citigroup, Inc. | 5371088 |
| 57763 | East West Bancorp, Inc. | 4535551 |
| 56180 | JPMorgan Chase & Co. | 7862953 |
| 9620 | M&T Bank Corp. | 1500720 |
| 2899 | Signature Bank | 373826 |
| 44174 | Webster Financial Corp. | 2325761 |
| 15784 | Wells Fargo & Co. | 739796 |
|  |  | 24954943 |
| **Biotechnology – 3.3%** | **Biotechnology – 3.3%** | **Biotechnology – 3.3%** |
| 3058 | Biogen, Inc.\* | 889572 |
| 69083 | Gilead Sciences, Inc. | 5798827 |
| 4912 | Moderna, Inc.\* | 864807 |
| 93 | Regeneron Pharmaceuticals, Inc.\* | 70538 |
| 1978 | United Therapeutics Corp.\* | 520550 |
| 13035 | Vertex Pharmaceuticals, Inc.\* | 4211608 |
|  |  | 12355902 |
| **Building Products – 1.8%** | **Building Products – 1.8%** | **Building Products – 1.8%** |
| 70716 | Johnson Controls International PLC | 4919712 |
| 6846 | Lennox International, Inc. | 1784205 |
|  |  | 6703917 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – 5.5%** | **Capital Markets – 5.5%** | **Capital Markets – 5.5%** |
| 95554 | Bank of New York Mellon Corp. (The) | $4832166 |
| 28821 | CME Group, Inc. | 5091518 |
| 28314 | Interactive Brokers Group, Inc., Class A | 2263421 |
| 53845 | Invesco Ltd. | 996671 |
| 19920 | Jefferies Financial Group, Inc. | 782457 |
| 350 | MSCI, Inc. | 186046 |
| 32178 | State Street Corp. | 2938817 |
| 54052 | Stifel Financial Corp. | 3643645 |
|  |  | 20734741 |
| **Chemicals – 3.1%** | **Chemicals – 3.1%** | **Chemicals – 3.1%** |
| 9676 | Axalta Coating Systems Ltd.\* | 291248 |
| 112570 | Element Solutions, Inc. | 2305434 |
| 24439 | Huntsman Corp. | 774472 |
| 3879 | International Flavors & Fragrances, Inc. | 436232 |
| 17029 | Linde PLC (United Kingdom) | 5635577 |
| 45345 | Mosaic Co. (The) | 2246391 |
|  |  | 11689354 |
| **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** |
| 603 | Cintas Corp. | 267575 |
| 23065 | Republic Services, Inc. | 2878974 |
|  |  | 3146549 |
| **Communications Equipment – 2.1%** | **Communications Equipment – 2.1%** | **Communications Equipment – 2.1%** |
| 162252 | Cisco Systems, Inc. | 7896805 |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| 2275 | Martin Marietta Materials, Inc. | 818181 |
| **Consumer Finance – 1.9%** | **Consumer Finance – 1.9%** | **Consumer Finance – 1.9%** |
| 22805 | Capital One Financial Corp. | 2713795 |
| 117015 | Synchrony Financial | 4297961 |
|  |  | 7011756 |
| **Distributors – 0.2%** | **Distributors – 0.2%** | **Distributors – 0.2%** |
| 12140 | LKQ Corp. | 715774 |
| **Diversified Financial Services – 2.3%** | **Diversified Financial Services – 2.3%** | **Diversified Financial Services – 2.3%** |
| 23150 | Berkshire Hathaway, Inc., Class B\* | 7211688 |
| 66766 | Corebridge Financial, Inc. | 1452828 |
|  |  | 8664516 |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| 64824 | Liberty Global PLC, Class C (United Kingdom)\* | $1448816 |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| 30324 | Alliant Energy Corp. | 1638406 |
| 20216 | Evergy, Inc. | 1266532 |
| 6267 | Xcel Energy, Inc. | 430982 |
|  |  | 3335920 |
| **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** | **Electrical Equipment – 2.4%** |
| 2386 | Acuity Brands, Inc. | 449809 |
| 33271 | AMETEK, Inc. | 4821633 |
| 91661 | nVent Electric PLC | 3643525 |
|  |  | 8914967 |
| **Electronic Equipment, Instruments & Components – 0.8%** | **Electronic Equipment, Instruments & Components – 0.8%** | **Electronic Equipment, Instruments & Components – 0.8%** |
| 7477 | Teledyne Technologies, Inc.\* | 3172192 |
| **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** |
| 39785 | Schlumberger Ltd. | 2266949 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| 21151 | Live Nation Entertainment, Inc.\* | 1702444 |
| 2071 | Netflix, Inc.\* | 732844 |
|  |  | 2435288 |
| **Equity Real Estate Investment Trusts (REITs) – 7.3%** | **Equity Real Estate Investment Trusts (REITs) – 7.3%** | **Equity Real Estate Investment Trusts (REITs) – 7.3%** |
| 7820 | Camden Property Trust REIT | 963502 |
| 223727 | Host Hotels & Resorts, Inc. REIT | 4217254 |
| 27552 | Life Storage, Inc. REIT | 2976718 |
| 22877 | Mid-America Apartment Communities, Inc. REIT | 3814053 |
| 66795 | National Storage Affiliates Trust REIT | 2725236 |
| 156690 | Park Hotels & Resorts, Inc. REIT | 2304910 |
| 48285 | Prologis, Inc. REIT | 6242285 |
| 13869 | SBA Communications Corp. REIT | 4126444 |
|  |  | 27370402 |
| **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** |
| 2507 | Costco Wholesale Corp. | 1281428 |
| 1758 | Walmart, Inc. | 252923 |
|  |  | 1534351 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 87524 | Mondelez International, Inc., Class A | $5727571 |
| **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** |
| 114453 | Boston Scientific Corp.\* | 5293451 |
| **Health Care Providers & Services – 5.9%** | **Health Care Providers & Services – 5.9%** | **Health Care Providers & Services – 5.9%** |
| 6482 | Acadia Healthcare Co., Inc.\* | 544618 |
| 55721 | Centene Corp.\* | 4248169 |
| 5906 | Cigna Corp. | 1870253 |
| 68251 | CVS Health Corp. | 6021103 |
| 10347 | Elevance Health, Inc. | 5173397 |
| 390 | Humana, Inc. | 199563 |
| 27947 | Tenet Healthcare Corp.\* | 1532893 |
| 17621 | Universal Health Services, Inc., Class B | 2611608 |
|  |  | 22201604 |
| **Hotels, Restaurants & Leisure – 0.8%** | **Hotels, Restaurants & Leisure – 0.8%** | **Hotels, Restaurants & Leisure – 0.8%** |
| 12018 | Hyatt Hotels Corp., Class A\* | 1311404 |
| 15463 | Wynn Resorts Ltd.\* | 1602585 |
|  |  | 2913989 |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| 4278 | Whirlpool Corp. | 665614 |
| **Independent Power and Renewable Electricity Producers – 0.5%** | **Independent Power and Renewable Electricity Producers – 0.5%** | **Independent Power and Renewable Electricity Producers – 0.5%** |
| 61463 | Brookfield Renewable Corp., Class A | 1937314 |
| **Insurance – 3.5%** | **Insurance – 3.5%** | **Insurance – 3.5%** |
| 14432 | American Financial Group, Inc. | 2057859 |
| 10154 | Arthur J Gallagher & Co. | 1987341 |
| 26130 | Chubb Ltd. | 5944314 |
| 17944 | CNA Financial Corp. | 781641 |
| 7940 | Marsh & McLennan Cos., Inc. | 1388785 |
| 15403 | MetLife, Inc. | 1124727 |
|  |  | 13284667 |
| **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** |
| 17577 | Meta Platforms, Inc., Class A\* | 2618446 |
| 61511 | TripAdvisor, Inc.\* | 1433206 |
|  |  | 4051652 |
| **Internet & Direct Marketing Retail – 0.0%** | **Internet & Direct Marketing Retail – 0.0%** | **Internet & Direct Marketing Retail – 0.0%** |
| 2864 | Chewy, Inc., Class A\* | 129052 |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – 3.8%** | **IT Services – 3.8%** | **IT Services – 3.8%** |
| 48320 | Cognizant Technology Solutions Corp., Class A | $3225360 |
| 8168 | DXC Technology Co.\* | 234667 |
| 61706 | PayPal Holdings, Inc.\* | 5028422 |
| 9790 | Snowflake, Inc., Class A\* | 1531548 |
| 19250 | VeriSign, Inc.\* | 4197462 |
|  |  | 14217459 |
| **Life Sciences Tools & Services – 0.6%** | **Life Sciences Tools & Services – 0.6%** | **Life Sciences Tools & Services – 0.6%** |
| 6515 | Avantor, Inc.\* | 155709 |
| 37711 | QIAGEN NV\* | 1847839 |
| 173 | Thermo Fisher Scientific, Inc. | 98667 |
|  |  | 2102215 |
| **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** |
| 14218 | Ingersoll Rand, Inc. | 796208 |
| 51573 | Otis Worldwide Corp. | 4240848 |
| 12427 | PACCAR, Inc. | 1358395 |
|  |  | 6395451 |
| **Media – 2.8%** | **Media – 2.8%** | **Media – 2.8%** |
| 77903 | Fox Corp., Class A | 2644028 |
| 44894 | Fox Corp., Class B | 1423140 |
| 210509 | News Corp., Class A | 4264912 |
| 10692 | Omnicom Group, Inc. | 919405 |
| 22902 | Trade Desk, Inc. (The), Class A\* | 1161131 |
|  |  | 10412616 |
| **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** |
| 25576 | Freeport-McMoRan, Inc. | 1141201 |
| 11773 | Nucor Corp. | 1989873 |
| 6905 | Steel Dynamics, Inc. | 833019 |
|  |  | 3964093 |
| **Multiline Retail – 0.8%** | **Multiline Retail – 0.8%** | **Multiline Retail – 0.8%** |
| 134342 | Macy's, Inc. | 3174501 |
| **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** |
| 46154 | CMS Energy Corp. | 2916471 |
| 18991 | Public Service Enterprise Group, Inc. | 1176113 |
|  |  | 4092584 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – 7.2%** | **Oil, Gas & Consumable Fuels – 7.2%** | **Oil, Gas & Consumable Fuels – 7.2%** |
| 4945 | APA Corp. | $219212 |
| 20705 | Chevron Corp. | 3603084 |
| 15219 | ConocoPhillips | 1854740 |
| 1110 | EOG Resources, Inc. | 146798 |
| 47438 | Exxon Mobil Corp. | 5503282 |
| 235314 | Kinder Morgan, Inc. | 4306246 |
| 49853 | Marathon Oil Corp. | 1369462 |
| 13047 | Marathon Petroleum Corp. | 1676800 |
| 16638 | Pioneer Natural Resources Co. | 3832563 |
| 137080 | Williams Cos., Inc. (The) | 4419459 |
|  |  | 26931646 |
| **Pharmaceuticals – 6.4%** | **Pharmaceuticals – 6.4%** | **Pharmaceuticals – 6.4%** |
| 84119 | Bristol-Myers Squibb Co. | 6111245 |
| 50935 | Elanco Animal Health, Inc.\* | 699338 |
| 7962 | Jazz Pharmaceuticals PLC\* | 1247327 |
| 72477 | Johnson & Johnson | 11844191 |
| 75657 | Pfizer, Inc. | 3341013 |
| 22566 | Royalty Pharma PLC, Class A | 884362 |
|  |  | 24127476 |
| **Professional Services – 0.4%** | **Professional Services – 0.4%** | **Professional Services – 0.4%** |
| 20330 | CoStar Group, Inc.\* | 1583707 |
| **Road & Rail – 2.2%** | **Road & Rail – 2.2%** | **Road & Rail – 2.2%** |
| 146251 | CSX Corp. | 4522081 |
| 30364 | Knight-Swift Transportation Holdings, Inc. | 1794512 |
| 20162 | Ryder System, Inc. | 1903495 |
|  |  | 8220088 |
| **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** | **Semiconductors & Semiconductor Equipment – 1.0%** |
| 9801 | Analog Devices, Inc. | 1680578 |
| 6694 | Microchip Technology, Inc. | 519588 |
| 2875 | NXP Semiconductors NV (China) | 529891 |
| 12928 | ON Semiconductor Corp.\* | 949562 |
|  |  | 3679619 |
| **Software – 2.8%** | **Software – 2.8%** | **Software – 2.8%** |
| 7971 | Adobe, Inc.\* | 2951980 |
| 9060 | Fortinet, Inc.\* | 474200 |
| 27302 | NCR Corp.\* | 748621 |
| 13280 | Palo Alto Networks, Inc.\* | 2106739 |
| 5976 | Roper Technologies, Inc. | 2550258 |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 2912 | ServiceNow, Inc.\* | $1325339 |
| 6580 | Zoom Video Communications, Inc., Class A\* | 493500 |
|  |  | 10650637 |
| **Specialty Retail – 0.5%** | **Specialty Retail – 0.5%** | **Specialty Retail – 0.5%** |
| 693 | AutoZone, Inc.\* | 1690123 |
| **Technology Hardware, Storage & Peripherals – 1.1%** | **Technology Hardware, Storage & Peripherals – 1.1%** | **Technology Hardware, Storage & Peripherals – 1.1%** |
| 257140 | Hewlett Packard Enterprise Co. | 4147668 |
| **Thrifts & Mortgage Finance – 0.1%** | **Thrifts & Mortgage Finance – 0.1%** | **Thrifts & Mortgage Finance – 0.1%** |
| 38071 | MGIC Investment Corp. | 537563 |
| **Tobacco – 3.3%** | **Tobacco – 3.3%** | **Tobacco – 3.3%** |
| 119845 | Altria Group, Inc. | 5397819 |
| 66707 | Philip Morris International, Inc. | 6953537 |
|  |  | 12351356 |
| **TOTAL INVESTMENTS – 99.2%<br>(Cost $340,496,576)** | **TOTAL INVESTMENTS – 99.2%<br>(Cost $340,496,576)** | $372801291 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | 2960100 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $375761391 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.5%** | **Common Stocks – 99.5%** | **Common Stocks – 99.5%** |
| **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;48234 | Kratos Defense & Security Solutions, Inc.\* | $552279 |
| 2110 | Moog, Inc., Class A | 201125 |
| 16975 | National Presto Industries, Inc. | 1300455 |
| 55483 | Parsons Corp.\* | 2414620 |
| 137219 | Triumph Group, Inc.\* | 1562925 |
|  |  | 6031404 |
| **Airlines – 0.0%** | **Airlines – 0.0%** | **Airlines – 0.0%** |
| 7669 | Frontier Group Holdings, Inc.\* | 96476 |
| 6222 | Sun Country Airlines Holdings, Inc.\* | 116165 |
|  |  | 212641 |
| **Auto Components – 0.8%** | **Auto Components – 0.8%** | **Auto Components – 0.8%** |
| 49209 | Adient PLC\* | 2215389 |
| 8308 | LCI Industries | 932324 |
| 10553 | Luminar Technologies, Inc.\* | 70389 |
| 4272 | Modine Manufacturing Co.\* | 102058 |
|  |  | 3320160 |
| **Banks – 5.9%** | **Banks – 5.9%** | **Banks – 5.9%** |
| 14907 | 1st Source Corp. | 733275 |
| 29996 | Amalgamated Financial Corp. | 688408 |
| 38572 | Ameris Bancorp | 1819056 |
| 34315 | Associated Banc-Corp. | 768999 |
| 9624 | BancFirst Corp. | 828915 |
| 6477 | BayCom Corp. | 130253 |
| 1199 | Business First Bancshares, Inc. | 24867 |
| 3309 | Cadence Bank | 84644 |
| 2343 | Capital Bancorp, Inc. | 50375 |
| 3767 | Carter Bankshares, Inc.\* | 62608 |
| 87619 | Central Pacific Financial Corp. | 1980189 |
| 13071 | Community Bank System, Inc. | 754327 |
| 13684 | CrossFirst Bankshares, Inc.\* | 184734 |
| 1821 | Esquire Financial Holdings, Inc. | 84749 |
| 76230 | First BanCorp. (Puerto Rico) | 1025294 |
| 6945 | First Bancorp, Inc. (The) | 205989 |
| 34902 | First Financial Bankshares, Inc. | 1243209 |
| 2006 | Glacier Bancorp, Inc. | 91454 |
| 1097 | Great Southern Bancorp, Inc. | 64109 |
| 16739 | Guaranty Bancshares, Inc. | 552052 |
| 43886 | Hancock Whitney Corp. | 2259251 |
| 79758 | Hanmi Financial Corp. | 1857564 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 7825 | HomeTrust Bancshares, Inc. | $211275 |
| 160079 | Hope Bancorp, Inc. | 2063418 |
| 8181 | Independent Bank Corp. | 181373 |
| 55456 | International Bancshares Corp. | 2599223 |
| 2017 | Live Oak Bancshares, Inc. | 69042 |
| 8581 | Metrocity Bankshares, Inc. | 173508 |
| 15969 | Northeast Bank | 753737 |
| 7790 | Origin Bancorp, Inc. | 292125 |
| 29577 | PCB Bancorp | 549245 |
| 16683 | Renasant Corp. | 593581 |
| 6729 | Southern First Bancshares, Inc.\* | 283224 |
| 4364 | SouthState Corp. | 347374 |
| 7118 | UMB Financial Corp. | 641972 |
| 34399 | Veritex Holdings, Inc. | 968332 |
| 1215 | Westamerica BanCorp | 67505 |
|  |  | 25289255 |
| **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
| 7073 | Celsius Holdings, Inc.\* | 709563 |
| 3678 | Coca-Cola Consolidated, Inc. | 1863937 |
| 3586 | National Beverage Corp.\* | 158501 |
| 176595 | Primo Water Corp. | 2763712 |
|  |  | 5495713 |
| **Biotechnology – 6.5%** | **Biotechnology – 6.5%** | **Biotechnology – 6.5%** |
| 34475 | ACADIA Pharmaceuticals, Inc.\* | 656059 |
| 62743 | Affimed NV (Germany)\* | 80938 |
| 27464 | Alector, Inc.\* | 242232 |
| 21264 | ALX Oncology Holdings, Inc.\* | 197755 |
| 123364 | Amicus Therapeutics, Inc.\* | 1608667 |
| 23989 | Apellis Pharmaceuticals, Inc.\* | 1264940 |
| 23152 | Arcus Biosciences, Inc.\* | 500778 |
| 39782 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 360027 |
| 4834 | Avidity Biosciences, Inc.\* | 114566 |
| 38537 | BioCryst Pharmaceuticals, Inc.\* | 406565 |
| 57544 | Catalyst Pharmaceuticals, Inc.\* | 891357 |
| 5443 | Celldex Therapeutics, Inc.\* | 239819 |
| 15469 | Day One Biopharmaceuticals, Inc.\* | 336760 |
| 5824 | Deciphera Pharmaceuticals, Inc.\* | 99066 |
| 21462 | Denali Therapeutics, Inc.\* | 649655 |
| 17785 | Design Therapeutics, Inc.\* | 139612 |
| 25790 | Eagle Pharmaceuticals, Inc.\* | 875313 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 21068 | Enanta Pharmaceuticals, Inc.\* | $1124610 |
| 43911 | Erasca, Inc.\* | 175644 |
| 45602 | Generation Bio Co.\* | 269052 |
| 52478 | Gossamer Bio, Inc.\* | 138542 |
| 75514 | Heron Therapeutics, Inc.\* | 204643 |
| 12196 | IGM Biosciences, Inc.\* | 277215 |
| 71590 | ImmunoGen, Inc.\* | 329314 |
