GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Aerospace

&

Defense

–

2.3%

61,840

General

Electric

Co.

$

16,763,587

15,503

HEICO

Corp.

5,066,381

75,842

Howmet

Aerospace,

Inc.

13,634,116

35,464,084

Automobiles

–

2.8%

139,718

Tesla,

Inc.*

43,070,868

Biotechnology

–

2.6%

95,905

AbbVie,

Inc.

18,127,963

102,014

Natera,

Inc.*

13,635,191

82,377

Ultragenyx

Pharmaceutical,

Inc.*

2,250,540

12,997

Vertex

Pharmaceuticals,

Inc.*

5,937,939

39,951,633

Broadline

Retail

–

5.8%

342,168

Amazon.com,

Inc.*

80,104,950

335,062

Coupang,

Inc.

(South

Korea)*

9,860,875

89,965,825

Capital

Markets

–

2.2%

24,607

Ameriprise

Financial,

Inc.

12,751,101

47,443

CME

Group,

Inc.

13,202,438

30,377

Morningstar,

Inc.

8,398,026

34,351,565

Chemicals

–

0.9%

31,257

Linde

PLC

14,386,347

Communications

Equipment

–

1.0%

125,235

Arista

Networks,

Inc.*

15,431,457

Construction

&

Engineering

–

1.0%

20,705

Comfort

Systems

USA,

Inc.

14,561,827

Consumer

Finance

–

0.1%

24,033

Synchrony

Financial

1,674,379

Consumer

Staples

Distribution

&

Retail

–

0.9%

9,200

Costco

Wholesale

Corp.

8,644,688

21,044

Sprouts

Farmers

Market,

Inc.*

3,189,008

18,395

Sysco

Corp.

1,464,242

13,297,938

Diversified

Consumer

Services

–

0.2%

27,188

Bright

Horizons

Family

Solutions,

Inc.*

3,074,963

1,072

Duolingo,

Inc.*

371,501

3,446,464

Electrical

Equipment

–

0.1%

5,119

AMETEK,

Inc.

946,247

Electronic

Equipment,

Instruments

&

Components

–

1.4%

207,413

Amphenol

Corp.,

Class

A

22,091,559

Entertainment

–

2.8%

34,251

Netflix,

Inc.*

39,710,609

35,647

Roku,

Inc.*

3,356,522

480

Spotify

Technology

SA*

300,739

43,367,870

Financial

Services

–

4.6%

90,934

Affirm

Holdings,

Inc.*

6,234,435

99,824

Equitable

Holdings,

Inc.

5,125,962

19,958

Mastercard,

Inc.,

Class

A

11,305,608

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

51,697

Toast,

Inc.,

Class

A*

$

2,524,882

131,256

Visa,

Inc.,

Class

A

45,345,010

70,535,897

Ground

Transportation

–

0.1%

102,892

Lyft,

Inc.,

Class

A*

1,446,662

Health

Care

Equipment

&

Supplies

–

1.4%

17,217

Insulet

Corp.*

4,965,383

17,040

Intuitive

Surgical,

Inc.*

8,197,774

31,908

Penumbra,

Inc.*

8,049,431

21,212,588

Health

Care

Providers

&

Services

–

0.0%

1,827

Molina

Healthcare,

Inc.*

288,428

Hotels,

Restaurants

&

Leisure

–

3.1%

40,878

Airbnb,

Inc.,

Class

A*

5,412,656

47

Booking

Holdings,

Inc.

258,691

4,959

Churchill

Downs,

Inc.

530,811

8,615

Darden

Restaurants,

Inc.

1,737,387

11,014

DoorDash,

Inc.,

Class

A*

2,756,253

11,203

Expedia

Group,

Inc.

2,019,005

162,368

Norwegian

Cruise

Line

Holdings

Ltd.*

4,150,126

100,766

Planet

Fitness,

Inc.,

Class

A*

11,002,639

58,555

Royal

Caribbean

Cruises

Ltd.

18,612,878

46,480,446

Household

Products

–

0.2%

24,804

Procter &

Gamble

Co.

(The)

3,732,258

Insurance

–

0.4%

20,469

Arthur

J

Gallagher

&

Co.

5,879,720

Interactive

Media

&

Services

–

8.7%

361,539

Alphabet,

Inc.,

Class

C

69,726,412

74,915

Meta

Platforms,

Inc.,

Class

A

57,942,258

32,516

Reddit,

Inc.,

Class

A*

5,221,744

132,890,414

IT

Services

–

1.0%

12,408

Cloudflare,

Inc.,

Class

A*

2,576,893

17,802

Gartner,

Inc.*

6,028,647

34,591

GoDaddy,

Inc.,

Class

A*

5,589,214

2,726

MongoDB,

Inc.*

648,488

14,843,242

Life

Sciences

Tools

&

Services

–

0.2%

5,304

Medpace

Holdings,

Inc.*

2,265,869

Metals

&

Mining

–

0.9%

5,907

Carpenter

Technology

Corp.

1,473,147

127,071

Southern

Copper

Corp.

(Mexico)

11,965,005

13,438,152

Passenger

Airlines

–

0.0%

7,838

Alaska

Air

Group,

Inc.*

415,100

Pharmaceuticals

–

2.1%

20,401

Eli

Lilly

&

Co.

15,098,168

121,150

Zoetis,

Inc.

17,662,459

32,760,627

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Professional

Services

–

0.9%

8,074

Broadridge

Financial

Solutions,

Inc.

$

1,998,396

165,716

ExlService

Holdings,

Inc.*

7,197,046

24,385

Paylocity

Holding

Corp.*

4,508,299

13,703,741

Semiconductors

&

Semiconductor

Equipment

–

18.4%

217,420

Broadcom,

Inc.

63,856,254

43,051

Enphase

Energy,

Inc.*

1,393,131

22,430

MACOM

Technology

Solutions

Holdings,

Inc.*

3,076,050

1,203,122

NVIDIA

Corp.

213,999,310

282,324,745

Software

–

20.0%

28,819

Adobe,

Inc.*

10,308,268

17,716

AppLovin

Corp.,

Class

A*

6,921,641

50,191

Confluent,

Inc.,

Class

A*

889,636

3,532

Crowdstrike

Holdings,

Inc.,

Class

A*

1,605,541

1,857

Fair

Isaac

Corp.*

2,667,989

9,407

HubSpot,

Inc.*

4,888,348

19,138

Intuit,

Inc.

15,025,818

8,955

Manhattan

Associates,

Inc.*

1,967,055

343,794

Microsoft

Corp.

183,414,099

37,867

Nutanix,

Inc.,

Class

A*

2,846,462

53,390

Oracle

Corp.

13,548,780

89,088

Palantir

Technologies,

Inc.,

Class

A*

14,107,085

101,738

Palo

Alto

Networks,

Inc.*

17,661,717

221,044

RingCentral,

Inc.,

Class

A*

5,634,412

9,803

ServiceNow,

Inc.*

9,245,405

42,318

Teradata

Corp.*

885,716

64,276

Workday,

Inc.,

Class

A*

14,743,629

306,361,601

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialized

REITs

–

1.4%

68,537

Lamar

Advertising

Co.,

Class

A

REIT

$

8,378,648

50,271

Public

Storage

REIT

13,670,696

22,049,344

Specialty

Retail

–

1.1%

9,074

Carvana

Co.*

3,540,403

30,045

Chewy,

Inc.,

Class

A*

1,102,651

5,970

Lithia

Motors,

Inc.

1,719,360

185,518

Tractor

Supply

Co.

10,565,250

16,927,664

Technology

Hardware,

Storage

&

Peripherals

–

9.3%

688,891

Apple,

Inc.

142,993,105

Textiles,

Apparel

&

Luxury

Goods

–

0.1%

19,088

On

Holding

AG,

Class

A

(Switzerland)*

927,104

Trading

Companies

&

Distributors

–

1.0%

107,766

FTAI

Aviation

Ltd.

14,829,679

TOTAL

INVESTMENTS

–

99.0%

(Cost

$806,700,635)

$

1,518,314,449

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.0%

15,576,125

NET

ASSETS

–

100.0%

$

1,533,890,574

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

35

09/19/25

$

11,154,937

$

51,721

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

2.8%

23,520

General

Dynamics

Corp.

$

7,329,067

2,221

Howmet

Aerospace,

Inc.

399,269

21,585

RTX

Corp.

3,401,149

47,421

Textron,

Inc.

3,687,931

14,817,416

Air

Freight

&

Logistics

–

1.1%

68,590

United

Parcel

Service,

Inc.,

Class

B

5,909,714

Automobile

Components

–

0.2%

22,380

BorgWarner,

Inc.

823,584

Automobiles

–

0.5%

27,981

Thor

Industries,

Inc.

2,545,991

Banks

–

8.8%

233,741

Bank

of

America

Corp.

11,048,937

37,384

Citizens

Financial

Group,

Inc.

1,783,965

2,605

Commerce

Bancshares,

Inc.

159,426

13,108

Cullen/Frost

Bankers,

Inc.

1,670,090

33,137

FNB

Corp.

507,659

122,083

Huntington

Bancshares,

Inc.

2,005,824

60,787

JPMorgan

Chase &

Co.

18,007,541

37,060

PNC

Financial

Services

Group,

Inc.

(The)

7,051,406

87,115

US

Bancorp

3,916,690

46,151,538

Beverages

–

1.0%

193,954

Primo

Brands

Corp.,

Class

A

5,355,070

Biotechnology

–

2.1%

72,791

BioMarin

Pharmaceutical,

Inc.*

4,210,960

26,155

Exact

Sciences

Corp.*

1,227,977

1,135

Natera,

Inc.*

151,704

10,120

Regeneron

Pharmaceuticals,

Inc.

5,520,055

11,110,696

Broadline

Retail

–

1.4%

32,322

Amazon.com,

Inc.*

7,566,903

Building

Products

–

1.2%

90,067

Carrier

Global

Corp.

6,180,398

Capital

Markets

–

5.4%

27,298

CME

Group,

Inc.

7,596,487

4,228

Coinbase

Global,

Inc.,

Class

A*

1,597,169

1,331

Evercore,

Inc.,

Class

A

400,817

45,701

Interactive

Brokers

Group,

Inc.,

Class

A

2,996,158

111,199

Invesco

Ltd.

2,336,291

37,247

Morgan

Stanley

5,306,208

9,982

Northern

Trust

Corp.

1,297,660

15,731

Stifel

Financial

Corp.

1,795,222

34,992

Tradeweb

Markets,

Inc.,

Class

A

4,848,142

28,174,154

Chemicals

–

2.7%

94,340

Axalta

Coating

Systems

Ltd.*

2,671,709

14,728

Corteva,

Inc.

1,062,331

1,325

International

Flavors

&

Fragrances,

Inc.

94,115

21,356

Linde

PLC

9,829,312

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Chemicals

–

(continued)

1,146

NewMarket

Corp.

$

787,302

14,444,769

Communications

Equipment

–

0.1%

4,865

Cisco

Systems,

Inc.

331,209

Construction

&

Engineering

–

1.0%

48,672

AECOM

5,487,281

Construction

Materials

–

0.9%

17,595

Vulcan

Materials

Co.

4,832,819

Consumer

Finance

–

1.9%

25,306

Capital

One

Financial

Corp.

5,440,790

5,774

OneMain

Holdings,

Inc.

333,679

57,901

Synchrony

Financial

4,033,963

9,808,432

Consumer

Staples

Distribution

&

Retail

–

1.5%

811

Casey's

General

Stores,

Inc.

421,825

17,815

Sysco

Corp.

1,418,074

37,325

Target

Corp.

3,751,163

19,856

Walmart,

Inc.

1,945,491

7,536,553

Diversified

Consumer

Services

–

1.0%

91,902

ADT,

Inc.

767,382

37,227

Bright

Horizons

Family

Solutions,

Inc.*

4,210,374

8,462

H&R

Block,

Inc.

459,825

5,437,581

Diversified

Telecommunication

Services

–

1.8%

215,089

Verizon

Communications,

Inc.

9,197,206

Electric

Utilities

–

1.5%

111,750

NextEra

Energy,

Inc.

7,940,955

14,503

PG&E

Corp.

203,332

8,144,287

Electrical

Equipment

–

1.4%

35,293

AMETEK,

Inc.

6,523,911

1,744

Eaton

Corp.

PLC

670,952

7,194,863

Electronic

Equipment,

Instruments

&

Components

–

1.4%

53,549

Amphenol

Corp.,

Class

A

5,703,504

2,973

Teledyne

Technologies,

Inc.*

1,638,182

7,341,686

Energy

Equipment

&

Services

–

0.5%

17,585

NOV,

Inc.

221,219

62,023

TechnipFMC

PLC

(United

Kingdom)

2,255,777

2,476,996

Entertainment

–

0.7%

1,458

Netflix,

Inc.*

1,690,405

22,167

Roku,

Inc.*

2,087,245

3,777,650

Financial

Services

–

4.5%

30,479

Affirm

Holdings,

Inc.*

2,089,640

39,673

Berkshire

Hathaway,

Inc.,

Class

B*

18,720,896

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

27,621

Euronet

Worldwide,

Inc.*

$

2,684,209

1,243

Visa,

Inc.,

Class

A

429,419

23,924,164

Food

Products

–

1.0%

5,584

Darling

Ingredients,

Inc.*

180,810

7,414

Ingredion,

Inc.

975,238

78,380

Tyson

Foods,

Inc.,

Class

A

4,099,274

5,255,322

Gas

Utilities

–

0.1%

13,308

MDU

Resources

Group,

Inc.

229,563

Ground

Transportation

–

0.2%

83,509

Lyft,

Inc.,

Class

A*

1,174,137

Health

Care

Equipment

&

Supplies

–

3.9%

72,740

Abbott

Laboratories

9,179,061

13,993

Boston

Scientific

Corp.*

1,468,145

35,480

GE

HealthCare

Technologies,

Inc.

2,530,434

72,477

Medtronic

PLC

6,540,324

2,939

STERIS

PLC

665,654

20,383,618

Health

Care

Providers

&

Services

–

2.8%

55,819

CVS

Health

Corp.

3,466,360

13,849

Quest

Diagnostics,

Inc.

2,318,461

14,766

UnitedHealth

Group,

Inc.

3,685,003

30,399

Universal

Health

Services,

Inc.,

Class

B

5,059,914

14,529,738

Health

Care

REIT

s

–

1.1%

34,162

Welltower,

Inc.

REIT

5,639,121

Hotel

&

Resort

REITs

–

0.4%

24,543

Host

Hotels

&

Resorts,

Inc.

REIT

385,816

171,502

Park

Hotels

&

Resorts,

Inc.

REIT

1,828,211

2,214,027

Hotels,

Restaurants

&

Leisure

–

0.6%

5,345

Darden

Restaurants,

Inc.

1,077,926

1,891

Planet

Fitness,

Inc.,

Class

A*

206,478

5,925

Royal

Caribbean

Cruises

Ltd.

1,883,380

3,167,784

Household

Durables

–

0.8%

14,659

Garmin

Ltd.

3,206,803

8,544

PulteGroup,

Inc.

964,788

4,171,591

Household

Products

–

2.3%

79,394

Procter &

Gamble

Co.

(The)

11,946,415

Independent

Power

and

Renewable

Electricity

Producers

–

0.1%

15,264

Clearway

Energy,

Inc.,

Class

C

498,064

Industrial

REITs

–

0.9%

46,305

Prologis,

Inc.

REIT

4,944,448

Insurance

–

4.5%

21,836

Arthur

J

Gallagher

&

Co.

6,272,391

1,468

Erie

Indemnity

Co.,

Class

A

522,960

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

22,963

Loews

Corp.

$

2,079,070

27,584

Marsh

&

McLennan

Cos.,

Inc.

5,494,733

30,764

MetLife,

Inc.

2,336,526

49,685

Principal

Financial

Group,

Inc.

3,866,983

2,073

Progressive

Corp.

(The)

501,749

10,319

Travelers

Cos.,

Inc.

(The)

2,685,417

23,759,829

Interactive

Media

&

Services

–

3.2%

83,693

Alphabet,

Inc.,

Class

A

16,060,687

5,371

Reddit,

Inc.,

Class

A*

862,529

16,923,216

IT

Services

–

1.5%

6,838

Accenture

PLC,

Class

A

(Ireland)

1,826,430

8,410

Amdocs

Ltd.

717,877

37,726

Kyndryl

Holdings,

Inc.*

1,424,911

16,309

MongoDB,

Inc.*

3,879,748

7,848,966

Leisure

Products

–

0.2%

75,136

Mattel,

Inc.*

1,278,063

Life

Sciences

Tools

&

Services

–

1.6%

5,935

Danaher

Corp.

1,170,145

19,197

IQVIA

Holdings,

Inc.*

3,567,954

3,139

Mettler-Toledo

International,

Inc.*

3,872,522

8,610,621

Machinery

–

2.7%

6,679

Caterpillar,

Inc.

2,925,536

28,524

Otis

Worldwide

Corp.