| 26860 | Insmed, Inc.\* | 578296 |
| 6900 | Intellia Therapeutics, Inc.\* | 292836 |
| 36497 | Intercept Pharmaceuticals, Inc.\* | 666435 |
| 113575 | Iovance Biotherapeutics, Inc.\* | 904057 |
| 73017 | Ironwood Pharmaceuticals, Inc.\* | 841156 |
| 8236 | iTeos Therapeutics, Inc.\* | 172132 |
| 57583 | KalVista Pharmaceuticals, Inc.\* | 458361 |
| 5951 | Karuna Therapeutics, Inc.\* | 1186570 |
| 19533 | Keros Therapeutics, Inc.\* | 1144048 |
| 47559 | Kiniksa Pharmaceuticals Ltd., Class A\* | 687703 |
| 41133 | Kodiak Sciences, Inc.\* | 332355 |
| 26930 | Kura Oncology, Inc.\* | 372173 |
| 2494 | Madrigal Pharmaceuticals, Inc.\* | 718895 |
| 7929 | MeiraGTx Holdings PLC\* | 66286 |
| 5700 | Monte Rosa Therapeutics, Inc.\* | 42180 |
| 5840 | Morphic Holding, Inc.\* | 191143 |
| 39084 | Nurix Therapeutics, Inc.\* | 480342 |
| 3115 | PepGen, Inc.\* | 48656 |
| 41462 | PMV Pharmaceuticals, Inc.\* | 339988 |
| 69755 | Praxis Precision Medicines, Inc.\* | 347380 |
| 5513 | Prometheus Biosciences, Inc.\* | 626608 |
| 33705 | PTC Therapeutics, Inc.\* | 1546722 |
| 7859 | Rallybio Corp.\* | 54541 |
| 4977 | RAPT Therapeutics, Inc.\* | 144582 |
| 5776 | Replimune Group, Inc.\* | 160862 |
| 4525 | Sage Therapeutics, Inc.\* | 200639 |
| 60141 | Sana Biotechnology, Inc.\* | 274243 |
| 132824 | Sutro Biopharma, Inc.\* | 961646 |
| 5171 | Twist Bioscience Corp.\* | 148356 |
| 162728 | Vanda Pharmaceuticals, Inc.\* | 1249751 |
| 6148 | Vaxcyte, Inc.\* | 278812 |
| 15130 | Veracyte, Inc.\* | 380217 |
| 3373 | Vericel Corp.\* | 92656 |
| 10910 | Vir Biotechnology, Inc.\* | 322391 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 9785 | Viridian Therapeutics, Inc.\* | $357348 |
|  |  | 27853495 |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| 972 | CSW Industrials, Inc. | 131424 |
| 2049 | Insteel Industries, Inc. | 61450 |
| 2555 | Simpson Manufacturing Co., Inc. | 273666 |
| 80197 | Zurn Elkay Water Solutions Corp. | 1753106 |
|  |  | 2219646 |
| **Capital Markets – 1.4%** | **Capital Markets – 1.4%** | **Capital Markets – 1.4%** |
| 11004 | Hamilton Lane, Inc., Class A | 856772 |
| 34844 | Oppenheimer Holdings, Inc., Class A | 1658923 |
| 27079 | PJT Partners, Inc., Class A | 2167132 |
| 51081 | Victory Capital Holdings, Inc., Class A | 1514041 |
|  |  | 6196868 |
| **Chemicals – 2.4%** | **Chemicals – 2.4%** | **Chemicals – 2.4%** |
| 10898 | Aspen Aerogels, Inc.\* | 114429 |
| 1210 | Cabot Corp. | 91149 |
| 117574 | Diversey Holdings Ltd.\* | 713674 |
| 37466 | HB Fuller Co. | 2588901 |
| 22287 | Innospec, Inc. | 2518877 |
| 38366 | LSB Industries, Inc.\* | 487632 |
| 42934 | Minerals Technologies, Inc. | 2981766 |
| 37802 | Tronox Holdings PLC | 648304 |
|  |  | 10144732 |
| **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** | **Commercial Services & Supplies – 0.8%** |
| 28429 | Brady Corp., Class A | 1520099 |
| 36467 | BrightView Holdings, Inc.\* | 289913 |
| 73219 | Ennis, Inc. | 1555171 |
| 257 | Heritage-Crystal Clean, Inc.\* | 9560 |
|  |  | 3374743 |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| 13501 | Calix, Inc.\* | 710692 |
| 9120 | Clearfield, Inc.\* | 651715 |
| 15522 | Extreme Networks, Inc.\* | 279862 |
| 30418 | NetScout Systems, Inc.\* | 976418 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |
| 20777 | Viavi Solutions, Inc.\* | $234780 |
|  |  | 2853467 |
| **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** |
| 12977 | Arcosa, Inc. | 769147 |
| 15192 | Comfort Systems USA, Inc. | 1838840 |
| 10387 | Dycom Industries, Inc.\* | 990608 |
| 45846 | Fluor Corp.\* | 1684840 |
| 26316 | Primoris Services Corp. | 700006 |
| 27756 | Tutor Perini Corp.\* | 254522 |
|  |  | 6237963 |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| 101463 | Summit Materials, Inc., Class A\* | 3334074 |
| 412 | United States Lime & Minerals, Inc. | 62542 |
|  |  | 3396616 |
| **Consumer Finance – 1.4%** | **Consumer Finance – 1.4%** | **Consumer Finance – 1.4%** |
| 126463 | EZCORP, Inc., Class A\* | 1152078 |
| 34068 | FirstCash Holdings, Inc. | 3140388 |
| 24233 | LendingClub Corp.\* | 234818 |
| 2190 | LendingTree, Inc.\* | 86855 |
| 3488 | Nelnet, Inc., Class A | 333069 |
| 23400 | Regional Management Corp. | 807066 |
| 1855 | World Acceptance Corp.\* | 177561 |
|  |  | 5931835 |
| **Diversified Consumer Services – 0.8%** | **Diversified Consumer Services – 0.8%** | **Diversified Consumer Services – 0.8%** |
| 25750 | Chegg, Inc.\* | 534570 |
| 11378 | Duolingo, Inc.\* | 1086485 |
| 46300 | Laureate Education, Inc. | 508374 |
| 31571 | Stride, Inc.\* | 1355343 |
|  |  | 3484772 |
| **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** | **Diversified Financial Services – 0.9%** |
| 2254 | Alerus Financial Corp. | 46388 |
| 57740 | A-Mark Precious Metals, Inc. | 2222990 |
| 87123 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 1501129 |
|  |  | 3770507 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| 328472 | Globalstar, Inc.\* | $463146 |
| 15802 | Iridium Communications, Inc.\* | 945592 |
| 4236 | Ooma, Inc.\* | 60871 |
|  |  | 1469609 |
| **Electrical Equipment – 2.8%** | **Electrical Equipment – 2.8%** | **Electrical Equipment – 2.8%** |
| 45594 | Array Technologies, Inc.\* | 1013555 |
| 28662 | Atkore, Inc.\* | 3733225 |
| 26278 | Bloom Energy Corp., Class A\* | 655110 |
| 20569 | Encore Wire Corp. | 3320454 |
| 56391 | GrafTech International Ltd. | 368797 |
| 31249 | Powell Industries, Inc. | 1240585 |
| 27204 | Shoals Technologies Group, Inc., Class A\* | 758720 |
| 14436 | Stem, Inc.\* | 142339 |
| 7459 | SunPower Corp.\* | 130010 |
| 9406 | Thermon Group Holdings, Inc.\* | 217467 |
| 32455 | TPI Composites, Inc.\* | 423538 |
|  |  | 12003800 |
| **Electronic Equipment, Instruments & Components – 2.6%** | **Electronic Equipment, Instruments & Components – 2.6%** | **Electronic Equipment, Instruments & Components – 2.6%** |
| 7234 | Advanced Energy Industries, Inc. | 670881 |
| 12997 | Belden, Inc. | 1053927 |
| 5197 | Benchmark Electronics, Inc. | 145464 |
| 18336 | CTS Corp. | 816135 |
| 30600 | ePlus, Inc.\* | 1523268 |
| 17492 | Fabrinet (Thailand)\* | 2302997 |
| 593 | Novanta, Inc.\* | 95752 |
| 8930 | PC Connection, Inc. | 437838 |
| 1842 | Sanmina Corp.\* | 112233 |
| 73123 | TTM Technologies, Inc.\* | 1149493 |
| 38005 | Vishay Intertechnology, Inc. | 869934 |
| 43659 | Vishay Precision Group, Inc.\* | 1885196 |
|  |  | 11063118 |
| **Energy Equipment & Services – 1.6%** | **Energy Equipment & Services – 1.6%** | **Energy Equipment & Services – 1.6%** |
| 11679 | Borr Drilling Ltd. (Mexico)\* | 69490 |
| 17784 | Cactus, Inc., Class A | 962292 |
| 2883 | Dril-Quip, Inc.\* | 88537 |
| 53103 | Liberty Energy, Inc. | 840620 |
| 6305 | Nabors Industries Ltd.\* | 1119390 |
| 96102 | NexTier Oilfield Solutions, Inc.\* | 905281 |
| 6746 | Oceaneering International, Inc.\* | 144027 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Energy Equipment & Services – (continued)** | **Energy Equipment & Services – (continued)** | **Energy Equipment & Services – (continued)** |
| 86292 | Oil States International, Inc.\* | $738660 |
| 26016 | Patterson-UTI Energy, Inc. | 437069 |
| 132704 | RPC, Inc. | 1316424 |
| 15504 | Select Energy Services, Inc., Class A | 136125 |
| 12213 | TETRA Technologies, Inc.\* | 48363 |
| 14935 | US Silica Holdings, Inc.\* | 182804 |
|  |  | 6989082 |
| **Entertainment – 0.0%** | **Entertainment – 0.0%** | **Entertainment – 0.0%** |
| 3486 | IMAX Corp.\* | 59262 |
| **Equity Real Estate Investment Trusts (REITs) – 6.3%** | **Equity Real Estate Investment Trusts (REITs) – 6.3%** | **Equity Real Estate Investment Trusts (REITs) – 6.3%** |
| 2004 | Alexander & Baldwin, Inc. REIT | 40120 |
| 9191 | Apple Hospitality REIT, Inc. REIT | 162956 |
| 49064 | Brandywine Realty Trust REIT | 321860 |
| 182012 | Chatham Lodging Trust REIT | 2586391 |
| 14046 | City Office REIT, Inc. REIT | 138213 |
| 12817 | Community Healthcare Trust, Inc. REIT | 549593 |
| 252041 | DiamondRock Hospitality Co. REIT | 2427155 |
| 54880 | Equity Commonwealth REIT | 1400538 |
| 5066 | Essential Properties Realty Trust, Inc. REIT | 129082 |
| 2414 | Four Corners Property Trust, Inc. REIT | 69427 |
| 32968 | Hersha Hospitality Trust, Class A REIT | 303306 |
| 125340 | Independence Realty Trust, Inc. REIT | 2360152 |
| 130166 | LXP Industrial Trust REIT | 1503417 |
| 22115 | Macerich Co. (The) REIT | 303860 |
| 53748 | NexPoint Residential Trust, Inc. REIT | 2714274 |
| 159690 | Outfront Media, Inc. REIT | 3177831 |
| 225878 | RLJ Lodging Trust REIT | 2839286 |
| 108420 | STAG Industrial, Inc. REIT | 3859752 |
| 6522 | Tanger Factory Outlet Centers, Inc. REIT | 124635 |
| 18026 | Terreno Realty Corp. REIT | 1161415 |
| 4247 | UMH Properties, Inc. REIT | 76106 |
| 127360 | Uniti Group, Inc. REIT | 839302 |
|  |  | 27088671 |
| **Food & Staples Retailing – 0.5%** | **Food & Staples Retailing – 0.5%** | **Food & Staples Retailing – 0.5%** |
| 36009 | Chefs' Warehouse, Inc. (The)\* | 1376624 |
| 7769 | PriceSmart, Inc. | 577314 |
|  |  | 1953938 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – 0.9%** | **Food Products – 0.9%** | **Food Products – 0.9%** |
| 5330 | Fresh Del Monte Produce, Inc. | $152438 |
| 35534 | Hostess Brands, Inc.\* | 821901 |
| 28023 | John B. Sanfilippo & Son, Inc. | 2368224 |
| 86179 | SunOpta, Inc. (Canada)\* | 704083 |
|  |  | 4046646 |
| **Gas Utilities – 0.8%** | **Gas Utilities – 0.8%** | **Gas Utilities – 0.8%** |
| 39479 | ONE Gas, Inc. | 3251490 |
| **Health Care Equipment & Supplies – 3.6%** | **Health Care Equipment & Supplies – 3.6%** | **Health Care Equipment & Supplies – 3.6%** |
| 23274 | AngioDynamics, Inc.\* | 303027 |
| 36662 | Artivion, Inc.\* | 478072 |
| 19589 | AtriCure, Inc.\* | 847812 |
| 15969 | Avanos Medical, Inc.\* | 489290 |
| 13428 | Axonics, Inc.\* | 824479 |
| 65960 | Cerus Corp.\* | 207114 |
| 19247 | Inari Medical, Inc.\* | 1098041 |
| 9830 | Inspire Medical Systems, Inc.\* | 2487580 |
| 3087 | iRadimed Corp. | 115454 |
| 6535 | Lantheus Holdings, Inc.\* | 375763 |
| 17645 | LeMaitre Vascular, Inc. | 832491 |
| 30074 | LivaNova PLC\* | 1690159 |
| 34578 | Nevro Corp.\* | 1269704 |
| 20013 | NuVasive, Inc.\* | 912593 |
| 8406 | Shockwave Medical, Inc.\* | 1579740 |
| 31827 | Surmodics, Inc.\* | 894657 |
| 1991 | TransMedics Group, Inc.\* | 125473 |
| 7123 | Utah Medical Products, Inc. | 656242 |
| 11488 | Varex Imaging Corp.\* | 246877 |
|  |  | 15434568 |
| **Health Care Providers & Services – 3.6%** | **Health Care Providers & Services – 3.6%** | **Health Care Providers & Services – 3.6%** |
| 7929 | AdaptHealth Corp.\* | 169919 |
| 21392 | AirSculpt Technologies, Inc. | 124501 |
| 8551 | AMN Healthcare Services, Inc.\* | 819528 |
| 1797 | Apollo Medical Holdings, Inc.\* | 64045 |
| 80985 | Brookdale Senior Living, Inc.\* | 233237 |
| 140159 | Cano Health, Inc.\* | 193419 |
| 13369 | Castle Biosciences, Inc.\* | 362033 |
| 159611 | Community Health Systems, Inc.\* | 833169 |
| 2862 | CorVel Corp.\* | 509894 |
| 32161 | Ensign Group, Inc. (The) | 2999013 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |
| 24844 | HealthEquity, Inc.\* | $1511757 |
| 54047 | Hims & Hers Health, Inc.\* | 447509 |
| 59308 | Joint Corp. (The)\* | 1077626 |
| 16777 | National HealthCare Corp. | 998903 |
| 90607 | OPKO Health, Inc.\* | 116883 |
| 51449 | Option Care Health, Inc.\* | 1485333 |
| 28472 | Pennant Group, Inc. (The)\* | 368428 |
| 38620 | PetIQ, Inc.\* | 457261 |
| 49457 | Select Medical Holdings Corp. | 1437715 |
| 31960 | Surgery Partners, Inc.\* | 1061072 |
|  |  | 15271245 |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| 3068 | Computer Programs and Systems, Inc.\* | 90138 |
| 40242 | Health Catalyst, Inc.\* | 559364 |
| 13351 | HealthStream, Inc.\* | 322827 |
| 16852 | Phreesia, Inc.\* | 631781 |
|  |  | 1604110 |
| **Hotels, Restaurants & Leisure – 3.0%** | **Hotels, Restaurants & Leisure – 3.0%** | **Hotels, Restaurants & Leisure – 3.0%** |
| 2010 | BJ's Restaurants, Inc.\* | 63456 |
| 11373 | Bloomin' Brands, Inc. | 275795 |
| 23469 | Chuy's Holdings, Inc.\* | 803344 |
| 41403 | Dave & Buster's Entertainment, Inc.\* | 1794820 |
| 93132 | Everi Holdings, Inc.\* | 1617703 |
| 58584 | First Watch Restaurant Group, Inc.\* | 949061 |
| 47788 | Hilton Grand Vacations, Inc.\* | 2263240 |
| &nbsp;&nbsp;&nbsp;&nbsp;25367 | International Game Technology PLC | 670957 |
| 4999 | Kura Sushi USA, Inc., Class A\* | 310638 |
| 8670 | Noodles & Co.\* | 54534 |
| 40536 | Portillo's, Inc., Class A\* | 914492 |
| 56118 | Red Rock Resorts, Inc., Class A | 2525871 |
| 2282 | Shake Shack, Inc., Class A\* | 129800 |
| 24054 | Target Hospitality Corp.\* | 369349 |
|  |  | 12743060 |
| **Household Durables – 2.2%** | **Household Durables – 2.2%** | **Household Durables – 2.2%** |
| 2675 | Cavco Industries, Inc.\* | 711817 |
| 11334 | Dream Finders Homes, Inc., Class A\* | 143262 |
| 29835 | Installed Building Products, Inc. | 3284535 |
| 483 | iRobot Corp.\* | 21735 |
| 16766 | LGI Homes, Inc.\* | 1908809 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Durables – (continued)** | **Household Durables – (continued)** | **Household Durables – (continued)** |
| 38935 | M/I Homes, Inc.\* | $2328313 |
| 11337 | Meritage Homes Corp.\* | 1220882 |
|  |  | 9619353 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 20106 | Montauk Renewables, Inc.\* | 223378 |
| **Insurance – 4.7%** | **Insurance – 4.7%** | **Insurance – 4.7%** |
| 70028 | American Equity Investment Life Holding Co. | 3336834 |
| 36681 | AMERISAFE, Inc. | 2020389 |
| 20601 | BRP Group, Inc., Class A\* | 590219 |
| 118172 | CNO Financial Group, Inc. | 3044111 |
| 65254 | Employers Holdings, Inc. | 2862693 |
| 116542 | Genworth Financial, Inc., Class A\* | 643312 |
| 64300 | Goosehead Insurance, Inc., Class A\* | 2510915 |
| 5347 | Kinsale Capital Group, Inc. | 1488819 |
| 1358 | National Western Life Group, Inc., Class A | 375894 |
| 34869 | Palomar Holdings, Inc.\* | 1782154 |
| 33179 | Stewart Information Services Corp. | 1584961 |
|  |  | 20240301 |
| **Interactive Media & Services – 0.9%** | **Interactive Media & Services – 0.9%** | **Interactive Media & Services – 0.9%** |
| 22396 | Bumble, Inc., Class A\* | 576697 |
| 40191 | DHI Group, Inc.\* | 238735 |
| 31424 | Shutterstock, Inc. | 2365284 |
| 147258 | Vimeo, Inc.\* | 668551 |
|  |  | 3849267 |
| **Internet & Direct Marketing Retail – 0.6%** | **Internet & Direct Marketing Retail – 0.6%** | **Internet & Direct Marketing Retail – 0.6%** |
| 57832 | aka Brands Holding Corp.\* | 87905 |
| 60154 | CarParts.com, Inc.\* | 410251 |
| 17797 | Qurate Retail, Inc.Series A\* | 45916 |
| 242981 | RealReal, Inc. (The)\* | 444655 |
| 31570 | Revolve Group, Inc.\* | 901008 |
| 16313 | Xometry, Inc., Class A\* | 571281 |
|  |  | 2461016 |
| **IT Services – 2.1%** | **IT Services – 2.1%** | **IT Services – 2.1%** |
| 17389 | Brightcove, Inc.\* | 110246 |
| 70286 | EVERTEC, Inc. (Puerto Rico) | 2596365 |
| 12675 | ExlService Holdings, Inc.\* | 2162355 |
| 11263 | Hackett Group, Inc. (The) | 248912 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;33324 | I3 Verticals, Inc., Class A\* | $963730 |
| 24890 | IBEX Holdings Ltd.\* | 664314 |
| 13695 | Payoneer Global, Inc.\* | 81622 |
| 8851 | Perficient, Inc.\* | 656213 |
| 14802 | Rackspace Technology, Inc.\* | 44406 |
| 73848 | Sabre Corp.\* | 502905 |
| 8555 | Squarespace, Inc., Class A\* | 202925 |
| 78434 | StoneCo Ltd., Class A (Brazil)\* | 875324 |
|  |  | 9109317 |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| 27565 | Malibu Boats, Inc., Class A\* | 1670164 |
| 878 | Sturm Ruger & Co., Inc. | 49958 |
|  |  | 1720122 |
| **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** |
| 100342 | Adaptive Biotechnologies Corp.\* | 930170 |
| 7672 | CryoPort, Inc.\* | 175152 |
| 14064 | Medpace Holdings, Inc.\* | 3109128 |
| 46220 | NanoString Technologies, Inc.\* | 489008 |
|  |  | 4703458 |
| **Machinery – 2.9%** | **Machinery – 2.9%** | **Machinery – 2.9%** |
| 6937 | Chart Industries, Inc.\* | 929419 |
| 1684 | CIRCOR International, Inc.\* | 46563 |
| 17939 | Columbus McKinnon Corp. | 644907 |
| 7246 | Douglas Dynamics, Inc. | 292811 |
| 13262 | Energy Recovery, Inc.\* | 293488 |
| 22217 | Enerpac Tool Group Corp. | 589639 |
| 17839 | Evoqua Water Technologies Corp.\* | 865370 |
| 26373 | Franklin Electric Co., Inc. | 2381482 |
| 3354 | Lindsay Corp. | 525304 |
| 4470 | Miller Industries, Inc. | 129675 |
| 50288 | Mueller Industries, Inc. | 3296378 |
| 54145 | Titan International, Inc.\* | 903680 |
| 51798 | Wabash National Corp. | 1334316 |
| 1989 | Watts Water Technologies, Inc., Class A | 325241 |
|  |  | 12558273 |
| **Marine – 0.9%** | **Marine – 0.9%** | **Marine – 0.9%** |
| 210514 | Costamare, Inc. (Monaco) | 2136717 |
| 63985 | Golden Ocean Group Ltd. (Norway) | 612977 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Marine – (continued)** | **Marine – (continued)** | **Marine – (continued)** |
| 396870 | Safe Bulkers, Inc. (Greece) | $1305702 |
|  |  | 4055396 |
| **Media – 2.1%** | **Media – 2.1%** | **Media – 2.1%** |
| 113287 | Clear Channel Outdoor Holdings, Inc.\* | 216378 |
| 1248 | Daily Journal Corp.\* | 381888 |
| 96765 | EW Scripps Co. (The), Class A\* | 1446637 |
| 66067 | Gray Television, Inc. | 856228 |
| 10090 | Integral Ad Science Holding Corp.\* | 103725 |
| 15292 | Magnite, Inc.\* | 184727 |
| 7661 | PubMatic, Inc., Class A\* | 117443 |
| 37840 | Scholastic Corp. | 1674042 |
| 53767 | Sinclair Broadcast Group, Inc., Class A | 1109213 |
| 43192 | TechTarget, Inc.\* | 2139300 |
| 30407 | Thryv Holdings, Inc.\* | 680205 |
|  |  | 8909786 |
| **Metals & Mining – 1.9%** | **Metals & Mining – 1.9%** | **Metals & Mining – 1.9%** |
| 4281 | Alpha Metallurgical Resources, Inc. | 688941 |
| 40344 | ATI, Inc.\* | 1468118 |
| 9288 | Carpenter Technology Corp. | 448518 |
| 342668 | Coeur Mining, Inc.\* | 1332979 |
| 45024 | Constellium SE\* | 654199 |
| 6954 | Haynes International, Inc. | 387268 |
| 21252 | Novagold Resources, Inc. (Canada)\* | 134100 |
| 4397 | Ryerson Holding Corp. | 167833 |
| 42679 | TimkenSteel Corp.\* | 839496 |
| 53476 | Warrior Met Coal, Inc. | 2025671 |
|  |  | 8147123 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.6%** |
| 3870 | Apollo Commercial Real Estate Finance, Inc. REIT | 47098 |
| 79120 | BrightSpire Capital, Inc. REIT | 602894 |
| 23883 | Broadmark Realty Capital, Inc. REIT | 104608 |
| 44894 | Chimera Investment Corp. REIT | 327277 |
| 2017 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 74447 |
| 13513 | MFA Financial, Inc. REIT | 160670 |
| 53358 | Nexpoint Real Estate Finance, Inc. REIT | 1016470 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Mortgage Real Estate Investment Trusts (REITs) – (continued)** | **Mortgage Real Estate Investment Trusts (REITs) – (continued)** | **Mortgage Real Estate Investment Trusts (REITs) – (continued)** |
| 7270 | PennyMac Mortgage Investment Trust REIT | $110868 |
|  |  | 2444332 |
| **Multiline Retail – 0.0%** | **Multiline Retail – 0.0%** | **Multiline Retail – 0.0%** |
| 143 | Dillard's, Inc., Class A | 56243 |
| **Oil, Gas & Consumable Fuels – 6.2%** | **Oil, Gas & Consumable Fuels – 6.2%** | **Oil, Gas & Consumable Fuels – 6.2%** |
| 83750 | Ardmore Shipping Corp. (Ireland)\* | 1226938 |
| 10680 | Chord Energy Corp. | 1530764 |
| 48287 | Civitas Resources, Inc. | 3213500 |
| 85603 | Comstock Resources, Inc. | 1040076 |
| 7044 | CONSOL Energy, Inc. | 407355 |
| 18134 | DHT Holdings, Inc. | 155408 |
| 120363 | Equitrans Midstream Corp. | 872632 |
| 3137 | Frontline PLC (Norway) | 43385 |
| 113821 | Golar LNG Ltd. (Cameroon)\* | 2667964 |
| 36912 | International Seaways, Inc. | 1433662 |
| 85911 | Kosmos Energy Ltd. (Ghana)\* | 679556 |
| 115016 | Magnolia Oil & Gas Corp., Class A | 2715528 |
| 15953 | Matador Resources Co. | 1055450 |
| 9396 | Murphy Oil Corp. | 409760 |
| 47325 | Nordic American Tankers Ltd. | 143868 |
| 12174 | PBF Energy, Inc., Class A | 511186 |
| 14213 | Peabody Energy Corp.\* | 396401 |
| 2665 | SandRidge Energy, Inc.\* | 42134 |
| 56082 | Scorpio Tankers, Inc. (Monaco) | 2684645 |
| 145514 | SFL Corp. Ltd. (Norway) | 1481333 |
| 5320 | Sitio Royalties Corp., Class A | 141352 |
| 37711 | SM Energy Co. | 1239561 |
| 1804 | Talos Energy, Inc.\* | 35737 |
| 55365 | Teekay Corp. (Bermuda)\* | 269074 |
| 50799 | Teekay Tankers Ltd., Class A (Canada)\* | 1559021 |
| 1454 | Vital Energy, Inc.\* | 81831 |
| 72756 | W&T Offshore, Inc.\* | 452542 |
|  |  | 26490663 |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| 1769 | Clearwater Paper Corp.\* | 68301 |
| 5904 | Sylvamo Corp. | 280617 |
|  |  | 348918 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Personal Products – 0.8%** | **Personal Products – 0.8%** | **Personal Products – 0.8%** |
| 83817 | Beauty Health Co. (The)\* | $955514 |
| 41688 | elf Beauty, Inc.\* | 2399144 |
| 14858 | Herbalife Nutrition Ltd.\* | 261055 |
|  |  | 3615713 |
| **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** |
| 3069 | Aclaris Therapeutics, Inc.\* | 51866 |
| 129335 | Amneal Pharmaceuticals, Inc.\* | 284537 |
| 25538 | Amphastar Pharmaceuticals, Inc.\* | 772780 |
| 15189 | Arvinas, Inc.\* | 497744 |
| 13123 | Atea Pharmaceuticals, Inc.\* | 60759 |
| 8428 | Axsome Therapeutics, Inc.\* | 632100 |
| 992 | Cassava Sciences, Inc.\* | 27776 |
| 9562 | DICE Therapeutics, Inc.\* | 303785 |
| 4952 | Edgewise Therapeutics, Inc.\* | 50659 |
| 45101 | Esperion Therapeutics, Inc.\* | 286842 |
| 15773 | Harmony Biosciences Holdings, Inc.\* | 759785 |
| 93694 | Phibro Animal Health Corp., Class A | 1442888 |
| 76582 | SIGA Technologies, Inc. | 561346 |
|  |  | 5732867 |
| **Professional Services – 1.7%** | **Professional Services – 1.7%** | **Professional Services – 1.7%** |
| 67475 | Alight, Inc., Class A\* | 633590 |
| 49872 | CBIZ, Inc.\* | 2373409 |
| 32960 | Exponent, Inc. | 3379718 |
| 1738 | First Advantage Corp.\* | 24124 |
| 5583 | Forrester Research, Inc.\* | 206906 |
| 9822 | Franklin Covey Co.\* | 455741 |
| 5594 | Red Violet, Inc.\* | 132997 |
|  |  | 7206485 |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| 3736 | Kennedy-Wilson Holdings, Inc. | 66800 |
| 56045 | Newmark Group, Inc., Class A | 480306 |
| 8624 | Redfin Corp.\* | 64507 |
| 34816 | St Joe Co. (The) | 1639833 |
|  |  | 2251446 |
| **Road & Rail – 0.5%** | **Road & Rail – 0.5%** | **Road & Rail – 0.5%** |
| 2350 | ArcBest Corp. | 196108 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – (continued)** | **Road & Rail – (continued)** | **Road & Rail – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;92447 | Marten Transport Ltd. | $2042154 |
|  |  | 2238262 |
| **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** |
| 5324 | Ambarella, Inc.\* | 478309 |
| 9470 | Axcelis Technologies, Inc.\* | 1041227 |
| 17936 | Cohu, Inc.\* | 647131 |
| 13348 | Diodes, Inc.\* | 1190508 |
| 24953 | FormFactor, Inc.\* | 702177 |
| 4076 | Impinj, Inc.\* | 528983 |
| 41251 | MaxLinear, Inc.\* | 1699541 |
| 694 | Synaptics, Inc.\* | 86771 |
|  |  | 6374647 |
| **Software – 6.3%** | **Software – 6.3%** | **Software – 6.3%** |
| 41875 | 8x8, Inc.\* | 197231 |
| 41410 | A10 Networks, Inc. | 641027 |
| 32455 | Alarm.com Holdings, Inc.\* | 1739588 |
| 45312 | American Software, Inc., Class A | 689196 |
| 49911 | Amplitude, Inc., Class A\* | 717720 |
| 587 | Appfolio, Inc., Class A\* | 65938 |
| 7598 | Appian Corp., Class A\* | 314291 |
| 37976 | Asana, Inc., Class A\* | 588628 |
| 13174 | Blackbaud, Inc.\* | 819555 |
| 2893 | Blackline, Inc.\* | 207717 |
| 65495 | Cleanspark, Inc.\* | 207619 |
| 66415 | Clear Secure, Inc., Class A | 2084767 |
| 44502 | CommVault Systems, Inc.\* | 2769359 |
| 17813 | Consensus Cloud Solutions, Inc.\* | 1046870 |
| 3719 | Domo, Inc., Class B\* | 57682 |
| 15057 | Ebix, Inc. | 286986 |
| 45273 | Instructure Holdings, Inc.\* | 1223729 |
| 783 | MicroStrategy, Inc., Class A\* | 197105 |
| 13312 | Model N, Inc.\* | 527954 |
| 30026 | Momentive Global, Inc.\* | 231500 |
| 29737 | PagerDuty, Inc.\* | 885865 |
| 48078 | PROS Holdings, Inc.\* | 1211566 |
| 48370 | Q2 Holdings, Inc.\* | 1582666 |
| 15500 | Sapiens International Corp. NV (Israel) | 351230 |
| 22980 | Sprout Social, Inc., Class A\* | 1470031 |
| 21460 | SPS Commerce, Inc.\* | 2920277 |
| 11225 | Tenable Holdings, Inc.\* | 451582 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 27373 | Workiva, Inc.\* | $2368586 |
| 104197 | Yext, Inc.\* | 724169 |
| 27182 | Zeta Global Holdings Corp., Class A\* | 246813 |
| 45359 | Zuora, Inc., Class A\* | 359243 |
|  |  | 27186490 |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| 4270 | Aaron's Co., Inc. (The) | 62556 |
| 23027 | Abercrombie & Fitch Co., Class A\* | 666862 |
| 23674 | Academy Sports & Outdoors, Inc. | 1383035 |
| 26080 | Arko Corp. | 218811 |
| 10103 | Boot Barn Holdings, Inc.\* | 843499 |
| 23653 | Buckle, Inc. (The) | 1040732 |
| 11361 | Caleres, Inc. | 295613 |
| 5391 | Cato Corp. (The), Class A | 53587 |
| 5891 | Murphy USA, Inc. | 1602529 |
| 8264 | Sally Beauty Holdings, Inc.\* | 128753 |
| 698 | Signet Jewelers Ltd. | 53613 |
| 7536 | Sonic Automotive, Inc., Class A | 404759 |
| 15531 | Urban Outfitters, Inc.\* | 425394 |
|  |  | 7179743 |
| **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** |
| 19359 | Corsair Gaming, Inc.\* | 304517 |
| 36592 | Super Micro Computer, Inc.\* | 2646699 |
|  |  | 2951216 |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| 13238 | Crocs, Inc.\* | 1611991 |
| 45910 | Fossil Group, Inc.\* | 260769 |
| 3117 | Movado Group, Inc. | 110217 |
|  |  | 1982977 |
| **Thrifts & Mortgage Finance – 1.7%** | **Thrifts & Mortgage Finance – 1.7%** | **Thrifts & Mortgage Finance – 1.7%** |
| 50412 | Axos Financial, Inc.\* | 2425825 |
| 3912 | Home Bancorp, Inc. | 150221 |
| 54279 | Merchants Bancorp | 1561607 |
| 5880 | Mr Cooper Group, Inc.\* | 270421 |
| 42740 | Radian Group, Inc. | 944554 |
| 49310 | TrustCo Bank Corp. | 1770722 |
|  |  | 7123350 |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Trading Companies & Distributors – 2.0%** | **Trading Companies & Distributors – 2.0%** | **Trading Companies & Distributors – 2.0%** |
| 13101 | Applied Industrial Technologies, Inc. | $1876194 |
| 1973 | DXP Enterprises, Inc.\* | 59782 |
| 1661 | GMS, Inc.\* | 98531 |
| 25702 | H&E Equipment Services, Inc. | 1307975 |
| 139573 | MRC Global, Inc.\* | 1898193 |
| 129932 | NOW, Inc.\* | 1824245 |
| 27080 | Titan Machinery, Inc.\* | 1189895 |
| 2224 | Veritiv Corp. | 278089 |
|  |  | 8532904 |
| **TOTAL COMMON STOCKS<br>(Cost $389,176,075)** | **TOTAL COMMON STOCKS<br>(Cost $389,176,075)** | $426105462 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **INVESTMENT COMPANY – 0.0%<sup>(a)</sup>** | **INVESTMENT COMPANY – 0.0%<sup>(a)</sup>** | **INVESTMENT COMPANY – 0.0%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 35 | 4.237% | $35 |
| **(Cost $35)** | **(Cost $35)** |  |
| **TOTAL INVESTMENTS – 99.5%<br>(Cost $389,176,110)** | **TOTAL INVESTMENTS – 99.5%<br>(Cost $389,176,110)** | $426105497 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.5%** | 1973538 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $428079035 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At January 31, 2023, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 1 | 03/17/23 | $96970 | $2057 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.6%** | **Common Stocks – 99.6%** | **Common Stocks – 99.6%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735 | Triumph Group, Inc.\* | $236172 |
| **Airlines – 0.2%** | **Airlines – 0.2%** | **Airlines – 0.2%** |
| 10486 | Frontier Group Holdings, Inc.\* | 131914 |
| 7232 | Joby Aviation, Inc.\*<sup>(a)</sup> | 31965 |
| 6534 | Sun Country Airlines Holdings, Inc.\* | 121990 |
|  |  | 285869 |
| **Auto Components – 0.8%** | **Auto Components – 0.8%** | **Auto Components – 0.8%** |
| 6225 | Adient PLC\* | 280249 |
| 4972 | LCI Industries | 557958 |
| 16355 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 109088 |
|  |  | 947295 |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| 9880 | Fisker, Inc.\*<sup>(a)</sup> | 73606 |
| **Banks – 0.9%** | **Banks – 0.9%** | **Banks – 0.9%** |
| 1187 | BancFirst Corp. | 102236 |
| 5366 | Esquire Financial Holdings, Inc. | 249734 |
| 19825 | First Financial Bankshares, Inc. | 706166 |
|  |  | 1058136 |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| 4716 | Celsius Holdings, Inc.\* | 473109 |
| 1420 | Coca-Cola Consolidated, Inc. | 719628 |
| 1881 | National Beverage Corp.\* | 83140 |
|  |  | 1275877 |
| **Biotechnology – 7.4%** | **Biotechnology – 7.4%** | **Biotechnology – 7.4%** |
| 20216 | ACADIA Pharmaceuticals, Inc.\* | 384710 |
| 15530 | Affimed NV (Germany)\* | 20034 |
| 1018 | Albireo Pharma, Inc.\* | 45464 |
| 13096 | Alector, Inc.\* | 115507 |
| 61680 | Amicus Therapeutics, Inc.\* | 804307 |
| 3719 | Anavex Life Sciences Corp.\*<sup>(a)</sup> | 40425 |
| 12514 | Apellis Pharmaceuticals, Inc.\* | 659863 |
| 6456 | Arrowhead Pharmaceuticals, Inc.\* | 225895 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14174 | Aurinia Pharmaceuticals, Inc. (Canada)\* | $128275 |
| 2650 | Beam Therapeutics, Inc.\* | 115142 |
| 8014 | BioCryst Pharmaceuticals, Inc.\* | 84548 |
| 24341 | Catalyst Pharmaceuticals, Inc.\* | 377042 |
| 13725 | Denali Therapeutics, Inc.\* | 415456 |
| 10964 | Eagle Pharmaceuticals, Inc.\* | 372118 |
| 7815 | Fate Therapeutics, Inc.\* | 46577 |
| 34062 | Gossamer Bio, Inc.\*<sup>(a)</sup> | 89924 |
| 406 | Halozyme Therapeutics, Inc.\* | 21019 |
| 30253 | Heron Therapeutics, Inc.\* | 81986 |
| 3867 | IGM Biosciences, Inc.\* | 87897 |
| 486 | Inhibrx, Inc.\* | 12150 |
| 17426 | Insmed, Inc.\* | 375182 |
| 11578 | Intercept Pharmaceuticals, Inc.\* | 211414 |
| 8556 | Iovance Biotherapeutics, Inc.\* | 68106 |
| 29218 | Ironwood Pharmaceuticals, Inc.\* | 336591 |
| 4937 | IVERIC bio, Inc.\* | 114045 |
| 7086 | KalVista Pharmaceuticals, Inc.\* | 56404 |
| 3179 | Karuna Therapeutics, Inc.\* | 633861 |
| 12716 | Karyopharm Therapeutics, Inc.\* | 41963 |
| 8430 | Keros Therapeutics, Inc.\* | 493745 |
| 18780 | Kiniksa Pharmaceuticals Ltd., Class A\* | 271559 |
| 1381 | Madrigal Pharmaceuticals, Inc.\* | 398073 |
| 3447 | Morphic Holding, Inc.\* | 112820 |
| 11158 | Praxis Precision Medicines, Inc.\* | 55567 |
| 11610 | Precigen, Inc.\* | 18808 |
| 3397 | Prometheus Biosciences, Inc.\* | 386103 |
| 10182 | PTC Therapeutics, Inc.\* | 467252 |
| 1193 | RAPT Therapeutics, Inc.\* | 34657 |
| 24670 | Rigel Pharmaceuticals, Inc.\* | 40459 |
| 16171 | Sutro Biopharma, Inc.\* | 117078 |
| 7651 | Vaxcyte, Inc.\* | 346973 |
| 4547 | Vericel Corp.\* | 124906 |
| 3123 | Viridian Therapeutics, Inc.\* | 114052 |
| 2871 | Y-mAbs Therapeutics, Inc.\* | 12891 |
|  |  | 8960848 |
| **Building Products – 1.3%** | **Building Products – 1.3%** | **Building Products – 1.3%** |