2,444,221

11,839

PACCAR,

Inc.

1,169,220

10,435

Parker-Hannifin

Corp.

7,637,376

523

RBC

Bearings,

Inc.*

202,579

14,378,932

Marine

Transportation

–

0.5%

24,835

Kirby

Corp.*

2,367,024

Media

–

1.0%

3,938

Charter

Communications,

Inc.,

Class

A*

1,060,740

16,073

Fox

Corp.,

Class

A

896,230

120,188

News

Corp.,

Class

A

3,523,912

5,480,882

Metals

&

Mining

–

1.6%

11,401

Carpenter

Technology

Corp.

2,843,295

1,034

Reliance,

Inc.

299,995

56,840

Southern

Copper

Corp.

(Mexico)

5,352,054

8,495,344

Multi-Utilities

–

0.2%

10,852

Ameren

Corp.

1,097,463

Oil,

Gas

&

Consumable

Fuels

–

3.6%

55,786

Antero

Resources

Corp.*

1,948,605

31,089

Chevron

Corp.

4,714,336

32,194

ConocoPhillips

3,069,376

33,240

Exxon

Mobil

Corp.

3,710,913

19,380

Kinder

Morgan,

Inc.

543,803

23,619

Marathon

Petroleum

Corp.

4,019,718

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

8,793

Ovintiv,

Inc.

$

362,096

4,336

Valero

Energy

Corp.

595,376

18,964,223

Passenger

Airlines

–

0.6%

60,342

Alaska

Air

Group,

Inc.*

3,195,712

Pharmaceuticals

–

2.8%

52,927

Johnson &

Johnson

8,719,194

40,678

Pfizer,

Inc.

947,390

35,520

Zoetis,

Inc.

5,178,461

14,845,045

Professional

Services

–

1.0%

5,659

Dayforce,

Inc.*

326,355

8,315

Equifax,

Inc.

1,997,512

36,419

Parsons

Corp.*

2,702,290

5,026,157

Real

Estate

Management

&

Development

–

0.6%

37,459

Zillow

Group,

Inc.,

Class

C*

2,979,863

Retail

REITs

–

0.3%

10,154

Simon

Property

Group,

Inc.

REIT

1,663,124

Semiconductors

&

Semiconductor

Equipment

–

2.8%

160,311

Intel

Corp.

3,174,158

12,114

MACOM

Technology

Solutions

Holdings,

Inc.*

1,661,314

31,143

Micron

Technology,

Inc.

3,398,947

37,215

Texas

Instruments,

Inc.

6,738,148

14,972,567

Software

–

1.5%

284,577

CCC

Intelligent

Solutions

Holdings,

Inc.*

2,751,860

15,794

Dolby

Laboratories,

Inc.,

Class

A

1,189,920

70

Fair

Isaac

Corp.*

100,570

3,918

MicroStrategy,

Inc.,

Class

A*

1,574,487

31,494

Nutanix,

Inc.,

Class

A*

2,367,404

7,984,241

Specialized

REITs

–

3.8%

19,478

Digital

Realty

Trust,

Inc.

REIT

3,436,698

6,679

Equinix,

Inc.

REIT

5,244,150

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialized

REITs

–

(continued)

37,968

Extra

Space

Storage,

Inc.

REIT

$

5,101,381

21,386

Public

Storage

REIT

5,815,709

818

SBA

Communications

Corp.

REIT

183,821

19,781,759

Specialty

Retail

–

1.6%

279

Carvana

Co.*

108,857

11,862

Five

Below,

Inc.*

1,619,400

3,716

GameStop

Corp.,

Class

A*

83,424

107,964

Gap,

Inc.

(The)

2,100,980

13,528

Lithia

Motors,

Inc.

3,896,064

3,588

Penske

Automotive

Group,

Inc.

600,667

8,409,392

Textiles,

Apparel

&

Luxury

Goods

–

0.6%

60,913

Birkenstock

Holding

PLC

(Germany)*

3,051,132

Tobacco

–

1.0%

3,473

Altria

Group,

Inc.

215,118

29,571

Philip

Morris

International,

Inc.

4,851,122

5,066,240

Trading

Companies

&

Distributors

–

0.4%

15,258

FTAI

Aviation

Ltd.

2,099,653

Wireless

Telecommunication

Services

–

1.4%

31,083

T-Mobile

US,

Inc.

7,410,498

TOTAL

INVESTMENTS

–

98.6%

(Cost

$491,006,051)

$

518,414,734

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

7,436,781

NET

ASSETS

–

100.0%

$

525,851,515

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

14

09/19/25

$

4,461,975

$

63,080

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.0%

Aerospace

&

Defense

–

1.5%

74,744

Archer

Aviation,

Inc.,

Class

A*

$

749,682

45,259

Mercury

Systems,

Inc.*

2,380,171

17,061

Moog,

Inc.,

Class

A

3,302,668

5,336

Park

Aerospace

Corp.

96,155

6,528,676

Automobile

Components

–

0.6%

38,467

American

Axle &

Manufacturing

Holdings,

Inc.*

171,178

15,067

Cooper-Standard

Holdings,

Inc.*

363,115

6,855

Fox

Factory

Holding

Corp.*

208,187

11,952

Motorcar

Parts

of

America,

Inc.*

123,942

28,735

Phinia,

Inc.

1,456,865

44,123

Solid

Power,

Inc.*

140,752

2,464,039

Banks

–

8.7%

31,095

Ameris

Bancorp

2,125,343

82,094

Associated

Banc-Corp.

2,031,006

12,376

BancFirst

Corp.

1,541,060

20,812

Bank

of

Hawaii

Corp.

1,287,847

3,562

BankUnited,

Inc.

129,906

1,553

Byline

Bancorp,

Inc.

40,844

23,892

Cadence

Bank

832,636

2,353

Capital

City

Bank

Group,

Inc.

93,155

222,850

Capitol

Federal

Financial,

Inc.

1,341,557

3,663

Cathay

General

Bancorp

165,641

7,125

Central

Pacific

Financial

Corp.

189,952

11,415

Community

Trust

Bancorp,

Inc.

616,182

37,340

CVB

Financial

Corp.

697,885

2,227

Equity

Bancshares,

Inc.,

Class

A

83,691

1,325

FB

Financial

Corp.

64,607

6,945

First

Bancorp,

Inc.

(The)

175,083

55,726

First

Financial

Bankshares,

Inc.

1,929,234

4,722

First

Internet

Bancorp

103,553

9,021

First

Merchants

Corp.

343,880

5,794

Flushing

Financial

Corp.

69,470

21,698

Fulton

Financial

Corp.

389,479

36,998

Hancock

Whitney

Corp.

2,209,521

37,818

Hanmi

Financial

Corp.

862,629

8,196

Hilltop

Holdings,

Inc.

242,602

3,612

Home

Bancorp,

Inc.

188,872

2,460

HomeTrust

Bancshares,

Inc.

95,596

2,454

Independent

Bank

Corp.

74,970

27,730

International

Bancshares

Corp.

1,890,631

12,694

Kearny

Financial

Corp.

75,275

26,023

Live

Oak

Bancshares,

Inc.

822,587

6,385

Metrocity

Bankshares,

Inc.

176,226

18,159

Northeast

Community

Bancorp,

Inc.

375,165

2,015

Northrim

BanCorp,

Inc.

168,313

6,126

OFG

Bancorp

(Puerto

Rico)

261,090

1,424

Origin

Bancorp,

Inc.

52,047

4,592

Park

National

Corp.

743,307

22,687

PCB

Bancorp

463,722

27,841

Provident

Financial

Services,

Inc.

507,263

6,799

Red

River

Bancshares,

Inc.

409,096

25,343

ServisFirst

Bancshares,

Inc.

1,993,227

4,536

Sierra

Bancorp

132,995

1,774

SmartFinancial,

Inc.

60,777

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

1,605

Southern

First

Bancshares,

Inc.*

$

66,704

25,484

Southside

Bancshares,

Inc.

750,249

7,793

Stock

Yards

Bancorp,

Inc.

582,605

23,769

Texas

Capital

Bancshares,

Inc.*

1,995,883

4,325

Timberland

Bancorp,

Inc.

135,329

19,336

Triumph

Financial,

Inc.*

1,096,738

41,184

TrustCo

Bank

Corp.

1,382,135

35,040

Trustmark

Corp.

1,305,240

16,366

UMB

Financial

Corp.

1,800,096

63,306

United

Community

Banks,

Inc.

1,930,833

3,976

Washington

Trust

Bancorp,

Inc.

107,113

56,306

WesBanco,

Inc.

1,696,500

9,270

Westamerica

BanCorp

444,033

39,351,380

Biotechnology

–

5.2%

58,212

ACADIA

Pharmaceuticals,

Inc.*

1,387,192

2,966

Akero

Therapeutics,

Inc.*

144,889

71,771

Altimmune,

Inc.*

(a)

264,835

337,266

Amicus

Therapeutics,

Inc.*

2,020,223

30,390

Annexon,

Inc.*

72,936

734

Arcellx,

Inc.*

52,400

17,355

Arcturus

Therapeutics

Holdings,

Inc.*

211,905

17,680

Arcus

Biosciences,

Inc.*

161,418

124,656

Ardelyx,

Inc.*

528,541

36,876

Arrowhead

Pharmaceuticals,

Inc.*

582,641

30,199

Beam

Therapeutics,

Inc.*

595,222

62,166

BioCryst

Pharmaceuticals,

Inc.*

506,031

2,486

Biohaven

Ltd.*

37,539

1,990

Bridgebio

Pharma,

Inc.*

94,067

47,127

CareDx,

Inc.*

578,955

7,893

Celldex

Therapeutics,

Inc.*

173,488

3,450

Crinetics

Pharmaceuticals,

Inc.*

98,636

10,367

CRISPR

Therapeutics

AG

(Switzerland)*

583,247

28,429

Cullinan

Therapeutics,

Inc.*

220,893

11,112

Cytokinetics,

Inc.*

418,256

35,064

Denali

Therapeutics,

Inc.*

484,935

50,627

Design

Therapeutics,

Inc.*

195,926

62,589

Dyne

Therapeutics,

Inc.*

616,502

80,500

Erasca,

Inc.*

113,908

93,920

Heron

Therapeutics,

Inc.*

(a)

162,482

20,925

ImmunityBio,

Inc.*

(a)

51,476

4,905

Janux

Therapeutics,

Inc.*

117,794

87,110

Keros

Therapeutics,

Inc.*

1,247,415

4,071

Krystal

Biotech,

Inc.*

626,405

4,357

Kymera

Therapeutics,

Inc.*

190,619

3,138

Madrigal

Pharmaceuticals,

Inc.*

949,276

1,627

Mirum

Pharmaceuticals,

Inc.*

84,083

98,901

Myriad

Genetics,

Inc.*

379,780

23,814

Nurix

Therapeutics,

Inc.*

268,146

9,895

Nuvalent,

Inc.,

Class

A*

775,273

7,594

Olema

Pharmaceuticals,

Inc.*

39,033

20,863

ORIC

Pharmaceuticals,

Inc.*

208,004

3,011

Protagonist

Therapeutics,

Inc.*

162,172

12,764

Prothena

Corp.

PLC

(Ireland)*

87,689

10,303

PTC

Therapeutics,

Inc.*

536,889

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

17,904

Recursion

Pharmaceuticals,

Inc.,

Class

A*

(a)

$

106,529

111,318

Relay

Therapeutics,

Inc.*

391,839

8,882

Replimune

Group,

Inc.*

62,440

7,609

Rhythm

Pharmaceuticals,

Inc.*

648,515

23,911

Rigel

Pharmaceuticals,

Inc.*

503,566

20,241

Rocket

Pharmaceuticals,

Inc.*

61,735

8,607

Solid

Biosciences,

Inc.*

58,872

21,527

Spyre

Therapeutics,

Inc.*

365,313

41,863

TG

Therapeutics,

Inc.*

1,486,137

3,470

Travere

Therapeutics,

Inc.*

53,612

48,017

Twist

Bioscience

Corp.*

1,611,931

2,489

Vaxcyte,

Inc.*

84,502

91,343

Veracyte,

Inc.*

2,147,474

23,613,586

Broadline

Retail

–

0.1%

13,112

Groupon,

Inc.*

404,374

Building

Products

–

0.8%

34,719

Griffon

Corp.

2,821,613

11,644

Tecnoglass,

Inc.

908,581

3,730,194

Capital

Markets

–

2.5%

79,935

BGC

Group,

Inc.,

Class

A

740,998

1,537

Diamond

Hill

Investment

Group,

Inc.

208,371

104,820

DigitalBridge

Group,

Inc.

1,125,767

38,335

Perella

Weinberg

Partners

764,400

8,109

Piper

Sandler

Cos.

2,556,930

30,979

StepStone

Group,

Inc.,

Class

A

1,838,913

40,052

Victory

Capital

Holdings,

Inc.,

Class

A

2,759,983

61,443

WisdomTree,

Inc.

815,349

10,810,711

Chemicals

–

0.9%

162,574

Aspen

Aerogels,

Inc.*

1,245,317

6,158

Avient

Corp.

194,408

4,890

Hawkins,

Inc.

798,439

2,963

Innospec,

Inc.

236,744

40,568

PureCycle

Technologies,

Inc.*

(a)

544,017

2,119

Quaker

Chemical

Corp.

242,456

5,911

Stepan

Co.

300,101

83,174

Tronox

Holdings

PLC

265,325

3,826,807

Commercial

Services

&

Supplies

–

1.1%

9,697

ACCO

Brands

Corp.

36,364

44,834

Deluxe

Corp.

721,827

177,164

Healthcare

Services

Group,

Inc.*

2,304,904

62,255

Montrose

Environmental

Group,

Inc.*

1,412,566

14,612

OPENLANE,

Inc.*

360,040

11,586

Pitney

Bowes,

Inc.

131,617

334

VSE

Corp.

52,284

5,019,602

Communications

Equipment

–

0.5%

14,046

Applied

Optoelectronics,

Inc.*

321,232

166,384

CommScope

Holding

Co.,

Inc.*

1,364,349

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

(continued)

35,897

NetScout

Systems,

Inc.*

$

768,914

2,454,495

Construction

&

Engineering

–

2.9%

6,742

Argan,

Inc.

1,651,655

2,823

Bowman

Consulting

Group

Ltd.*

97,902

4,141

Construction

Partners,

Inc.,

Class

A*

417,620

1,863

IES

Holdings,

Inc.*

657,769

9,257

Limbach

Holdings,

Inc.*

1,268,209

27,626

Matrix

Service

Co.*

422,125

8,612

MYR

Group,

Inc.*

1,666,422

5,873

Orion

Group

Holdings,

Inc.*

43,519

29,716

Primoris

Services

Corp.

2,798,356

10,209

Sterling

Infrastructure,

Inc.*

2,731,826

29,817

Tutor

Perini

Corp.*

1,435,689

13,191,092

Construction

Materials

–

0.6%

6,098

Knife

River

Corp.*

502,963

23,041

United

States

Lime

&

Minerals,

Inc.

2,294,423

2,797,386

Consumer

Finance

–

1.4%

4,135

Dave,

Inc.*

975,033

31,181

Encore

Capital

Group,

Inc.*

1,149,955

3,605

Enova

International,

Inc.*

376,939

6,659

FirstCash

Holdings,

Inc.

887,578

47,409

OppFi,

Inc.

(a)

504,432

18,743

Regional

Management

Corp.

623,017

17,668

Upstart

Holdings,

Inc.*

1,444,182

1,971

World

Acceptance

Corp.*

310,078

6,271,214

Consumer

Staples

Distribution

&

Retail

–

0.4%

24,743

Chefs'

Warehouse,

Inc.

(The)*

1,696,380

Diversified

Consumer

Services

–

2.0%

10,116

Adtalem

Global

Education,

Inc.*

1,155,955

247,121

Coursera,

Inc.*

3,123,610

201,047

European

Wax

Center,

Inc.,

Class

A*

940,900

1,084

Graham

Holdings

Co.,

Class

B

1,034,331

93,998

Laureate

Education,

Inc.*

2,124,355

36,367

Mister

Car

Wash,

Inc.*

210,019

17,778

Udemy,

Inc.*

135,291

8,724,461

Diversified

REITs

–

1.1%

60,851

American

Assets

Trust,

Inc.

REIT

1,157,995

96,364

Armada

Hoffler

Properties,

Inc.

REIT

658,166

167,462

Broadstone

Net

Lease,

Inc.

REIT

2,719,583

4,535,744

Diversified

Telecommunication

Services

–

0.4%

2,350

ATN

International,

Inc.

40,303

69,242

Bandwidth,

Inc.,

Class

A*

963,156

15,918

Globalstar,

Inc.*

373,914

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Diversified

Telecommunication

Services

–

(continued)

2,896

IDT

Corp.,

Class

B

$

170,603

1,547,976

Electric

Utilities

–

0.3%

14,224

Oklo,

Inc.*

(a)

1,089,416

5,381

Portland

General

Electric

Co.