| 4503 | CSW Industrials, Inc. | 608851 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Building Products – (continued)** | **Building Products – (continued)** | **Building Products – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | Janus International Group, Inc.\* | $46838 |
| 1128 | Simpson Manufacturing Co., Inc. | 120820 |
| 1868 | UFP Industries, Inc. | 174751 |
| 27157 | Zurn Elkay Water Solutions Corp. | 593652 |
|  |  | 1544912 |
| **Capital Markets – 1.3%** | **Capital Markets – 1.3%** | **Capital Markets – 1.3%** |
| 2401 | Focus Financial Partners, Inc., Class A\* | 108405 |
| 5380 | Hamilton Lane, Inc., Class A | 418887 |
| 728 | Houlihan Lokey, Inc. | 72123 |
| 10358 | PJT Partners, Inc., Class A | 828951 |
| 4269 | Victory Capital Holdings, Inc., Class A | 126533 |
|  |  | 1554899 |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| 12864 | Aspen Aerogels, Inc.\* | 135072 |
| 2534 | Cabot Corp. | 190886 |
| 65286 | Diversey Holdings Ltd.\* | 396286 |
| 10494 | HB Fuller Co. | 725135 |
| 1799 | Innospec, Inc. | 203323 |
| 6349 | Livent Corp.\* | 164566 |
| 13263 | LSB Industries, Inc.\* | 168573 |
|  |  | 1983841 |
| **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** |
| 1515 | Brady Corp., Class A | 81007 |
| 1825 | HNI Corp. | 57980 |
| 3650 | Pitney Bowes, Inc. | 15732 |
|  |  | 154719 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| 5862 | Calix, Inc.\* | 308576 |
| 3164 | Clearfield, Inc.\* | 226099 |
| 19968 | Extreme Networks, Inc.\* | 360023 |
| 849 | NetScout Systems, Inc.\* | 27253 |
| 38468 | Viavi Solutions, Inc.\* | 434688 |
|  |  | 1356639 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** |
| 5887 | Comfort Systems USA, Inc. | $712563 |
| 1239 | Construction Partners, Inc., Class A\* | 35051 |
| 4287 | Dycom Industries, Inc.\* | 408851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17539 | Fluor Corp.\* | 644558 |
|  |  | 1801023 |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| 4592 | Summit Materials, Inc., Class A\* | 150893 |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| 14221 | EZCORP, Inc., Class A\* | 129553 |
| 8799 | FirstCash Holdings, Inc. | 811092 |
| 2033 | LendingTree, Inc.\* | 80629 |
|  |  | 1021274 |
| **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** |
| 595 | Carriage Services, Inc. | 19290 |
| 8132 | Chegg, Inc.\* | 168820 |
| 3089 | Coursera, Inc.\* | 49270 |
| 5235 | Duolingo, Inc.\* | 499890 |
| 10817 | Stride, Inc.\* | 464374 |
|  |  | 1201644 |
| **Diversified Financial Services – 0.3%** | **Diversified Financial Services – 0.3%** | **Diversified Financial Services – 0.3%** |
| 7738 | A-Mark Precious Metals, Inc. | 297913 |
| **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** |
| 113341 | Globalstar, Inc.\* | 159811 |
| 12883 | Iridium Communications, Inc.\* | 770919 |
| 3227 | Ooma, Inc.\* | 46372 |
|  |  | 977102 |
| **Electrical Equipment – 3.5%** | **Electrical Equipment – 3.5%** | **Electrical Equipment – 3.5%** |
| 19251 | Array Technologies, Inc.\* | 427950 |
| 10072 | Atkore, Inc.\* | 1311878 |
| 15345 | Bloom Energy Corp., Class A\* | 382551 |
| 4944 | Encore Wire Corp. | 798110 |
| 1547 | Enovix Corp.\* | 12283 |
| 15234 | FTC Solar, Inc.\* | 41894 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38399 | GrafTech International Ltd. | $251129 |
| 5361 | Powell Industries, Inc. | 212832 |
| 12320 | Shoals Technologies Group, Inc., Class A\* | 343605 |
| 11968 | Stem, Inc.\* | 118004 |
| 8625 | SunPower Corp.\* | 150334 |
| 10268 | TPI Composites, Inc.\* | 133997 |
|  |  | 4184567 |
| **Electronic Equipment, Instruments & Components – 2.6%** | **Electronic Equipment, Instruments & Components – 2.6%** | **Electronic Equipment, Instruments & Components – 2.6%** |
| 5458 | Advanced Energy Industries, Inc. | 506175 |
| 3301 | Belden, Inc. | 267678 |
| 7705 | CTS Corp. | 342950 |
| 10185 | ePlus, Inc.\* | 507009 |
| 8364 | Fabrinet (Thailand)\* | 1101204 |
| 3575 | Identiv, Inc.\* | 31174 |
| 1620 | Novanta, Inc.\* | 261581 |
| 7179 | TTM Technologies, Inc.\* | 112854 |
|  |  | 3130625 |
| **Energy Equipment & Services – 2.2%** | **Energy Equipment & Services – 2.2%** | **Energy Equipment & Services – 2.2%** |
| 3593 | Borr Drilling Ltd. (Mexico)\* | 21378 |
| 10394 | Cactus, Inc., Class A | 562419 |
| 1897 | ChampionX Corp. | 62639 |
| 24255 | Liberty Energy, Inc. | 383957 |
| 2733 | Nabors Industries Ltd.\* | 485217 |
| 43548 | NexTier Oilfield Solutions, Inc.\* | 410222 |
| 2815 | Oceaneering International, Inc.\* | 60100 |
| 4793 | Patterson-UTI Energy, Inc. | 80523 |
| 52950 | RPC, Inc. | 525264 |
| 24707 | TETRA Technologies, Inc.\* | 97840 |
|  |  | 2689559 |
| **Equity Real Estate Investment Trusts (REITs) – 2.8%** | **Equity Real Estate Investment Trusts (REITs) – 2.8%** | **Equity Real Estate Investment Trusts (REITs) – 2.8%** |
| 37407 | Chatham Lodging Trust REIT | 531553 |
| 270 | Community Healthcare Trust, Inc. REIT | 11578 |
| 16891 | NexPoint Residential Trust, Inc. REIT | 852996 |
| 54772 | Outfront Media, Inc. REIT | 1089963 |
| 27653 | RLJ Lodging Trust REIT | 347598 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 6876 | Tanger Factory Outlet Centers, Inc. REIT | $131400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 | Universal Health Realty Income Trust REIT | 375668 |
|  |  | 3340756 |
| **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** | **Food & Staples Retailing – 0.4%** |
| 7162 | Chefs' Warehouse, Inc. (The)\* | 273803 |
| 6528 | Natural Grocers by Vitamin Cottage, Inc. | 64823 |
| 2137 | PriceSmart, Inc. | 158801 |
|  |  | 497427 |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| 2640 | Beyond Meat, Inc.\*<sup>(a)</sup> | 43375 |
| 8398 | John B. Sanfilippo & Son, Inc. | 709715 |
| 48218 | SunOpta, Inc. (Canada)\* | 393941 |
|  |  | 1147031 |
| **Health Care Equipment & Supplies – 5.5%** | **Health Care Equipment & Supplies – 5.5%** | **Health Care Equipment & Supplies – 5.5%** |
| 21166 | Artivion, Inc.\* | 276005 |
| 3764 | AtriCure, Inc.\* | 162906 |
| 6521 | Axonics, Inc.\* | 400389 |
| 39041 | Cerus Corp.\* | 122589 |
| 1292 | Glaukos Corp.\* | 63373 |
| 513 | Heska Corp.\* | 45883 |
| 7624 | Inari Medical, Inc.\* | 434949 |
| 4866 | Inspire Medical Systems, Inc.\* | 1231390 |
| 6387 | iRadimed Corp. | 238874 |
| 135 | iRhythm Technologies, Inc.\* | 13270 |
| 6086 | Lantheus Holdings, Inc.\* | 349945 |
| 5947 | LeMaitre Vascular, Inc. | 280579 |
| 6956 | LivaNova PLC\* | 390927 |
| 12628 | Nevro Corp.\* | 463700 |
| 5376 | NuVasive, Inc.\* | 245146 |
| 4531 | Shockwave Medical, Inc.\* | 851511 |
| 143 | Silk Road Medical, Inc.\* | 7773 |
| 2952 | STAAR Surgical Co.\* | 208264 |
| 10027 | Surmodics, Inc.\* | 281859 |
| 2127 | TransMedics Group, Inc.\* | 134043 |
| 4507 | Utah Medical Products, Inc. | 415230 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820 | ViewRay, Inc.\* | $31304 |
|  |  | 6649909 |
| **Health Care Providers & Services – 4.5%** | **Health Care Providers & Services – 4.5%** | **Health Care Providers & Services – 4.5%** |
| 18179 | AirSculpt Technologies, Inc.<sup>(a)</sup> | 105802 |
| 4822 | AMN Healthcare Services, Inc.\* | 462140 |
| 2577 | Apollo Medical Holdings, Inc.\* | 91844 |
| 57352 | Cano Health, Inc.\* | 79146 |
| 16645 | Community Health Systems, Inc.\* | 86887 |
| 1700 | CorVel Corp.\* | 302872 |
| 11845 | Ensign Group, Inc. (The) | 1104546 |
| 10645 | HealthEquity, Inc.\* | 647748 |
| 29127 | Hims & Hers Health, Inc.\* | 241171 |
| 17864 | Joint Corp. (The)\* | 324589 |
| 27333 | Option Care Health, Inc.\* | 789104 |
| 19259 | Pennant Group, Inc. (The)\* | 249211 |
| 12209 | PetIQ, Inc.\* | 144555 |
| 1666 | Progyny, Inc.\* | 57294 |
| 16180 | Select Medical Holdings Corp. | 470353 |
| 6590 | Surgery Partners, Inc.\* | 218788 |
|  |  | 5376050 |
| **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** |
| 1844 | HealthStream, Inc.\* | 44588 |
| 5558 | Phreesia, Inc.\* | 208369 |
|  |  | 252957 |
| **Hotels, Restaurants & Leisure – 3.6%** | **Hotels, Restaurants & Leisure – 3.6%** | **Hotels, Restaurants & Leisure – 3.6%** |
| 4447 | Bloomin' Brands, Inc. | 107840 |
| 15647 | Dave & Buster's Entertainment, Inc.\* | 678297 |
| 25137 | Everi Holdings, Inc.\* | 436630 |
| 3811 | Golden Entertainment, Inc.\* | 150535 |
| 22840 | Hilton Grand Vacations, Inc.\* | 1081702 |
| 688 | Kura Sushi USA, Inc., Class A\* | 42752 |
| 2637 | Monarch Casino & Resort, Inc.\* | 202047 |
| 6033 | Noodles & Co.\* | 37948 |
| 14875 | ONE Group Hospitality, Inc. (The)\* | 112009 |
| 12738 | Portillo's, Inc., Class A\* | 287369 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 4820 | Red Rock Resorts, Inc., Class A | $216948 |
| 2492 | Shake Shack, Inc., Class A\* | 141745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15758 | Target Hospitality Corp.\* | 241964 |
| 6235 | Texas Roadhouse, Inc. | 626181 |
|  |  | 4363967 |
| **Household Durables – 1.6%** | **Household Durables – 1.6%** | **Household Durables – 1.6%** |
| 2361 | Cavco Industries, Inc.\* | 628262 |
| 12437 | Dream Finders Homes, Inc., Class A\*<sup>(a)</sup> | 157204 |
| 9495 | Installed Building Products, Inc. | 1045305 |
| 1197 | iRobot Corp.\* | 53865 |
| 483 | M/I Homes, Inc.\* | 28883 |
|  |  | 1913519 |
| **Independent Power and Renewable Electricity Producers – 0.2%** | **Independent Power and Renewable Electricity Producers – 0.2%** | **Independent Power and Renewable Electricity Producers – 0.2%** |
| 19144 | Montauk Renewables, Inc.\* | 212690 |
| **Insurance – 3.1%** | **Insurance – 3.1%** | **Insurance – 3.1%** |
| 12860 | American Equity Investment Life Holding Co. | 612779 |
| 12670 | BRP Group, Inc., Class A\* | 362996 |
| 6705 | CNO Financial Group, Inc. | 172721 |
| 7842 | Employers Holdings, Inc. | 344029 |
| 21549 | Goosehead Insurance, Inc., Class A\* | 841488 |
| 2667 | Kinsale Capital Group, Inc. | 742599 |
| 13818 | Palomar Holdings, Inc.\* | 706238 |
|  |  | 3782850 |
| **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** |
| 27725 | DHI Group, Inc.\* | 164686 |
| 1324 | MediaAlpha, Inc., Class A\* | 18470 |
| 11153 | Shutterstock, Inc. | 839486 |
| 75166 | Vimeo, Inc.\* | 341254 |
| 2404 | ZipRecruiter, Inc., Class A\* | 47215 |
|  |  | 1411111 |
| **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** |
| 28340 | CarParts.com, Inc.\* | 193278 |
| 44154 | RealReal, Inc. (The)\* | 80802 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** |
| 6796 | Rent the Runway, Inc., Class A\*<sup>(a)</sup> | $29155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12559 | Revolve Group, Inc.\* | 358434 |
| 7850 | Xometry, Inc., Class A\*<sup>(a)</sup> | 274907 |
|  |  | 936576 |
| **IT Services – 3.8%** | **IT Services – 3.8%** | **IT Services – 3.8%** |
| 11618 | Brightcove, Inc.\* | 73658 |
| 546 | DigitalOcean Holdings, Inc.\* | 16025 |
| 26577 | EVERTEC, Inc. (Puerto Rico) | 981755 |
| 7677 | ExlService Holdings, Inc.\* | 1309696 |
| 1701 | Flywire Corp.\* | 45876 |
| 12788 | Hackett Group, Inc. (The) | 282615 |
| 23159 | I3 Verticals, Inc., Class A\* | 669758 |
| 11836 | IBEX Holdings Ltd.\* | 315903 |
| 32954 | Payoneer Global, Inc.\* | 196406 |
| 7530 | Perficient, Inc.\* | 558274 |
| 12327 | StoneCo Ltd., Class A (Brazil)\* | 137569 |
|  |  | 4587535 |
| **Leisure Products – 0.8%** | **Leisure Products – 0.8%** | **Leisure Products – 0.8%** |
| 12964 | Malibu Boats, Inc., Class A\* | 785489 |
| 2857 | Sturm Ruger & Co., Inc. | 162563 |
|  |  | 948052 |
| **Life Sciences Tools & Services – 1.2%** | **Life Sciences Tools & Services – 1.2%** | **Life Sciences Tools & Services – 1.2%** |
| 5628 | Adaptive Biotechnologies Corp.\* | 52171 |
| 5499 | Medpace Holdings, Inc.\* | 1215664 |
| 21500 | NanoString Technologies, Inc.\* | 227470 |
|  |  | 1495305 |
| **Machinery – 5.2%** | **Machinery – 5.2%** | **Machinery – 5.2%** |
| 4786 | Chart Industries, Inc.\* | 641228 |
| 18628 | Douglas Dynamics, Inc. | 752757 |
| 6591 | Energy Recovery, Inc.\* | 145859 |
| 18361 | Enerpac Tool Group Corp. | 487301 |
| 9338 | Evoqua Water Technologies Corp.\* | 452986 |
| 9977 | Franklin Electric Co., Inc. | 900923 |
| 1512 | Lindsay Corp. | 236809 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13992 | Mueller Industries, Inc. | $917176 |
| 31505 | Mueller Water Products, Inc., Class A | 398538 |
| 8048 | Nikola Corp.\*<sup>(a)</sup> | 21810 |
| 1749 | Omega Flex, Inc. | 185919 |
| 14804 | Titan International, Inc.\* | 247079 |
| 19252 | Wabash National Corp. | 495932 |
| 2526 | Watts Water Technologies, Inc., Class A | 413052 |
|  |  | 6297369 |
| **Marine – 0.3%** | **Marine – 0.3%** | **Marine – 0.3%** |
| 28479 | Costamare, Inc. (Monaco) | 289062 |
| 21435 | Safe Bulkers, Inc. (Greece) | 70521 |
|  |  | 359583 |
| **Media – 1.6%** | **Media – 1.6%** | **Media – 1.6%** |
| 1228 | Daily Journal Corp.\* | 375768 |
| 12583 | Gray Television, Inc. | 163075 |
| 2289 | Integral Ad Science Holding Corp.\* | 23531 |
| 23552 | Sinclair Broadcast Group, Inc., Class A | 485878 |
| 15743 | TechTarget, Inc.\* | 779751 |
| 2451 | Thryv Holdings, Inc.\* | 54829 |
|  |  | 1882832 |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| 1900 | Alpha Metallurgical Resources, Inc. | 305767 |
| 19216 | ATI, Inc.\* | 699270 |
| 42970 | Coeur Mining, Inc.\* | 167153 |
| 6520 | Constellium SE\* | 94736 |
| 23994 | Novagold Resources, Inc. (Canada)\* | 151402 |
| 5424 | TimkenSteel Corp.\* | 106690 |
| 3499 | Warrior Met Coal, Inc. | 132542 |
|  |  | 1657560 |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 260 | Dillard's, Inc., Class A | 102261 |
| **Oil, Gas & Consumable Fuels – 5.6%** | **Oil, Gas & Consumable Fuels – 5.6%** | **Oil, Gas & Consumable Fuels – 5.6%** |
| 9034 | Ardmore Shipping Corp. (Ireland)\* | 132348 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 2918 | Chord Energy Corp. | $418237 |
| 3541 | Civitas Resources, Inc. | 235654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36881 | Comstock Resources, Inc. | 448104 |
| 3476 | CONSOL Energy, Inc. | 201017 |
| 1449 | CVR Energy, Inc. | 48107 |
| 3978 | Earthstone Energy, Inc., Class A\* | 55294 |
| 2934 | Energy Fuels, Inc.\*<sup>(a)</sup> | 21624 |
| 23836 | Golar LNG Ltd. (Cameroon)\* | 558716 |
| 1824 | International Seaways, Inc. | 70844 |
| 58610 | Kosmos Energy Ltd. (Ghana)\* | 463605 |
| 46597 | Magnolia Oil & Gas Corp., Class A | 1100155 |
| 11453 | Matador Resources Co. | 757730 |
| 702 | PBF Energy, Inc., Class A | 29477 |
| 13021 | Scorpio Tankers, Inc. (Monaco) | 623315 |
| 13629 | SFL Corp. Ltd. (Norway) | 138743 |
| 19962 | SM Energy Co. | 656151 |
| 14761 | Talos Energy, Inc.\* | 292415 |
| 4196 | Teekay Corp. (Bermuda)\* | 20393 |
| 4274 | Teekay Tankers Ltd., Class A (Canada)\* | 131169 |
| 26038 | Tellurian, Inc.\* | 51816 |
| 2016 | Vital Energy, Inc.\* | 113460 |
| 24939 | W&T Offshore, Inc.\* | 155121 |
|  |  | 6723495 |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| 4800 | Sylvamo Corp. | 228144 |
| **Personal Products – 1.0%** | **Personal Products – 1.0%** | **Personal Products – 1.0%** |
| 27553 | Beauty Health Co. (The)\* | 314104 |
| 15286 | elf Beauty, Inc.\* | 879709 |
| 997 | Herbalife Nutrition Ltd.\* | 17517 |
| 2776 | Thorne HealthTech, Inc.\* | 12798 |
|  |  | 1224128 |
| **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** |
| 5486 | Aclaris Therapeutics, Inc.\* | 92713 |
| 57614 | Amneal Pharmaceuticals, Inc.\* | 126751 |
| 14579 | Amphastar Pharmaceuticals, Inc.\* | 441161 |
| 3860 | Arvinas, Inc.\* | 126492 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138 | Axsome Therapeutics, Inc.\* | $385350 |