221,267

1,310,683

Electrical

Equipment

–

2.7%

39,551

American

Superconductor

Corp.*

2,248,474

25,676

Array

Technologies,

Inc.*

166,894

40,469

Bloom

Energy

Corp.,

Class

A*

1,513,136

11,424

Enovix

Corp.*

(a)

153,082

55,439

NEXTracker,

Inc.,

Class

A*

3,229,876

9,197

NuScale

Power

Corp.*

(a)

461,781

33,960

Plug

Power,

Inc.*

(a)

50,940

8,387

Powell

Industries,

Inc.

1,988,558

11,672

Shoals

Technologies

Group,

Inc.,

Class

A*

62,912

40,583

Sunrun,

Inc.*

416,382

41,109

Thermon

Group

Holdings,

Inc.*

1,162,563

16,167

Vicor

Corp.*

718,461

12,173,059

Electronic

Equipment,

Instruments

&

Components

–

2.8%

28,794

Arlo

Technologies,

Inc.*

466,463

12,494

Fabrinet

(Thailand)*

4,044,683

89,748

Knowles

Corp.*

1,822,782

2,931

OSI

Systems,

Inc.*

647,780

30,913

Ouster,

Inc.*

722,746

88,895

Powerfleet,

Inc.*

360,914

6,736

Richardson

Electronics

Ltd.

67,899

16,412

Sanmina

Corp.*

1,904,448

154,363

Vishay

Intertechnology,

Inc.

2,530,009

12,567,724

Energy

Equipment

&

Services

–

1.4%

314,757

Borr

Drilling

Ltd.

(Mexico)*

638,957

119,031

Expro

Group

Holdings

NV*

1,283,154

21,750

Helix

Energy

Solutions

Group,

Inc.*

128,978

41,407

Liberty

Energy,

Inc.

510,962

5,009

Natural

Gas

Services

Group,

Inc.*

120,667

29,768

Noble

Corp.

PLC

798,080

97,813

Oceaneering

International,

Inc.*

2,122,542

17,161

Oil

States

International,

Inc.*

85,633

4,495

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

146,852

95,985

TETRA

Technologies,

Inc.*

393,538

45,562

Transocean

Ltd.*

133,041

6,362,404

Entertainment

–

0.8%

92,411

AMC

Entertainment

Holdings,

Inc.,

Class

A*

267,992

37,878

IMAX

Corp.*

976,874

64,726

Madison

Square

Garden

Entertainment

Corp.*

2,445,996

3,690,862

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

3.3%

4,852

Alerus

Financial

Corp.

$

102,571

66,958

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

2,675,642

20,014

Burford

Capital

Ltd.

257,180

45,931

Enact

Holdings,

Inc.

1,596,562

37,912

Jackson

Financial,

Inc.,

Class

A

3,319,575

128,719

Marqeta,

Inc.,

Class

A*

733,698

31,864

NCR

Atleos

Corp.*

975,038

79,954

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

626,040

113,564

Remitly

Global,

Inc.*

1,873,806

5,518

Sezzle,

Inc.*

854,407

15,801

Velocity

Financial,

Inc.*

262,297

10,012

Walker &

Dunlop,

Inc.

751,000

14,027,816

Food

Products

–

0.8%

122,427

BRC,

Inc.,

Class

A*

208,126

29,980

Cal-Maine

Foods,

Inc.

3,331,977

3,540,103

Gas

Utilities

–

0.6%

3,344

New

Jersey

Resources

Corp.

153,523

32,836

ONE

Gas,

Inc.

2,387,177

2,540,700

Ground

Transportation

–

0.1%

88,267

FTAI

Infrastructure,

Inc.

553,434

Health

Care

Equipment

&

Supplies

–

3.1%

43,337

Accuray,

Inc.*

56,771

18,803

Alphatec

Holdings,

Inc.*

198,936

70,104

AtriCure,

Inc.*

2,460,650

4,272

Avanos

Medical,

Inc.*

47,718

211,071

Cerus

Corp.*

270,171

13,329

Delcath

Systems,

Inc.*

143,287

36,804

Embecta

Corp.

373,929

3,212

Glaukos

Corp.*

276,521

20,944

Haemonetics

Corp.*

1,550,694

3,738

Inogen,

Inc.*

23,587

15,713

Integer

Holdings

Corp.*

1,705,018

15,190

Integra

LifeSciences

Holdings

Corp.*

199,596

22,955

iRadimed

Corp.

1,339,195

12,061

iRhythm

Technologies,

Inc.*

1,690,711

1,671

LeMaitre

Vascular,

Inc.

135,752

21,375

LivaNova

PLC*

901,811

15,851

PROCEPT

BioRobotics

Corp.*

768,932

14,703

QuidelOrtho

Corp.*

338,463

1,920

Semler

Scientific,

Inc.*

(a)

68,832

56,408

Tandem

Diabetes

Care,

Inc.*

878,837

1,636

TransMedics

Group,

Inc.*

194,635

1,216

UFP

Technologies,

Inc.*

275,290

13,899,336

Health

Care

Providers

&

Services

–

2.4%

434,490

agilon

health,

Inc.*

777,737

110,223

Ardent

Health,

Inc.*

1,168,364

11,047

CorVel

Corp.*

978,764

91,743

Enhabit,

Inc.*

616,513

15,861

Guardant

Health,

Inc.*

649,984

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

40,790

Hims

&

Hers

Health,

Inc.*

$

2,699,482

64,778

Joint

Corp.

(The)*

715,149

257,479

LifeStance

Health

Group,

Inc.*

1,024,766

2,054

National

Research

Corp.

25,675

760

Nutex

Health,

Inc.*

(a)

64,456

26,280

Pennant

Group,

Inc.

(The)*

582,628

55,766

Privia

Health

Group,

Inc.*

1,088,552

81,075

Viemed

Healthcare,

Inc.*

493,747

10,885,817

Health

Care

REITs

–

0.1%

13,304

Community

Healthcare

Trust,

Inc.

REIT

204,482

93,767

Global

Medical

REIT,

Inc.

REIT

626,364

830,846

Health

Care

Technology

–

1.0%

33,059

Health

Catalyst,

Inc.*

120,665

4,854

LifeMD,

Inc.*

50,530

57,179

Phreesia,

Inc.*

1,541,546

70,604

Waystar

Holding

Corp.*

2,610,936

4,323,677

Hotel

&

Resort

REITs

–

2.1%

224,081

Apple

Hospitality

REIT,

Inc.

REIT

2,632,952

182,012

Chatham

Lodging

Trust

REIT

1,241,322

21,287

Pebblebrook

Hotel

Trust

REIT

213,509

263,972

RLJ

Lodging

Trust

REIT

1,953,393

328,919

Service

Properties

Trust

REIT

865,057

17,791

Summit

Hotel

Properties,

Inc.

REIT

92,869

4,033

Sunstone

Hotel

Investors,

Inc.

REIT

35,289

191,148

Xenia

Hotels

&

Resorts,

Inc.

REIT

2,429,491

9,463,882

Hotels,

Restaurants

&

Leisure

–

3.0%

66,741

Bloomin'

Brands,

Inc.

608,011

177,181

Brightstar

Lottery

PLC

2,629,366

19,779

Brinker

International,

Inc.*

3,117,170

38,274

Dine

Brands

Global,

Inc.

865,375

43,443

Lindblad

Expeditions

Holdings,

Inc.*

519,144

6,026

Monarch

Casino

&

Resort,

Inc.

620,437

56,939

Portillo's,

Inc.,

Class

A*

567,112

4,497

Potbelly

Corp.*

54,099

20,895

RCI

Hospitality

Holdings,

Inc.

748,668

49,780

Red

Rock

Resorts,

Inc.,

Class

A

3,054,003

4,833

Shake

Shack,

Inc.,

Class

A*

581,603

4,180

Super

Group

SGHC

Ltd.

(Guernsey)

44,935

13,409,923

Household

Durables

–

1.0%

18,969

Beazer

Homes

USA,

Inc.*

445,771

4,046

Ethan

Allen

Interiors,

Inc.

120,449

19,021

Green

Brick

Partners,

Inc.*

1,178,161

686

Installed

Building

Products,

Inc.

138,771

1,156

KB

Home

63,881

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Household

Durables

–

(continued)

22,862

LGI

Homes,

Inc.*

$

1,217,859

7,736

M/I

Homes,

Inc.*

929,790

6,083

Meritage

Homes

Corp.

409,629

5,791

Sonos,

Inc.*

62,601

4,566,912

Household

Products

–

0.6%

4,425

Central

Garden

&

Pet

Co.,

Class

A*

157,176

110,010

Energizer

Holdings,

Inc.

2,477,425

2,634,601

Independent

Power

and

Renewable

Electricity

Producers

–

0.6%

28,160

Ormat

Technologies,

Inc.

2,517,786

Industrial

REITs

–

0.5%

314,405

LXP

Industrial

Trust

REIT

2,439,783

Insurance

–

1.9%

33,947

Ambac

Financial

Group,

Inc.*

285,155

46,550

AMERISAFE,

Inc.

2,084,509

122,878

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

1,856,687

11,021

Lemonade,

Inc.*

415,271

15,426

Oscar

Health,

Inc.,

Class

A*

(a)

216,735

2,486

Palomar

Holdings,

Inc.*

329,370

795

Root,

Inc.,

Class

A*

96,219

7,384

Selective

Insurance

Group,

Inc.

575,731

14,539

Stewart

Information

Services

Corp.

944,017

7,898

Trupanion,

Inc.*

374,444

63,352

Universal

Insurance

Holdings,

Inc.

1,497,641

8,675,779

Interactive

Media

&

Services

–

0.7%

38,334

Grindr,

Inc.

(Singapore)*

670,078

80,049

QuinStreet,

Inc.*

1,313,604

301,371

Vimeo,

Inc.*

1,142,196

3,125,878

IT

Services

–

0.5%

7,489

Applied

Digital

Corp.*

98,405

16,198

BigBear.ai

Holdings,

Inc.*

(a)

102,857

36,067

BigCommerce

Holdings,

Inc.,

Series

1*

172,400

45,995

DigitalOcean

Holdings,

Inc.*

1,281,421

97,842

Fastly,

Inc.,

Class

A*

664,347

4,037

TSS,

Inc.*

109,807

2,429,237

Leisure

Products

–

1.0%

9,211

Latham

Group,

Inc.*

62,450

29,412

MasterCraft

Boat

Holdings,

Inc.*

568,828

357,553

Peloton

Interactive,

Inc.,

Class

A*

2,552,928

117,428

Smith

&

Wesson

Brands,

Inc.

933,553

55,339

Topgolf

Callaway

Brands

Corp.*

511,886

4,629,645

Life

Sciences

Tools

&

Services

–

0.6%

163,550

Adaptive

Biotechnologies

Corp.*

1,674,752

25,949

Alpha

Teknova,

Inc.*

(a)

117,290

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

7,427

BioLife

Solutions,

Inc.*

$

157,898

115,118

Cytek

Biosciences,

Inc.*

414,425

7,669

Mesa

Laboratories,

Inc.

586,525

9,144

Niagen

Bioscience,

Inc.*

85,496

3,036,386

Machinery

–

2.6%

6,481

Aebi

Schmidt

Holding

AG

(Switzerland)*

66,754

635

Alamo

Group,

Inc.

141,338

5,430

Astec

Industries,

Inc.

215,354

6,937

Chart

Industries,

Inc.*

1,379,284

7,292

ESCO

Technologies,

Inc.

1,412,460

15,395

Federal

Signal

Corp.

1,948,545

43,704

Helios

Technologies,

Inc.

1,603,500

36,696

Hillenbrand,

Inc.

759,974

7,172

Hillman

Solutions

Corp.*

56,587

20,591

Kennametal,

Inc.

509,833

13,853

Manitowoc

Co.,

Inc.

(The)*

176,626

6,357

Mayville

Engineering

Co.,

Inc.*

106,607

38,691

Microvast

Holdings,

Inc.*

122,650

21,206

Miller

Industries,

Inc.

864,145

8,250

Omega

Flex,

Inc.

263,175

3,235

Standex

International

Corp.

532,934

5,396

Tennant

Co.

445,386

5,006

Terex

Corp.

254,605

6,460

Wabash

National

Corp.

64,342

13,451

Worthington

Enterprises,

Inc.

833,558

11,757,657

Marine

Transportation

–

0.5%

3,635

Costamare

Bulkers

Holdings

Ltd.

(Monaco)*

32,715

33,094

Costamare,

Inc.

(Monaco)

333,918

8,527

Genco

Shipping

&

Trading

Ltd.

135,835

6,769

Matson,

Inc.

722,794

24,062

Pangaea

Logistics

Solutions

Ltd.

117,182

308,807

Safe

Bulkers,

Inc.

(Monaco)

1,213,612

2,556,056

Media

–

0.6%

40,341

AMC

Networks,

Inc.,

Class

A*

241,643

5,765

Cable

One,

Inc.

737,805

20,049

Entravision

Communications

Corp.,

Class

A

44,308

116,559

EW

Scripps

Co.

(The),

Class

A*

348,511

41,230

Gannett

Co.,

Inc.*

157,086

250,492

Gray

Media,

Inc.

1,129,719

6,421

PubMatic,

Inc.,

Class

A*

77,116

2,736,188

Metals

&

Mining

–

0.8%

103,026

Coeur

Mining,

Inc.*

895,296

42,052

Constellium

SE*

576,533

133,275

Hecla

Mining

Co.

764,999

8,991

Olympic

Steel,

Inc.

279,620

76,528

United

States

Antimony

Corp.*

234,176

11,140

Warrior

Met

Coal,

Inc.

572,373

16,896

Worthington

Steel,

Inc.

515,666

3,838,663

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.7%

97,861

BrightSpire

Capital,

Inc.

REIT

$

506,920

40,022

Ladder

Capital

Corp.

REIT

437,040

19,845

MFA

Financial,

Inc.

REIT

180,391

5,228

Nexpoint

Real

Estate

Finance,

Inc.

REIT

72,146

65,610

Orchid

Island

Capital,

Inc.

REIT

456,646

163,395

TPG

RE

Finance

Trust,

Inc.

REIT

1,421,537

3,074,680

Multi-Utilities

–

0.7%

50,372

Black

Hills

Corp.

2,910,494

Office

REITs

–

0.5%

301,764

Empire

State

Realty

Trust,

Inc.,

Class

A

REIT

2,184,771

53,796

Hudson

Pacific

Properties,

Inc.

REIT*

131,800

2,316,571

Oil,

Gas

&

Consumable

Fuels

–

3.9%

132,631

Clean

Energy

Fuels

Corp.*

269,241

177,569

Crescent

Energy

Co.,

Class

A

1,640,738

23,528

DHT

Holdings,

Inc.

260,925

105,412

Diversified

Energy

Co.

PLC

1,587,505

13,356

Energy

Fuels,

Inc.*

121,406

40,417

Excelerate

Energy,

Inc.,

Class

A

1,037,100

60,623

Golar

LNG

Ltd.

(Cameroon)

2,495,243

131,209

Magnolia

Oil

&

Gas

Corp.,

Class

A

3,125,398

441,963

Nordic

American

Tankers

Ltd.

1,233,077

4,825

PBF

Energy,

Inc.,

Class

A

109,045

13,353

Peabody

Energy

Corp.

215,651

3,404

REX

American

Resources

Corp.*

177,961

27,092

Sable

Offshore

Corp.*

830,912

28,057

Scorpio

Tankers,

Inc.

(Monaco)

1,268,457

156,846

SFL

Corp.

Ltd.

(Norway)

1,439,846

72,981

Uranium

Energy

Corp.*

632,745

15,144

VAALCO

Energy,

Inc.

56,336

38,941

Vital

Energy,

Inc.*

727,807

17,229,393

Passenger

Airlines

–

1.1%

17,465

Allegiant

Travel

Co.*

901,893

24,377

Joby

Aviation,

Inc.*

406,121

27,665

SkyWest,

Inc.*

3,208,033

31,204

Sun

Country

Airlines

Holdings,

Inc.*

361,654

4,877,701

Personal

Care

Products

–

0.4%

183,020

Herbalife

Ltd.*

1,683,784

Pharmaceuticals

–

2.4%

198,321

Amneal

Pharmaceuticals,

Inc.*

1,550,870

11,789

ANI

Pharmaceuticals,

Inc.*

746,833

22,425

Arvinas,

Inc.*

166,842

422

Axsome

Therapeutics,

Inc.*

42,782

24,190

Collegium

Pharmaceutical,

Inc.*

722,313

43,622

CorMedix,

Inc.*

509,069

14,752

Edgewise

Therapeutics,

Inc.*

210,364

3,507

Eton

Pharmaceuticals,

Inc.*

49,659

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

1,714

Ligand

Pharmaceuticals,

Inc.*

$

225,528

29,551

Phibro

Animal

Health

Corp.,

Class

A

783,102

33,052

Prestige

Consumer

Healthcare,

Inc.*

2,444,195

52,183

SIGA

Technologies,

Inc.

344,930

79,407

Supernus

Pharmaceuticals,

Inc.*

2,787,186

10,583,673

Professional

Services

–

1.7%

486,673

Alight,

Inc.,

Class

A

2,608,567

4,444

BlackSky

Technology,

Inc.*

85,503

169,826

Conduent,

Inc.*

451,737

1,707

ICF

International,

Inc.

143,200

22,459

Innodata,

Inc.*

(a)

1,232,999

5,776

Korn

Ferry

409,345

21,424

Legalzoom.com,

Inc.*

192,602

52,600

Planet

Labs

PBC*

328,750

152,756

Upwork,

Inc.*

1,826,962

1,189

Verra

Mobility

Corp.*

30,034

7,309,699

Real

Estate

Management

&

Development

–

0.5%

11,147

Compass,

Inc.,

Class

A*

88,507

69,468

Douglas

Elliman,

Inc.*

191,037

1,972

Forestar

Group,

Inc.*

48,906

6,886

FRP

Holdings,

Inc.*

181,790

40,433

Kennedy-Wilson

Holdings,

Inc.

295,970

33,280

St

Joe

Co.

(The)

1,680,640

2,486,850

Residential

REITs

–

0.6%

61,867

NexPoint

Residential

Trust,

Inc.

REIT

1,929,013

63,731

Veris

Residential,

Inc.

REIT

897,333

2,826,346

Retail

REITs

–

1.2%

32,538

CBL

&

Associates

Properties,

Inc.

REIT

880,478

81,633

Kite

Realty

Group

Trust

REIT

1,794,293

17,484

Macerich

Co.

(The)

REIT

292,158

38,651

Phillips

Edison

&

Co.,

Inc.

REIT

1,306,017

6,464

Saul

Centers,

Inc.

REIT

208,270

12,373

Tanger,

Inc.

REIT

371,437

4,476

Whitestone

REIT

54,562

4,907,215

Semiconductors

&

Semiconductor

Equipment

–

3.7%

49,862

ACM

Research,

Inc.,

Class

A*

1,513,810

24,174

Ambarella,

Inc.*

1,597,660

11,762

CEVA,

Inc.*

251,354

25,604

Credo

Technology

Group

Holding

Ltd.*

2,856,126

30,748

Diodes,

Inc.*

1,518,029

5,279

Impinj,

Inc.*

816,028

2,563

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

83,964

37,507

MaxLinear,

Inc.*

593,361

23,524

Power

Integrations,

Inc.

1,141,384

7,427

Rambus,

Inc.*

549,078

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

(continued)

34,434

Rigetti

Computing,

Inc.*

(a)

$

499,293

21,141

Semtech

Corp.*

1,080,305

16,112

Silicon

Laboratories,

Inc.*

2,123,078

8,433

SiTime

Corp.*

1,710,634

16,334,104

Software

–

6.1%

24,263

Alkami

Technology,

Inc.*

540,822

35,035

Asana,

Inc.,

Class

A*

514,314

15,726

BlackLine,

Inc.*

845,744

70,788

C3.ai,

Inc.,

Class

A*

1,667,765

66,454

Cleanspark,

Inc.*

(a)

755,582

118,795

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

2,406,787

17,355

Commvault

Systems,

Inc.*

3,296,582

44,082

Consensus

Cloud

Solutions,

Inc.*

889,575

30,957

Digital

Turbine,

Inc.*

168,716

51,375

D-Wave

Quantum,

Inc.

(Canada)*

(a)

883,136

45,076

Freshworks,

Inc.,

Class

A*

585,537

4,507

Hut

8

Corp.

(Canada)*

95,684

1,864

LiveRamp

Holdings,

Inc.*

61,176

47,661

MARA

Holdings,

Inc.*

766,389

4,872

Ooma,

Inc.*

55,443

47,599

PagerDuty,

Inc.*

767,296

10,877

Porch

Group,

Inc.*

137,268

22,185

Q2

Holdings,

Inc.*

1,801,422

3,909

Red

Violet,

Inc.

173,286

41,238

Riot

Platforms,

Inc.*

553,002

78,094

Sapiens

International

Corp.

NV

(Israel)

2,140,556

45,329

SoundHound

AI,

Inc.,

Class

A*

(a)

468,248

12,789

Sprout

Social,

Inc.,

Class

A*

219,331

48,635

Terawulf,

Inc.*

250,957

61,550

Varonis

Systems,

Inc.*

3,436,336

99,788

Verint

Systems,

Inc.*

2,123,489

32,280

Vertex,

Inc.,

Class

A*

1,070,728

53,204

Zeta

Global

Holdings

Corp.,

Class

A*

832,643

27,507,814

Specialized

REITs

–

0.2%

7,221

Gladstone

Land

Corp.

REIT

66,433

179,607

Uniti

Group,

Inc.

REIT*

955,509

1,021,942

Specialty

Retail

–

4.0%

7,637

American

Eagle

Outfitters,

Inc.

82,480

12,734

America's

Car-Mart,

Inc.*

573,539

4,641

Asbury

Automotive

Group,

Inc.*

1,030,859

16,843

Boot

Barn

Holdings,

Inc.*

2,895,312

25,249

Buckle,

Inc.

(The)

1,246,543

7,520

Build-A-Bear

Workshop,

Inc.

381,339

35,649

Camping

World

Holdings,

Inc.,

Class

A

493,382

6,352

Citi

Trends,

Inc.*

193,863

153,245

EVgo,

Inc.*

516,436

56,227

Haverty

Furniture

Cos.,

Inc.

1,159,963

21,145

Monro,

Inc.

298,039

93,128

RealReal,

Inc.

(The)*

489,853

92,443

Revolve

Group,

Inc.*

1,918,192

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

25,609

Sonic

Automotive,

Inc.,

Class

A

$

1,852,811

67,283

Stitch

Fix,

Inc.,

Class

A*

318,249

118,765

Warby

Parker,

Inc.,

Class

A*

2,844,422

1,891

Winmark

Corp.

713,701

58,799

Zumiez,

Inc.*

806,134

17,815,117

Technology

Hardware,

Storage

&

Peripherals

–

0.5%

31,134

Corsair

Gaming,

Inc.*

282,074

48,298

IonQ,

Inc.*

1,925,641

5,348

Quantum

Computing,

Inc.*

(a)

79,365

2,287,080

Textiles,

Apparel

&

Luxury

Goods

–

1.2%

46,837

Kontoor

Brands,

Inc.

2,606,947

71,336

Movado

Group,

Inc.

1,106,421

2,969

Oxford

Industries,

Inc.

113,357

64,182

Steven

Madden

Ltd.

1,540,689

5,367,414

Trading

Companies

&

Distributors

–

0.4%

38,450

Custom

Truck

One

Source,

Inc.*

238,005

15,272

DNOW,

Inc.*

237,632

7,675

DXP

Enterprises,

Inc.*

869,271

18,877

Xometry,

Inc.,

Class

A*

610,482

1,955,390

Water

Utilities

–

0.6%

15,504

American

States

Water

Co.

1,140,939

35,678

Consolidated

Water

Co.

Ltd.

1,037,873

9,660

Middlesex

Water

Co.

498,456

2,677,268

Wireless

Telecommunication

Services

–

0.5%

70,660

Spok

Holdings,

Inc.

1,295,904

20,145

Telephone

and

Data

Systems,

Inc.

786,461

2,082,365

TOTAL

COMMON

STOCKS

(Cost

$409,924,477)

438,747,854

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,312,734

4.191%

$

1,312,734

(Cost

$1,312,734)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$411,237,211)

440,060,588

a

Securities

Lending

Reinvestment

Vehicle

–

1.4%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

6,073,242

4.191%

6,073,242

(Cost

$6,073,242)

TOTAL

INVESTMENTS

–

99.7%

(Cost

$417,310,453)

$

446,133,830

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.3%

1,157,085

NET

ASSETS

–

100.0%

$

447,290,915

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

62

09/19/25

$

6,882,620

$

(22,223)

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.1%

Aerospace

&

Defense

–

1.9%

52,512

Archer

Aviation,

Inc.,

Class

A*

$

526,695

1,979

Kratos

Defense &

Security

Solutions,

Inc.*

116,167

14,816

Mercury

Systems,

Inc.*

779,174

7,224

Moog,

Inc.,

Class

A

1,398,422

2,820,458

Automobile

Components

–

0.2%

3,318

LCI

Industries

315,210

Banks

–

2.0%

1,460

Ameris

Bancorp

99,791

8,710

Associated

Banc-Corp.

215,485

1,220

BancFirst

Corp.

151,914

1,675

Bancorp,

Inc.

(The)*

105,793

2,681

Bank

of

Hawaii

Corp.

165,900

1,191

Esquire

Financial

Holdings,

Inc.

114,193

27,289

First

Financial

Bankshares,

Inc.

944,745

2,415

Live

Oak

Bancshares,

Inc.

76,338

1,258

Northrim

BanCorp,

Inc.

105,081

357

Red

River

Bancshares,

Inc.

21,481

11,521

ServisFirst

Bancshares,

Inc.

906,127

542

Southern

First

Bancshares,

Inc.*

22,526

532

Triumph

Financial,

Inc.*

30,175

2,712

United

Community

Banks,

Inc.

82,716

3,042,265

Beverages

–

0.0%

964

National

Beverage

Corp.*

44,170

Biotechnology

–

8.1%

33,945

ACADIA

Pharmaceuticals,

Inc.*

808,909

14,790

ADMA

Biologics,

Inc.*

276,573

4,768

Akero

Therapeutics,

Inc.*

232,917

7,844

Alkermes

PLC*

207,788

35,328

Altimmune,

Inc.*

(a)

130,360

114,283

Amicus

Therapeutics,

Inc.*

684,555

2,903

Anavex

Life

Sciences

Corp.*

(a)

32,804

3,717

Apogee

Therapeutics,

Inc.*

142,212

3,815

Arcellx,

Inc.*

272,353

2,991

Arcutis

Biotherapeutics,

Inc.*

43,609

36,344

Ardelyx,

Inc.*

154,099

24,812

Arrowhead

Pharmaceuticals,

Inc.*

392,030

13,752

Astria

Therapeutics,

Inc.*

95,164

13,209

Beam

Therapeutics,

Inc.*

260,349

33,001

BioCryst

Pharmaceuticals,

Inc.*

268,628

9,546

Biohaven

Ltd.*

144,145

2,624

Bridgebio

Pharma,

Inc.*

124,037

19,977

CareDx,

Inc.*

245,417

14,763

Catalyst

Pharmaceuticals,

Inc.*

314,895

1,729

Celcuity,

Inc.*

67,716

17,597

Cogent

Biosciences,

Inc.*

200,958

9,362

Crinetics

Pharmaceuticals,

Inc.*

267,660

12,156

Cullinan

Therapeutics,

Inc.*

94,452

7,758

Dyne

Therapeutics,

Inc.*

76,416

3,411

Greenwich

Lifesciences,

Inc.*

(a)

37,316

5,934

Immunovant,

Inc.*

95,419

967

Janux

Therapeutics,

Inc.*

23,223

26,672

Keros

Therapeutics,

Inc.*

381,943

2,638

Krystal

Biotech,

Inc.*

405,909

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

5,070

Kymera

Therapeutics,

Inc.*

$

221,813

2,387

Madrigal

Pharmaceuticals,

Inc.*

722,091

1,134

Mirum

Pharmaceuticals,

Inc.*

58,605

6,679

Myriad

Genetics,

Inc.*

25,647

5,974

Nuvalent,

Inc.,

Class

A*

468,063

1,149

Praxis

Precision

Medicines,

Inc.*

62,299

5,005

Protagonist

Therapeutics,

Inc.*

269,569

6,077

PTC

Therapeutics,

Inc.*

316,672

26,493

Recursion

Pharmaceuticals,

Inc.,

Class

A*

(a)

157,633

8,523

Rhythm

Pharmaceuticals,

Inc.*

726,415

12,603

Rigel

Pharmaceuticals,

Inc.*

265,419

2,565

Scholar

Rock

Holding

Corp.*

95,033

24,052

TG

Therapeutics,

Inc.*

853,846

17,608

Twist

Bioscience

Corp.*

591,101

1,962

Vera

Therapeutics,

Inc.*

40,790

35,320

Veracyte,

Inc.*

830,373

1,605

Vericel

Corp.*

56,079

4,614

Y-mAbs

Therapeutics,

Inc.*

20,625

12,263,929

Broadline

Retail

–

0.0%

667

Groupon,

Inc.*

20,570

Building

Products

–

1.1%

13,407

Griffon

Corp.

1,089,587

6,487

Tecnoglass,

Inc.

506,180

1,595,767

Capital

Markets

–

3.7%

882

Diamond

Hill

Investment

Group,

Inc.

119,573

5,309

Moelis

&

Co.,

Class

A

372,373

30,700

Perella

Weinberg

Partners

612,158

4,165

Piper

Sandler

Cos.

1,313,308

18,487

StepStone

Group,

Inc.,

Class

A

1,097,389

16,642

Victory

Capital

Holdings,

Inc.,

Class

A

1,146,800

73,634

WisdomTree,

Inc.

977,123

5,638,724

Chemicals

–

1.1%

10,826

Aspen

Aerogels,

Inc.*

82,927

4,399

Balchem

Corp.

670,715

2,552

Hawkins,

Inc.

416,691

3,310

Ingevity

Corp.*

138,325

22,094

PureCycle

Technologies,

Inc.*

(a)

296,281

1,604,939

Commercial

Services

&

Supplies

–

0.7%

16,906

ACV

Auctions,

Inc.,

Class

A*

240,234

346

Casella

Waste

Systems,

Inc.,

Class

A*

37,621

3,291

Driven

Brands

Holdings,

Inc.*

55,618

9,413

Healthcare

Services

Group,

Inc.*

122,463

872

HNI

Corp.

44,856

3,459

Liquidity

Services,

Inc.*

82,601

22,847

Montrose

Environmental

Group,

Inc.*

518,398

1,324

Pitney

Bowes,

Inc.

15,041

1,116,832

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

0.6%

5,038

Applied

Optoelectronics,

Inc.*

$

115,219

56,325

CommScope

Holding

Co.,

Inc.*

461,865

11,932

Harmonic,

Inc.*

101,542

25,406

Viavi

Solutions,

Inc.*

255,330

933,956

Construction

&

Engineering

–

4.4%

5,084

Argan,

Inc.

1,245,479

663

Bowman

Consulting

Group

Ltd.*

22,993

2,426

Construction

Partners,

Inc.,

Class

A*

244,662

120

Dycom

Industries,

Inc.*

32,257

811

IES

Holdings,

Inc.*

286,340

5,609

Limbach

Holdings,

Inc.*

768,433

5,434

MYR

Group,

Inc.*

1,051,479

14,707

Primoris

Services

Corp.

1,384,958

6,080

Sterling

Infrastructure,

Inc.*

1,626,947

6,663,548

Construction

Materials

–

0.8%

4,449

Knife

River

Corp.*

366,953

8,674

United

States

Lime

&

Minerals,

Inc.

863,757

1,230,710

Consumer

Finance

–

2.0%

2,018

Dave,

Inc.*

475,844

9,545

FirstCash

Holdings,

Inc.

1,272,253

32,337

OppFi,

Inc.

(a)

344,066

1,080

Regional

Management

Corp.

35,899

10,589

Upstart

Holdings,

Inc.*

865,545

78

World

Acceptance

Corp.*

12,271

3,005,878

Consumer

Staples

Distribution

&

Retail

–

0.7%

14,558

Chefs'

Warehouse,

Inc.

(The)*

998,096

826

Natural

Grocers

by

Vitamin

Cottage,

Inc.

31,297

1,029,393

Diversified

Consumer

Services

–

2.4%

2,990

Adtalem

Global

Education,

Inc.*

341,667

78,494

Coursera,

Inc.*

992,164

79,706

European

Wax

Center,

Inc.,

Class

A*

373,024

78

Graham

Holdings

Co.,

Class

B

74,426

31,874

Laureate

Education,

Inc.*

720,352

50,208

Mister

Car

Wash,

Inc.*

289,951

726

OneSpaWorld

Holdings

Ltd.

(Bahamas)

16,059

1,096

Stride,

Inc.*

140,540

31,686

Udemy,

Inc.*

241,131

14,143

Universal

Technical

Institute,

Inc.*

455,688

3,645,002

Diversified

REITs

–

0.1%

428

American

Assets

Trust,

Inc.

REIT

8,145

4,178

Broadstone

Net

Lease,

Inc.