| 2320 | Cassava Sciences, Inc.\*<sup>(a)</sup> | 64960 |
| 770 | Corcept Therapeutics, Inc.\* | 17602 |
| 14521 | Esperion Therapeutics, Inc.\* | 92354 |
| 6447 | Harmony Biosciences Holdings, Inc.\* | 310552 |
| 4933 | Intra-Cellular Therapies, Inc.\* | 236389 |
| 3864 | Phathom Pharmaceuticals, Inc.\*<sup>(a)</sup> | 46097 |
| 27225 | Phibro Animal Health Corp., Class A | 419265 |
| 34535 | SIGA Technologies, Inc. | 253142 |
|  |  | 2612828 |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| 17985 | CBIZ, Inc.\* | 855906 |
| 11494 | Exponent, Inc. | 1178595 |
| 3984 | Forrester Research, Inc.\* | 147647 |
| 14068 | Franklin Covey Co.\* | 652755 |
| 89 | NV5 Global, Inc.\* | 11863 |
| 9165 | Red Violet, Inc.\*<sup>(a)</sup> | 217898 |
|  |  | 3064664 |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| 13191 | Redfin Corp.\* | 98669 |
| 10356 | St Joe Co. (The) | 487767 |
|  |  | 586436 |
| **Road & Rail – 0.9%** | **Road & Rail – 0.9%** | **Road & Rail – 0.9%** |
| 28962 | Marten Transport Ltd. | 639771 |
| 3268 | PAM Transportation Services, Inc.\* | 94609 |
| 964 | Saia, Inc.\* | 262960 |
| 3232 | Universal Logistics Holdings, Inc. | 116093 |
|  |  | 1113433 |
| **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** | **Semiconductors & Semiconductor Equipment – 3.2%** |
| 5005 | Ambarella, Inc.\* | 449649 |
| 4562 | Axcelis Technologies, Inc.\* | 501592 |
| 5918 | Diodes, Inc.\* | 527826 |
| 10579 | FormFactor, Inc.\* | 297693 |
| 2574 | Impinj, Inc.\* | 334054 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16827 | MaxLinear, Inc.\* | $693272 |
| 5030 | Power Integrations, Inc. | 433033 |
| 1445 | Silicon Laboratories, Inc.\* | 226735 |
| 3321 | Synaptics, Inc.\* | 415225 |
|  |  | 3879079 |
| **Software – 9.4%** | **Software – 9.4%** | **Software – 9.4%** |
| 12090 | A10 Networks, Inc. | 187153 |
| 370 | Agilysys, Inc.\* | 30917 |
| 10954 | Alarm.com Holdings, Inc.\* | 587134 |
| 18117 | American Software, Inc., Class A | 275560 |
| 19353 | Amplitude, Inc., Class A\* | 278296 |
| 801 | Appfolio, Inc., Class A\* | 89976 |
| 2450 | Appian Corp., Class A\* | 101344 |
| 16235 | Asana, Inc., Class A\* | 251643 |
| 8531 | Blackbaud, Inc.\* | 530714 |
| 4359 | Blackline, Inc.\* | 312976 |
| 10167 | Box, Inc., Class A\* | 325242 |
| 23749 | Clear Secure, Inc., Class A | 745481 |
| 15756 | CommVault Systems, Inc.\* | 980496 |
| 1464 | Consensus Cloud Solutions, Inc.\* | 86039 |
| 5871 | Domo, Inc., Class B\* | 91059 |
| 7170 | EngageSmart, Inc.\* | 141249 |
| 266 | MicroStrategy, Inc., Class A\* | 66960 |
| 6946 | Model N, Inc.\* | 275478 |
| 36381 | Momentive Global, Inc.\* | 280498 |
| 13654 | PagerDuty, Inc.\* | 406753 |
| 14243 | PROS Holdings, Inc.\* | 358924 |
| 19080 | Q2 Holdings, Inc.\* | 624298 |
| 619 | Qualys, Inc.\* | 71408 |
| 5784 | Sapiens International Corp. NV (Israel) | 131066 |
| 10081 | Sprout Social, Inc., Class A\* | 644882 |
| 8867 | SPS Commerce, Inc.\* | 1206621 |
| 1503 | Sumo Logic, Inc.\* | 17781 |
| 7532 | Tenable Holdings, Inc.\* | 303012 |
| 10039 | Varonis Systems, Inc.\* | 259408 |
| 11451 | Workiva, Inc.\* | 990855 |
| 60694 | Yext, Inc.\* | 421823 |
| 9455 | Zeta Global Holdings Corp., Class A\* | 85851 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23559 | Zuora, Inc., Class A\* | $186587 |
|  |  | 11347484 |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| 31832 | Arko Corp. | 267071 |
| 2758 | Boot Barn Holdings, Inc.\* | 230265 |
| 7964 | Buckle, Inc. (The) | 350416 |
| 4177 | Murphy USA, Inc. | 1136269 |
| 7124 | Sally Beauty Holdings, Inc.\* | 110992 |
|  |  | 2095013 |
| **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** |
| 3220 | Corsair Gaming, Inc.\* | 50651 |
| 12628 | Super Micro Computer, Inc.\* | 913383 |
|  |  | 964034 |
| **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** |
| 6855 | Crocs, Inc.\* | 834733 |
| 11011 | Fossil Group, Inc.\* | 62543 |
|  |  | 897276 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 6045 | Turning Point Brands, Inc. | 140304 |
| **Trading Companies & Distributors – 2.5%** | **Trading Companies & Distributors – 2.5%** | **Trading Companies & Distributors – 2.5%** |
| 6829 | Applied Industrial Technologies, Inc. | 977981 |
| 1712 | GMS, Inc.\* | 101556 |
| 10316 | H&E Equipment Services, Inc. | 524981 |
| 2555 | Herc Holdings, Inc. | 396843 |
| 5584 | Hudson Technologies, Inc.\* | 57013 |
| 57142 | MRC Global, Inc.\* | 777131 |
| 4232 | NOW, Inc.\* | 59417 |
| 793 | Veritiv Corp. | 99157 |
|  |  | 2994079 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| 1307 | Middlesex Water Co. | $109605 |
| **TOTAL COMMON STOCKS<br>(Cost $106,563,522)** | **TOTAL COMMON STOCKS<br>(Cost $106,563,522)** | $120082755 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE<br>(Cost $106,563,522)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE<br>(Cost $106,563,522)** | $120082755 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 1135994 | 4.237% | $1135994 |
| **(Cost $1,135,994)** | **(Cost $1,135,994)** |  |
| **TOTAL INVESTMENTS – 100.5%<br>(Cost $107,699,516)** | **TOTAL INVESTMENTS – 100.5%<br>(Cost $107,699,516)** | $121218749 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.5)%** | (616260) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $120602489 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.0%** | **Common Stocks – 99.0%** | **Common Stocks – 99.0%** |
| **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** |
| 13429 | Ducommun, Inc.\* | $775928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278839 | Kratos Defense & Security Solutions, Inc.\* | 3192706 |
| 13108 | Moog, Inc., Class A | 1249454 |
| 44865 | National Presto Industries, Inc. | 3437108 |
| 151371 | Parsons Corp.\* | 6587666 |
| 385266 | Triumph Group, Inc.\* | 4388180 |
| 47215 | V2X, Inc.\* | 2085014 |
|  |  | 21716056 |
| **Auto Components – 1.1%** | **Auto Components – 1.1%** | **Auto Components – 1.1%** |
| 172251 | Adient PLC\* | 7754740 |
| 41886 | American Axle & Manufacturing Holdings, Inc.\* | 371529 |
| 108235 | Modine Manufacturing Co.\* | 2585734 |
| 11037 | Standard Motor Products, Inc. | 446557 |
|  |  | 11158560 |
| **Banks – 13.1%** | **Banks – 13.1%** | **Banks – 13.1%** |
| 75009 | 1st Source Corp. | 3689693 |
| 155424 | Amalgamated Financial Corp. | 3566981 |
| 158168 | Ameris Bancorp | 7459203 |
| 285448 | Associated Banc-Corp. | 6396890 |
| 24367 | Atlantic Union Bankshares Corp. | 942759 |
| 4618 | BancFirst Corp. | 397748 |
| 51172 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 1635457 |
| 4153 | Bankwell Financial Group, Inc. | 122804 |
| 65001 | BayCom Corp. | 1307170 |
| 6273 | BCB Bancorp, Inc. | 112851 |
| 34530 | Business First Bancshares, Inc. | 716152 |
| 33488 | Byline Bancorp, Inc. | 830502 |
| 209895 | Cadence Bank | 5369114 |
| 26315 | Capital Bancorp, Inc. | 565772 |
| 39060 | Capstar Financial Holdings, Inc. | 680035 |
| 23392 | Carter Bankshares, Inc.\* | 388775 |
| 26969 | Cathay General Bancorp | 1185557 |
| 248609 | Central Pacific Financial Corp. | 5618563 |
| 74092 | Community Bank System, Inc. | 4275849 |
| 74985 | CrossFirst Bankshares, Inc.\* | 1012297 |
| 51861 | Enterprise Financial Services Corp. | 2765229 |
| 10463 | Financial Institutions, Inc. | 258541 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465710 | First BanCorp. (Puerto Rico) | $6263800 |
| 223532 | First Commonwealth Financial Corp. | 3288156 |
| 62185 | Glacier Bancorp, Inc. | 2835014 |
| 48692 | Great Southern Bancorp, Inc. | 2845560 |
| 151883 | Hancock Whitney Corp. | 7818937 |
| 278995 | Hanmi Financial Corp. | 6497794 |
| 54005 | HomeTrust Bancshares, Inc. | 1458135 |
| 501394 | Hope Bancorp, Inc. | 6462969 |
| 109413 | Independent Bank Corp. | 2425686 |
| 179020 | International Bancshares Corp. | 8390667 |
| 8535 | Macatawa Bank Corp. | 94056 |
| 4920 | Metrocity Bankshares, Inc. | 99482 |
| 4203 | Metropolitan Bank Holding Corp.\* | 249574 |
| 34489 | Northeast Bank | 1627881 |
| 101235 | Origin Bancorp, Inc. | 3796313 |
| 38022 | PCB Bancorp | 706069 |
| 54699 | Renasant Corp. | 1946190 |
| 6368 | Republic Bancorp, Inc., Class A | 286433 |
| 56544 | Sierra Bancorp | 1190817 |
| 9849 | Southern First Bancshares, Inc.\* | 414544 |
| 52984 | SouthState Corp. | 4217526 |
| 83722 | Trustmark Corp. | 2437985 |
| 88074 | UMB Financial Corp. | 7943394 |
| 16548 | Unity Bancorp, Inc. | 438026 |
| 389301 | Valley National Bancorp | 4624896 |
| 195455 | Veritex Holdings, Inc. | 5502058 |
| 29276 | Washington Trust Bancorp, Inc. | 1252135 |
| 20119 | Westamerica BanCorp | 1117812 |
|  |  | 135529851 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| 533886 | Primo Water Corp. | 8355316 |
| **Biotechnology – 5.5%** | **Biotechnology – 5.5%** | **Biotechnology – 5.5%** |
| 89535 | 2seventy bio, Inc.\* | 1217676 |
| 6640 | Akero Therapeutics, Inc.\* | 328680 |
| 25486 | Allovir, Inc.\* | 147309 |
| 63843 | ALX Oncology Holdings, Inc.\* | 593740 |
| 20642 | Amicus Therapeutics, Inc.\* | 269172 |
| 109547 | Arcus Biosciences, Inc.\* | 2369502 |
| 36491 | Avidity Biosciences, Inc.\* | 864837 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 | C4 Therapeutics, Inc.\* | $60723 |
| 30804 | Catalyst Pharmaceuticals, Inc.\* | 477154 |
| 33480 | Celldex Therapeutics, Inc.\* | 1475129 |
| 6105 | Cogent Biosciences, Inc.\* | 91941 |
| 97037 | Cullinan Oncology, Inc.\* | 1129511 |
| 59049 | Day One Biopharmaceuticals, Inc.\* | 1285497 |
| 36325 | Deciphera Pharmaceuticals, Inc.\* | 617888 |
| 69894 | Design Therapeutics, Inc.\*<sup>(a)</sup> | 548668 |
| 84583 | Enanta Pharmaceuticals, Inc.\* | 4515040 |
| 128574 | Erasca, Inc.\* | 514296 |
| 187523 | Generation Bio Co.\* | 1106386 |
| 18145 | Ideaya Biosciences, Inc.\* | 309009 |
| 5191 | IGM Biosciences, Inc.\* | 117991 |
| 104545 | ImmunoGen, Inc.\* | 480907 |
| 137620 | Instil Bio, Inc.\* | 112009 |
| 2545 | Intellia Therapeutics, Inc.\* | 108010 |
| 16571 | Intercept Pharmaceuticals, Inc.\* | 302586 |
| 433310 | Iovance Biotherapeutics, Inc.\* | 3449148 |
| 71050 | iTeos Therapeutics, Inc.\* | 1484945 |
| 166147 | KalVista Pharmaceuticals, Inc.\* | 1322530 |
| 13382 | Keros Therapeutics, Inc.\* | 783784 |
| 18570 | Kiniksa Pharmaceuticals Ltd., Class A\* | 268522 |
| 17384 | Kinnate Biopharma, Inc.\* | 130901 |
| 173967 | Kodiak Sciences, Inc.\* | 1405653 |
| 118022 | Kronos Bio, Inc.\* | 283253 |
| 114967 | Kura Oncology, Inc.\* | 1588844 |
| 15995 | Kymera Therapeutics, Inc.\* | 597893 |
| 154885 | MacroGenics, Inc.\* | 893686 |
| 61641 | MeiraGTx Holdings PLC\* | 515319 |
| 66455 | Mersana Therapeutics, Inc.\* | 437274 |
| 35359 | Myriad Genetics, Inc.\* | 697279 |
| 170690 | Nurix Therapeutics, Inc.\* | 2097780 |
| 15336 | Nuvalent, Inc., Class A\*<sup>(a)</sup> | 463914 |
| 185334 | PMV Pharmaceuticals, Inc.\* | 1519739 |
| 260912 | Praxis Precision Medicines, Inc.\* | 1299342 |
| 43499 | PTC Therapeutics, Inc.\* | 1996169 |
| 13917 | REGENXBIO, Inc.\* | 323014 |
| 37783 | Replimune Group, Inc.\* | 1052257 |
| 39425 | Sage Therapeutics, Inc.\* | 1748104 |
| 291351 | Sana Biotechnology, Inc.\*<sup>(a)</sup> | 1328561 |
| 454266 | Sutro Biopharma, Inc.\* | 3288886 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22419 | Syndax Pharmaceuticals, Inc.\* | $643425 |
| 506748 | Vanda Pharmaceuticals, Inc.\* | 3891825 |
| 92256 | Veracyte, Inc.\* | 2318393 |
| 48616 | Vir Biotechnology, Inc.\* | 1436603 |
| 6617 | Viridian Therapeutics, Inc.\* | 241653 |
| 31708 | Xencor, Inc.\* | 1043827 |
|  |  | 57596184 |
| **Building Products – 0.0%** | **Building Products – 0.0%** | **Building Products – 0.0%** |
| 6800 | AZZ, Inc. | 288864 |
| **Capital Markets – 1.1%** | **Capital Markets – 1.1%** | **Capital Markets – 1.1%** |
| 19956 | AssetMark Financial Holdings, Inc.\* | 529632 |
| 135439 | Oppenheimer Holdings, Inc., Class A | 6448251 |
| 4219 | PJT Partners, Inc., Class A | 337647 |
| 4465 | StoneX Group, Inc.\* | 392384 |
| 137627 | Victory Capital Holdings, Inc., Class A | 4079264 |
|  |  | 11787178 |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| 4013 | HB Fuller Co. | 277298 |
| 646 | Innospec, Inc. | 73011 |
| 125319 | Minerals Technologies, Inc. | 8703405 |
| 3700 | Stepan Co. | 406408 |
| 156019 | Tronox Holdings PLC | 2675726 |
|  |  | 12135848 |
| **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** |
| 149605 | BrightView Holdings, Inc.\* | 1189360 |
| 6785 | Deluxe Corp. | 135632 |
| 188792 | Ennis, Inc. | 4009942 |
| 89685 | Heritage-Crystal Clean, Inc.\* | 3336282 |
| 35291 | Matthews International Corp., Class A | 1307179 |
| 3173 | UniFirst Corp. | 629650 |
|  |  | 10608045 |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| 3086 | Calix, Inc.\* | 162447 |
| 3293 | Clearfield, Inc.\* | 235318 |
| 208763 | NetScout Systems, Inc.\* | 6701292 |
|  |  | 7099057 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** | **Construction & Engineering – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94146 | Arcosa, Inc. | $5580033 |
| 6200 | Northwest Pipe Co.\* | 231880 |
| 109856 | Primoris Services Corp. | 2922170 |
| 146392 | Tutor Perini Corp.\* | 1342415 |
|  |  | 10076498 |
| **Construction Materials – 1.0%** | **Construction Materials – 1.0%** | **Construction Materials – 1.0%** |
| 307959 | Summit Materials, Inc., Class A\* | 10119533 |
| **Consumer Finance – 1.8%** | **Consumer Finance – 1.8%** | **Consumer Finance – 1.8%** |
| 365237 | EZCORP, Inc., Class A\* | 3327309 |
| 81344 | FirstCash Holdings, Inc. | 7498290 |
| 11161 | Green Dot Corp., Class A\* | 201791 |
| 157970 | LendingClub Corp.\* | 1530729 |
| 28124 | Nelnet, Inc., Class A | 2685561 |
| 96108 | Oportun Financial Corp.\* | 673717 |
| 12979 | PRA Group, Inc.\* | 522275 |
| 65468 | Regional Management Corp. | 2257991 |
|  |  | 18697663 |
| **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** |
| 39191 | Adtalem Global Education, Inc.\* | 1496312 |
| 1510 | Duolingo, Inc.\* | 144190 |
| 3323 | Graham Holdings Co., Class B | 2170949 |
| 456508 | Laureate Education, Inc. | 5012458 |
| 31482 | Perdoceo Education Corp.\* | 471286 |
| 14096 | Stride, Inc.\* | 605141 |
|  |  | 9900336 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| 149032 | A-Mark Precious Metals, Inc. | 5737732 |
| 228365 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 3934729 |
| 46693 | Cannae Holdings, Inc.\* | 1141177 |
|  |  | 10813638 |
| **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
| 173297 | Globalstar, Inc.\* | 244349 |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| 35035 | ALLETE, Inc. | 2167265 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 | Otter Tail Corp. | $253136 |
|  |  | 2420401 |
| **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** | **Electrical Equipment – 1.9%** |
| 43764 | Atkore, Inc.\* | 5700261 |
| 57899 | Encore Wire Corp. | 9346636 |
| 50512 | Powell Industries, Inc. | 2005326 |
| 109442 | Thermon Group Holdings, Inc.\* | 2530299 |
|  |  | 19582522 |
| **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** |
| 15562 | Belden, Inc. | 1261923 |
| 101171 | Benchmark Electronics, Inc. | 2831776 |
| 67886 | ePlus, Inc.\* | 3379365 |
| 8701 | FARO Technologies, Inc.\* | 239103 |
| 30290 | Methode Electronics, Inc. | 1446045 |
| 28247 | OSI Systems, Inc.\* | 2675273 |
| 61853 | PC Connection, Inc. | 3032653 |
| 69987 | Sanmina Corp.\* | 4264308 |
| 297465 | TTM Technologies, Inc.\* | 4676150 |
| 281728 | Vishay Intertechnology, Inc. | 6448754 |
| 71058 | Vishay Precision Group, Inc.\* | 3068284 |
|  |  | 33323634 |
| **Energy Equipment & Services – 1.4%** | **Energy Equipment & Services – 1.4%** | **Energy Equipment & Services – 1.4%** |
| 11875 | Borr Drilling Ltd. (Mexico)\* | 70656 |
| 61068 | Dril-Quip, Inc.\* | 1875398 |
| 263744 | Helix Energy Solutions Group, Inc.\* | 2091490 |
| 30369 | Helmerich & Payne, Inc. | 1471074 |
| 8971 | Nabors Industries Ltd.\* | 1592711 |
| 52247 | NexTier Oilfield Solutions, Inc.\* | 492167 |
| 347956 | Oil States International, Inc.\* | 2978503 |
| 10105 | Patterson-UTI Energy, Inc. | 169764 |
| 191506 | RPC, Inc. | 1899740 |
| 101796 | Select Energy Services, Inc., Class A | 893769 |
| 99274 | US Silica Holdings, Inc.\* | 1215114 |
|  |  | 14750386 |
| **Equity Real Estate Investment Trusts (REITs) – 11.5%** | **Equity Real Estate Investment Trusts (REITs) – 11.5%** | **Equity Real Estate Investment Trusts (REITs) – 11.5%** |
| 153203 | Alexander & Baldwin, Inc. REIT | 3067124 |
| 162385 | American Assets Trust, Inc. REIT | 4621477 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29555 | Apartment Investment and Management Co., Class A REIT | $221958 |
| 314052 | Apple Hospitality REIT, Inc. REIT | 5568142 |
| 49525 | Armada Hoffler Properties, Inc. REIT | 627977 |
| 229232 | Brandywine Realty Trust REIT | 1503762 |
| 2335 | Centerspace REIT | 157893 |
| 486873 | Chatham Lodging Trust REIT | 6918465 |
| 273402 | City Office REIT, Inc. REIT | 2690276 |
| 818221 | DiamondRock Hospitality Co. REIT | 7879468 |
| 262011 | Diversified Healthcare Trust REIT | 207356 |
| 324012 | Equity Commonwealth REIT | 8268786 |
| 129241 | Essential Properties Realty Trust, Inc. REIT | 3293061 |
| 182116 | Four Corners Property Trust, Inc. REIT | 5237656 |
| 87049 | Hersha Hospitality Trust, Class A REIT | 800851 |
| 460593 | Independence Realty Trust, Inc. REIT | 8672966 |
| 183614 | Kite Realty Group Trust REIT | 3984424 |
| 601424 | LXP Industrial Trust REIT | 6946447 |
| 141880 | Macerich Co. (The) REIT | 1949431 |
| 109711 | NexPoint Residential Trust, Inc. REIT | 5540405 |
| 263572 | Outfront Media, Inc. REIT | 5245083 |
| 72286 | Retail Opportunity Investments Corp. REIT | 1144287 |
| 646840 | RLJ Lodging Trust REIT | 8130779 |
| 89106 | RPT Realty REIT | 933831 |
| 6769 | Ryman Hospitality Properties, Inc. REIT | 628772 |
| 14913 | Service Properties Trust REIT | 132875 |
| 86820 | SITE Centers Corp. REIT | 1185093 |
| 337507 | STAG Industrial, Inc. REIT | 12015249 |
| 113665 | Terreno Realty Corp. REIT | 7323436 |
| 510110 | Uniti Group, Inc. REIT | 3361625 |
| 73601 | Xenia Hotels & Resorts, Inc. REIT | 1096655 |
|  |  | 119355610 |
| **Food & Staples Retailing – 0.5%** | **Food & Staples Retailing – 0.5%** | **Food & Staples Retailing – 0.5%** |
| 45267 | Chefs' Warehouse, Inc. (The)\* | 1730558 |
| 20912 | Ingles Markets, Inc., Class A | 1986640 |
| 47638 | Natural Grocers by Vitamin Cottage, Inc. | 473045 |
| 7152 | PriceSmart, Inc. | 531465 |
|  |  | 4721708 |
| **Food Products – 1.5%** | **Food Products – 1.5%** | **Food Products – 1.5%** |
| 28195 | B&G Foods, Inc.<sup>(a)</sup> | 395294 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69088 | Fresh Del Monte Produce, Inc. | $1975917 |
| 327267 | Hostess Brands, Inc.\* | 7569686 |
| 50106 | John B. Sanfilippo & Son, Inc. | 4234458 |
| 12110 | Seneca Foods Corp., Class A\* | 756875 |
| 22703 | SunOpta, Inc. (Canada)\* | 185483 |
|  |  | 15117713 |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| 45178 | Northwest Natural Holding Co. | 2265225 |
| 124454 | ONE Gas, Inc. | 10250031 |
|  |  | 12515256 |
| **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** |
| 166620 | AngioDynamics, Inc.\* | 2169392 |
| 12849 | AtriCure, Inc.\* | 556104 |
| 142695 | Avanos Medical, Inc.\* | 4372175 |
| 5895 | Inari Medical, Inc.\* | 336310 |
| 1100 | Inspire Medical Systems, Inc.\* | 278366 |
| 1095 | Integer Holdings Corp.\* | 72062 |
| 23394 | LivaNova PLC\* | 1314743 |
| 20447 | Nevro Corp.\* | 750814 |
| 417 | Shockwave Medical, Inc.\* | 78367 |
| 7829 | Utah Medical Products, Inc. | 721286 |
| 88539 | Varex Imaging Corp.\* | 1902703 |
|  |  | 12552322 |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| 40646 | Accolade, Inc.\* | 474339 |
| 83913 | AdaptHealth Corp.\* | 1798256 |
| 509926 | Brookdale Senior Living, Inc.\* | 1468587 |
| 202042 | Cano Health, Inc.\* | 278818 |
| 67231 | Castle Biosciences, Inc.\* | 1820616 |
| 612647 | Community Health Systems, Inc.\* | 3198017 |
| 28849 | Cross Country Healthcare, Inc.\* | 800560 |
| 25752 | Ensign Group, Inc. (The) | 2401374 |
| 34031 | Joint Corp. (The)\* | 618343 |
| 87765 | National HealthCare Corp. | 5225528 |
| 903810 | OPKO Health, Inc.\* | 1165915 |
| 15106 | Option Care Health, Inc.\* | 436110 |
| 6134 | Owens & Minor, Inc.\* | 121085 |
| 45201 | Pediatrix Medical Group, Inc.\* | 693835 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10688 | PetIQ, Inc.\* | $126546 |
| 5106 | Surgery Partners, Inc.\* | 169519 |
|  |  | 20797448 |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| 8236 | Computer Programs and Systems, Inc.\* | 241973 |
| 131300 | Health Catalyst, Inc.\* | 1825070 |
| 95215 | HealthStream, Inc.\* | 2302299 |
| 36571 | Phreesia, Inc.\* | 1371047 |
|  |  | 5740389 |
| **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** |
| 38712 | BJ's Restaurants, Inc.\* | 1222138 |
| 85007 | Chuy's Holdings, Inc.\* | 2909790 |
| 17129 | Dave & Buster's Entertainment, Inc.\* | 742542 |
| 173184 | Everi Holdings, Inc.\* | 3008206 |
| 150669 | First Watch Restaurant Group, Inc.\* | 2440838 |
| 14771 | Hilton Grand Vacations, Inc.\* | 699554 |
| 110995 | International Game Technology PLC | 2935818 |
| 78922 | Red Rock Resorts, Inc., Class A | 3552279 |
|  |  | 17511165 |
| **Household Durables – 2.5%** | **Household Durables – 2.5%** | **Household Durables – 2.5%** |
| 8560 | Ethan Allen Interiors, Inc. | 246014 |
| 103760 | GoPro, Inc., Class A\* | 638124 |
| 8710 | Installed Building Products, Inc. | 958884 |
| 72717 | LGI Homes, Inc.\* | 8278831 |
| 132993 | M/I Homes, Inc.\* | 7952981 |
| 69652 | Meritage Homes Corp.\* | 7500824 |
|  |  | 25575658 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 49440 | Montauk Renewables, Inc.\* | 549279 |
| 7984 | Ormat Technologies, Inc. | 738919 |
| 9027 | Sunnova Energy International, Inc.\* | 175846 |
|  |  | 1464044 |
| **Insurance – 5.4%** | **Insurance – 5.4%** | **Insurance – 5.4%** |
| 195011 | American Equity Investment Life Holding Co. | 9292274 |
| 113648 | AMERISAFE, Inc. | 6259732 |
| 53290 | Argo Group International Holdings Ltd. | 1479331 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356988 | CNO Financial Group, Inc. | $9196011 |
| 167042 | Employers Holdings, Inc. | 7328133 |
| 585214 | Genworth Financial, Inc., Class A\* | 3230381 |
| 129044 | Goosehead Insurance, Inc., Class A\* | 5039168 |
| 1728 | Investors Title Co. | 279936 |
| 43173 | James River Group Holdings Ltd. | 978300 |
| 32224 | Lemonade, Inc.\*<sup>(a)</sup> | 524607 |
| 6612 | National Western Life Group, Inc., Class A | 1830202 |
| 28288 | Palomar Holdings, Inc.\* | 1445800 |
| 137752 | ProAssurance Corp. | 2671011 |
| 113808 | Stewart Information Services Corp. | 5436608 |
| 82624 | Tiptree, Inc. | 1240186 |
| 7387 | Universal Insurance Holdings, Inc. | 94110 |
|  |  | 56325790 |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| 145893 | Bumble, Inc., Class A\* | 3756745 |
| 386917 | fuboTV, Inc.\*<sup>(a)</sup> | 994376 |
| 12225 | Shutterstock, Inc. | 920176 |
|  |  | 5671297 |
| **Internet & Direct Marketing Retail – 0.3%** | **Internet & Direct Marketing Retail – 0.3%** | **Internet & Direct Marketing Retail – 0.3%** |
| 116028 | aka Brands Holding Corp.\*<sup>(a)</sup> | 176363 |
| 36829 | Overstock.com, Inc.\* | 891630 |
| 740547 | RealReal, Inc. (The)\* | 1355201 |
| 22383 | Revolve Group, Inc.\* | 638811 |
| 7609 | Xometry, Inc., Class A\*<sup>(a)</sup> | 266467 |
|  |  | 3328472 |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| 8434 | Cass Information Systems, Inc. | 409555 |
| 327895 | Conduent, Inc.\* | 1564059 |
| 12844 | EVERTEC, Inc. (Puerto Rico) | 474457 |
| 87411 | Fastly, Inc., Class A\* | 904704 |
| 4624 | IBEX Holdings Ltd.\* | 123415 |
| 80886 | Rackspace Technology, Inc.\* | 242658 |
| 334699 | Sabre Corp.\* | 2279300 |
| 34965 | Squarespace, Inc., Class A\* | 829370 |
| 216252 | StoneCo Ltd., Class A (Brazil)\* | 2413372 |
|  |  | 9240890 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | Acushnet Holdings Corp. | $339496 |
| 15417 | Malibu Boats, Inc., Class A\* | 934116 |
|  |  | 1273612 |
| **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** |
| 405320 | Adaptive Biotechnologies Corp.\* | 3757316 |
| 43118 | Bionano Genomics, Inc.\*<sup>(a)</sup> | 78044 |
| 31805 | Inotiv, Inc.\* | 230586 |
| 22938 | Medpace Holdings, Inc.\* | 5070904 |
| 28213 | NanoString Technologies, Inc.\* | 298494 |
| 19553 | OmniAb, Inc.\* | 80949 |
|  |  | 9516293 |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| 8796 | CIRCOR International, Inc.\* | 243209 |
| 124689 | Columbus McKinnon Corp. | 4482570 |
| 105906 | Kennametal, Inc. | 3018321 |
| 88144 | Miller Industries, Inc. | 2557057 |
| 123494 | Mueller Industries, Inc. | 8095032 |
| 8631 | Titan International, Inc.\* | 144051 |
| 20768 | Wabash National Corp. | 534984 |
|  |  | 19075224 |
| **Marine – 1.3%** | **Marine – 1.3%** | **Marine – 1.3%** |
| 637131 | Costamare, Inc. (Monaco) | 6466880 |
| 8554 | Eagle Bulk Shipping, Inc. | 489973 |
| 324683 | Golden Ocean Group Ltd. (Norway)<sup>(a)</sup> | 3110463 |
| 1110055 | Safe Bulkers, Inc. (Greece) | 3652081 |
|  |  | 13719397 |
| **Media – 2.1%** | **Media – 2.1%** | **Media – 2.1%** |
| 50156 | Cardlytics, Inc.\* | 376170 |
| 379930 | Clear Channel Outdoor Holdings, Inc.\* | 725666 |
| 2429 | Daily Journal Corp.\* | 743274 |
| 346678 | EW Scripps Co. (The), Class A\* | 5182836 |
| 166885 | Gray Television, Inc. | 2162830 |
| 31976 | Integral Ad Science Holding Corp.\* | 328713 |
| 162638 | Magnite, Inc.\* | 1964667 |
| 128679 | Scholastic Corp. | 5692759 |
| 12533 | Sinclair Broadcast Group, Inc., Class A | 258556 |
| 32845 | TechTarget, Inc.\* | 1626813 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105768 | Thryv Holdings, Inc.\* | $2366030 |
|  |  | 21428314 |
| **Metals & Mining – 2.2%** | **Metals & Mining – 2.2%** | **Metals & Mining – 2.2%** |
| 84803 | Arconic Corp.\* | 1993719 |
| 42367 | Carpenter Technology Corp. | 2045902 |
| 1106902 | Coeur Mining, Inc.\* | 4305849 |
| 35436 | Constellium SE\* | 514885 |
| 52901 | Haynes International, Inc. | 2946057 |
| 25791 | Ryerson Holding Corp. | 984442 |
| 187782 | TimkenSteel Corp.\* | 3693672 |
| 162607 | Warrior Met Coal, Inc. | 6159553 |
|  |  | 22644079 |
| **Mortgage Real Estate Investment Trusts (REITs) – 2.2%** | **Mortgage Real Estate Investment Trusts (REITs) – 2.2%** | **Mortgage Real Estate Investment Trusts (REITs) – 2.2%** |
| 177820 | Apollo Commercial Real Estate Finance, Inc. REIT | 2164070 |
| 123725 | Arbor Realty Trust, Inc. REIT | 1847214 |
| 60839 | ARMOUR Residential REIT, Inc. REIT | 382069 |
| 6450 | Blackstone Mortgage Trust, Inc., Class A REIT | 153768 |
| 438858 | BrightSpire Capital, Inc. REIT | 3344098 |
| 94572 | Broadmark Realty Capital, Inc. REIT | 414225 |
| 243870 | Chimera Investment Corp. REIT | 1777812 |
| 75753 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 2796043 |
| 171602 | Ladder Capital Corp. REIT | 1921942 |
| 179762 | MFA Financial, Inc. REIT | 2137370 |
| 128999 | Nexpoint Real Estate Finance, Inc. REIT | 2457431 |
| 100111 | PennyMac Mortgage Investment Trust REIT | 1526693 |
| 174753 | TPG RE Finance Trust, Inc. REIT | 1522099 |
|  |  | 22444834 |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| 45436 | Black Hills Corp. | 3288658 |
| 3548 | Unitil Corp. | 185099 |
|  |  | 3473757 |
| **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** |
| 221325 | Ardmore Shipping Corp. (Ireland)\* | 3242411 |
| 6906 | Chord Energy Corp. | 989837 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156378 | Civitas Resources, Inc. | $10406956 |
| 56917 | Clean Energy Fuels Corp.\* | 322150 |
| 55217 | Comstock Resources, Inc. | 670887 |
| 233137 | DHT Holdings, Inc. | 1997984 |
| 249276 | Equitrans Midstream Corp. | 1807251 |
| 31753 | Excelerate Energy, Inc., Class A | 739845 |
| 95144 | Frontline PLC (Norway)<sup>(a)</sup> | 1315842 |
| 309987 | Golar LNG Ltd. (Cameroon)\* | 7266095 |
| 147582 | International Seaways, Inc. | 5732085 |
| 33419 | Magnolia Oil & Gas Corp., Class A | 789023 |
| 34957 | Murphy Oil Corp. | 1524475 |
| 471471 | Nordic American Tankers Ltd. | 1433272 |
| 51878 | PBF Energy, Inc., Class A | 2178357 |
| 75542 | Peabody Energy Corp.\* | 2106866 |
| 152777 | Scorpio Tankers, Inc. (Monaco) | 7313435 |
| 624230 | SFL Corp. Ltd. (Norway) | 6354661 |
| 110290 | Teekay Corp. (Bermuda)\* | 536009 |
| 182926 | Teekay Tankers Ltd., Class A (Canada)\* | 5613999 |
| 57326 | W&T Offshore, Inc.\* | 356568 |
|  |  | 62698008 |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| 20494 | Clearwater Paper Corp.\* | 791273 |
| **Personal Products – 0.3%** | **Personal Products – 0.3%** | **Personal Products – 0.3%** |
| 79664 | Beauty Health Co. (The)\* | 908170 |
| 37299 | elf Beauty, Inc.\* | 2146557 |
|  |  | 3054727 |
| **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** |
| 103626 | Atea Pharmaceuticals, Inc.\* | 479788 |
| 73415 | Athira Pharma, Inc.\* | 296596 |
| 61744 | DICE Therapeutics, Inc.\* | 1961607 |
| 21320 | Edgewise Therapeutics, Inc.\* | 218104 |
| 3664 | Ligand Pharmaceuticals, Inc.\* | 255381 |
| 23467 | Phibro Animal Health Corp., Class A | 361392 |
| 22608 | Prestige Consumer Healthcare, Inc.\* | 1486702 |
| 25842 | SIGA Technologies, Inc. | 189422 |
| 11244 | Supernus Pharmaceuticals, Inc.\* | 461116 |
|  |  | 5710108 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Professional Services – 0.3%** | **Professional Services – 0.3%** | **Professional Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311598 | Alight, Inc., Class A\* | $2925905 |
| 1973 | Exponent, Inc. | 202312 |
| 18872 | First Advantage Corp.\* | 261943 |
|  |  | 3390160 |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| 104819 | Kennedy-Wilson Holdings, Inc. | 1874163 |
| 293368 | Newmark Group, Inc., Class A | 2514164 |
|  |  | 4388327 |
| **Road & Rail – 0.3%** | **Road & Rail – 0.3%** | **Road & Rail – 0.3%** |
| 2240 | ArcBest Corp. | 186928 |
| 2486 | Covenant Logistics Group, Inc. | 82436 |
| 139489 | Marten Transport Ltd. | 3081312 |
|  |  | 3350676 |
| **Semiconductors & Semiconductor Equipment – 0.2%** | **Semiconductors & Semiconductor Equipment – 0.2%** | **Semiconductors & Semiconductor Equipment – 0.2%** |
| 29770 | AXT, Inc.\* | 175345 |
| 61652 | Cohu, Inc.\* | 2224404 |
|  |  | 2399749 |
| **Software – 2.8%** | **Software – 2.8%** | **Software – 2.8%** |
| 5341 | Alarm.com Holdings, Inc.\* | 286278 |
| 6507 | American Software, Inc., Class A | 98971 |
| 33205 | Amplitude, Inc., Class A\* | 477488 |
| 25387 | Asana, Inc., Class A\* | 393498 |
| 374729 | Cleanspark, Inc.\*<sup>(a)</sup> | 1187891 |
| 97015 | Clear Secure, Inc., Class A | 3045301 |
| 85687 | CommVault Systems, Inc.\* | 5332302 |
| 33974 | Consensus Cloud Solutions, Inc.\* | 1996652 |
| 246909 | E2open Parent Holdings, Inc.\* | 1703672 |
| 40882 | Ebix, Inc. | 779211 |
| 161305 | Instructure Holdings, Inc.\*<sup>(a)</sup> | 4360074 |
| 41712 | Marathon Digital Holdings, Inc.\*<sup>(a)</sup> | 300744 |