REIT

67,851

75,996

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Diversified

Telecommunication

Services

–

0.6%

26,000

Bandwidth,

Inc.,

Class

A*

$

361,660

9,209

Globalstar,

Inc.*

216,319

5,712

IDT

Corp.,

Class

B

336,494

914,473

Electric

Utilities

–

0.1%

1,719

Oklo,

Inc.*

(a)

131,658

Electrical

Equipment

–

3.5%

20,704

American

Superconductor

Corp.*

1,177,022

21,359

Bloom

Energy

Corp.,

Class

A*

798,613

12,989

Enovix

Corp.*

(a)

174,053

12,226

Eos

Energy

Enterprises,

Inc.*

(a)

69,688

714

NANO

Nuclear

Energy,

Inc.*

(a)

25,297

22,534

NEXTracker,

Inc.,

Class

A*

1,312,831

9,731

NuScale

Power

Corp.*

(a)

488,593

3,040

Powell

Industries,

Inc.

720,784

10,174

Vicor

Corp.*

452,133

5,219,014

Electronic

Equipment,

Instruments

&

Components

–

2.8%

1,812

Advanced

Energy

Industries,

Inc.

251,723

25,801

Arlo

Technologies,

Inc.*

417,976

1,763

Evolv

Technologies

Holdings,

Inc.*

11,556

5,172

Fabrinet

(Thailand)*

1,674,332

5,541

Knowles

Corp.*

112,538

2,924

Napco

Security

Technologies,

Inc.

89,270

3,293

Novanta,

Inc.*

405,105

574

OSI

Systems,

Inc.*

126,860

10,351

Ouster,

Inc.*

242,006

4,903

Sanmina

Corp.*

568,944

21,988

Vishay

Intertechnology,

Inc.

360,383

4,260,693

Energy

Equipment

&

Services

–

1.1%

38,026

Borr

Drilling

Ltd.

(Mexico)*

77,193

9,219

Energy

Services

of

America

Corp.

(a)

100,764

2,392

Kodiak

Gas

Services,

Inc.

77,333

45,159

Oceaneering

International,

Inc.*

979,950

2,888

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

94,351

47,510

TETRA

Technologies,

Inc.*

194,791

4,071

Tidewater,

Inc.*

203,591

1,727,973

Entertainment

–

1.2%

14,186

CuriosityStream,

Inc.

68,802

30,112

IMAX

Corp.*

776,589

24,346

Madison

Square

Garden

Entertainment

Corp.*

920,035

1,765,426

Financial

Services

–

1.6%

7,588

EVERTEC,

Inc.

(Puerto

Rico)

274,306

2,063

Jackson

Financial,

Inc.,

Class

A

180,636

40,174

Marqeta,

Inc.,

Class

A*

228,992

12,541

NCR

Atleos

Corp.*

383,755

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

3,008

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

$

23,553

48,530

Remitly

Global,

Inc.*

800,745

2,381

Sezzle,

Inc.*

368,674

568

Velocity

Financial,

Inc.*

9,429

2,270,090

Food

Products

–

1.7%

47,369

BRC,

Inc.,

Class

A*

80,527

12,030

Cal-Maine

Foods,

Inc.

1,337,014

4,866

J

&

J

Snack

Foods

Corp.

549,323

3,315

Marzetti

Company

(The)

589,275

2,556,139

Ground

Transportation

–

0.3%

65,144

FTAI

Infrastructure,

Inc.

408,453

3,321

Hertz

Global

Holdings,

Inc.*

21,288

429,741

Health

Care

Equipment

&

Supplies

–

4.3%

14,267

Alphatec

Holdings,

Inc.*

150,945

24,105

AtriCure,

Inc.*

846,086

192,109

Cerus

Corp.*

245,900

15,362

Delcath

Systems,

Inc.*

165,141

3,038

Glaukos

Corp.*

261,541

14,281

Haemonetics

Corp.*

1,057,365

7,442

Integer

Holdings

Corp.*

807,531

11,031

iRadimed

Corp.

643,549

5,375

iRhythm

Technologies,

Inc.*

753,468

1,377

LeMaitre

Vascular,

Inc.

111,867

5,680

PROCEPT

BioRobotics

Corp.*

275,537

8,849

Pulmonx

Corp.*

16,282

1,655

QuidelOrtho

Corp.*

38,098

3,079

Semler

Scientific,

Inc.*

(a)

110,382

18,846

Tandem

Diabetes

Care,

Inc.*

293,621

3,028

TransMedics

Group,

Inc.*

360,241

5,432

Treace

Medical

Concepts,

Inc.*

29,170

1,389

UFP

Technologies,

Inc.*

314,456

6,481,180

Health

Care

Providers

&

Services

–

4.1%

186,600

agilon

health,

Inc.*

334,014

9,012

Alignment

Healthcare,

Inc.*

124,185

3,330

Ardent

Health,

Inc.*

35,298

15,018

Aveanna

Healthcare

Holdings,

Inc.*

59,621

23,204

Clover

Health

Investments

Corp.*

67,060

8,473

CorVel

Corp.*

750,708

64

Ensign

Group,

Inc.

(The)

9,600

1,225

GeneDx

Holdings

Corp.*

124,889

12,573

Guardant

Health,

Inc.*

515,242

4,343

HealthEquity,

Inc.*

421,271

26,626

Hims

&

Hers

Health,

Inc.*

1,762,109

17,584

Joint

Corp.

(The)*

194,127

58,357

LifeStance

Health

Group,

Inc.*

232,261

12,201

National

Research

Corp.

152,512

766

Nutex

Health,

Inc.*

(a)

64,964

17,057

Pennant

Group,

Inc.

(The)*

378,154

28,329

Privia

Health

Group,

Inc.*

552,982

3,656

Progyny,

Inc.*

85,953

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

6,422

Talkspace,

Inc.*

$

15,605

39,814

Viemed

Healthcare,

Inc.*

242,467

6,123,022

Health

Care

Technology

–

1.1%

5,389

LifeMD,

Inc.*

56,100

28,282

Phreesia,

Inc.*

762,483

23,577

Waystar

Holding

Corp.*

871,877

1,690,460

Hotel

&

Resort

REITs

–

0.8%

6,432

Braemar

Hotels

&

Resorts,

Inc.

REIT

14,150

6,194

Chatham

Lodging

Trust

REIT

42,243

29,342

RLJ

Lodging

Trust

REIT

217,131

3,008

Ryman

Hospitality

Properties,

Inc.

REIT

285,940

145,767

Service

Properties

Trust

REIT

383,367

22,404

Xenia

Hotels

&

Resorts,

Inc.

REIT

284,755

1,227,586

Hotels,

Restaurants

&

Leisure

–

3.8%

8,349

Bloomin'

Brands,

Inc.

76,059

53,317

Brightstar

Lottery

PLC

791,224

9,784

Brinker

International,

Inc.*

1,541,958

1,451

First

Watch

Restaurant

Group,

Inc.*

25,088

3,624

Genius

Sports

Ltd.

(United

Kingdom)*

40,770

12,380

Hilton

Grand

Vacations,

Inc.*

554,872

24,198

Lindblad

Expeditions

Holdings,

Inc.*

289,166

4,512

Monarch

Casino

&

Resort,

Inc.

464,556

13,329

Potbelly

Corp.*

160,348

1,889

RCI

Hospitality

Holdings,

Inc.

67,683

12,521

Red

Rock

Resorts,

Inc.,

Class

A

768,163

3,844

Shake

Shack,

Inc.,

Class

A*

462,587

41,621

Super

Group

SGHC

Ltd.

(Guernsey)

447,426

5,689,900

Household

Durables

–

0.6%

3,953

Installed

Building

Products,

Inc.

799,653

9,483

Sonos,

Inc.*

102,511

902,164

Household

Products

–

0.6%

41,090

Energizer

Holdings,

Inc.

925,347

Insurance

–

2.4%

13,734

AMERISAFE,

Inc.

615,008

6,975

Crawford

&

Co.,

Class

A

66,751

143

Goosehead

Insurance,

Inc.,

Class

A

13,000

452

HCI

Group,

Inc.

63,298

6,057

Kingstone

Cos.,

Inc.*

99,274

6,351

Lemonade,

Inc.*

239,306

21,063

Oscar

Health,

Inc.,

Class

A*

(a)

295,935

7,386

Palomar

Holdings,

Inc.*

978,571

2,452

Root,

Inc.,

Class

A*

296,766

6,491

Selective

Insurance

Group,

Inc.

506,103

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Insurance

–

(continued)

2,996

Skyward

Specialty

Insurance

Group,

Inc.*

$

151,538

6,782

Trupanion,

Inc.*

321,535

3,647,085

Interactive

Media

&

Services

–

0.8%

24,263

fuboTV,

Inc.*

96,567

18,089

Grindr,

Inc.

(Singapore)*

316,196

912

MediaAlpha,

Inc.,

Class

A*

9,138

46,246

QuinStreet,

Inc.*

758,897

21,076

Vimeo,

Inc.*

79,878

1,260,676

IT

Services

–

0.6%

8,454

Applied

Digital

Corp.*

(a)

111,086

14,425

Backblaze,

Inc.,

Class

A*

71,981

1,793

BigCommerce

Holdings,

Inc.,

Series

1*

8,570

3,397

Crexendo,

Inc.*

18,921

19,261

DigitalOcean

Holdings,

Inc.*

536,611

3,240

TSS,

Inc.*

(a)

88,128

835,297

Leisure

Products

–

1.1%

9,971

Acushnet

Holdings

Corp.

793,891

14,741

MasterCraft

Boat

Holdings,

Inc.*

285,091

90,603

Peloton

Interactive,

Inc.,

Class

A*

646,905

1,725,887

Life

Sciences

Tools

&

Services

–

0.5%

30,761

Adaptive

Biotechnologies

Corp.*

314,993

7,683

Alpha

Teknova,

Inc.*

34,727

7,307

BioLife

Solutions,

Inc.*

155,347

1,082

Mesa

Laboratories,

Inc.

82,751

12,663

Niagen

Bioscience,

Inc.*

118,399

706,217

Machinery

–

4.3%

690

Alamo

Group,

Inc.

153,580

4,786

Chart

Industries,

Inc.*

951,600

6,927

ESCO

Technologies,

Inc.

1,341,760

10,388

Federal

Signal

Corp.

1,314,809

8,528

Gorman-Rupp

Co.

(The)

351,013

18,228

Helios

Technologies,

Inc.

668,785

20,395

Microvast

Holdings,

Inc.*

64,652

5,647

Omega

Flex,

Inc.

180,139

6,430

REV

Group,

Inc.

318,607

2,800

SPX

Technologies,

Inc.*

510,692

290

Standex

International

Corp.

47,775

9,363

Trinity

Industries,

Inc.

218,158

5,785

Worthington

Enterprises,

Inc.

358,496

6,480,066

Marine

Transportation

–

0.1%

22,766

Safe

Bulkers,

Inc.

(Monaco)

89,470

Media

–

0.1%

5,616

AMC

Networks,

Inc.,

Class

A*

33,640

225

Cable

One,

Inc.

28,796

20,283

Entravision

Communications

Corp.,

Class

A

44,825

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Media

–

(continued)

1,625

Magnite,

Inc.*

$

37,391

144,652

Metals

&

Mining

–

0.4%

7,768

Century

Aluminum

Co.*

164,526

15,179

Coeur

Mining,

Inc.*

131,906

79,084

United

States

Antimony

Corp.*

241,997

538,429

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.0%

3,118

Nexpoint

Real

Estate

Finance,

Inc.

REIT

43,028

Oil,

Gas

&

Consumable

Fuels

–

1.7%

7,996

Crescent

Energy

Co.,

Class

A

73,883

3,655

Diversified

Energy

Co.

PLC

55,044

5,523

Excelerate

Energy,

Inc.,

Class

A

141,720

3,658

Golar

LNG

Ltd.

(Cameroon)

150,563

43,388

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,033,502

34,992

Nordic

American

Tankers

Ltd.

97,628

2,554

Peabody

Energy

Corp.

41,247

13,322

Sable

Offshore

Corp.*

408,586

70,773

Uranium

Energy

Corp.*

613,602

2,615,775

Passenger

Airlines

–

0.5%

31,990

Joby

Aviation,

Inc.*

532,953

1,799

SkyWest,

Inc.*

208,612

741,565

Personal

Care

Products

–

0.4%

34,778

Herbalife

Ltd.*

319,957

2,048

Interparfums,

Inc.

246,989

566,946

Pharmaceuticals

–

2.6%

79,286

Amneal

Pharmaceuticals,

Inc.*

620,016

10,262

ANI

Pharmaceuticals,

Inc.*

650,098

4,366

Axsome

Therapeutics,

Inc.*

442,625

18,479

Collegium

Pharmaceutical,

Inc.*

551,783

24,989

CorMedix,

Inc.*

291,622

12,440

Eton

Pharmaceuticals,

Inc.*

176,150

10,448

Evolus,

Inc.*

93,196

4,140

Prestige

Consumer

Healthcare,

Inc.*

306,153

55,672

SIGA

Technologies,

Inc.

367,992

8,508

Supernus

Pharmaceuticals,

Inc.*

298,631

28,089

Xeris

Biopharma

Holdings,

Inc.*

142,973

3,941,239

Professional

Services

–

2.3%

137,610

Alight,

Inc.,

Class

A

737,590

2,576

CSG

Systems

International,

Inc.

160,897

3,282

ICF

International,

Inc.

275,327

9,536

Innodata,

Inc.*

(a)

523,526

33,225

Legalzoom.com,

Inc.*

298,693

49,221

Planet

Labs

PBC*

307,631

2,408

TriNet

Group,

Inc.

163,286

72,058

Upwork,

Inc.*

861,814

7,910

Verra

Mobility

Corp.*

199,807

3,528,571

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

Management

&

Development

–

0.9%

47,869

Compass,

Inc.,

Class

A*

$

380,080

15,878

Douglas

Elliman,

Inc.*

43,664

4,613

Real

Brokerage,

Inc.

(The)

(Canada)*

18,221

19,601

St

Joe

Co.

(The)

989,851

1,431,816

Retail

REITs

–

0.9%

29,875

CBL

&

Associates

Properties,

Inc.

REIT

808,418

11,120

Saul

Centers,

Inc.

REIT

358,286

8,990

Tanger,

Inc.

REIT

269,880

1,436,584

Semiconductors

&

Semiconductor

Equipment

–

5.5%

5,491

ACM

Research,

Inc.,

Class

A*

166,707

10,158

Ambarella,

Inc.*

671,342

2,378

CEVA,

Inc.*

50,818

15,685

Credo

Technology

Group

Holding

Ltd.*

1,749,662

3,303

Impinj,

Inc.*

510,578

1,519

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

49,762

17,413

MaxLinear,

Inc.*

275,474

14,672

Power

Integrations,

Inc.

711,885

9,657

Rambus,

Inc.*

713,942

27,499

Rigetti

Computing,

Inc.*

(a)

398,735

15,290

Semtech

Corp.*

781,319

9,258

Silicon

Laboratories,

Inc.*

1,219,927

4,821

SiTime

Corp.*

977,940

8,278,091

Software

–

9.4%

21,642

8x8,

Inc.*

41,985

4,850

Adeia,

Inc.

62,807

8,766

Alarm.com

Holdings,

Inc.*

478,887

28,076

Alkami

Technology,

Inc.*

625,814

1,821

Amplitude,

Inc.,

Class

A*

22,271

13,285

Asana,

Inc.,

Class

A*

195,024

29,223

AvePoint,

Inc.*

557,575

10,043

BlackLine,

Inc.*

540,113

19,034

Blend

Labs,

Inc.,

Class

A*

63,003

5,672

Box,

Inc.,

Class

A*

182,071

30,030

C3.ai,

Inc.,

Class

A*

707,507

5,641

Cleanspark,

Inc.*

64,138

5,512

Clear

Secure,

Inc.,

Class

A

162,108

57,719

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

1,169,387

8,740

Commvault

Systems,

Inc.*

1,660,163

3,320

Core

Scientific,

Inc.*

(a)

44,953

2,748

Digital

Turbine,

Inc.*

14,977

36,054

D-Wave

Quantum,

Inc.

(Canada)*

(a)

619,768

48,389

Freshworks,

Inc.,

Class

A*

628,573

13,083

LiveRamp

Holdings,

Inc.*

429,384

5,879

NextNav,

Inc.*

86,950

38,939

PagerDuty,

Inc.*

627,697

4,489

Porch

Group,

Inc.*

56,651

9,342

Q2

Holdings,

Inc.*

758,570

6,975

Red

Violet,

Inc.

309,202

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

27,249

Sapiens

International

Corp.

NV

(Israel)

$

746,895

34,404

SoundHound

AI,

Inc.,

Class

A*

(a)

355,393

3,668

SoundThinking,

Inc.*

41,852

9,768

Sprout

Social,

Inc.,

Class

A*

167,521

22,020

Terawulf,

Inc.*

113,623

25,695

Varonis

Systems,

Inc.*

1,434,552

2,174

Verint

Systems,

Inc.*

46,263

20,782

Vertex,

Inc.,

Class

A*

689,339

1,798

Weave

Communications,

Inc.*

13,125

33,117

Zeta

Global

Holdings

Corp.,

Class

A*

518,281

14,236,422

Specialty

Retail

–

3.2%

8,028

Boot

Barn

Holdings,

Inc.*

1,380,013

15,826

Buckle,

Inc.

(The)

781,330

2,808

Build-A-Bear

Workshop,

Inc.

142,394

25,435

Camping

World

Holdings,

Inc.,

Class

A

352,020

11,906

EVgo,

Inc.*

40,123

14,998

RealReal,

Inc.

(The)*

78,889

27,543

Revolve

Group,

Inc.*

571,517

3,959

Sonic

Automotive,

Inc.,

Class

A

286,434

6,131

ThredUp,

Inc.,

Class

A*

50,642

45,143

Warby

Parker,

Inc.,

Class

A*

1,081,175

4,764,537

Technology

Hardware,

Storage

&

Peripherals

–

1.0%

7,896

Corsair

Gaming,

Inc.*

71,538

33,377

IonQ,

Inc.*

1,330,741

8,875

Quantum

Computing,

Inc.*

(a)

131,705

1,533,984

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

17,351

Kontoor

Brands,

Inc.

965,757

20,788

Movado

Group,

Inc.

322,422

10,458

Steven

Madden

Ltd.

251,044

1,539,223

Trading

Companies

&

Distributors

–

0.2%

1,711

Karat

Packaging,

Inc.

46,591

9,350

Xometry,

Inc.,

Class

A*

302,379

348,970

Water

Utilities

–

0.2%

2,106

American

States

Water

Co.

154,980

7,443

Global

Water

Resources,

Inc.

71,081

226,061

TOTAL

COMMON

STOCKS

(Cost

$131,895,261)

148,022,804

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

727,263

4.191%

$

727,263

(Cost

$727,263)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$132,622,524)

148,750,067

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

2.4%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,549,689

4.191%

$

3,549,689

(Cost

$3,549,689)

TOTAL

INVESTMENTS

–

101.0%

(Cost

$136,172,213)

$

152,299,756

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.0)%

(1,445,139)

NET

ASSETS

–

100.0%

$

150,854,617

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

15

09/19/25

$

1,665,150

$

(18,061)

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.2%

Aerospace

&

Defense

–

0.7%

98,079

AerSale

Corp.*

$

592,397

96,361

Mercury

Systems,

Inc.*

5,067,625

5,660,022

Air

Freight

&

Logistics

–

0.1%

26,045

Hub

Group,

Inc.,

Class

A

912,096

Automobile

Components

–

1.5%

83,555

Adient

PLC*

1,791,419

442,576

American

Axle &

Manufacturing

Holdings,

Inc.*

1,969,463

29,423

Cooper-Standard

Holdings,

Inc.*

709,094

46,372

Gentherm,

Inc.*

1,485,759

5,833

LCI

Industries

554,135

77,648

Phinia,

Inc.

3,936,754

155,882

Solid

Power,

Inc.*

497,263

10,943,887

Banks

–

16.7%

40,585

1st

Source

Corp.

2,427,795

75,782

Ameris

Bancorp

5,179,700

197,429

Associated

Banc-Corp.

4,884,393

16,320

Atlantic

Union

Bankshares

Corp.

517,344

4,452

Axos

Financial,

Inc.*

384,430

1,624

BancFirst

Corp.

202,220

19,132

Bank

of

Hawaii

Corp.

1,183,888

64,157

BankUnited,

Inc.

2,339,806

65,001

BayCom

Corp.

1,755,677

22,881

Business

First

Bancshares,

Inc.

543,424

32,314

Byline

Bancorp,

Inc.

849,858

148,621

Cadence

Bank

5,179,442

26,315

Capital

Bancorp,

Inc.

828,396

466,872

Capitol

Federal

Financial,

Inc.

2,810,570

3,922

Carter

Bankshares,

Inc.*

68,164

62,122

Cathay

General

Bancorp

2,809,157

37,928

Central

Pacific

Financial

Corp.

1,011,160

52,941

Community

Trust

Bancorp,

Inc.

2,857,755

123,024

CVB

Financial

Corp.

2,299,319

62,657

Dime

Community

Bancshares,

Inc.

1,736,225

12,205

Equity

Bancshares,

Inc.,

Class

A

458,664

25,934

FB

Financial

Corp.

1,264,542

30,874

Financial

Institutions,

Inc.

786,978

907

First

Financial

Corp.

48,570

63,535

First

Merchants

Corp.

2,421,954

11,325

First

Mid

Bancshares,

Inc.

430,010

60,294

Flushing

Financial

Corp.

722,925

201,322

Fulton

Financial

Corp.

3,613,730

93,667

Glacier

Bancorp,

Inc.

4,105,425

29,086

Great

Southern

Bancorp,

Inc.

1,656,157

94,523

Hancock

Whitney

Corp.

5,644,914

110,652

Hanmi

Financial

Corp.

2,523,972

109,106

Hilltop

Holdings,

Inc.

3,229,538

59,890

Home

BancShares,

Inc.

1,686,502

34,702

HomeTrust

Bancshares,

Inc.

1,348,520

70,401

Independent

Bank

Corp.

2,150,751

65,107

International

Bancshares

Corp.

4,438,995

233,570

Kearny

Financial

Corp.

1,385,070

29,892

Northeast

Community

Bancorp,

Inc.

617,569

5,248

Northrim

BanCorp,

Inc.

438,365

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Banks

–

(continued)

8,857

OFG

Bancorp

(Puerto

Rico)

$

377,485

145,914

Old

National

Bancorp

3,080,245

64,623

Origin

Bancorp,

Inc.

2,361,971

15,195

Park

National

Corp.

2,459,615

28,802

PCB

Bancorp

588,713

12,252

Peapack-Gladstone

Financial

Corp.

312,181

19,641

Peoples

Bancorp,

Inc.

562,518

193,592

Provident

Financial

Services,

Inc.

3,527,246

3,063

QCR

Holdings,

Inc.

217,473

11,928

Republic

Bancorp,

Inc.,

Class

A

821,362

53,574

Seacoast

Banking

Corp.

of

Florida

1,510,251

27,947

ServisFirst

Bancshares,

Inc.

2,198,032

56,544

Sierra

Bancorp

1,657,870

2,077

SmartFinancial,

Inc.

71,158

9,849

Southern

First

Bancshares,

Inc.*

409,324

93,892

Southside

Bancshares,

Inc.

2,764,180

51,640

Texas

Capital

Bancshares,

Inc.*

4,336,211

2,750

Third

Coast

Bancshares,

Inc.*

103,537

8,608

Timberland

Bancorp,

Inc.

269,344

21,803

Tompkins

Financial

Corp.

1,410,218

79,597

TrustCo

Bank

Corp.

2,671,276

98,504

Trustmark

Corp.

3,669,274

38,673

UMB

Financial

Corp.

4,253,643

26,540

United

Bankshares,

Inc.

942,701

152,967

United

Community

Banks,

Inc.

4,665,494

3,308

Univest

Financial

Corp.

95,403

30,536

Valley

National

Bancorp

283,069

29,581

Washington

Trust

Bancorp,

Inc.

796,912

131,409

WesBanco,

Inc.

3,959,353

11,342

Westamerica

BanCorp

543,282

10,136

WSFS

Financial

Corp.

555,858

130,317,073

Biotechnology

–

3.5%

11,484

Agios

Pharmaceuticals,

Inc.*

427,434

78,056

Amicus

Therapeutics,

Inc.*

467,555

198,766

Annexon,

Inc.*

477,038

46,399

Beam

Therapeutics,

Inc.*

914,524

5,340

CareDx,

Inc.*

65,602

30,903

Cargo

Therapeutics,

Inc.*

138,136

46,485

Celldex

Therapeutics,

Inc.*

1,021,740

45,949

CRISPR

Therapeutics

AG

(Switzerland)*

(a)

2,585,091

90,641

Cullinan

Therapeutics,

Inc.*

704,281

46,416

Cytokinetics,

Inc.*

1,747,098

57,600

Day

One

Biopharmaceuticals,

Inc.*

386,496

36,925

Denali

Therapeutics,

Inc.*

510,673

53,796

Design

Therapeutics,

Inc.*

208,190

87,081

Dyne

Therapeutics,

Inc.*

857,748

61,478

Editas

Medicine,

Inc.*

154,310

32,800

Entrada

Therapeutics,

Inc.*

192,864

261,378

Erasca,

Inc.*

369,850

116,235

Fate

Therapeutics,

Inc.*

127,858

9,042

GRAIL,

Inc.*

(a)

309,327

303,003

Heron

Therapeutics,

Inc.*

(a)

524,195

7,056

Ideaya

Biosciences,

Inc.*

171,814

11,569

Janux

Therapeutics,

Inc.*

277,830

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

164,907

Keros

Therapeutics,

Inc.*

$

2,361,468

116,887

Kodiak

Sciences,

Inc.*

768,532

361,364

Myriad

Genetics,

Inc.*

1,387,638

78,155

Nurix

Therapeutics,

Inc.*

880,025

18,590

Olema

Pharmaceuticals,

Inc.*

95,553

65,476

ORIC

Pharmaceuticals,

Inc.*

652,796

5,807

Praxis

Precision

Medicines,

Inc.*

314,855

34,220

Prothena

Corp.

PLC

(Ireland)*

235,091

232,869

Relay

Therapeutics,

Inc.*

819,699

95,828

Replimune

Group,

Inc.*

673,671

5,221

Rigel

Pharmaceuticals,

Inc.*

109,954

175,156

Rocket

Pharmaceuticals,

Inc.*

534,226

21,915

Spyre

Therapeutics,

Inc.*

371,898

4,134

TG

Therapeutics,

Inc.*

146,757

36,621

Twist

Bioscience

Corp.*

1,229,367

60,880

Vaxcyte,

Inc.*

2,066,876

52,811

Veracyte,

Inc.*

1,241,587

26,529,647

Broadline

Retail

–

0.1%

39,015

Kohl's

Corp.

(a)

422,923

Building

Products

–

0.2%

18,991

Griffon

Corp.

1,543,399

Capital

Markets

–

0.6%

257,590

DigitalBridge

Group,

Inc.

2,766,517

18,440

Victory

Capital

Holdings,

Inc.,

Class

A

1,270,700

4,037,217

Chemicals

–

1.3%

75,006

American

Vanguard

Corp.*

289,523

348,780

Aspen

Aerogels,

Inc.*

2,671,655

87,549

Avient

Corp.

2,763,922

24,066

Core

Molding

Technologies,

Inc.*

400,458

17,521

HB

Fuller

Co.

984,680

52,177

LSB

Industries,

Inc.*

403,328

33,601

Stepan

Co.

1,705,923

285,105

Tronox

Holdings

PLC

909,485

10,128,974

Commercial

Services

&

Supplies

–

1.9%

2,394

ABM

Industries,

Inc.

110,435

145,261

BrightView

Holdings,

Inc.*

2,316,913

230,857

Deluxe

Corp.

3,716,798

264,576

Healthcare

Services

Group,

Inc.*

3,442,134

9,248

MillerKnoll,

Inc.

175,527

64,822

Montrose

Environmental

Group,

Inc.*

1,470,811

113,338

OPENLANE,

Inc.*

2,792,648

7,621

Perma-Fix

Environmental

Services,

Inc.*

87,794

38,558

Pitney

Bowes,

Inc.

438,019

14,551,079

Communications

Equipment

–

1.1%

13,787

Applied

Optoelectronics,

Inc.*

315,309

304,182

CommScope

Holding

Co.,

Inc.*

2,494,292

79,615

NETGEAR,

Inc.*

1,851,049

146,386

NetScout

Systems,

Inc.*

3,135,588

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communications

Equipment

–

(continued)

63,736

Viasat,

Inc.*

$

1,047,182

8,843,420

Construction

&

Engineering

–

1.0%

11,494

Fluor

Corp.*

652,514

58,546

Great

Lakes

Dredge

&

Dock

Corp.*

648,690

548

Limbach

Holdings,

Inc.*

75,076

133,914

Matrix

Service

Co.*

2,046,206

28,975

Orion

Group

Holdings,

Inc.*

214,705

81,729

Tutor

Perini

Corp.*

3,935,251

7,572,442

Construction

Materials

–

0.3%

20,949

United

States

Lime

&

Minerals,

Inc.

2,086,101

Consumer

Finance

–

0.6%

3,918

Bread

Financial

Holdings,

Inc.

240,173

1,280

Dave,

Inc.*

301,824

76,853

Encore

Capital

Group,

Inc.*

2,834,339

35,662

OppFi,

Inc.

(a)

379,444

3,375

PROG

Holdings,

Inc.

107,460

41,390

Regional

Management

Corp.

1,375,803

5,239,043

Consumer

Staples

Distribution

&

Retail

–

0.1%

28,918

Andersons,

Inc.

(The)

1,038,735

Diversified

Consumer

Services

–

1.4%

219,404

Coursera,

Inc.*

2,773,267

6,373

Graham

Holdings

Co.,

Class

B

6,080,989

3,744

Laureate

Education,

Inc.*

84,614

60,164

Perdoceo

Education

Corp.

1,731,520

4,804

Strategic

Education,

Inc.

356,193

11,026,583

Diversified

REITs

–

1.7%

36,373

Alexander

&

Baldwin,

Inc.

REIT

653,987

18,637

Alpine

Income

Property

Trust,

Inc.

REIT

261,850

225,465

American

Assets

Trust,

Inc.

REIT

4,290,599

326,256

Armada

Hoffler

Properties,

Inc.

REIT

2,228,328

342,170

Broadstone

Net

Lease,

Inc.

REIT

5,556,841

12,991,605

Diversified

Telecommunication

Services

–

0.2%

13,718

ATN

International,

Inc.

235,264

44,456

Bandwidth,

Inc.,

Class

A*

618,383

46,179

Shenandoah

Telecommunications

Co.

677,908

1,531,555

Electric

Utilities

–

1.1%

43,326

Oklo,

Inc.*

(a)

3,318,338

120,505

Portland

General

Electric

Co.

4,955,166

8,273,504

Electrical

Equipment

–

1.6%

41,597

American

Superconductor

Corp.*

2,364,789

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

137,168

Array

Technologies,

Inc.*

$

891,592

53,630

NEXTracker,

Inc.,

Class

A*

3,124,484

549,943

Plug

Power,

Inc.*

(a)

824,915

2,500

Powell

Industries,

Inc.

592,750

176,879

Sunrun,

Inc.*

1,814,779

87,190

Thermon

Group

Holdings,

Inc.*

2,465,733

2,492

Vicor

Corp.*

110,744

12,189,786

Electronic

Equipment,

Instruments

&

Components

–

2.6%

348

Fabrinet

(Thailand)*

112,658

4,531

Kimball

Electronics,

Inc.*

85,002

264,584

Knowles

Corp.*

5,373,701

76,567

nLight,

Inc.*

1,608,673

15,604

Ouster,

Inc.*

364,821

21,483

PC

Connection,

Inc.

1,323,138

238,970

Powerfleet,

Inc.*

970,218

5,398

Richardson

Electronics

Ltd.

54,412

29,327

Sanmina

Corp.*

3,403,105

24,151

TTM

Technologies,

Inc.*

1,141,135

316,050

Vishay

Intertechnology,

Inc.

5,180,059

6,373

Vishay

Precision

Group,

Inc.*

169,012

19,785,934

Energy

Equipment

&

Services

–

1.7%

738,492

Borr

Drilling

Ltd.

(Mexico)*

1,499,139

25,808

Core

Laboratories,

Inc.

282,340

280,445

Expro

Group

Holdings

NV*

3,023,197

129,459

Helix

Energy

Solutions

Group,

Inc.*

767,692

205,215

Liberty

Energy,

Inc.

2,532,353

54,585

Noble

Corp.

PLC

1,463,424

33,885

Oceaneering

International,

Inc.*

735,304

202,521

Oil

States

International,

Inc.*

1,010,580

53,287

SEACOR

Marine

Holdings,

Inc.*

266,435

75,723

TETRA

Technologies,

Inc.*

310,464

355,803

Transocean

Ltd.*

1,038,945

12,929,873

Entertainment

–

0.6%

330,658

AMC

Entertainment

Holdings,

Inc.,

Class

A*

958,908

105,230

Madison

Square

Garden

Entertainment

Corp.*

3,976,642

4,935,550

Financial

Services

–

3.5%

32,410

Alerus

Financial

Corp.

685,147

133,282

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

5,325,949

4,305

Burford

Capital

Ltd.

55,319

148,574

Enact

Holdings,

Inc.

5,164,432

101,115

Jackson

Financial,

Inc.,

Class

A

8,853,629

49,149

Remitly

Global,

Inc.*

810,958

4,805

Sezzle,

Inc.*

744,006

83,145

Velocity

Financial,

Inc.*

1,380,207

51,706

Walker &

Dunlop,

Inc.

3,878,467

26,898,114

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Food

Products

–

0.7%

44,638

Cal-Maine

Foods,

Inc.

$

4,961,067

27,106

Limoneira

Co.

397,916

5,358,983

Gas

Utilities

–

1.8%

127,741

New

Jersey

Resources

Corp.

5,864,590

31,772

Northwest

Natural

Holding

Co.

1,268,338

97,493

ONE

Gas,

Inc.

7,087,741

14,220,669

Health

Care

Equipment

&

Supplies

–

1.1%

7,735

AtriCure,

Inc.*

271,498

87,986

Avanos

Medical,

Inc.*

982,804

76,229

Embecta

Corp.

774,487

54,070

Inogen,

Inc.*

341,182

77,395

Integra

LifeSciences

Holdings

Corp.*

1,016,970

71,155

LivaNova

PLC*

3,002,029

68,409

QuidelOrtho

Corp.*

1,574,775

3,732

Semler

Scientific,

Inc.*

133,792

10,291

Tandem

Diabetes

Care,

Inc.*

160,334

8,257,871

Health

Care

Providers

&

Services

–

1.0%

146,190

Ardent

Health,

Inc.*

1,549,614

257,611

Enhabit,

Inc.*

1,731,146

5,241

Fulgent

Genetics,

Inc.*

90,041

392,936

LifeStance

Health

Group,

Inc.*

1,563,885

37,079

Nano-X

Imaging

Ltd.

(Israel)*

174,642

7,735

National

HealthCare

Corp.

742,792

158,656

Pediatrix

Medical

Group,

Inc.*

1,943,536

7,795,656

Health

Care

REITs

–

0.4%

97,479

Community

Healthcare

Trust,

Inc.

REIT

1,498,252

95,684

Diversified

Healthcare

Trust

REIT

312,887

250,008

Global

Medical

REIT,

Inc.

REIT

1,670,053

3,481,192

Health

Care

Technology

–

0.6%

163,849

Health

Catalyst,

Inc.*

598,049

116,613

Waystar

Holding

Corp.*

4,312,349

4,910,398

Hotel

&

Resort

REITs

–

2.9%

477,480

Apple

Hospitality

REIT,

Inc.

REIT

5,610,390

472,621

Chatham

Lodging

Trust

REIT

3,223,275

48,346

Pebblebrook

Hotel

Trust

REIT

484,910

611,818

RLJ

Lodging

Trust

REIT

4,527,453

828,299

Service

Properties

Trust

REIT

2,178,426

257,203

Summit

Hotel

Properties,

Inc.

REIT

1,342,600

45,864

Sunstone

Hotel

Investors,

Inc.

REIT

401,310

359,225

Xenia

Hotels

&

Resorts,

Inc.

REIT

4,565,750

22,334,114

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

1.5%

9,372

Bloomin'

Brands,

Inc.

$

85,379

348,468

Brightstar

Lottery

PLC

5,171,265

7,209

Brinker

International,

Inc.*

1,136,138

30,368

Dine

Brands

Global,

Inc.

686,621

74,582

Red

Rock

Resorts,

Inc.,

Class

A

4,575,606

11,655,009

Household

Durables

–

2.2%

158,766

Beazer

Homes

USA,

Inc.*

3,731,001

38,914

Ethan

Allen

Interiors,

Inc.

1,158,470

14,579

Green

Brick

Partners,

Inc.*

903,023

22,289

KB

Home

1,231,690

31,556

LGI

Homes,

Inc.*

1,680,988

27,628

M/I

Homes,

Inc.*

3,320,610

50,979

Meritage

Homes

Corp.

3,432,926

29,940

Taylor

Morrison

Home

Corp.*

1,774,843

17,233,551

Household

Products

–

0.4%

49,790

Central

Garden

&

Pet

Co.,

Class

A*

1,768,541

49,848

Energizer

Holdings,

Inc.

1,122,577

2,891,118

Independent

Power

and

Renewable

Electricity

Producers

–

1.0%

87,594

Ormat

Technologies,

Inc.

7,831,780

Industrial

REITs

–

0.8%

753,456

LXP

Industrial

Trust

REIT

5,846,819

Insurance

–

2.0%

97,526

Ambac

Financial

Group,

Inc.*

819,218

45,929

AMERISAFE,

Inc.

2,056,701

300,088

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

4,534,330

52,504

Genworth

Financial,

Inc.,

Class

A*

412,681

79,942

Hamilton

Insurance

Group

Ltd.,

Class

B

(Bermuda)*

1,717,954

8,372

James

River

Group

Holdings

Ltd.

47,720

53,874

Stewart

Information

Services

Corp.

3,498,039

95,021

Universal

Insurance

Holdings,

Inc.

2,246,296

15,332,939

Interactive

Media

&

Services

–

0.4%

747,491

Vimeo,

Inc.*

2,832,991

IT

Services

–

0.3%

89,251

BigBear.ai

Holdings,

Inc.*

(a)

566,744

17,347

DigitalOcean

Holdings,

Inc.*

483,287

170,333

Fastly,

Inc.,

Class

A*

1,156,561

76,376

Rackspace

Technology,

Inc.*

(a)

92,415

2,299,007

Leisure

Products

–

1.4%

22,073

Latham

Group,

Inc.*

149,655

27,379

Malibu

Boats,

Inc.,

Class

A*

911,995

66,222

MasterCraft

Boat

Holdings,

Inc.*

1,280,733

554,470

Peloton

Interactive,

Inc.,

Class

A*

3,958,916

225,684

Smith

&

Wesson

Brands,

Inc.

1,794,188

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Leisure

Products

–

(continued)

279,653

Topgolf

Callaway

Brands

Corp.*

$

2,586,790

10,682,277

Life

Sciences

Tools

&

Services

–

0.6%

158,110

Adaptive

Biotechnologies

Corp.*

1,619,046

20,322

Azenta,

Inc.*

664,529

467,281

Cytek

Biosciences,

Inc.*

1,682,212

83,895

OmniAb,

Inc.*

160,240

2,023

OmniAb,

Inc.

12.5

Earnout*

(b)

—

2,023

OmniAb,

Inc.

15.00

Earnout*

(b)

—

129,585

Pacific

Biosciences

of

California,

Inc.*

(a)

178,827

4,304,854

Machinery

–

2.1%

29,391

Astec

Industries,

Inc.

1,165,647

4,204

ESCO

Technologies,

Inc.

814,315

5,426

Gencor

Industries,

Inc.*

79,111

51,006

Helios

Technologies,

Inc.

1,871,410

8,676

Hillenbrand,

Inc.

179,680

157,037

Kennametal,

Inc.

3,888,236

8,257

Luxfer

Holdings

PLC

(United

Kingdom)

99,249

42,289

Manitowoc

Co.,

Inc.

(The)*

539,185

41,869

Mayville

Engineering

Co.,

Inc.*

702,143

39,247

Microvast

Holdings,

Inc.*

124,413

60,793

Miller

Industries,

Inc.

2,477,315

18,155

Proto

Labs,

Inc.*

782,843

12,833

Tennant

Co.

1,059,236

48,731

Terex

Corp.

2,478,459

39,241

Wabash

National

Corp.

390,840

16,652,082

Marine

Transportation

–

1.2%

22,939

Costamare

Bulkers

Holdings

Ltd.

(Monaco)*

206,451

165,644

Costamare,

Inc.

(Monaco)

1,671,348

46,893

Genco

Shipping

&

Trading

Ltd.

747,005

38,418

Matson,

Inc.

4,102,274

33,557

Pangaea

Logistics

Solutions

Ltd.

163,423

597,078

Safe

Bulkers,

Inc.

(Monaco)

2,346,517

9,237,018

Media

–

1.2%

83,127

AMC

Networks,

Inc.,

Class

A*

497,931

25,871

Cable

One,

Inc.

3,310,971

377,428

EW

Scripps

Co.

(The),

Class

A*

1,128,510

189,308

Gannett

Co.,

Inc.*

721,263

608,271

Gray

Media,

Inc.

2,743,302

353,774

iHeartMedia,

Inc.,

Class

A*

661,557

9,063,534

Metals

&

Mining

–

1.4%

257,018

Coeur

Mining,

Inc.*

2,233,486

63,302

Constellium

SE*

867,871

255,764

Hecla

Mining

Co.

1,468,085

43,427

Olympic

Steel,

Inc.

1,350,580

18,039

Ryerson

Holding

Corp.

371,603

5,761

SSR

Mining,

Inc.

(Canada)*

68,844

39,350

Warrior

Met

Coal,

Inc.

2,021,803

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Metals

&

Mining

–

(continued)

78,821

Worthington

Steel,

Inc.

$

2,405,617

10,787,889

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.6%

427,889

BrightSpire

Capital,

Inc.

REIT

2,216,465

201,897

Ladder

Capital

Corp.

REIT

2,204,715

151,073

MFA

Financial,

Inc.

REIT

1,373,254

317,363

Orchid

Island

Capital,

Inc.

REIT

2,208,846

503,984

TPG

RE

Finance

Trust,

Inc.

REIT

4,384,661

12,387,941

Multi-Utilities

–

0.9%

124,730

Black

Hills

Corp.

7,206,899

Office

REITs

–

0.6%

562,487

Empire

State

Realty

Trust,

Inc.,

Class

A

REIT

4,072,406

338,999

Hudson

Pacific

Properties,

Inc.

REIT*

830,548

4,902,954

Oil,

Gas

&

Consumable

Fuels

–

5.8%

297,715

Clean

Energy

Fuels

Corp.*

604,361

448,842

Crescent

Energy

Co.,

Class

A

4,147,300

63,010

DHT

Holdings,

Inc.

698,781

234,091

Diversified

Energy

Co.

PLC

3,525,411

55,494

Energy

Fuels,

Inc.*

(a)

504,441

165,775

Excelerate

Energy,

Inc.,

Class

A

4,253,787

162,139

Golar

LNG

Ltd.

(Cameroon)

6,673,641

35,789

International

Seaways,

Inc.

1,427,981

271,954

Magnolia

Oil

&

Gas

Corp.,

Class

A

6,477,944

25,394

New

Fortress

Energy,

Inc.

69,199

1,181,726

Nordic

American

Tankers

Ltd.

3,297,016

14,209

Northern

Oil

&

Gas,

Inc.

400,125

36,807

PBF

Energy,

Inc.,

Class

A

831,838

57,595

Peabody

Energy

Corp.

930,159

14,023

REX

American

Resources

Corp.*

733,122

9,011

Sable

Offshore

Corp.*

276,367

73,271

Scorpio

Tankers,

Inc.

(Monaco)

3,312,582

296,937

SFL

Corp.

Ltd.

(Norway)

2,725,882

16,419

SM

Energy

Co.

453,000

67,747

Talos

Energy,

Inc.*

579,237

165,755

VAALCO

Energy,

Inc.

616,609

140,918

Vital

Energy,

Inc.*

2,633,757

92,367

W&T

Offshore,

Inc.

163,490

45,336,030

Passenger

Airlines

–

1.2%

38,971

Allegiant

Travel

Co.*

2,012,462

15,554

Blade

Air

Mobility,

Inc.*

62,061

63,264

SkyWest,

Inc.*

7,336,094

4,675

Sun

Country

Airlines

Holdings,

Inc.*

54,183

9,464,800

Personal

Care

Products

–

0.1%

89,770

Herbalife

Ltd.*

825,884

36,293

Honest

Co.,

Inc.

(The)*

167,311

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Personal

Care

Products

–

(continued)

13,491

Nu

Skin

Enterprises,

Inc.,

Class

A

$

113,055

1,106,250

Pharmaceuticals

–

1.9%

126,503

Amneal

Pharmaceuticals,

Inc.*

989,253

6,942

ANI

Pharmaceuticals,

Inc.*

439,776

52,524

Arvinas,

Inc.*

390,778

63,574

Atea

Pharmaceuticals,

Inc.*

231,409

7,671

CorMedix,

Inc.*

89,521

15,903

Fulcrum

Therapeutics,

Inc.*

107,027

7,632

Ligand

Pharmaceuticals,

Inc.*

1,004,219

76,828

Prestige

Consumer

Healthcare,

Inc.*

5,681,431

26,143

Septerna,

Inc.*

(a)

324,435

152,553

Supernus

Pharmaceuticals,

Inc.*

5,354,610

23,132

Terns

Pharmaceuticals,

Inc.*

134,860

43,835

Third

Harmonic

Bio,

Inc.*

235,832

14,983,151

Professional

Services

–

2.2%

1,046,336

Alight,

Inc.,

Class

A

5,608,361

677,869

Conduent,

Inc.*

1,803,132

35,123

ICF

International,

Inc.

2,946,469

18,868

Innodata,

Inc.*

(a)

1,035,853

69,443

Korn

Ferry

4,921,425

76,656

Upwork,

Inc.*

916,806

17,232,046

Real

Estate

Management

&

Development

–

1.0%

236,629

Anywhere

Real

Estate,

Inc.*

1,093,226

76,456

Cushman

&

Wakefield

PLC*

931,999

156,766

Douglas

Elliman,

Inc.*

431,106

23,477

Forestar

Group,

Inc.*

582,230

53,348

FRP

Holdings,

Inc.*

1,408,387

263,947

Kennedy-Wilson

Holdings,

Inc.

1,932,092

102,505

Newmark

Group,

Inc.,

Class

A

1,555,001

13,559

RMR

Group,

Inc.

(The),

Class

A

217,757

8,151,798

Residential

REITs

–

1.0%

4,682

Independence

Realty

Trust,

Inc.

REIT

78,517

135,664

NexPoint

Residential

Trust,

Inc.

REIT

4,230,004

273,656

Veris

Residential,

Inc.

REIT

3,853,076

8,161,597

Retail

REITs

–

1.6%

23,799

FrontView

REIT,

Inc.

REIT

280,114

295,189

Kite

Realty

Group

Trust

REIT

6,488,254

122,142

Macerich

Co.

(The)

REIT

2,040,993

53,788

Phillips

Edison

&

Co.,

Inc.

REIT

1,817,497

76,866

Urban

Edge

Properties

REIT

1,515,798

70,629

Whitestone

REIT

860,967

13,003,623

Semiconductors

&

Semiconductor

Equipment

–

1.6%

76,582

ACM

Research,

Inc.,

Class

A*

2,325,030

52,569

Alpha

&

Omega

Semiconductor

Ltd.*

1,338,933

22,341

Ambarella,

Inc.*

1,476,517

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

(continued)

100,565

Diodes,

Inc.*

$

4,964,894

83,315

MaxLinear,

Inc.*

1,318,043

25,349

Navitas

Semiconductor

Corp.*

(a)

185,808

3,920

SiTime

Corp.*

795,172

3,572

Synaptics,

Inc.*

223,964

12,628,361

Software

–

2.7%

29,074

C3.ai,

Inc.,

Class

A*

684,983

115,606

Cipher

Mining,

Inc.*

631,209

206,222

Cleanspark,

Inc.*

2,344,744

23,471

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

475,523

497

Commvault

Systems,

Inc.*

94,405

116,419

Consensus

Cloud

Solutions,

Inc.*

2,349,335

7,827

Digital

Turbine,

Inc.*

42,657

40,765

Hut

8

Corp.

(Canada)*

865,441

196,460

MARA

Holdings,

Inc.*

3,159,077

23,155

Ooma,

Inc.*

263,504

179,848

Riot

Platforms,

Inc.*

2,411,762

1,945

Sapiens

International

Corp.

NV

(Israel)

53,312

20,959

Varonis

Systems,

Inc.*

1,170,141

265,954

Verint

Systems,

Inc.*

5,659,501

20,205,594

Specialized

REITs

–

0.4%

62,492

Gladstone

Land

Corp.

REIT

574,926

491,454

Uniti

Group,

Inc.

REIT*

2,614,535

3,189,461

Specialty

Retail

–

3.9%

204,715

American

Eagle

Outfitters,

Inc.

2,210,922

34,307

America's

Car-Mart,

Inc.*

1,545,187

26,493

Asbury

Automotive

Group,

Inc.*

5,884,625

11,369

Beyond,

Inc.*

(a)

101,752

5,665

Boot

Barn

Holdings,

Inc.*

973,814

11,328

Citi

Trends,

Inc.*

345,731

525,444

EVgo,

Inc.*

1,770,746

123,936

Haverty

Furniture

Cos.,

Inc.

2,556,800

73,044

Monro,

Inc.

1,029,555

38,021

OneWater

Marine,

Inc.,

Class

A*

583,242

27,336

RealReal,

Inc.

(The)*

143,787

47,193

Revolve

Group,

Inc.*

979,255

45,086

Sonic

Automotive,

Inc.,

Class

A

3,261,972

246,508

Stitch

Fix,

Inc.,

Class

A*

1,165,983

29,088

Upbound

Group,

Inc.

600,231

112,278

Warby

Parker,

Inc.,

Class

A*

2,689,058

7,435

Winmark

Corp.

2,806,118

114,101

Zumiez,

Inc.*

1,564,325

30,213,103

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

71,356

Corsair

Gaming,

Inc.*

646,485

10,354

IonQ,

Inc.*

412,814

1,059,299

Textiles,

Apparel

&

Luxury

Goods

–

1.8%

92,122

Carter's,

Inc.

2,233,037

21,021

G-III

Apparel

Group

Ltd.*

496,095

50,704

Kontoor

Brands,

Inc.

2,822,185

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Textiles,

Apparel

&

Luxury

Goods

–

(continued)

144,751

Movado

Group,

Inc.

$

2,245,088

33,999

Oxford

Industries,

Inc.

1,298,082

198,798

Steven

Madden

Ltd.

4,772,146

13,866,633

Tobacco

–

0.0%

1,814

Universal

Corp.

98,809

Trading

Companies

&

Distributors

–

0.3%

49,457

DNOW,

Inc.*

769,551

111,108

Newpark

Resources,

Inc.*

1,002,194

17,779

Rush

Enterprises,

Inc.,

Class

A

962,555

4,537

Titan

Machinery,

Inc.*

87,655

2,821,955

Water

Utilities

–

0.8%

78,087

Consolidated

Water

Co.

Ltd.

2,271,551

71,065

Middlesex

Water

Co.

3,666,954

20,083

York

Water

Co.

(The)

607,711

6,546,216

Wireless

Telecommunication

Services

–

0.6%

138,833

Spok

Holdings,

Inc.

2,546,197

63,524

Telephone

and

Data

Systems,

Inc.

2,479,977

5,026,174

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$757,783,186)

770,991,007

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

1.2%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

9,096,409

4.191%

9,096,409

(Cost

$9,096,409)

TOTAL

INVESTMENTS

–

100.4%

(Cost

$766,879,595)

$

780,087,416

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.4)%

(3,009,653)

NET

ASSETS

–

100.0%

$

777,077,763

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

54

09/19/25

$

5,994,540

$

55,597

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.6%

Aerospace

&

Defense

–

2.2%

17,978

General

Dynamics

Corp.

$

5,602,124

41,057

General

Electric

Co.

11,129,732

1,374

HEICO

Corp.

449,023

38,788

Howmet

Aerospace,

Inc.

6,972,919

24,153,798

Air

Freight

&

Logistics

–

0.4%

52,367

United

Parcel

Service,

Inc.,

Class

B

4,511,941

Automobile

Components

–

0.1%

23,505

BorgWarner,

Inc.

864,984

Automobiles

–

1.4%

48,771

Tesla,

Inc.*

15,034,636

Banks

–

5.4%

374,700

Bank

of

America

Corp.

17,712,069

21,967

Citizens

Financial

Group,

Inc.

1,048,265

12,780

Cullen/Frost

Bankers,

Inc.

1,628,300

146,594

Huntington

Bancshares,

Inc.

2,408,539

64,883

JPMorgan

Chase &

Co.

19,220,940

67,563

PNC

Financial

Services

Group,

Inc.

(The)

12,855,212

120,055

US

Bancorp

5,397,673

60,270,998

Beverages

–

1.7%

219,611

Coca-Cola

Co.

(The)

14,909,391

153,014

Primo

Brands

Corp.,

Class

A

4,224,716

19,134,107

Biotechnology

–

3.2%

63,871

AbbVie,

Inc.

12,072,897

44,824

BioMarin

Pharmaceutical,

Inc.*

2,593,068

48,934

Exact

Sciences

Corp.*

2,297,451

46,644

Natera

,

Inc.*

6,234,437

17,667

Regeneron

Pharmaceuticals,

Inc.

9,636,642

6,852

Vertex

Pharmaceuticals,

Inc.*

3,130,473

35,964,968

Broadline

Retail

–

4.5%

204,257

Amazon.com,

Inc.*

47,818,606

61,437

Coupang

,

Inc.

(South

Korea)*

1,808,091

49,626,697

Building

Products

–

0.5%

82,539

Carrier

Global

Corp.

5,663,826

Capital

Markets

–

2.5%

17,428

Ameriprise

Financial,

Inc.

9,031,015

47,518

CME

Group,

Inc.

13,223,309

3,668

Coinbase

Global,

Inc.,

Class

A*

1,385,624

99,732

Invesco

Ltd.

2,095,369

2,878

Northern

Trust

Corp.

374,140

10,756

Tradeweb

Markets,

Inc.,

Class

A

1,490,244

27,599,701

Chemicals

–

1.4%

33,606

Linde

PLC

15,467,498

Communications

Equipment

–

0.9%

78,574

Arista

Networks,

Inc.*

9,681,888

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Construction

&

Engineering

–

0.3%

24,708

AECOM

$

2,785,580

1,404

Comfort

Systems

USA,

Inc.

987,433

3,773,013

Construction

Materials

–

0.2%

7,042

Vulcan

Materials

Co.

1,934,226

Consumer

Finance

–

1.4%

42,142

Capital

One

Financial

Corp.

9,060,530

91,452

Synchrony

Financial

6,371,461

15,431,991

Consumer

Staples

Distribution

&

Retail

–

1.7%

7,594

Costco

Wholesale

Corp.

7,135,626

72,269

Sysco

Corp.

5,752,612

59,908

Target

Corp.

6,020,754

18,908,992

Diversified

Consumer

Services

–

0.5%

134,851

ADT,

Inc.

1,126,006

42,246

Bright

Horizons

Family

Solutions,

Inc.*

4,778,023

5,904,029

Diversified

Telecommunication

Services

–

1.0%

268,413

Verizon

Communications,

Inc.

11,477,340

Electric

Utilities

–

0.7%

102,325

NextEra

Energy,

Inc.

7,271,215

Electrical

Equipment

–

1.1%

65,902

AMETEK,

Inc.

12,181,985

Electronic

Equipment,

Instruments

&

Components

–

1.3%

132,877

Amphenol

Corp.,

Class

A

14,152,729

1,845

Jabil,

Inc.

411,749

14,564,478

Energy

Equipment

&

Services

–

0.1%

37,849

TechnipFMC

PLC

(United

Kingdom)

1,376,568

Entertainment

–

2.0%

17,740

Netflix,

Inc.*

20,567,756

22,860

Roku,

Inc.*

2,152,498

22,720,254

Financial

Services

–

4.5%

37,198

Affirm

Holdings,

Inc.*

2,550,295

29,280

Berkshire

Hathaway,

Inc.,

Class

B*

13,816,646

10,559

Euronet

Worldwide,

Inc.*

1,026,124

16,729

Mastercard

,

Inc.,

Class

A

9,476,477

67,035

Visa,

Inc.,

Class

A

23,158,582

50,028,124

Food

Products

–

0.3%

55,231

Tyson

Foods,

Inc.,

Class

A

2,888,581

Ground

Transportation

–

0.1%

89,646

Lyft,

Inc.,

Class

A*

1,260,423

Health

Care

Equipment

&

Supplies

–

1.8%

83,781

Abbott

Laboratories

10,572,324

39,849

GE

HealthCare

Technologies,

Inc.

2,842,031

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

11,327

Intuitive

Surgical,

Inc.*

$

5,449,306

3,103

STERIS

PLC

702,799

19,566,460

Health

Care

Providers

&

Services

–

1.8%

62,399

CVS

Health

Corp.

3,874,978

6,018

Molina

Healthcare,

Inc.*

950,062

4,436

Quest

Diagnostics,

Inc.

742,631

23,256

UnitedHealth

Group,

Inc.

5,803,767

54,370

Universal

Health

Services,

Inc.,

Class

B

9,049,886

20,421,324

Health

Care

REITs

–

1.0%

66,115

Welltower

,

Inc.

REIT

10,913,603

Hotel

&

Resort

REITs

–

0.1%

52,550

Host

Hotels

&

Resorts,

Inc.

REIT

826,086

49,945

Park

Hotels

&

Resorts,

Inc.

REIT

532,414

1,358,500

Hotels,

Restaurants

&

Leisure

–

1.6%

19,930

Airbnb,

Inc.,

Class

A*

2,638,931

6,241

Darden

Restaurants,

Inc.

1,258,623

2,028

DoorDash

,

Inc.,

Class

A*

507,507

11,970

Planet

Fitness,

Inc.,

Class

A*

1,307,004

38,743

Royal

Caribbean

Cruises

Ltd.

12,315,238

18,027,303

Household

Products

–

1.6%

119,487

Procter &

Gamble

Co.

(The)

17,979,209

Industrial

REITs

–

0.5%

54,840

Prologis,

Inc.

REIT

5,855,815

Insurance

–

2.0%

41,147

Arthur

J

Gallagher

&

Co.

11,819,476

2,633

Erie

Indemnity

Co.,

Class

A

937,980

20,959

Marsh

&

McLennan

Cos.,

Inc.

4,175,033

11,181

MetLife,

Inc.

849,197

62,249

Principal

Financial

Group,

Inc.

4,844,839

22,626,525

Interactive

Media

&

Services

–

7.0%

74,077

Alphabet,

Inc.,

Class

A

14,215,376

195,785

Alphabet,

Inc.,

Class

C

37,759,095

33,038

Meta

Platforms,

Inc.,

Class

A

25,552,911

2,939

Reddit

,

Inc.,

Class

A*

471,974

77,999,356

IT

Services

–

0.7%

4,556

Gartner,

Inc.*

1,542,889

3,368

GoDaddy

,

Inc.,

Class

A*

544,201

10,569

Kyndryl

Holdings,

Inc.*

399,191

19,944

MongoDB,

Inc.*

4,744,478

7,230,759

Leisure

Products

–

0.1%

45,254

Mattel,

Inc.*

769,771

Life

Sciences

Tools

&

Services

–

0.2%

3,019

IQVIA

Holdings,

Inc.*

561,111

1,070

Medpace

Holdings,

Inc.*

457,104

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

903

Mettler

-Toledo

International,

Inc.*

$

1,114,013

2,132,228

Machinery

–

0.8%

11,426

Caterpillar,

Inc.

5,004,816

5,893

Parker-Hannifin

Corp.

4,313,087

9,317,903

Marine

Transportation

–

0.1%

12,079

Kirby

Corp.*

1,151,250

Media

–

0.0%

15,360

News

Corp.,

Class

A

450,355

Metals

&

Mining

–

1.3%

13,907

Carpenter

Technology

Corp.

3,468,267

115,292

Southern

Copper

Corp.

(Mexico)

10,855,894

14,324,161

Multi-Utilities

–

0.1%

17,164

Public

Service

Enterprise

Group,

Inc.

1,541,156

Oil,

Gas

&

Consumable

Fuels

–

1.5%

76,891

Antero

Resources

Corp.*

2,685,802

31,408

Chevron

Corp.

4,762,709

17,346

ConocoPhillips

1,653,768

40,023

Marathon

Petroleum

Corp.

6,811,514

6,699

Valero

Energy

Corp.

919,840

16,833,633

Passenger

Airlines

–

0.3%

67,667

Alaska

Air

Group,

Inc.*

3,583,644

Pharmaceuticals

–

1.9%

4,248

Eli

Lilly

&

Co.

3,143,817

33,184

Johnson &

Johnson

5,466,732

18,455

Pfizer,

Inc.

429,817

85,020

Zoetis,

Inc.

12,395,066

21,435,432

Professional

Services

–

0.4%

1,286

Broadridge

Financial

Solutions,

Inc.

318,298

9,620

Equifax,

Inc.

2,311,013

29,249

Parsons

Corp.*

2,170,276

4,799,587

Real

Estate

Management

&

Development

–

0.2%

33,334

Zillow

Group,

Inc.,

Class

C*

2,651,720

Semiconductors

&

Semiconductor

Equipment

–

12.3%

101,469

Broadcom,

Inc.

29,801,445

17,346

Enphase

Energy,

Inc.*

561,317

8,973

Intel

Corp.

177,665

3,407

MACOM

Technology

Solutions

Holdings,

Inc.*

467,236

30,287

Micron

Technology,

Inc.

3,305,523

500,706

NVIDIA

Corp.

89,060,576

16,799

QUALCOMM,

Inc.

2,465,421

63,291

Texas

Instruments,

Inc.

11,459,469

137,298,652

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

10.4%

13,602

Adobe,

Inc.*

$

4,865,299

1,191

Fair

Isaac

Corp.*

1,711,134

9,748

Intuit,

Inc.

7,653,447

133,611

Microsoft

Corp.

71,281,469

48,332

Nutanix

,

Inc.,

Class

A*

3,633,116

18,163

Oracle

Corp.

4,609,225

13,630

Palantir

Technologies,

Inc.,

Class

A*

2,158,311

58,569

Palo

Alto

Networks,

Inc.*

10,167,578

3,645

ServiceNow

,

Inc.*

3,437,672

26,786

Workday,

Inc.,

Class

A*

6,144,173

115,661,424

Specialized

REITs

–

2.9%

13,501

Equinix

,

Inc.

REIT

10,600,580

39,966

Extra

Space

Storage,

Inc.

REIT

5,369,832

7,332

Iron

Mountain,

Inc.

REIT

713,844

23,189

Lamar

Advertising

Co.,

Class

A

REIT

2,834,855

42,508

Public

Storage

REIT

11,559,625

31,078,736

Specialty

Retail

–

0.9%

1,798

Carvana

Co.*

701,526

11,242

Chewy,

Inc.,

Class

A*

412,581

46,870

Gap,

Inc.

(The)

912,090

11,824

Lithia

Motors,

Inc.

3,405,312

72,172

Tractor

Supply

Co.

4,110,196

9,541,705

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

5.5%

284,416

Apple,

Inc.

$

59,036,229

17,030

NetApp,

Inc.

1,773,334

60,809,563

Textiles,

Apparel

&

Luxury

Goods

–

0.4%

9,575

Amer

Sports,

Inc.

(Finland)*

359,446

89,691

Birkenstock

Holding

PLC

(Germany)*

4,492,622

4,852,068

Trading

Companies

&

Distributors

–

0.6%

48,035

FTAI

Aviation

Ltd.

6,610,096

Wireless

Telecommunication

Services

–

1.2%

56,225

T-Mobile

US,

Inc.

13,404,602

TOTAL

INVESTMENTS

–

98.6%

(Cost

$769,913,614)

$

1,097,922,801

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

15,481,104

NET

ASSETS

–

100.0%

$

1,113,403,905

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

31

09/19/25

$

9,880,088

$

142,191

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

July

31,

2025

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

31,

2025:

(a)

Large

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

9,860,875

$

—

$

—

Europe

927,104

—

—

North

America

1,507,526,470

—

—

Total

$

1,518,314,449

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

51,721

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Large

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

7,133,339

$

—

$

—

North

America

511,281,395

—

—

Total

$

518,414,734

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

63,080

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

2,495,243

$

—

$

—

Asia

6,939,281

—

—

Europe

6,927,860

—

—

North

America

421,759,430

—

—

South

America

626,040

—

—

Investment

Company

1,312,734

—

—

Securities

Lending

Reinvestment

Vehicle

6,073,242

—

—

Total

$

446,133,830

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(22,223)

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

150,563

$

—

$

—

Asia

2,787,185

—

—

Europe

577,666

—

—

North

America

144,483,837

—

—

South

America

23,553

—

—

Investment

Company

727,263

—

—

Securities

Lending

Reinvestment

Vehicle

3,549,689

—

—

Total

$

152,299,756

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(18,061)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

6,673,641

$

—

$

—

Asia

340,612

—

—

Europe

17,716,541

—

—

North

America

746,024,381

235,832

—

Investment

Company

—

—

—

Securities

Lending

Reinvestment

Vehicle

9,096,409

—

—

Total

$

779,851,584

$

235,832

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

55,597

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

U.S.

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,808,091

$

—

$

—

Europe

6,228,636

—

—

North

America

1,089,886,074

—

—

Total

$

1,097,922,801

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

142,191

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

(“SEC”)

and

the

terms

and

conditions

contained

therein,

the

Funds

may

lend

their

securities

through

a

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

a

wholly-owned

subsidiary

of

Goldman

Sachs,

to

certain

qualified

borrowers

including

Goldman

Sachs

and

affiliates.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

GSAL

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

GSAL

is

unable

to

purchase

replacement

securities,

GSAL

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Value

investing

is

an

example

of

an

investment

style.

Value

stocks

are

those

believed

to

be

undervalued

in

comparison

to

their

peers,

due

to

market,

company-specific

or

other

factors.

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2025

(Unaudited)

Large

Shareholder

Transactions

Risk

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Non-Diversification

Risk

—

The

Large

Cap

Growth

Insights

Fund

is

non-diversified,

meaning

that

it

is

permitted

to

invest

a

larger

percentage

of

its

assets

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Portfolio

Turnover

Rate

Risk

—

A

high

rate

of

portfolio

turnover

may

involve

correspondingly

greater

expenses

which

must

be

borne

by

the

Fund

and

its

shareholders,

and

is

also

likely

to

result

in

short-term

capital

gains

taxable

to

shareholders.

Stock

Risk

—

Stock

prices

have

historically

risen

and

fallen

in

periodic

cycles.

U.S.

and

foreign

stock

markets

have

experienced

periods

of

substantial

price

volatility

in

the

past

and

may

do

so

again

in

the

future.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)