| 1197 | MicroStrategy, Inc., Class A\*<sup>(a)</sup> | 301321 |
| 24062 | ON24, Inc.\* | 223295 |
| 63087 | PROS Holdings, Inc.\* | 1589792 |
| 23727 | Q2 Holdings, Inc.\* | 776347 |
| 41216 | Riot Platforms, Inc.\*<sup>(a)</sup> | 258424 |
| 22645 | Sprout Social, Inc., Class A\* | 1448601 |
| 15758 | SPS Commerce, Inc.\* | 2144349 |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24607 | Workiva, Inc.\* | $2129244 |
|  |  | 28833455 |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| 94884 | Aaron's Co., Inc. (The) | 1390051 |
| 99884 | Abercrombie & Fitch Co., Class A\* | 2892641 |
| 115169 | Academy Sports & Outdoors, Inc. | 6728173 |
| 53872 | American Eagle Outfitters, Inc. | 869494 |
| 2845 | Genesco, Inc.\* | 137385 |
| 26943 | Signet Jewelers Ltd. | 2069492 |
| 32398 | Sonic Automotive, Inc., Class A | 1740096 |
| 162313 | Urban Outfitters, Inc.\* | 4445753 |
| 8794 | Winmark Corp. | 2469355 |
|  |  | 22742440 |
| **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** |
| 54505 | Super Micro Computer, Inc.\* | 3942347 |
| **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** |
| 139101 | Fossil Group, Inc.\* | 790094 |
| 45399 | Movado Group, Inc. | 1605308 |
|  |  | 2395402 |
| **Thrifts & Mortgage Finance – 3.2%** | **Thrifts & Mortgage Finance – 3.2%** | **Thrifts & Mortgage Finance – 3.2%** |
| 175868 | Axos Financial, Inc.\* | 8462768 |
| 259567 | Capitol Federal Financial, Inc. | 2172576 |
| 164032 | Merchants Bancorp | 4719201 |
| 52496 | Mr Cooper Group, Inc.\* | 2414291 |
| 385086 | Radian Group, Inc. | 8510401 |
| 175499 | TrustCo Bank Corp. | 6302169 |
| 20155 | Waterstone Financial, Inc. | 324495 |
|  |  | 32905901 |
| **Trading Companies & Distributors – 2.0%** | **Trading Companies & Distributors – 2.0%** | **Trading Companies & Distributors – 2.0%** |
| 2648 | Applied Industrial Technologies, Inc. | 379220 |
| 22615 | Boise Cascade Co. | 1695447 |
| 24726 | DXP Enterprises, Inc.\* | 749198 |
| 154841 | MRC Global, Inc.\* | 2105838 |
| 517403 | NOW, Inc.\* | 7264338 |
| 54920 | Rush Enterprises, Inc., Class A | 2955245 |
| 14348 | Textainer Group Holdings Ltd. (China) | 486397 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111367 | Titan Machinery, Inc.\* | $4893466 |
| 9994 | Triton International Ltd. (Bermuda) | 705976 |
|  |  | 21235125 |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| 7219 | Middlesex Water Co. | 605385 |
| **TOTAL COMMON STOCKS<br>(Cost $946,756,267)** | **TOTAL COMMON STOCKS<br>(Cost $946,756,267)** | $1028140274 |
| **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $946,756,267)** | **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $946,756,267)** | $1028140274 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 11868040 | 4.237% | $11868040 |
| **(Cost $11,868,040)** | **(Cost $11,868,040)** |  |
| **TOTAL INVESTMENTS – 100.1%<br>(Cost $958,624,307)** | **TOTAL INVESTMENTS – 100.1%<br>(Cost $958,624,307)** | $1040008314 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | (1585219) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1038423095 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.3%** | **Common Stocks – 99.3%** | **Common Stocks – 99.3%** |
| **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** |
| 43236 | General Dynamics Corp. | $10076582 |
| 164320 | Howmet Aerospace, Inc. | 6686181 |
| 27783 | Lockheed Martin Corp. | 12870753 |
|  |  | 29633516 |
| **Auto Components – 0.6%** | **Auto Components – 0.6%** | **Auto Components – 0.6%** |
| 53942 | Aptiv PLC\* | 6100301 |
| **Automobiles – 2.3%** | **Automobiles – 2.3%** | **Automobiles – 2.3%** |
| 304629 | General Motors Co. | 11978012 |
| 56929 | Tesla, Inc.\* | 9861242 |
|  |  | 21839254 |
| **Banks – 2.4%** | **Banks – 2.4%** | **Banks – 2.4%** |
| 120742 | Citigroup, Inc. | 6305147 |
| 95388 | East West Bancorp, Inc. | 7489866 |
| 56433 | JPMorgan Chase & Co. | 7898363 |
| 29989 | Webster Financial Corp. | 1578921 |
|  |  | 23272297 |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| 28876 | PepsiCo, Inc. | 4938374 |
| **Biotechnology – 3.9%** | **Biotechnology – 3.9%** | **Biotechnology – 3.9%** |
| 16101 | AbbVie, Inc. | 2378923 |
| 9566 | Biogen, Inc.\* | 2782749 |
| 119987 | Gilead Sciences, Inc. | 10071709 |
| 109854 | Incyte Corp.\* | 9352969 |
| 39916 | Vertex Pharmaceuticals, Inc.\* | 12896860 |
|  |  | 37483210 |
| **Building Products – 1.3%** | **Building Products – 1.3%** | **Building Products – 1.3%** |
| 156724 | Johnson Controls International PLC | 10903289 |
| 1122 | Lennox International, Inc. | 292416 |
| 4863 | Trane Technologies PLC | 871060 |
|  |  | 12066765 |
| **Capital Markets – 4.1%** | **Capital Markets – 4.1%** | **Capital Markets – 4.1%** |
| 14288 | Ameriprise Financial, Inc. | 5002514 |
| 227123 | Bank of New York Mellon Corp. (The) | 11485610 |
| 59645 | CME Group, Inc. | 10536886 |
| 11230 | MSCI, Inc. | 5969419 |
| 24639 | State Street Corp. | 2250280 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 63916 | Stifel Financial Corp. | $4308578 |
|  |  | 39553287 |
| **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** |
| 12286 | Axalta Coating Systems Ltd.\* | 369809 |
| 47467 | Element Solutions, Inc. | 972124 |
| 2702 | International Flavors & Fragrances, Inc. | 303867 |
| 12066 | Linde PLC (United Kingdom) | 3993122 |
| 79606 | Mosaic Co. (The) | 3943681 |
| 30614 | Sherwin-Williams Co. (The) | 7242966 |
|  |  | 16825569 |
| **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** | **Commercial Services & Supplies – 1.0%** |
| 21148 | Cintas Corp. | 9384214 |
| 1721 | Republic Services, Inc. | 214815 |
|  |  | 9599029 |
| **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** |
| 14989 | Arista Networks, Inc.\* | 1888914 |
| 322110 | Cisco Systems, Inc. | 15677093 |
|  |  | 17566007 |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| 24995 | Capital One Financial Corp. | 2974405 |
| 244091 | Synchrony Financial | 8965462 |
|  |  | 11939867 |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| 10215 | LKQ Corp. | 602276 |
| **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** | **Diversified Financial Services – 0.8%** |
| 20139 | Berkshire Hathaway, Inc., Class B\* | 6273701 |
| 41793 | Corebridge Financial, Inc. | 909416 |
|  |  | 7183117 |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| 274031 | Liberty Global PLC, Class C<br>(United Kingdom)\* | 6124593 |
| **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** |
| 77554 | AMETEK, Inc. | 11239125 |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |
| 52309 | nVent Electric PLC | $2079283 |
|  |  | 13318408 |
| **Electronic Equipment, Instruments & Components – 1.0%** | **Electronic Equipment, Instruments & Components – 1.0%** | **Electronic Equipment, Instruments & Components – 1.0%** |
| 61565 | TE Connectivity Ltd. | 7827990 |
| 3588 | Teledyne Technologies, Inc.\* | 1522245 |
|  |  | 9350235 |
| **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** |
| 6262 | Halliburton Co. | 258120 |
| 52941 | Schlumberger Ltd. | 3016578 |
|  |  | 3274698 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| 66129 | Live Nation Entertainment, Inc.\* | 5322723 |
| **Equity Real Estate Investment Trusts (REITs) – 5.8%** | **Equity Real Estate Investment Trusts (REITs) – 5.8%** | **Equity Real Estate Investment Trusts (REITs) – 5.8%** |
| 17847 | Camden Property Trust REIT | 2198929 |
| 15170 | Crown Castle, Inc. REIT | 2246829 |
| 403786 | Host Hotels & Resorts, Inc. REIT | 7611366 |
| 11910 | Life Storage, Inc. REIT | 1286756 |
| 24593 | Mid-America Apartment Communities, Inc. REIT | 4100145 |
| 33844 | National Storage Affiliates Trust REIT | 1380835 |
| 147446 | Park Hotels & Resorts, Inc. REIT | 2168931 |
| 100203 | Prologis, Inc. REIT | 12954244 |
| 36101 | Public Storage REIT | 10986978 |
| 35522 | SBA Communications Corp. REIT | 10568861 |
|  |  | 55503874 |
| **Food & Staples Retailing – 1.9%** | **Food & Staples Retailing – 1.9%** | **Food & Staples Retailing – 1.9%** |
| 31549 | Costco Wholesale Corp. | 16125956 |
| 25142 | Sysco Corp. | 1947499 |
|  |  | 18073455 |
| **Food Products – 1.3%** | **Food Products – 1.3%** | **Food Products – 1.3%** |
| 186912 | Mondelez International, Inc., Class A | 12231521 |
| **Health Care Equipment & Supplies – 1.5%** | **Health Care Equipment & Supplies – 1.5%** | **Health Care Equipment & Supplies – 1.5%** |
| 260947 | Boston Scientific Corp.\* | 12068799 |
| 5334 | Intuitive Surgical, Inc.\* | 1310510 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 7422 | Zimmer Biomet Holdings, Inc. | $945118 |
|  |  | 14324427 |
| **Health Care Providers & Services – 5.9%** | **Health Care Providers & Services – 5.9%** | **Health Care Providers & Services – 5.9%** |
| 135293 | Centene Corp.\* | 10314738 |
| 24200 | Cigna Corp. | 7663414 |
| 134904 | CVS Health Corp. | 11901231 |
| 20568 | Elevance Health, Inc. | 10283794 |
| 18050 | Humana, Inc. | 9236185 |
| 10443 | Tenet Healthcare Corp.\* | 572799 |
| 6787 | UnitedHealth Group, Inc. | 3388003 |
| 20895 | Universal Health Services, Inc., Class B | 3096848 |
|  |  | 56457012 |
| **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** |
| 12233 | Veeva Systems, Inc., Class A\* | 2086338 |
| **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** |
| 42902 | Airbnb, Inc., Class A\* | 4766841 |
| 2652 | Booking Holdings, Inc.\* | 6455233 |
| 14568 | Hilton Worldwide Holdings, Inc. | 2113671 |
| 22770 | Marriott International, Inc., Class A | 3966079 |
|  |  | 17301824 |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| 3807 | Kimberly-Clark Corp. | 494948 |
| **Insurance – 3.1%** | **Insurance – 3.1%** | **Insurance – 3.1%** |
| 6406 | American Financial Group, Inc. | 913431 |
| 13823 | Arthur J Gallagher & Co. | 2705438 |
| 56988 | Chubb Ltd. | 12964200 |
| 68743 | Marsh & McLennan Cos., Inc. | 12023838 |
| 9336 | MetLife, Inc. | 681715 |
|  |  | 29288622 |
| **Interactive Media & Services – 2.5%** | **Interactive Media & Services – 2.5%** | **Interactive Media & Services – 2.5%** |
| 221419 | Alphabet, Inc., Class C\* | 22113116 |
| 5802 | Meta Platforms, Inc., Class A\* | 864324 |
| 24667 | TripAdvisor, Inc.\* | 574741 |
|  |  | 23552181 |
| **Internet & Direct Marketing Retail – 3.2%** | **Internet & Direct Marketing Retail – 3.2%** | **Internet & Direct Marketing Retail – 3.2%** |
| 293313 | Amazon.com, Inc.\* | 30249370 |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** | **Internet & Direct Marketing Retail – (continued)** |
| 6210 | Chewy, Inc., Class A\* | $279822 |
|  |  | 30529192 |
| **IT Services – 4.4%** | **IT Services – 4.4%** | **IT Services – 4.4%** |
| 17988 | Accenture PLC, Class A | 5019551 |
| 87823 | Cognizant Technology Solutions Corp., Class A | 5862185 |
| 18779 | Gartner, Inc.\* | 6349931 |
| 150563 | PayPal Holdings, Inc.\* | 12269379 |
| 28957 | Snowflake, Inc., Class A\* | 4530033 |
| 33748 | VeriSign, Inc.\* | 7358752 |
| 4727 | Visa, Inc., Class A | 1088203 |
|  |  | 42478034 |
| **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** |
| 201324 | Avantor, Inc.\* | 4811643 |
| 7134 | IQVIA Holdings, Inc.\* | 1636611 |
| 1079 | Mettler-Toledo International, Inc.\* | 1654021 |
| 42338 | QIAGEN NV\* | 2074562 |
|  |  | 10176837 |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| 11331 | Ingersoll Rand, Inc. | 634536 |
| 113063 | Otis Worldwide Corp. | 9297170 |
|  |  | 9931706 |
| **Media – 1.4%** | **Media – 1.4%** | **Media – 1.4%** |
| 12913 | Charter Communications, Inc., Class A\* | 4962595 |
| 43044 | Fox Corp., Class A | 1460913 |
| 154402 | News Corp., Class A | 3128185 |
| 69995 | Trade Desk, Inc. (The), Class A\* | 3548746 |
|  |  | 13100439 |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| 14061 | Steel Dynamics, Inc. | 1696319 |
| **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** |
| 121276 | Macy's, Inc. | 2865752 |
| **Oil, Gas & Consumable Fuels – 5.1%** | **Oil, Gas & Consumable Fuels – 5.1%** | **Oil, Gas & Consumable Fuels – 5.1%** |
| 11744 | Antero Resources Corp.\* | 338697 |
| 73557 | EOG Resources, Inc. | 9727913 |
| 29535 | Exxon Mobil Corp. | 3426355 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 571286 | Kinder Morgan, Inc. | $10454534 |
| 51603 | Marathon Oil Corp. | 1417535 |
| 28052 | Marathon Petroleum Corp. | 3605243 |
| 42403 | Pioneer Natural Resources Co. | 9767531 |
| 322626 | Williams Cos., Inc. (The) | 10401462 |
|  |  | 49139270 |
| **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** |
| 21210 | Bristol-Myers Squibb Co. | 1540906 |
| 113778 | Elanco Animal Health, Inc.\* | 1562172 |
| 125418 | Johnson & Johnson | 20495809 |
| 50170 | Merck & Co., Inc. | 5388760 |
| 112448 | Pfizer, Inc. | 4965704 |
| 50752 | Royalty Pharma PLC, Class A | 1988971 |
|  |  | 35942322 |
| **Road & Rail – 1.3%** | **Road & Rail – 1.3%** | **Road & Rail – 1.3%** |
| 379272 | CSX Corp. | 11727090 |
| 3232 | Knight-Swift Transportation Holdings, Inc. | 191011 |
| 6527 | Ryder System, Inc. | 616214 |
|  |  | 12534315 |
| **Semiconductors & Semiconductor Equipment – 5.0%** | **Semiconductors & Semiconductor Equipment – 5.0%** | **Semiconductors & Semiconductor Equipment – 5.0%** |
| 42064 | Analog Devices, Inc. | 7212714 |
| 1497 | Applied Materials, Inc. | 166901 |
| 10614 | Broadcom, Inc. | 6209296 |
| 1589 | Enphase Energy, Inc.\* | 351773 |
| 5829 | Lam Research Corp. | 2915083 |
| 107528 | Microchip Technology, Inc. | 8346323 |
| 2939 | Monolithic Power Systems, Inc. | 1253660 |
| 35681 | NVIDIA Corp. | 6970997 |
| 46082 | NXP Semiconductors NV (China) | 8493373 |
| 74411 | ON Semiconductor Corp.\* | 5465488 |
|  |  | 47385608 |
| **Software – 9.7%** | **Software – 9.7%** | **Software – 9.7%** |
| 40120 | Adobe, Inc.\* | 14858041 |
| 5097 | Autodesk, Inc.\* | 1096671 |
| 58225 | Fortinet, Inc.\* | 3047496 |
| 13763 | Intuit, Inc. | 5817207 |
| 3835 | Manhattan Associates, Inc.\* | 499931 |
| 172911 | Microsoft Corp. | 42849075 |
| 61138 | Palo Alto Networks, Inc.\* | 9698932 |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 5157 | Paycom Software, Inc.\* | $1670559 |
| 9894 | Roper Technologies, Inc. | 4222264 |
| 18408 | ServiceNow, Inc.\* | 8378033 |
| 10011 | Zoom Video Communications, Inc., Class A\* | 750825 |
|  |  | 92889034 |
| **Specialty Retail – 1.1%** | **Specialty Retail – 1.1%** | **Specialty Retail – 1.1%** |
| 4226 | AutoZone, Inc.\* | 10306580 |
| 2951 | Lowe's Cos., Inc. | 614546 |
|  |  | 10921126 |
| **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** |
| 352303 | Apple, Inc. | 50833800 |
| 366370 | Hewlett Packard Enterprise Co. | 5909548 |
|  |  | 56743348 |
| **Tobacco – 2.7%** | **Tobacco – 2.7%** | **Tobacco – 2.7%** |
| 264818 | Altria Group, Inc. | 11927403 |
| 136655 | Philip Morris International, Inc. | 14244917 |
|  |  | 26172320 |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| 15983 | Fastenal Co. | 807941 |
| 1152 | United Rentals, Inc.\* | 507974 |
|  |  | 1315915 |
| **TOTAL INVESTMENTS – 99.3%<br>(Cost $787,071,672)** | **TOTAL INVESTMENTS – 99.3%<br>(Cost $787,071,672)** | $949129265 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.7%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.7%** | 6790686 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $955919951 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At January 31, 2023, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini S&P 500 Index | 4 | 03/17/23 | $818000 | $55849 |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

**A. Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**B. 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.

**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.

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

**C. 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 Valuation Procedures approved by the Trustees. 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.

**D. Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of January 31, 2023:

**Fair Value Hierarchy** — The following is a summary of the Fund's investments classified in the fair value hierarchy as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **LARGE CAP GROWTH INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $4753974 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3047132 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 898176360 |  |  |
|  Investment Company | 1793520 |  |  |
| **Total** | $907770986 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $698107 | $— | $— |
| **LARGE CAP VALUE INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $529891 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7084393 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 365187007 |  |  |
| **Total** | $372801291 | $— | $— |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **SMALL CAP EQUITY INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $3347520 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2654227 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 9572635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 409655756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 875324 |  |  |
|  Investment Company | 35 |  |  |
| **Total** | $426105497 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $2057 | $— | $— |
| **SMALL CAP GROWTH INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1022321 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1232270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1274023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 116416572 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 137569 |  |  |
|  Securities Lending Reinvestment Vehicle | 1135994 |  |  |
| **Total** | $121218749 | $— | $— |
| **SMALL CAP VALUE INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $7266095 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 486397 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 31455773 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 986518637 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2413372 |  |  |
|  Securities Lending Reinvestment Vehicle | 11868040 |  |  |
| **Total** | $1040008314 | $0 | $— |
| **U.S. EQUITY INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $8493373 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 10117715 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 930518177 |  |  |
| **Total** | $949129265 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $55849 | $— | $— |

---

(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 loss at period end.

For further information regarding security characteristics, see the Schedules of Investments.

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**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 the cash collateral received from the borrower for the loan, subject to the 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:

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

**Dividend-Paying Investments Risk** — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

**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.

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**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, acts of terrorism, social unrest, natural disasters, 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.

**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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Large Cap Growth Insights Fund

- **b. EDGAR series identifier (if any):** S000009328

- **c. LEI of Series:** IYI7KZ6TLM47WE4G7I95

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $922395997.28

**Total Liabilities:** $1743796.67

**Net Assets:** $920652200.61

**Cash Not Reported:** $13134879.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025530 | 2.87%                | -7.86%               | 8.79%                |
| Class ID C000201738 | 2.94%                | -7.84%               | 8.89%                |
| Class ID C000025529 | 2.93%                | -7.83%               | 8.87%                |
| Class ID C000058968 | 2.96%                | -7.84%               | 8.84%                |
| Class ID C000058967 | 2.89%                | -7.89%               | 8.80%                |
| Class ID C000025531 | 2.90%                | -7.88%               | 8.87%                |
| Class ID C000025533 | 2.85%                | -7.93%               | 8.78%                |
| Class ID C000158457 | 2.94%                | -7.86%               | 8.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5650579.15              | $22145161.03                               |
| Month 2  | $14546307.53             | $-89179007.87                              |
| Month 3  | $-921030.49              | $75572455.26                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Euronet Worldwide Inc                          | Euronet Worldwide Inc                          | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     31503 | NS      | $3549758.04   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                | TJX Cos Inc/The                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     50914 | NS      | $4167820.04   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                     | Sysco Corp                                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     91821 | NS      | $7112454.66   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace Inc                           | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     70903 | NS      | $2885043.07   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                 | Microsoft Corp                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    334738 | NS      | $82951423.78  | 9.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                     | AMETEK Inc                                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     19946 | NS      | $2890574.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                      | Hess Corp                                      | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      7160 | NS      | $1075145.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                         | Boston Scientific Corp                         | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     64266 | NS      | $2972302.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                    | HubSpot Inc                                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      7688 | NS      | $2667812.88   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                         | Intuitive Surgical Inc                         | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     17445 | NS      | $4286062.05   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                          | ON Semiconductor Corp                          | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     79787 | NS      | $5860355.15   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                       | Sarepta Therapeutics Inc                       | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      6200 | NS      | $774814.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                      | Host Hotels & Resorts Inc                      | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    184956 | NS      | $3486420.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                             | IQVIA Holdings Inc                             | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      3139 | NS      | $720117.99    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                  | Live Nation Entertainment Inc                  | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     24289 | NS      | $1955021.61   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I                 | Mettler-Toledo International Inc               | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3533 | NS      | $5415806.36   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                          | General Dynamics Corp                          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     10676 | NS      | $2488148.56   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                       | Ameriprise Financial Inc                       | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     17133 | NS      | $5998605.96   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                       | Visa Inc                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     61651 | NS      | $14192676.71  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     21792 | NS      | $12748537.92  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                            | Delta Air Lines Inc                            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     79883 | NS      | $3123425.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                    | Avantor Inc                                    | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425956 | NS      | $10180348.40  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                         | Palo Alto Networks Inc                         | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     78418 | NS      | $12440231.52  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                       | KLA Corp                                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      6072 | NS      | $2383138.56   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                       | Marsh & McLennan Cos Inc                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     74968 | NS      | $13112652.88  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.               | CME E-Mini Standard & Poor's 500 Index         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        50 | NC      | $698106.53    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                  | Snowflake Inc                                  | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     46718 | NS      | $7308563.92   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                              | Lam Research Corp                              | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     12971 | NS      | $6486797.10   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                | Ulta Beauty Inc                                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      8006 | NS      | $4114763.76   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                   | Alphabet Inc                                   | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    393560 | NS      | $39304837.20  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                         | UnitedHealth Group Inc                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     24367 | NS      | $12163762.73  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                             | Enphase Energy Inc                             | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      7394 | NS      | $1636883.72   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                                     | DaVita Inc                                     | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |     82120 | NS      | $6765866.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                            | Paycom Software Inc                            | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     17002 | NS      | $5507627.88   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   2099385 | NS      | $2099384.92   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                              | Veeva Systems Inc                              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     31488 | NS      | $5370278.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                       | NIKE Inc                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     11265 | NS      | $1434372.45   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                        | SBA Communications Corp                        | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     24082 | NS      | $7165117.46   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                               | Ryder System Inc                               | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     16228 | NS      | $1532085.48   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                     | Seagen Inc                                     | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4871 | NS      | $679407.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                           | Lamar Advertising Co                           | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     48444 | NS      | $5161223.76   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr                 | National Storage Affiliates Trust              | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104040 | NS      | $4244832.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                   | Monolithic Power Systems Inc                   | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     13559 | NS      | $5783727.04   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                      | Apple Inc                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    675475 | NS      | $97464287.75  | 10.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                      | Tesla Inc                                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    107456 | NS      | $18613528.32  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global PLC                             | Liberty Global PLC                             | CUSIP: 000000000<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |    136337 | NS      | $3047131.95   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                          | Applied Materials Inc                          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     13510 | NS      | $1506229.90   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                           | Lockheed Martin Corp                           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     31649 | NS      | $14661715.74  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                             | Trade Desk Inc/The                             | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    110248 | NS      | $5589573.60   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                   | Exelixis Inc                                   | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    135630 | NS      | $2389800.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                         | Tyler Technologies Inc                         | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      3033 | NS      | $978961.41    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                   | Wyndham Hotels & Resorts Inc                   | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     59173 | NS      | $4586499.23   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                              | General Motors Co                              | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     17676 | NS      | $695020.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                       | MarketAxess Holdings Inc                       | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     21085 | NS      | $7671777.25   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc/The                         | Boston Beer Co Inc/The                         | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      7629 | NS      | $2964705.69   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      4714 | NS      | $11496738.90  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                     | Charter Communications Inc                     | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      8201 | NS      | $3151726.31   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                    | Incyte Corp                                    | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    121259 | NS      | $10323991.26  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                    | PepsiCo Inc                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     41442 | NS      | $7087410.84   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                     | Humana Inc                                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     15357 | NS      | $7858176.90   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                               | Altria Group Inc                               | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     29055 | NS      | $1308637.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                   | Synopsys Inc                                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1608 | NS      | $568830.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co                   | Pioneer Natural Resources Co                   | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     27504 | NS      | $6335546.40   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                            | PayPal Holdings Inc                            | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    108691 | NS      | $8857229.59   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     50829 | NS      | $12025633.11  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                      | Adobe Inc                                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     50317 | NS      | $18634397.78  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                               | Crown Castle Inc                               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     61031 | NS      | $9039301.41   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                            | Synchrony Financial                            | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     39792 | NS      | $1461560.16   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                       | CSX Corp                                       | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    116129 | NS      | $3590708.68   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T                 | Bank of New York Mellon Corp/The               | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     14288 | NS      | $722544.16    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                   | Alphabet Inc                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5554 | NS      | $548957.36    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International Inc/MD                  | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     53517 | NS      | $9321591.06   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                    | NVIDIA Corp                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     94525 | NS      | $18467349.25  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    138461 | NS      | $6999203.55   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                    | MongoDB Inc                                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      5851 | NS      | $1253342.71   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                              | EOG Resources Inc                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     18655 | NS      | $2467123.75   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                         | Paylocity Holding Corp                         | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     14913 | NS      | $3106228.77   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                               | Pure Storage Inc                               | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |    117069 | NS      | $3387976.86   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                    | Cintas Corp                                    | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24366 | NS      | $10812168.84  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                     | Airbnb Inc                                     | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     55530 | NS      | $6169938.30   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     54748 | NS      | $6073195.64   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                             | Union Pacific Corp                             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     28640 | NS      | $5848001.60   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                            | TE Connectivity Ltd                            | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | US        |     20944 | NS      | $2663029.60   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                  | Hilton Worldwide Holdings Inc                  | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      8710 | NS      | $1263733.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                 | Mastercard Inc                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     37027 | NS      | $13722206.20  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                      | Jabil Inc                                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     40432 | NS      | $3179168.16   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                   | Fortinet Inc                                   | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    116011 | NS      | $6072015.74   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                            | Arista Networks Inc                            | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     34756 | NS      | $4379951.12   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                       | MSCI Inc                                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     12051 | NS      | $6405829.56   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                                  | TopBuild Corp                                  | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      2396 | NS      | $479343.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                 | ServiceNow Inc                                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     27192 | NS      | $12375894.96  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                     | Intuit Inc                                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     18872 | NS      | $7976628.24   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                                     | Splunk Inc                                     | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |     12898 | NS      | $1235241.46   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                                     | Macy's Inc                                     | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    140072 | NS      | $3309901.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                       | Microchip Technology Inc                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    140603 | NS      | $10913604.86  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                  | Accenture PLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     24169 | NS      | $6744359.45   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                     | AbbVie Inc                                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     87627 | NS      | $12946889.25  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                      | Aptiv PLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     29715 | NS      | $3360469.35   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                         | Trane Technologies PLC                         | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      7913 | NS      | $1417376.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                  | Zoom Video Communications Inc                  | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     17317 | NS      | $1298775.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                            | Eagle Materials Inc                            | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     36398 | NS      | $5317019.84   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                 | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     31015 | NS      | $9439105.10   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                        | WEX Inc                                        | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      8518 | NS      | $1575574.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                          | East West Bancorp Inc                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25761 | NS      | $2022753.72   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                           | Williams Cos Inc/The                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     27335 | NS      | $881280.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    478409 | NS      | $49338320.17  | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                       | Manhattan Associates Inc                       | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     14382 | NS      | $1874837.52   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                   | Autodesk Inc                                   | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     15871 | NS      | $3414804.36   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                           | Deckers Outdoor Corp                           | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      4821 | NS      | $2060881.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                        | Lululemon Athletica Inc                        | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |       785 | NS      | $240900.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                 | Eli Lilly & Co                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      8335 | NS      | $2868490.25   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors NV                          | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     11933 | NS      | $2199371.23   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                      | Park Hotels & Resorts Inc                      | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     43960 | NS      | $646651.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                          | Costco Wholesale Corp                          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     40477 | NS      | $20689413.78  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                     | Vertex Pharmaceuticals Inc                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     43258 | NS      | $13976659.80  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                    | Gartner Inc                                    | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     31281 | NS      | $10577357.34  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International                 | Johnson Controls International plc             | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |     34302 | NS      | $2386390.14   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                           | Booking Holdings Inc                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      5103 | NS      | $12421212.30  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                  | Mosaic Co/The                                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     11341 | NS      | $561833.14    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                    | Wix.com Ltd                                    | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     29370 | NS      | $2554602.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer