GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

98.1%

Aerospace

&

Defense

–

2.7%

108,568

General

Electric

Co.

$

33,307,577

42,027

Howmet

Aerospace,

Inc.

8,744,978

4,599

Loar

Holdings,

Inc.*

315,400

42,367,955

Automobile

Components

–

0.1%

29,285

BorgWarner,

Inc.

1,388,402

Automobiles

–

3.4%

127,406

Tesla,

Inc.*

54,836,816

Banks

–

1.1%

321,469

Bank

of

America

Corp.

17,102,151

Beverages

–

0.9%

202,043

Coca-Cola

Co.

(The)

15,114,837

Biotechnology

–

1.2%

26,595

AbbVie,

Inc.

5,930,951

15,952

Alnylam

Pharmaceuticals,

Inc.*

5,392,733

151,818

Exelixis,

Inc.*

6,279,193

23,160

Ultragenyx

Pharmaceutical,

Inc.*

557,461

53,530

Viking

Therapeutics,

Inc.*

1,554,511

19,714,849

Broadline

Retail

–

4.7%

311,182

Amazon.com,

Inc.*

74,465,853

11,558

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,274,963

75,740,816

Capital

Markets

–

0.5%

11,294

Ameriprise

Financial,

Inc.

5,954,084

3,730

CME

Group,

Inc.

1,078,194

2,976

MarketAxess

Holdings,

Inc.

503,628

7,535,906

Commercial

Services

&

Supplies

–

1.7%

43,907

Cintas

Corp.

8,403,361

288,346

Rollins,

Inc.

18,263,835

26,667,196

Communications

Equipment

–

0.0%

1,874

Motorola

Solutions,

Inc.

754,360

Construction

&

Engineering

–

0.4%

4,054

Comfort

Systems

USA,

Inc.

4,630,073

6,968

MasTec,

Inc.*

1,675,665

6,305,738

Consumer

Finance

–

0.6%

10,278

OneMain

Holdings,

Inc.

673,620

128,801

Synchrony

Financial

9,354,817

10,028,437

Consumer

Staples

Distribution

&

Retail

–

1.0%

6,056

Costco

Wholesale

Corp.

5,694,154

126,528

Sysco

Corp.

10,609,373

16,303,527

Diversified

Consumer

Services

–

1.1%

132,984

Bright

Horizons

Family

Solutions,

Inc.*

12,318,308

38,670

Duolingo,

Inc.*

5,184,100

17,502,408

Shares

Description

Value

Common

Stocks

–

(continued)

Electrical

Equipment

–

0.3%

22,271

Vertiv

Holdings

Co.,

Class

A

$

4,146,415

Electronic

Equipment,

Instruments

&

Components

–

0.4%

44,732

Amphenol

Corp.,

Class

A

6,444,987

Entertainment

–

0.2%

37,124

Netflix,

Inc.*

3,099,483

Financial

Services

–

5.5%

74,502

Mastercard,

Inc.,

Class

A

40,140,933

253,377

Toast,

Inc.,

Class

A*

7,882,558

124,485

Visa,

Inc.,

Class

A

40,063,008

88,086,499

Ground

Transportation

–

0.1%

9,583

Uber

Technologies,

Inc.*

767,119

11,078

XPO,

Inc.*

1,640,763

2,407,882

Health

Care

Equipment

&

Supplies

–

0.3%

19,249

Insulet

Corp.*

4,924,087

Health

Care

Providers

&

Services

–

0.1%

11,693

DaVita,

Inc.*

1,278,513

Health

Care

Technology

–

0.5%

18,963

Doximity,

Inc.,

Class

A*

710,544

37,968

Veeva

Systems,

Inc.,

Class

A*

7,742,434

8,452,978

Hotels,

Restaurants

&

Leisure

–

4.3%

33,603

Airbnb,

Inc.,

Class

A*

4,347,220

18,824

Aramark

724,536

129,992

Dutch

Bros,

Inc.,

Class

A*

7,070,265

66,414

Expedia

Group,

Inc.

17,589,083

42,634

Las

Vegas

Sands

Corp.

2,248,091

62,986

Royal

Caribbean

Cruises

Ltd.

20,448,405

196,992

Viking

Holdings

Ltd.*

14,212,973

30,412

Wyndham

Hotels

&

Resorts,

Inc.

2,213,689

68,854,262

Insurance

–

0.3%

12,968

Kinsale

Capital

Group,

Inc.

5,133,772

Interactive

Media

&

Services

–

9.9%

9,166

Alphabet,

Inc.,

Class

A

3,098,108

264,205

Alphabet,

Inc.,

Class

C

89,441,319

80,905

Meta

Platforms,

Inc.,

Class

A

57,968,432

53,512

Reddit,

Inc.,

Class

A*

9,646,608

160,154,467

IT

Services

–

0.2%

17,135

Cloudflare,

Inc.,

Class

A*

3,038,892

Life

Sciences

Tools

&

Services

–

0.9%

23,328

Medpace

Holdings,

Inc.*

13,588,093

7,156

Tempus

AI,

Inc.*

428,072

14,016,165

Machinery

–

0.8%

94,460

Mueller

Industries,

Inc.

12,859,784

Marine

Transportation

–

0.8%

107,060

Kirby

Corp.*

12,596,680

Media

–

0.0%

11,765

Fox

Corp.,

Class

A

856,257

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Additional

Investment

Information

Shares

Description

Value

Common

Stocks

–

(continued)

Metals

&

Mining

–

0.0%

3,807

Anglogold

Ashanti

PLC

(Australia)

$

353,556

Pharmaceuticals

–

2.5%

38,520

Eli

Lilly

&

Co.

39,951,018

Professional

Services

–

0.1%

45,666

ExlService

Holdings,

Inc.*

1,787,824

Residential

REITs

–

0.4%

39,461

Camden

Property

Trust

REIT

4,303,222

42,854

Invitation

Homes,

Inc.

REIT

1,145,487

5,448,709

Semiconductors

&

Semiconductor

Equipment

–

19.1%

29,071

Allegro

MicroSystems,

Inc.

(Japan)*

1,073,011

243,415

Broadcom,

Inc.

80,643,389

45,583

Lattice

Semiconductor

Corp.*

3,670,343

1,123,389

NVIDIA

Corp.

214,713,339

31,812

Texas

Instruments,

Inc.

6,857,077

306,957,159

Software

–

18.7%

7,055

AppLovin

Corp.,

Class

A*

3,337,791

55,223

Bentley

Systems,

Inc.,

Class

B

1,939,432

30,781

Cadence

Design

Systems,

Inc.*

9,122,257

98,434

Dynatrace,

Inc.*

3,749,351

11,514

Fair

Isaac

Corp.*

16,846,939

239,163

Fortinet,

Inc.*

19,434,385

6,993

Intuit,

Inc.

3,488,948

49,723

Manhattan

Associates,

Inc.*

7,508,670

366,391

Microsoft

Corp.

157,654,383

133,257

Oracle

Corp.

21,931,437

176,451

Palantir

Technologies,

Inc.,

Class

A*

25,865,952

101,398

Palo

Alto

Networks,

Inc.*

17,944,404

60,627

Rubrik,

Inc.,

Class

A*

3,392,081

239,271

Samsara,

Inc.,

Class

A*

6,711,552

6,010

Synopsys,

Inc.*

2,795,341

301,722,923

Shares

Description

Value

Common

Stocks

–

(continued)

Specialized

REITs

–

0.2%

23,844

Lamar

Advertising

Co.,

Class

A

REIT

$

3,059,424

Specialty

Retail

–

1.3%

7,620

Burlington

Stores,

Inc.*

2,254,453

5,352

Carvana

Co.*

2,146,741

36,100

Chewy,

Inc.,

Class

A*

1,050,871

99,262

TJX

Cos.,

Inc.

(The)

14,870,440

20,322,505

Technology

Hardware,

Storage

&

Peripherals

–

11.8%

734,288

Apple,

Inc.

190,533,050

TOTAL

COMMON

STOCKS

(Cost

$847,617,196)

1,577,850,689

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.3%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,637,454

3.590%

4,637,454

(Cost

$4,637,454)

TOTAL

INVESTMENTS

–

98.4%

(Cost

$852,254,650)

$

1,582,488,143

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.6%

26,216,640

NET

ASSETS

–

100.0%

$

1,608,704,783

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

January

31,

2026,

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

80

03/20/26

$

27,863,000

$

213,751

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.7%

Aerospace

&

Defense

–

3.3%

4,025

General

Dynamics

Corp.

$

1,413,137

1,642

General

Electric

Co.

503,749

4,669

Northrop

Grumman

Corp.

3,232,162

61,508

RTX

Corp.

12,358,803

44,354

Textron,

Inc.

3,905,813

21,413,664

Automobile

Components

–

1.1%

117,495

BorgWarner,

Inc.

5,570,438

79,470

Gentex

Corp.

1,828,605

7,399,043

Automobiles

–

0.1%

6,780

Thor

Industries,

Inc.

758,479

Banks

–

7.3%

250,380

Bank

of

America

Corp.

13,320,216

85,917

Citigroup,

Inc.

9,941,456

25,040

Citizens

Financial

Group,

Inc.

1,577,019

11,887

Cullen/Frost

Bankers,

Inc.

1,638,266

26,428

FNB

Corp.

463,812

66,026

JPMorgan

Chase &

Co.

20,196,693

47,137,462

Beverages

–

1.3%

109,382

Coca-Cola

Co.

(The)

8,182,867

Biotechnology

–

1.3%

10,404

Regeneron

Pharmaceuticals,

Inc.

7,714,046

26,546

Viking

Therapeutics,

Inc.*

770,896

8,484,942

Broadline

Retail

–

3.1%

70,665

Amazon.com,

Inc.*

16,910,135

28,709

Macy’s,

Inc.

574,754

19,562

Ollie's

Bargain

Outlet

Holdings,

Inc.*

2,157,884

19,642,773

Building

Products

–

0.9%

102,714

Carrier

Global

Corp.

6,119,700

Capital

Markets

–

6.7%

35,545

Bank

of

New

York

Mellon

Corp.

(The)

4,262,556

2,850

Blackrock,

Inc.

3,188,979

30,749

CME

Group,

Inc.

8,888,306

2,631

Coinbase

Global,

Inc.,

Class

A*

512,361

15,113

Evercore,

Inc.,

Class

A

5,338,969

15,216

MarketAxess

Holdings,

Inc.

2,575,004

57,501

Morgan

Stanley

10,511,183

44,642

Stifel

Financial

Corp.

5,504,359

24,775

Tradeweb

Markets,

Inc.,

Class

A

2,553,559

43,335,276

Chemicals

–

2.6%

161,771

Axalta

Coating

Systems

Ltd.*

5,432,270

31,679

Corteva,

Inc.

2,306,231

6,633

Element

Solutions,

Inc.

193,021

17,391

Linde

PLC

7,947,165

1,635

NewMarket

Corp.

1,096,742

16,975,429

Shares

Description

Value

Common

Stocks

–

(continued)

Commercial

Services

&

Supplies

–

1.6%

13,697

Clean

Harbors,

Inc.*

$

3,559,987

32,660

Republic

Services,

Inc.

7,024,840

10,584,827

Communications

Equipment

–

0.7%

61,638

Cisco

Systems,

Inc.

4,827,488

Construction

&

Engineering

–

0.4%

13,178

Everus

Construction

Group,

Inc.*

1,166,121

6,780

MasTec,

Inc.*

1,630,455

2,796,576

Construction

Materials

–

1.0%

20,627

Vulcan

Materials

Co.

6,199,239

Consumer

Finance

–

2.2%

2,384

American

Express

Co.

839,573

91,532

OneMain

Holdings,

Inc.

5,999,007

50,472

SoFi

Technologies,

Inc.*

1,151,267

86,582

Synchrony

Financial

6,288,451

14,278,298

Consumer

Staples

Distribution

&

Retail

–

1.0%

5,488

Casey's

General

Stores,

Inc.

3,328,472

4,483

Sysco

Corp.

375,900

20,713

Walmart,

Inc.

2,467,747

6,172,119

Diversified

Consumer

Services

–

1.3%

54,586

Bright

Horizons

Family

Solutions,

Inc.*

5,056,301

8,518

Grand

Canyon

Education,

Inc.*

1,480,769

7,635

Liberty

Live

Holdings,

Inc.,

Class

A*

614,159

17,053

Liberty

Live

Holdings,

Inc.,

Class

C*

1,408,237

8,559,466

Electric

Utilities

–

0.1%

2,586

Constellation

Energy

Corp.

725,838

Electrical

Equipment

–

1.2%

31,951

AMETEK,

Inc.

7,156,385

1,744

Eaton

Corp.

PLC

612,876

7,769,261

Electronic

Equipment,

Instruments

&

Components

–

0.2%

9,888

Corning,

Inc.

1,020,936

Energy

Equipment

&

Services

–

0.5%

170,449

NOV,

Inc.

3,127,739

Financial

Services

–

4.2%

48,551

Berkshire

Hathaway,

Inc.,

Class

B*

23,330,212

6,144

Mastercard,

Inc.,

Class

A

3,310,326

5,401

WEX,

Inc.*

831,214

27,471,752

Food

Products

–

1.0%

98,298

Tyson

Foods,

Inc.,

Class

A

6,421,808

Health

Care

Equipment

&

Supplies

–

2.3%

88,200

Boston

Scientific

Corp.*

8,249,346

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

66,888

Medtronic

PLC

$

6,886,789

15,136,135

Health

Care

Providers

&

Services

–

3.6%

2,495

Chemed

Corp.

1,065,714

63,198

CVS

Health

Corp.

4,709,515

31,486

Quest

Diagnostics,

Inc.

5,888,827

21,952

UnitedHealth

Group,

Inc.

6,298,687

27,867

Universal

Health

Services,

Inc.,

Class

B

5,608,513

23,571,256

Health

Care

REITs

–

0.5%

32,945

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,800,115

8,100

Welltower,

Inc.

REIT

1,525,716

3,325,831

Hotels,

Restaurants

&

Leisure

–

2.3%

113,687

Aramark

4,375,813

9,487

Expedia

Group,

Inc.

2,512,537

16,559

McDonald's

Corp.

5,216,085

4,326

Royal

Caribbean

Cruises

Ltd.

1,404,436

9,525

Yum!

Brands,

Inc.

1,481,137

14,990,008

Household

Durables

–

0.6%

5,694

D.R.

Horton,

Inc.

847,495

374

NVR,

Inc.*

2,855,763

3,703,258

Household

Products

–

0.1%

4,873

Procter &

Gamble

Co.

(The)

739,575

Independent

Power

and

Renewable

Electricity

Producers

–

0.6%

282,719

AES

Corp.

(The)

4,141,833

Insurance

–

2.6%

5,143

Erie

Indemnity

Co.,

Class

A

1,455,520

66,407

Loews

Corp.

7,010,587

16,732

Marsh

&

McLennan

Cos.,

Inc.

3,148,795

65,801

MetLife,

Inc.

5,190,383

16,805,285

Interactive

Media

&

Services

–

3.8%

55,826

Alphabet,

Inc.,

Class

A

18,869,188

28,443

Match

Group,

Inc.

885,999

6,334

Meta

Platforms,

Inc.,

Class

A

4,538,311

1,381

Reddit,

Inc.,

Class

A*

248,953

24,542,451

IT

Services

–

2.1%

5,353

Accenture

PLC,

Class

A

1,411,265

37,614

International

Business

Machines

Corp.

11,536,214

1,992

MongoDB,

Inc.*

739,689

13,687,168

Leisure

Products

–

0.5%

36,861

Brunswick

Corp.

2,956,989

Life

Sciences

Tools

&

Services

–

1.9%

19,607

Bio-Techne

Corp.

1,256,613

14,954

IQVIA

Holdings,

Inc.*

3,441,663

Shares

Description

Value

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

2,644

Mettler-Toledo

International,

Inc.*

$

3,630,846

22,639

Revvity,

Inc.

2,463,123

4,998

West

Pharmaceutical

Services,

Inc.

1,155,138

11,947,383

Machinery

–

2.6%

5,256

Illinois

Tool

Works,

Inc.

1,373,183

6,146

ITT,

Inc.

1,120,416

55,162

Mueller

Industries,

Inc.

7,509,755

3,976

Nordson

Corp.

1,091,531

9,293

Oshkosh

Corp.

1,336,519

18,988

Otis

Worldwide

Corp.

1,621,955

6,597

PACCAR,

Inc.

810,837

5,598

Snap-on,

Inc.

2,049,484

16,913,680

Marine

Transportation

–

1.0%

54,337

Kirby

Corp.*

6,393,291

Media

–

1.3%

80,311

Fox

Corp.,

Class

A

5,845,034

13,554

Fox

Corp.,

Class

B

888,736

3,432

New

York

Times

Co.

(The),

Class

A

251,600

7,971

Nexstar

Media

Group,

Inc.

1,692,881

8,678,251

Metals

&

Mining

–

1.2%

17,426

Anglogold

Ashanti

PLC

(Australia)

1,618,353

32,857

Southern

Copper

Corp.

(Mexico)

6,253,344

7,871,697

Multi-Utilities

–

0.5%

37,574

Public

Service

Enterprise

Group,

Inc.

3,094,595

Oil,

Gas

&

Consumable

Fuels

–

4.3%

56,069

Antero

Resources

Corp.*

2,039,230

12,228

APA

Corp.

322,942

74,081

Chevron

Corp.

13,104,929

59,818

ConocoPhillips

6,234,830

35,036

Exxon

Mobil

Corp.

4,954,090

7,644

Marathon

Petroleum

Corp.

1,346,796

28,002,817

Passenger

Airlines

–

0.6%

57,589

Delta

Air

Lines,

Inc.

3,794,539

Personal

Care

Products

–

0.1%

5,903

elf

Beauty,

Inc.*

501,696

Pharmaceuticals

–

3.3%

66,603

Bristol-Myers

Squibb

Co.

3,666,495

78,828

Johnson &

Johnson

17,913,663

21,580,158

Professional

Services

–

2.2%

10,476

CACI

International,

Inc.,

Class

A*

6,501,196

11,419

Equifax,

Inc.

2,299,787

16,372

Parsons

Corp.*

1,147,022

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Professional

Services

–

(continued)

45,796

SS&C

Technologies

Holdings,

Inc.

$

3,750,234

13,698,239

Residential

REITs

–

2.8%

24,689

American

Homes

4

Rent,

Class

A

REIT

773,259

25,297

AvalonBay

Communities,

Inc.

REIT

4,494,518

58,725

Camden

Property

Trust

REIT

6,403,961

235,218

Invitation

Homes,

Inc.

REIT

6,287,377

17,959,115

Semiconductors

&

Semiconductor

Equipment

–

3.4%

55,729

Allegro

MicroSystems,

Inc.

(Japan)*

2,056,957

1,929

Broadcom,

Inc.

639,078

1,221

First

Solar,

Inc.*

275,360

46,488

Microchip

Technology,

Inc.

3,529,369

17,967

Micron

Technology,

Inc.

7,454,149

1,991

MKS,

Inc.

468,701

4,083

NVIDIA

Corp.

780,384

30,815

Texas

Instruments,

Inc.

6,642,173

2,729

Universal

Display

Corp.

313,344

22,159,515

Software

–

3.3%

90,502

Dolby

Laboratories,

Inc.,

Class

A

5,809,323

288

Fair

Isaac

Corp.*

421,393

34,815

Gen

Digital,

Inc.

835,212

13,340

Microsoft

Corp.

5,740,069

11,921

Oracle

Corp.

1,961,958

10,568

Palantir

Technologies,

Inc.,

Class

A*

1,549,163

12,659

Roper

Technologies,

Inc.

4,699,400

3,918

Strategy,

Inc.*

586,564

21,603,082

Specialized

REITs

–

1.0%

8,005

Digital

Realty

Trust,

Inc.

REIT

1,328,430

3,149

Equinix,

Inc.

REIT

2,585,109

11,202

National

Storage

Affiliates

Trust

REIT

356,336

959

Public

Storage

REIT

264,866

53,566

VICI

Properties,

Inc.

REIT

1,504,133

6,038,874

Specialty

Retail

–

0.7%

1,196

AutoNation,

Inc.*

245,156

29,681

TJX

Cos.,

Inc.

(The)

4,446,511

4,691,667

Technology

Hardware,

Storage

&

Peripherals

–

1.8%

16,056

Apple,

Inc.

4,166,211

6,696

Sandisk

Corp.*

3,858,570

15,500

Western

Digital

Corp.

3,878,565

11,903,346

Shares

Description

Value

Common

Stocks

–

(continued)

Textiles,

Apparel

&

Luxury

Goods

–

0.4%

2,944

Birkenstock

Holding

PLC

(Germany)*

$

111,165

22,290

Crocs,

Inc.*

1,870,577

2,093

Ralph

Lauren

Corp.

739,687

2,721,429

Tobacco

–

1.0%

34,222

Philip

Morris

International,

Inc.

6,140,796

Trading

Companies

&

Distributors

–

0.8%

2,376

Ferguson

Enterprises,

Inc.

599,845

11,182

Watsco,

Inc.

4,321,284

4,921,129

Wireless

Telecommunication

Services

–

1.4%

44,409

T-Mobile

US,

Inc.

8,757,899

TOTAL

COMMON

STOCKS

(Cost

$553,607,045)

632,377,969

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,823,612

3.590%

3,823,609

(Cost

$3,823,609)

TOTAL

INVESTMENTS

–

98.3%

(Cost

$557,430,654)

$

636,201,578

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.7%

10,970,917

NET

ASSETS

–

100.0%

$

647,172,495

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

January

31,

2026,

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

36

03/20/26

$

12,538,350

$

28,890

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.9%

Aerospace

&

Defense

–

2.0%

3,502

AeroVironment,

Inc.*

$

974,922

68,041

Archer

Aviation,

Inc.,

Class

A*

489,215

3,074

Astronics

Corp.*

232,856

3,592

Byrna

Technologies,

Inc.*

49,246

20,714

Intuitive

Machines,

Inc.*

393,359

5,143

Kratos

Defense &

Security

Solutions,

Inc.*

529,780

30,288

Mercury

Systems,

Inc.*

2,843,438

17,964

Moog,

Inc.,

Class

A

5,485,307

77,952

Redwire

Corp.*

(a)

915,936

11,914,059

Automobile

Components

–

2.3%

130,121

Adient

PLC*

2,706,517

150,740

American

Axle &

Manufacturing

Holdings,

Inc.*

1,201,398

36,162

Cooper-Standard

Holdings,

Inc.*

1,134,402

51,920

Dana,

Inc.

1,500,488

5,290

Fox

Factory

Holding

Corp.*

97,336

3,021

Gentherm,

Inc.*

96,551

21,376

LCI

Industries

3,135,645

2,440

Patrick

Industries,

Inc.

307,855

274,647

Solid

Power,

Inc.*

1,230,419

22,019

Visteon

Corp.

2,000,646

13,411,257

Banks

–

8.8%

33,109

Ameris

Bancorp

2,669,248

82,094

Associated

Banc-Corp.

2,237,882

10,235

BancFirst

Corp.

1,125,338

18,921

Bank

of

Hawaii

Corp.

1,414,912

240,037

Capitol

Federal

Financial,

Inc.

1,747,469

3,663

Cathay

General

Bancorp

187,472

692

City

Holding

Co.

85,178

25,318

Community

Trust

Bancorp,

Inc.

1,562,121

20,237

Dime

Community

Bancshares,

Inc.

688,463

1,780

FB

Financial

Corp.

102,403

6,945

First

Bancorp,

Inc.

(The)

189,946

74,254

First

Financial

Bankshares,

Inc.

2,362,762

9,021

First

Merchants

Corp.

358,675

17,290

Flushing

Financial

Corp.

273,009

42,896

German

American

Bancorp,

Inc.

1,804,635

29,577

Glacier

Bancorp,

Inc.

1,498,962

30,583

Hancock

Whitney

Corp.

2,104,110

37,818

Hanmi

Financial

Corp.

1,004,824

2,794

Home

Bancorp,

Inc.

166,774

32,258

Hope

Bancorp,

Inc.

386,451

31,857

Independent

Bank

Corp.

1,119,774

36,925

International

Bancshares

Corp.

2,571,457

11,925

Kearny

Financial

Corp.

92,896

10,135

National

Bank

Holdings

Corp.,

Class

A

407,224

14,323

Northrim

BanCorp,

Inc.

337,450

39,364

Origin

Bancorp,

Inc.

1,685,960

1,684

Park

National

Corp.

274,391

10,923

PCB

Bancorp

245,112

37,037

Provident

Financial

Services,

Inc.

819,999

600

Red

River

Bancshares,

Inc.

49,836

61,669

Renasant

Corp.

2,325,538

31,954

ServisFirst

Bancshares,

Inc.

2,615,435

Shares

Description

Value

Common

Stocks

–

(continued)

Banks

–

(continued)

1,774

SmartFinancial,

Inc.

$

70,818

1,605

Southern

First

Bancshares,

Inc.*

88,179

32,639

Southside

Bancshares,

Inc.

1,050,649

25,418

Texas

Capital

Bancshares,

Inc.*

2,571,539

4,325

Timberland

Bancorp,

Inc.

168,416

22,685

TriCo

Bancshares

1,130,167

40,798

TrustCo

Bank

Corp.

1,770,633

45,425

Trustmark

Corp.

1,931,471

63,136

United

Bankshares,

Inc.

2,672,547

74,978

United

Community

Banks,

Inc.

2,581,493

6,255

Univest

Financial

Corp.

207,291

13,241

Washington

Trust

Bancorp,

Inc.

455,093

62,621

WesBanco,

Inc.

2,209,895

9,270

Westamerica

BanCorp

468,877

51,892,774

Biotechnology

–

7.8%

30,951

ACADIA

Pharmaceuticals,

Inc.*

777,799

254,090

Allogene

Therapeutics,

Inc.*

467,526

244,580

Annexon,

Inc.*

1,526,179

6,973

Apogee

Therapeutics,

Inc.*

456,801

44,978

Arcturus

Therapeutics

Holdings,

Inc.*

335,986

21,114

Arcutis

Biotherapeutics,

Inc.*

535,662

22,708

Ardelyx,

Inc.*

174,624

23,888

ArriVent

Biopharma,

Inc.*

537,241

53,422

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

776,222

4,603

Beam

Therapeutics,

Inc.*

127,135

26,497

Biohaven

Ltd.*

313,459

10,264

Bridgebio

Pharma,

Inc.*

793,099

3,139

Bright

Minds

Biosciences,

Inc.

(Canada)*

244,057

13,170

CareDx,

Inc.*

270,643

3,599

Celcuity,

Inc.*

393,803

26,071

Celldex

Therapeutics,

Inc.*

641,347

14,478

CG

oncology,

Inc.*

753,580

34,002

Cogent

Biosciences,

Inc.*

1,221,012

26,678

Corvus

Pharmaceuticals,

Inc.*

552,235

11,358

CRISPR

Therapeutics

AG

(Switzerland)*

567,446

22,942

Cullinan

Therapeutics,

Inc.*

274,386

165,224

Denali

Therapeutics,

Inc.*

3,591,970

50,627

Design

Therapeutics,

Inc.*

516,902

95,648

Dyne

Therapeutics,

Inc.*

1,711,143

36,014

Enanta

Pharmaceuticals,

Inc.*

464,581

201,753

Erasca,

Inc.*

2,120,424

62,308

Heron

Therapeutics,

Inc.*

82,246

49,383

Ideaya

Biosciences,

Inc.*

1,589,639

18,603

ImmunityBio,

Inc.*

(a)

116,269

7,035

Janux

Therapeutics,

Inc.*

96,450

1,805

Keros

Therapeutics,

Inc.*

32,327

26,041

Kodiak

Sciences,

Inc.*

592,954

477

Kymera

Therapeutics,

Inc.*

34,673

92,934

Larimar

Therapeutics,

Inc.*

328,986

59,202

Lexeo

Therapeutics,

Inc.*

438,687

4,002

Madrigal

Pharmaceuticals,

Inc.*

1,958,219

29,185

Mineralys

Therapeutics,

Inc.*

901,525

14,487

Mirum

Pharmaceuticals,

Inc.*

1,495,348

18,781

Monte

Rosa

Therapeutics,

Inc.*

385,386

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

133,849

Myriad

Genetics,

Inc.*

$

752,231

58,207

Nurix

Therapeutics,

Inc.*

961,580

7,259

Nuvalent,

Inc.,

Class

A*

746,878

8,492

Olema

Pharmaceuticals,

Inc.*

218,414

14,330

ORIC

Pharmaceuticals,

Inc.*

147,026

4,516

Praxis

Precision

Medicines,

Inc.*

1,418,024

165,342

Prime

Medicine,

Inc.*

629,953

10,860

Protagonist

Therapeutics,

Inc.*

888,348

12,764

Prothena

Corp.

PLC

(Ireland)*

112,451

11,138

PTC

Therapeutics,

Inc.*

841,253

63,845

Puma

Biotechnology,

Inc.*

413,716

111,318

Relay

Therapeutics,

Inc.*

852,696

40,048

Rigel

Pharmaceuticals,

Inc.*

1,396,073

130,112

Sana

Biotechnology,

Inc.*

576,396

3,706

Sionna

Therapeutics,

Inc.*

156,615

8,607

Solid

Biosciences,

Inc.*

55,601

7,906

Spyre

Therapeutics,

Inc.*

252,834

47,948

Syndax

Pharmaceuticals,

Inc.*

973,824

10,651

Tectonic

Therapeutic,

Inc.*

212,913

45,768

TG

Therapeutics,

Inc.*

1,346,952

2,899

Vaxcyte,

Inc.*

155,299

44,012

Vera

Therapeutics,

Inc.*

1,903,959

39,597

Veracyte,

Inc.*

1,507,854

50,477

Viridian

Therapeutics,

Inc.*

1,665,741

46,384,602

Broadline

Retail

–

0.1%

35,263

Kohl's

Corp.

616,045

Building

Products

–

0.1%

5,244

Griffon

Corp.

427,124

5,034

Tecnoglass,

Inc.

246,213

673,337

Capital

Markets

–

1.9%

3,029

Acadian

Asset

Management,

Inc.

167,867

24,812

Cohen

&

Steers,

Inc.

1,594,419

216,649

GCM

Grosvenor,

Inc.,

Class

A

2,452,467

7,978

Moelis

&

Co.,

Class

A

571,783

13,231

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

193,305

6,107

Piper

Sandler

Cos.

2,115,159

49,222

Victory

Capital

Holdings,

Inc.,

Class

A

3,471,628

953

Virtus

Investment

Partners,

Inc.

155,577

114,417

Webull

Corp.

(Cayman

Islands)*

804,352

11,526,557

Chemicals

–

1.2%

30,718

Aspen

Aerogels,

Inc.*

103,520

40,119

Innospec,

Inc.

3,278,525

2,274

Intrepid

Potash,

Inc.*

74,678

35,851

Minerals

Technologies,

Inc.

2,357,562

20,901

Stepan

Co.

1,204,106

7,018,391

Commercial

Services

&

Supplies

–

1.4%

107,237

BrightView

Holdings,

Inc.*

1,432,686

36,742

Ennis,

Inc.

716,102

121,081

Healthcare

Services

Group,

Inc.*

2,278,744

15,199

HNI

Corp.

726,360

20,047

Interface,

Inc.

630,879

Shares

Description

Value

Common

Stocks

–

(continued)

Commercial

Services

&

Supplies

–

(continued)

103,449

Montrose

Environmental

Group,

Inc.*

$

2,304,844

8,089,615

Communications

Equipment

–

0.7%

20,701

Applied

Optoelectronics,

Inc.*

902,771

30,062

Viavi

Solutions,

Inc.*

735,316

143,103

Vistance

Networks,

Inc.*

2,575,854

4,213,941

Construction

&

Engineering

–

3.7%

5,298

Ameresco,

Inc.,

Class

A*

166,039

14,854

Arcosa,

Inc.

1,700,337

5,262

Argan,

Inc.

1,826,493

32,457

Construction

Partners,

Inc.,

Class

A*

3,566,375

6,696

Dycom

Industries,

Inc.*

2,439,955

36,530

Fluor

Corp.*

1,687,321

23,239

Great

Lakes

Dredge

&

Dock

Corp.*

348,120

2,227

Limbach

Holdings,

Inc.*

191,478

22,795

Matrix

Service

Co.*

326,424

8,612

MYR

Group,

Inc.*

2,153,345

29,716

Primoris

Services

Corp.

4,405,397

38,692

Tutor

Perini

Corp.

3,052,412

21,863,696

Construction

Materials

–

0.5%

23,041

United

States

Lime

&

Minerals,

Inc.

2,777,132

Consumer

Finance

–

2.0%

5,826

Dave,

Inc.*

953,658

54,360

Encore

Capital

Group,

Inc.*

3,000,672

8,044

Enova

International,

Inc.*

1,328,627

8,240

FirstCash

Holdings,

Inc.

1,404,920

13,923

Navient

Corp.

136,585

107,062

Oportun

Financial

Corp.*

580,276

52,580

OppFi,

Inc.

500,562

90,958

PROG

Holdings,

Inc.

2,950,677

18,743

Regional

Management

Corp.

694,428

1,975

Upstart

Holdings,

Inc.*

77,519

11,627,924

Containers

&

Packaging

–

0.2%

95,313

O-I

Glass,

Inc.*

1,456,383

Diversified

Consumer

Services

–

2.3%

23,576

American

Public

Education,

Inc.*

985,005

221,766

European

Wax

Center,

Inc.,

Class

A*

871,540

31,353

Frontdoor,

Inc.*

1,853,276

268

Graham

Holdings

Co.,

Class

B

312,657

112,059

Laureate

Education,

Inc.*

3,843,624

32,900

McGraw

Hill,

Inc.*

485,275

147,581

Mister

Car

Wash,

Inc.*

819,075

107,213

Perdoceo

Education

Corp.

3,434,032

39,105

Universal

Technical

Institute,

Inc.*

1,088,292

13,692,776

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Diversified

REITs

–

0.1%

10,445

Essential

Properties

Realty

Trust,

Inc.

REIT

$

317,110

Diversified

Telecommunication

Services

–

0.4%

60,354

Bandwidth,

Inc.,

Class

A*

843,145

98,819

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

762,883

90,007

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

700,254

2,306,282

Electric

Utilities

–

0.4%

3,112

Oklo,

Inc.*

247,777

22,118

Otter

Tail

Corp.

1,972,041

2,219,818

Electrical

Equipment

–

2.7%

36,123

American

Superconductor

Corp.*

1,080,800

47,022

Amprius

Technologies,

Inc.*

584,954

9,300

Array

Technologies,

Inc.*

105,322

40,055

Bloom

Energy

Corp.,

Class

A*

6,063,125

40,882

Eos

Energy

Enterprises,

Inc.*

598,512

12,806

Nextpower,

Inc.,

Class

A*

1,499,455

62,052

NuScale

Power

Corp.*

1,084,669

91,627

Plug

Power,

Inc.*

193,791

3,951

Powell

Industries,

Inc.

1,752,624

5,105

Preformed

Line

Products

Co.

1,281,049

21,713

Shoals

Technologies

Group,

Inc.,

Class

A*

204,971

38,555

Thermon

Group

Holdings,

Inc.*

1,744,614

16,193,886

Electronic

Equipment,

Instruments

&

Components

–

4.0%

13,120

908

Devices,

Inc.*

82,787

10,973

Advanced

Energy

Industries,

Inc.

2,802,065

10,215

Fabrinet

(Thailand)*

4,999,630

140,794

Knowles

Corp.*

3,412,847

1,773

Novanta,

Inc.*

238,539

957

OSI

Systems,

Inc.*

239,384

6,736

Richardson

Electronics

Ltd.

81,438

23,765

Sanmina

Corp.*

3,367,025

51,519

TTM

Technologies,

Inc.*

5,059,166

166,683

Vishay

Intertechnology,

Inc.

3,358,663

23,641,544

Energy

Equipment

&

Services

–

2.2%

203,866

Borr

Drilling

Ltd.

(Mexico)*

954,093

71,340

Core

Laboratories,

Inc.

1,393,984

86,394

Expro

Group

Holdings

NV*

1,383,168

88,883

Helix

Energy

Solutions

Group,

Inc.*

705,731

23,728

Liberty

Energy,

Inc.

584,895

22,942

Noble

Corp.

PLC

817,194

91,837

Oceaneering

International,

Inc.*

2,764,294

17,161

Oil

States

International,

Inc.*

145,354

217,025

Patterson-UTI

Energy,

Inc.

1,634,198

17,020

ProPetro

Holding

Corp.*

195,560

4,249

Ranger

Energy

Services,

Inc.,

Class

A

65,519

49,135

Seadrill

Ltd.

(Norway)*

1,890,715

Shares

Description

Value

Common

Stocks

–

(continued)

Energy

Equipment

&

Services

–

(continued)

107,717

Transocean

Ltd.*

$

535,353

13,070,058

Entertainment

–

0.9%

111,957

AMC

Entertainment

Holdings,

Inc.,

Class

A*

(a)

155,620

81,509

Cinemark

Holdings,

Inc.

1,930,133

37,533

CuriosityStream,

Inc.

139,623

25,374

IMAX

Corp.*

885,806

27,007

Madison

Square

Garden

Entertainment

Corp.*

1,670,923

12,771

Marcus

Corp.

(The)

192,715

62,666

Playtika

Holding

Corp.

226,851

4,588

Starz

Entertainment

Corp.*

45,834

5,247,505

Financial

Services

–

1.4%

4,852

Alerus

Financial

Corp.

119,456

70,710

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

3,427,314

103,859

Burford

Capital

Ltd.

1,006,394

15,869

Marqeta,

Inc.,

Class

A*

65,539

52,041

NCR

Atleos

Corp.*

1,941,129

143,156

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

1,610,505

25,525

Paysign,

Inc.*

106,439

14,379

Remitly

Global,

Inc.*

190,090

2,214

Velocity

Financial,

Inc.*

44,922

8,511,788

Food

Products

–

0.3%

122,427

BRC,

Inc.,

Class

A*

(a)

101,260

16,851

Cal-Maine

Foods,

Inc.

1,407,564

84,154

SunOpta,

Inc.

(Canada)*

385,425

1,894,249

Gas

Utilities

–

0.5%

34,342

ONE

Gas,

Inc.

2,732,250

Ground

Transportation

–

0.2%

13,667

FTAI

Infrastructure,

Inc.

79,542

66,082

RXO,

Inc.*

963,476

1,043,018

Health

Care

Equipment

&

Supplies

–

3.9%

43,337

Accuray,

Inc.*

34,986

60,061

Alphatec

Holdings,

Inc.*

890,705

20,346

Artivion,

Inc.*

829,506

76,438

AtriCure,

Inc.*

2,822,855

211,071

Cerus

Corp.*

491,795

7,292

CVRx,

Inc.*

49,950

53,844

Delcath

Systems,

Inc.*

533,594

48,800

Embecta

Corp.

517,768

34,714

Glaukos

Corp.*

4,144,157

34,590

Haemonetics

Corp.*

2,305,769

74,600

Inogen,

Inc.*

440,140

20,772

iRadimed

Corp.

2,033,163

10,169

iRhythm

Holdings,

Inc.*

1,571,212

12,916

LeMaitre

Vascular,

Inc.

1,097,473

11,959

Novocure

Ltd.*

148,292

7,613

PROCEPT

BioRobotics

Corp.*

220,473

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

47,451

RxSight,

Inc.*

$

412,349

43,919

SI-BONE,

Inc.*

728,177

26,651

TransMedics

Group,

Inc.*

3,570,568

22,842,932

Health

Care

Providers

&

Services

–

3.2%

3,184

Addus

HomeCare

Corp.*

329,480

232,036

agilon

health,

Inc.*

193,100

27,796

Aveanna

Healthcare

Holdings,

Inc.*

233,486

17,859

Castle

Biosciences,

Inc.*

703,466

66,451

Community

Health

Systems,

Inc.*

213,308

3,468

CorVel

Corp.*

241,477

91,743

Enhabit,

Inc.*

975,228

13,442

Fulgent

Genetics,

Inc.*

352,180

8,118

GeneDx

Holdings

Corp.*

781,439

38,133

Guardant

Health,

Inc.*

4,348,687

24,887

HealthEquity,

Inc.*

2,132,069

35,802

Hims

&

Hers

Health,

Inc.*

969,876

9,536

Joint

Corp.

(The)*

93,262

135,265

LifeStance

Health

Group,

Inc.*

956,324

38,902

Nano-X

Imaging

Ltd.

(Israel)*

(a)

106,203

8,579

NeoGenomics,

Inc.*

103,463

555

Nutex

Health,

Inc.*

82,579

729,579

OPKO

Health,

Inc.*

919,270

47,005

Pennant

Group,

Inc.

(The)*

1,298,278

57,555

Privia

Health

Group,

Inc.*

1,336,427

29,114

Talkspace,

Inc.*

117,621

15,842

US

Physical

Therapy,

Inc.

1,328,669

205,333

Viemed

Healthcare,

Inc.*

1,574,904

19,390,796

Health

Care

REITs

–

1.1%

74,551

American

Healthcare

REIT,

Inc.

REIT

3,497,187

18,753

Global

Medical

REIT,

Inc.

REIT

647,729

126,241

Sabra

Health

Care

REIT,

Inc.

REIT

2,364,494

6,509,410

Health

Care

Technology

–

0.1%

30,810

Phreesia,

Inc.*

413,778

4,368

Schrodinger,

Inc.*

61,021

474,799

Hotel

&

Resort

REITs

–

1.1%

258,624

Apple

Hospitality

REIT,

Inc.

REIT

3,010,383

182,012

Chatham

Lodging

Trust

REIT

1,294,105

148,932

Xenia

Hotels

&

Resorts,

Inc.

REIT

2,196,747

6,501,235

Hotels,

Restaurants

&

Leisure

–

1.2%

503

Biglari

Holdings,

Inc.,

Class

B*

188,640

162,830

Bloomin'

Brands,

Inc.

976,980

144,426

Brightstar

Lottery

PLC

2,091,288

11,114

Cheesecake

Factory,

Inc.

(The)

644,167

37,909

First

Watch

Restaurant

Group,

Inc.*

606,165

26,886

Global

Business

Travel

Group

I*

184,169

Shares

Description

Value

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

5,452

Kura

Sushi

USA,

Inc.,

Class

A*

$

364,248

2,047

Monarch

Casino

&

Resort,

Inc.

187,362

11,937

Portillo's,

Inc.,

Class

A*

67,444

3,961

Shake

Shack,

Inc.,

Class

A*

350,826

127,465

Super

Group

SGHC

Ltd.

(Guernsey)

1,207,094

6,868,383

Household

Durables

–

1.4%

4,787

Cavco

Industries,

Inc.*

2,355,300

34,251

Century

Communities,

Inc.

2,157,128

9,489

Champion

Homes,

Inc.*

743,748

51,037

Dream

Finders

Homes,

Inc.,

Class

A*

938,571

29,320

La-Z-Boy,

Inc.

1,067,541

15,501

LGI

Homes,

Inc.*

776,755

299

M/I

Homes,

Inc.*

39,976

8,079,019

Household

Products

–

0.4%

118,447

Energizer

Holdings,

Inc.

2,585,698

Independent

Power

and

Renewable

Electricity

Producers

–

0.6%

27,506

Ormat

Technologies,

Inc.

3,436,600

Insurance

–

2.5%

82,802

AMERISAFE,

Inc.

3,114,183

519

HCI

Group,

Inc.

82,350

19,277

Heritage

Insurance

Holdings,

Inc.*

502,551

3,721

Investors

Title

Co.

965,302

4,783

Lemonade,

Inc.*

414,830

56,369

Octave

Specialty

Group,

Inc.*

319,612

71,298

Oscar

Health,

Inc.,

Class

A*

1,023,126

41,974

Safety

Insurance

Group,

Inc.

3,303,354

4,707

Selective

Insurance

Group,

Inc.

395,765

39,156

Stewart

Information

Services

Corp.

2,640,289

25,468

Tiptree,

Inc.

455,368

49,265

Universal

Insurance

Holdings,

Inc.

1,500,119

14,716,849

Interactive

Media

&

Services

–

0.3%

8,898

EverQuote,

Inc.,

Class

A*

201,985

26,670

Grindr,

Inc.

(Singapore)*

301,904

103,091

QuinStreet,

Inc.*

1,370,079

1,873,968

IT

Services

–

0.6%

35,283

Applied

Digital

Corp.*

1,195,388

31,710

BigBear.ai

Holdings,

Inc.*

(a)

159,818

15,227

DigitalOcean

Holdings,

Inc.*

841,292

92,434

Fastly,

Inc.,

Class

A*

855,015

3,051,513

Leisure

Products

–

0.6%

101,513

Callaway

Golf

Co.*

1,456,712

3,497

JAKKS

Pacific,

Inc.

63,890

72,181

MasterCraft

Boat

Holdings,

Inc.*

1,554,057

32,231

Smith

&

Wesson

Brands,

Inc.

351,962

3,426,621

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

0.7%

150,859

Adaptive

Biotechnologies

Corp.*

$

2,790,891

185,902

Cytek

Biosciences,

Inc.*

929,510

84,975

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

285,516

29,928

Niagen

Bioscience,

Inc.*

179,269

4,185,186

Machinery

–

2.0%

38,751

Aebi

Schmidt

Holding

AG

(Switzerland)

567,315

35,297

Atmus

Filtration

Technologies,

Inc.

2,046,167

6,937

Chart

Industries,

Inc.*

1,438,317

7,694

ESCO

Technologies,

Inc.

1,755,540

13,619

Federal

Signal

Corp.

1,472,078

7,172

Hillman

Solutions

Corp.*

67,202

3,073

Kadant,

Inc.

986,556

4,372

Kennametal,

Inc.

150,353

52,027

Manitowoc

Co.,

Inc.

(The)*

672,189

188,797

Microvast

Holdings,

Inc.*

494,648

35,951

Miller

Industries,

Inc.

1,472,912

8,250

Omega

Flex,

Inc.

272,167

34,771

Palladyne

AI

Corp.*

(a)

226,707

11,552

Proto

Labs,

Inc.*

608,213

12,230,364

Marine

Transportation

–

0.7%

103,028

Costamare,

Inc.

(Monaco)

1,728,810

81,815

Pangaea

Logistics

Solutions

Ltd.

693,791

322,135

Safe

Bulkers,

Inc.

(Monaco)

1,839,391

4,261,992

Media

–

0.5%

33,138

AMC

Networks,

Inc.,

Class

A*

255,494

13,418

Cable

One,

Inc.

1,086,724

6,684

EchoStar

Corp.,

Class

A*

756,763

66,672

Entravision

Communications

Corp.,

Class

A

200,683

43,250

EW

Scripps

Co.

(The),

Class

A*

144,887

136,752

Gray

Media,

Inc.

616,752

1,627

John

Wiley

&

Sons,

Inc.,

Class

A

50,811

3,112,114

Metals

&

Mining

–

2.5%

807

Century

Aluminum

Co.*

36,581

230,313

Coeur

Mining,

Inc.*

4,707,598

253,302

Hecla

Mining

Co.

5,704,361

112,669

Ivanhoe

Electric,

Inc.*

1,925,513

3,873

Materion

Corp.

535,558

43,203

Novagold

Resources,

Inc.

(Canada)*

377,162

39,125

SSR

Mining,

Inc.

(Canada)*

893,224

42,522

U.S.

Gold

Corp.*

737,332

14,917,329

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.6%

66,804

BrightSpire

Capital,

Inc.

REIT

399,488

72,915

Invesco

Mortgage

Capital,

Inc.

REIT

626,340

72,291

Ladder

Capital

Corp.

REIT

793,032

5,635

MFA

Financial,

Inc.

REIT

54,322

Shares

Description

Value

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

(continued)

10,030

Nexpoint

Real

Estate

Finance,

Inc.

REIT

$

148,143

57,525

Orchid

Island

Capital,

Inc.

REIT

448,695

97,645

TPG

RE

Finance

Trust,

Inc.

REIT

881,734

3,351,754

Office

REITs

–

0.5%

231,671

Brandywine

Realty

Trust

REIT

655,629

233,532

Douglas

Emmett,

Inc.

REIT

2,466,098

3,121,727

Oil,

Gas

&

Consumable

Fuels

–

2.9%

759

Centrus

Energy

Corp.,

Class

A*

211,214

101,170

Clean

Energy

Fuels

Corp.*

222,574

4,504

Comstock

Resources,

Inc.

109,672

20,342

Core

Natural

Resources,

Inc.

1,940,220

11,479

Crescent

Energy

Co.,

Class

A

112,150

40,854

DHT

Holdings,

Inc.

585,438

50,557

Diversified

Energy

Co.

676,958

62,695

Encore

Energy

Corp.

(Canada)*

(a)

199,370

30,381

Energy

Fuels,

Inc.*

681,750

64,296

Golar

LNG

Ltd.

(Cameroon)

2,609,775

73,771

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,881,898

235,619

Nordic

American

Tankers

Ltd.

980,175

57,530

Par

Pacific

Holdings,

Inc.*

2,171,182

6,897

PBF

Energy,

Inc.,

Class

A

230,774

11,582

Peabody

Energy

Corp.

408,381

5,262

REX

American

Resources

Corp.*

177,908

3,606

Scorpio

Tankers,

Inc.

(Monaco)

229,414

158,443

SFL

Corp.

Ltd.

(Norway)

1,403,805

119,745

Uranium

Energy

Corp.*

2,064,404

16,897,062

Passenger

Airlines

–

1.4%

13,755

Allegiant

Travel

Co.*

1,219,106

582,211

JetBlue

Airways

Corp.*

2,835,367

33,448

SkyWest,

Inc.*

3,228,401

49,622

Sun

Country

Airlines

Holdings,

Inc.*

870,370

8,153,244

Personal

Care

Products

–

0.4%

120,324

Herbalife

Ltd.*

2,074,386

Pharmaceuticals

–

1.9%

19,017

Aclaris

Therapeutics,

Inc.*

66,750

198,321

Amneal

Pharmaceuticals,

Inc.*

2,713,031

37,483

Arvinas,

Inc.*

501,523

3,496

Axsome

Therapeutics,

Inc.*

644,138

15,836

Edgewise

Therapeutics,

Inc.*

445,783

22,447

Harmony

Biosciences

Holdings,

Inc.*

819,764

10,213

Innoviva,

Inc.*

204,260

2,048

Ligand

Pharmaceuticals,

Inc.*

393,421

12,329

Rapport

Therapeutics,

Inc.*

328,075

46,419

Septerna,

Inc.*

1,083,419

52,183

SIGA

Technologies,

Inc.

349,626

11,443

Supernus

Pharmaceuticals,

Inc.*

551,095

13,407

Tarsus

Pharmaceuticals,

Inc.*

865,288

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

59,432

Terns

Pharmaceuticals,

Inc.*

$

2,056,347

11,022,520

Professional

Services

–

1.5%

989,946

Alight,

Inc.,

Class

A

1,514,617

117,518

Conduent,

Inc.*

163,350

20,664

Exponent,

Inc.

1,485,122

1,707

ICF

International,

Inc.

159,178

187,770

Legalzoom.com,

Inc.*

1,669,275

49,321

Planet

Labs

PBC*

1,231,545

140,239

Verra

Mobility

Corp.*

2,706,613

8,929,700

Real

Estate

Management

&

Development

–

0.2%

40,668

Douglas

Elliman,

Inc.*

109,804

5,559

Forestar

Group,

Inc.*

144,645

6,886

FRP

Holdings,

Inc.*

164,644

78,101

Kennedy-Wilson

Holdings,

Inc.

769,295

1,188,388

Residential

REITs

–

1.0%

103,815

NexPoint

Residential

Trust,

Inc.

REIT

3,137,289

167,023

UMH

Properties,

Inc.

REIT

2,610,570

42,254

Veris

Residential,

Inc.

REIT

641,838

6,389,697

Retail

REITs

–

1.2%

10,888

CBL

&

Associates

Properties,

Inc.

REIT

389,790

3,370

Kite

Realty

Group

Trust

REIT

79,161

17,484

Macerich

Co.

(The)

REIT

330,972

63,854

Phillips

Edison

&

Co.,

Inc.

REIT

2,313,431

12,373

Tanger,

Inc.

REIT

404,845

158,225

Urban

Edge

Properties

REIT

3,074,312

2,941

Whitestone

REIT

41,880

6,634,391

Semiconductors

&

Semiconductor

Equipment

–

3.5%

13,594

ACM

Research,

Inc.,

Class

A*

790,083

6,443

Axcelis

Technologies,

Inc.*

567,435

30,835

Credo

Technology

Group

Holding

Ltd.*

3,863,009

60,442

Diodes,

Inc.*

3,577,562

6,741

FormFactor,

Inc.*

475,173

108,078

MaxLinear,

Inc.*

1,875,153

5,802

Rambus,

Inc.*

660,442

38,012

Rigetti

Computing,

Inc.*

690,678

28,260

Semtech

Corp.*

2,253,735

25,466

Silicon

Laboratories,

Inc.*

3,627,632

6,351

SiTime

Corp.*

2,306,111

20,687,013

Software

–

5.0%

7,597

A10

Networks,

Inc.

132,492

23,770

Adeia,

Inc.

429,999

22,578

Agilysys,

Inc.*

1,958,641

13,342

Appian

Corp.,

Class

A*

372,242

83,828

Arteris,

Inc.*

1,258,258

21,123

BlackLine,

Inc.*

981,586

88,260

C3.ai,

Inc.,

Class

A*

971,743

84,609

Cerence,

Inc.*

958,620

Shares

Description

Value

Common

Stocks

–

(continued)

Software

–

(continued)

9,841

Cipher

Mining,

Inc.*

$

157,062

77,824

Cleanspark,

Inc.*

921,436

59,293

Clear

Secure,

Inc.,

Class

A

1,934,138

10,033

Commvault

Systems,

Inc.*

859,828

26,173

Consensus

Cloud

Solutions,

Inc.*

559,055

45,854

Core

Scientific,

Inc.*

824,913

40,337

Digital

Turbine,

Inc.*

210,559

29,732

Domo,

Inc.,

Class

B*

174,527

71,605

D-Wave

Quantum,

Inc.

(Canada)*

1,519,458

14,005

Hut

8

Corp.

(Canada)*

781,899

19,496

Intapp,

Inc.*

661,889

10,759

InterDigital,

Inc.

3,512,168

41,966

MARA

Holdings,

Inc.*

398,677

30,879

Mitek

Systems,

Inc.*

309,408

31,188

OneSpan,

Inc.

367,395

34,086

Pagaya

Technologies

Ltd.,

Class

A*

660,928

11,241

Progress

Software

Corp.*

459,982

15,912

Q2

Holdings,

Inc.*

974,610

7,049

Red

Violet,

Inc.*

320,589

20,102

Rezolve

AI

PLC*

51,863

56,760

Riot

Platforms,

Inc.*

878,077

54,104

SoundHound

AI,

Inc.,

Class

A*

(a)

457,720

81,215

Terawulf,

Inc.*

1,085,845

45,230

Varonis

Systems,

Inc.*

1,349,663

31,610

Vertex,

Inc.,

Class

A*

586,365

151,166

Zeta

Global

Holdings

Corp.,

Class

A*

2,808,664

29,890,299

Specialized

REITs

–

0.6%

35,856

Four

Corners

Property

Trust,

Inc.

REIT

883,850

100,856

Smartstop

Self

Storage

REIT,

Inc.

REIT

3,170,913

4,054,763

Specialty

Retail

–

2.8%

4,452

Abercrombie

&

Fitch

Co.,

Class

A*

434,649

156,209

American

Eagle

Outfitters,

Inc.

3,641,232

22,281

Bed

Bath

&

Beyond,

Inc.*

131,681

15,629

Boot

Barn

Holdings,

Inc.*

2,789,464

26,622

Buckle,

Inc.

(The)

1,259,220

7,809

Citi

Trends,

Inc.*

336,958

105,365

Designer

Brands,

Inc.,

Class

A

(a)

668,014

56,922

Haverty

Furniture

Cos.,

Inc.

1,441,265

57,460

Revolve

Group,

Inc.*

1,588,769

53,827

Shoe

Carnival,

Inc.

1,025,942

41,092

Stitch

Fix,

Inc.,

Class

A*

197,241

52,061

ThredUp,

Inc.,

Class

A*

264,470

12,315

Victoria's

Secret

&

Co.*

671,291

1,891

Winmark

Corp.

852,255

61,913

Zumiez,

Inc.*

1,523,679

16,826,130

Technology

Hardware,

Storage

&

Peripherals

–

0.6%

58,084

Corsair

Gaming,

Inc.*

296,229

51,001

Eastman

Kodak

Co.*

373,327

66,045

IonQ,

Inc.*

2,640,479

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Additional

Investment

Information

Shares

Description

Value

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

(continued)

11,452

Quantum

Computing,

Inc.*

(a)

$

106,160

3,416,195

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

24,951

G-III

Apparel

Group

Ltd.

732,312

13,964

Kontoor

Brands,

Inc.

834,070

68,781

Movado

Group,

Inc.

1,568,207

62,320

Steven

Madden

Ltd.

2,734,601

5,869,190

Trading

Companies

&

Distributors

–

1.1%

38,450

Custom

Truck

One

Source,

Inc.*

243,004

193,366

DNOW,

Inc.*

2,937,229

478

DXP

Enterprises,

Inc.*

62,164

57,069

NPK

International,

Inc.*

788,123

34,577

Rush

Enterprises,

Inc.,

Class

A

2,219,498

3,559

Xometry,

Inc.,

Class

A*

203,326

6,453,344

Water

Utilities

–

0.1%

12,055

American

States

Water

Co.

879,533

Wireless

Telecommunication

Services

–

0.1%

36,118

Spok

Holdings,

Inc.

497,345

TOTAL

COMMON

STOCKS

(Cost

$488,462,671)

579,137,486

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,578,870

3.590%

4,578,870

(Cost

$4,578,870)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$493,041,541)

583,716,356

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.5%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,084,342

3.590%

$

3,084,342

(Cost

$3,084,342)

TOTAL

INVESTMENTS

–

99.2%

(Cost

$496,125,883)

$

586,800,698

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

4,526,808

NET

ASSETS

–

100.0%

$

591,327,506

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

January

31,

2026,

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

73

03/20/26

$

9,579,790

$

(184,850)

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

98.9%

Aerospace

&

Defense

–

3.4%

5,092

AeroVironment,

Inc.*

$

1,417,562

98,029

Archer

Aviation,

Inc.,

Class

A*

704,829

6,026

Astronics

Corp.*

456,469

9,219

Byrna

Technologies,

Inc.*

126,392

17,113

Kratos

Defense &

Security

Solutions,

Inc.*

1,762,810

2,550

Mercury

Systems,

Inc.*

239,394

8,225

Moog,

Inc.,

Class

A

2,511,504

7,965

Red

Cat

Holdings,

Inc.*

(a)

107,528

39,496

Redwire

Corp.*

(a)

464,078

7,790,566

Automobile

Components

–

1.1%

14,800

Adient

PLC*

307,840

12,464

Cooper-Standard

Holdings,

Inc.*

390,996

3,318

LCI

Industries

486,717

6,336

Patrick

Industries,

Inc.

799,413

76,835

Solid

Power,

Inc.*

344,221

758

Visteon

Corp.

68,872

2,398,059

Banks

–

1.7%

1,460

Ameris

Bancorp

117,705

2,083

BancFirst

Corp.

229,026

1,186

Bank

of

Hawaii

Corp.

88,689

40,047

First

Financial

Bankshares,

Inc.

1,274,296

10,886

International

Bancshares

Corp.

758,101

5,032

Northrim

BanCorp,

Inc.

118,554

16,198

ServisFirst

Bancshares,

Inc.

1,325,806

783

Texas

Capital

Bancshares,

Inc.*

79,216

3,991,393

Beverages

–

0.0%

482

National

Beverage

Corp.*

16,427

Biotechnology

–

10.3%

19,516

ACADIA

Pharmaceuticals,

Inc.*

490,437

7,844

Alkermes

PLC*

265,833

23,747

Allogene

Therapeutics,

Inc.*

43,694

12,743

Altimmune,

Inc.*

71,361

1,804

AnaptysBio,

Inc.*

85,528

59,511

Annexon,

Inc.*

371,349

6,219

Apogee

Therapeutics,

Inc.*

407,407

3,744

Arcturus

Therapeutics

Holdings,

Inc.*

27,968

16,735

Arcutis

Biotherapeutics,

Inc.*

424,567

29,249

Ardelyx,

Inc.*

224,925

26,894

ArriVent

Biopharma,

Inc.*

604,846

1,737

Arrowhead

Pharmaceuticals,

Inc.*

120,426

7,522

Aura

Biosciences,

Inc.*

42,123

26,981

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

392,034

20,108

Beam

Therapeutics,

Inc.*

555,383

6,026

Benitec

Biopharma,

Inc.

(Australia)*

73,397

19,896

BioCryst

Pharmaceuticals,

Inc.*

130,916

20,443

Biohaven

Ltd.*

241,841

13,648

Bridgebio

Pharma,

Inc.*

1,054,581

3,458

Bright

Minds

Biosciences,

Inc.

(Canada)*

268,859

5,645

Candel

Therapeutics,

Inc.*

32,967

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

6,321

Capricor

Therapeutics,

Inc.*

$

138,367

15,176

CareDx,

Inc.*

311,867

5,242

Celcuity,

Inc.*

573,580

14,672

CG

oncology,

Inc.*

763,678

20,576

Cogent

Biosciences,

Inc.*

738,884

15,127

Corvus

Pharmaceuticals,

Inc.*

313,129

1,190

Cullinan

Therapeutics,

Inc.*

14,232

52,086

Denali

Therapeutics,

Inc.*

1,132,350

8,027

Design

Therapeutics,

Inc.*

81,956

33,930

Dyne

Therapeutics,

Inc.*

607,008

26,161

Erasca,

Inc.*

274,952

11,329

Foghorn

Therapeutics,

Inc.*

64,688

3,411

Greenwich

Lifesciences,

Inc.*

(a)

102,569

2,964

Ideaya

Biosciences,

Inc.*

95,411

22,552

ImmunityBio,

Inc.*

(a)

140,950

16,786

Immunome,

Inc.*

413,271

4,555

Immunovant,

Inc.*

118,430

1,604

Kodiak

Sciences,

Inc.*

36,523

1,808

Krystal

Biotech,

Inc.*

504,866

4,690

Kymera

Therapeutics,

Inc.*

340,916

11,389

Larimar

Therapeutics,

Inc.*

40,317

7,373

Lexeo

Therapeutics,

Inc.*

54,634

2,387

Madrigal

Pharmaceuticals,

Inc.*

1,167,983

15,400

Mineralys

Therapeutics,

Inc.*

475,706

9,357

Mirum

Pharmaceuticals,

Inc.*

965,829

36,853

Myriad

Genetics,

Inc.*

207,114

5,733

Novavax,

Inc.*

50,708

8,614

Nuvalent,

Inc.,

Class

A*

886,294

120

Praxis

Precision

Medicines,

Inc.*

37,680

54,047

Prime

Medicine,

Inc.*

205,919

6,870

Protagonist

Therapeutics,

Inc.*

561,966

8,031

PTC

Therapeutics,

Inc.*

606,581

30,225

Recursion

Pharmaceuticals,

Inc.,

Class

A*

(a)

126,643

2,246

Rhythm

Pharmaceuticals,

Inc.*

230,260

15,232

Rigel

Pharmaceuticals,

Inc.*

530,987

26,834

Sana

Biotechnology,

Inc.*

118,875

33,132

Savara,

Inc.*

178,913

6,630

Sionna

Therapeutics,

Inc.*

280,184

24,318

Syndax

Pharmaceuticals,

Inc.*

493,898

3,709

Tectonic

Therapeutic,

Inc.*

74,143

24,958

TG

Therapeutics,

Inc.*

734,514

3,537

Travere

Therapeutics,

Inc.*

109,965

2,426

Twist

Bioscience

Corp.*

99,636

23,362

Vera

Therapeutics,

Inc.*

1,010,640

20,055

Veracyte,

Inc.*

763,694

26,195

Viridian

Therapeutics,

Inc.*

864,435

23,575,587

Broadline

Retail

–

0.0%

4,421

Kohl's

Corp.

77,235

Building

Products

–

0.8%

7,710

Griffon

Corp.

627,980

4,757

Modine

Manufacturing

Co.*

878,428

3,387

Tecnoglass,

Inc.

165,658

1,672,066

Capital

Markets

–

3.1%

3,426

Acadian

Asset

Management,

Inc.

189,869

14,779

Cohen

&

Steers,

Inc.

949,699

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Capital

Markets

–

(continued)

106,685

GCM

Grosvenor,

Inc.,

Class

A

$

1,207,674

11,211

Moelis

&

Co.,

Class

A

803,492

43,904

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

641,437

3,317

Piper

Sandler

Cos.

1,148,843

4,621

PJT

Partners,

Inc.,

Class

A

799,572

18,800

Victory

Capital

Holdings,

Inc.,

Class

A

1,325,964

7,066,550

Chemicals

–

0.5%

4,399

Balchem

Corp.

748,578

5,672

Cabot

Corp.

409,461

5,757

PureCycle

Technologies,

Inc.*

(a)

55,037

1,213,076

Commercial

Services

&

Supplies

–

0.9%

8,315

ACV

Auctions,

Inc.,

Class

A*

64,940

12,627

BrightView

Holdings,

Inc.*

168,697

6,829

Brink’s

Co.

(The)

867,556

993

Ennis,

Inc.

19,354

23,888

Healthcare

Services

Group,

Inc.*

449,572

275

HNI

Corp.

13,142

24,518

Montrose

Environmental

Group,

Inc.*

546,261

3,381

Quad/Graphics,

Inc.

20,692

2,150,214

Communications

Equipment

–

1.1%

11,327

Applied

Optoelectronics,

Inc.*

493,970

39,817

Viavi

Solutions,

Inc.*

973,924

56,996

Vistance

Networks,

Inc.*

1,025,928

2,493,822

Construction

&

Engineering

–

4.2%

1,142

Arcosa,

Inc.

130,725

3,349

Argan,

Inc.

1,162,471

15,741

Centuri

Holdings,

Inc.*

434,452

17,347

Construction

Partners,

Inc.,

Class

A*

1,906,088

3,651

Dycom

Industries,

Inc.*

1,330,388

210

IES

Holdings,

Inc.*

79,861

1,380

Limbach

Holdings,

Inc.*

118,652

7,027

MYR

Group,

Inc.*

1,757,031

13,023

Primoris

Services

Corp.

1,930,660

1,548

Sterling

Infrastructure,

Inc.*

554,045

1,829

Tutor

Perini

Corp.

144,290

9,548,663

Construction

Materials

–

0.6%

866

Knife

River

Corp.*

58,169

10,794

United

States

Lime

&

Minerals,

Inc.

1,301,001

1,359,170

Consumer

Finance

–

1.7%

2,441

Dave,

Inc.*

399,567

1,165

Encore

Capital

Group,

Inc.*

64,308

5,659

Enova

International,

Inc.*

934,697

9,131

FirstCash

Holdings,

Inc.

1,556,835

30,459

Oportun

Financial

Corp.*

165,088

24,298

OppFi,

Inc.

231,317

Shares

Description

Value

Common

Stocks

–

(continued)

Consumer

Finance

–

(continued)

6,263

PROG

Holdings,

Inc.

$

203,172

1,080

Regional

Management

Corp.

40,014

7,532

Upstart

Holdings,

Inc.*

295,631

3,890,629

Diversified

Consumer

Services

–

2.6%

10,730

American

Public

Education,

Inc.*

448,299

2,637

Carriage

Services,

Inc.

113,154

126,414

European

Wax

Center,

Inc.,

Class

A*

496,807

29,208

Frontdoor,

Inc.*

1,726,485

23,461

Laureate

Education,

Inc.*

804,712

12,581

McGraw

Hill,

Inc.*

185,570

160,257

Mister

Car

Wash,

Inc.*

889,426

21,719

OneSpaWorld

Holdings

Ltd.

(Bahamas)

426,778

7,017

Perdoceo

Education

Corp.

224,755

26,320

Universal

Technical

Institute,

Inc.*

732,486

6,048,472

Diversified

Telecommunication

Services

–

0.5%

6,479

Bandwidth,

Inc.,

Class

A*

90,512

742

Globalstar,

Inc.*

45,722

40,026

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

309,001

22,944

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

178,504

52,892

Lumen

Technologies,

Inc.*

466,507

1,090,246

Electric

Utilities

–

0.4%

11,365

Otter

Tail

Corp.

1,013,303

Electrical

Equipment

–

4.2%

25,391

American

Superconductor

Corp.*

759,699

34,086

Amprius

Technologies,

Inc.*

424,030

27,565

Bloom

Energy

Corp.,

Class

A*

4,172,514

10,080

Enovix

Corp.*

66,730

36,904

Eos

Energy

Enterprises,

Inc.*

540,275

2,359

Fluence

Energy,

Inc.*

72,586

8,944

LSI

Industries,

Inc.

197,752

1,543

NANO

Nuclear

Energy,

Inc.*

(a)

45,356

11,181

Nextpower,

Inc.,

Class

A*

1,309,183

40,201

NuScale

Power

Corp.*

702,713

2,901

Powell

Industries,

Inc.

1,286,855

9,577,693

Electronic

Equipment,

Instruments

&

Components

–

5.1%

18,697

908

Devices,

Inc.*

117,978

8,458

Advanced

Energy

Industries,

Inc.

2,159,835

5,943

Fabrinet

(Thailand)*

2,908,742

49,595

Knowles

Corp.*

1,202,183

13,874

Novanta,

Inc.*

1,866,608

1,072

OSI

Systems,

Inc.*

268,150

9,274

Ouster,

Inc.*

193,177

3,483

Plexus

Corp.*

694,266

6,599

Sanmina

Corp.*

934,946

10,764

TTM

Technologies,

Inc.*

1,057,025

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

(continued)

11,048

Vishay

Intertechnology,

Inc.

$

222,617

11,625,527

Energy

Equipment

&

Services

–

1.2%

18,717

Archrock,

Inc.

553,836

7,255

Core

Laboratories,

Inc.

141,763

1,154

Forum

Energy

Technologies,

Inc.*

52,207

45,274

Oceaneering

International,

Inc.*

1,362,747

6,302

Seadrill

Ltd.

(Norway)*

242,501

2,933

Solaris

Oilfield

Infrastructure,

Inc.

161,872

4,930

Tidewater,

Inc.*

308,076

2,823,002

Entertainment

–

1.6%

60,191

Cinemark

Holdings,

Inc.

1,425,323

27,039

CuriosityStream,

Inc.

100,585

31,419

IMAX

Corp.*

1,096,837

15,338

Madison

Square

Garden

Entertainment

Corp.*

948,962

13,929

Playtika

Holding

Corp.

50,423

3,622,130

Financial

Services

–

1.0%

5,310

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

257,376

27,812

Burford

Capital

Ltd.

269,498

2,466

Cass

Information

Systems,

Inc.

110,871

22,066

NCR

Atleos

Corp.*

823,062

28,892

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

325,035

32,997

Paysign,

Inc.*

137,598

17,153

Remitly

Global,

Inc.*

226,763

2,150,203

Food

Products

–

0.5%

101,840

BRC,

Inc.,

Class

A*

84,232

9,446

Cal-Maine

Foods,

Inc.

789,024

68,015

SunOpta,

Inc.

(Canada)*

311,509

1,184,765

Ground

Transportation

–

0.0%

6,056

FTAI

Infrastructure,

Inc.

35,246

Health

Care

Equipment

&

Supplies

–

5.9%

92,774

Accuray,

Inc.*

74,896

45,340

Alphatec

Holdings,

Inc.*

672,392

8,931

Artivion,

Inc.*

364,117

38,233

AtriCure,

Inc.*

1,411,945

207,759

Cerus

Corp.*

484,079

14,031

CVRx,

Inc.*

96,112

31,610

Delcath

Systems,

Inc.*

313,255

5,557

Electromed,

Inc.*

165,988

17,395

Glaukos

Corp.*

2,076,615

23,944

Haemonetics

Corp.*

1,596,107

2,711

Inogen,

Inc.*

15,995

9,621

iRadimed

Corp.

941,704

5,489

iRhythm

Holdings,

Inc.*

848,105

3,545

Lantheus

Holdings,

Inc.*

237,231

11,722

LeMaitre

Vascular,

Inc.

996,018

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

(continued)

2,333

NeuroPace,

Inc.*

$

35,298

18,787

Novocure

Ltd.*

232,959

5,162

PROCEPT

BioRobotics

Corp.*

149,492

331

Pro-Dex,

Inc.*

12,985

25,005

RxSight,

Inc.*

217,294

28,835

SI-BONE,

Inc.*

478,084

13,568

TransMedics

Group,

Inc.*

1,817,773

1,203

UFP

Technologies,

Inc.*

302,121

13,540,565

Health

Care

Providers

&

Services

–

4.8%

67,301

agilon

health,

Inc.*

56,008

12,059

Aveanna

Healthcare

Holdings,

Inc.*

101,296

8,000

Clover

Health

Investments

Corp.*

17,920

35,976

Community

Health

Systems,

Inc.*

115,483

11,353

Concentra

Group

Holdings

Parent,

Inc.

251,810

4,948

CorVel

Corp.*

344,529

1,423

Ensign

Group,

Inc.

(The)

244,272

1,884

Fulgent

Genetics,

Inc.*

49,361

5,339

GeneDx

Holdings

Corp.*

513,932

24,631

Guardant

Health,

Inc.*

2,808,919

22,459

HealthEquity,

Inc.*

1,924,063

30,730

Hims

&

Hers

Health,

Inc.*

832,476

1,978

Joint

Corp.

(The)*

19,345

25,278

LifeStance

Health

Group,

Inc.*

178,715

1,110

Nutex

Health,

Inc.*

(a)

165,157

29,515

Pennant

Group,

Inc.

(The)*

815,204

50,496

Privia

Health

Group,

Inc.*

1,172,517

6,305

Progyny,

Inc.*

150,500

43,252

Talkspace,

Inc.*

174,738

7,256

US

Physical

Therapy,

Inc.

608,561

71,145

Viemed

Healthcare,

Inc.*

545,682

11,090,488

Health

Care

REITs

–

0.1%

4,275

American

Healthcare

REIT,

Inc.

REIT

200,540

Health

Care

Technology

–

0.3%

18,423

Phreesia,

Inc.*

247,421

28,021

Schrodinger,

Inc.*

391,453

638,874

Hotels,

Restaurants

&

Leisure

–

2.2%

83,083

Bloomin'

Brands,

Inc.

498,498

22,483

Cheesecake

Factory,

Inc.

(The)

1,303,115

45,034

First

Watch

Restaurant

Group,

Inc.*

720,094

24,994

Global

Business

Travel

Group

I*

171,209

5,711

Kura

Sushi

USA,

Inc.,

Class

A*

381,552

7,487

Life

Time

Group

Holdings,

Inc.*

218,396

3,390

Monarch

Casino

&

Resort,

Inc.

310,287

4,394

Shake

Shack,

Inc.,

Class

A*

389,176

96,954

Super

Group

SGHC

Ltd.

(Guernsey)

918,154

4,910,481

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Household

Durables

–

1.3%

3,053

Cavco

Industries,

Inc.*

$

1,502,137

2,480

Century

Communities,

Inc.

156,191

10,080

Champion

Homes,

Inc.*

790,070

8,149

Dream

Finders

Homes,

Inc.,

Class

A*

149,860

921

Installed

Building

Products,

Inc.

265,377

4,085

La-Z-Boy,

Inc.

148,735

3,012,370

Household

Products

–

0.4%

42,355

Energizer

Holdings,

Inc.

924,610

Independent

Power

and

Renewable

Electricity

Producers

–

0.1%

6,900

Hallador

Energy

Co.*

127,581

Insurance

–

1.9%

23,739

AMERISAFE,

Inc.

892,824

5,400

Crawford

&

Co.,

Class

A

58,590

4,384

Goosehead

Insurance,

Inc.,

Class

A*

271,107

2,262

HCI

Group,

Inc.

358,911

13,833

Heritage

Insurance

Holdings,

Inc.*

360,626

1,492

Kingstone

Cos.,

Inc.

23,051

6,513

Lemonade,

Inc.*

564,872

46,466

Oscar

Health,

Inc.,

Class

A*

666,787

762

Root,

Inc.,

Class

A*

47,343

9,418

Safety

Insurance

Group,

Inc.

741,197

4,276

Selective

Insurance

Group,

Inc.

359,526

495

Stewart

Information

Services

Corp.

33,378

2,144

Trupanion,

Inc.*

68,587

4,446,799

Interactive

Media

&

Services

–

0.6%

10,772

EverQuote,

Inc.,

Class

A*

244,524

25,993

Grindr,

Inc.

(Singapore)*

294,241

46,246

QuinStreet,

Inc.*

614,609

54,854

ZipRecruiter,

Inc.,

Class

A*

134,941

1,288,315

IT

Services

–

0.8%

23,838

Applied

Digital

Corp.*

807,631

32,620

Backblaze,

Inc.,

Class

A*

148,421

12,882

DigitalOcean

Holdings,

Inc.*

711,731

57,948

Rackspace

Technology,

Inc.*

35,441

1,703,224

Leisure

Products

–

0.3%

1,890

Acushnet

Holdings

Corp.

183,217

4,205

Callaway

Golf

Co.*

60,342

22,989

MasterCraft

Boat

Holdings,

Inc.*

494,953

738,512

Life

Sciences

Tools

&

Services

–

0.8%

78,934

Adaptive

Biotechnologies

Corp.*

1,460,279

14,169

Alpha

Teknova,

Inc.*

34,289

2,374

Mesa

Laboratories,

Inc.

186,976

30,451

Niagen

Bioscience,

Inc.*

182,401

1,863,945

Shares

Description

Value

Common

Stocks

–

(continued)

Machinery

–

3.7%

17,223

Atmus

Filtration

Technologies,

Inc.

$

998,417

7,394

Blue

Bird

Corp.*

371,992

4,786

Chart

Industries,

Inc.*

992,329

6,335

Enerpac

Tool

Group

Corp.

255,681

6,927

ESCO

Technologies,

Inc.

1,580,534

9,414

Federal

Signal

Corp.

1,017,559

5,902

Gorman-Rupp

Co.

(The)

321,600

5,342

Kadant,

Inc.

1,714,996

6,124

Manitowoc

Co.,

Inc.

(The)*

79,122

95,551

Microvast

Holdings,

Inc.*

250,344

9,525

Miller

Industries,

Inc.

390,239

5,647

Omega

Flex,

Inc.

186,294

1,603

SPX

Technologies,

Inc.*

334,081

688

Standex

International

Corp.

165,120

8,658,308

Marine

Transportation

–

0.4%

26,779

Pangaea

Logistics

Solutions

Ltd.

227,086

110,327

Safe

Bulkers,

Inc.

(Monaco)

629,967

857,053

Media

–

0.3%

1,669

Cable

One,

Inc.

135,172

20,283

Entravision

Communications

Corp.,

Class

A

61,052

14,189

John

Wiley

&

Sons,

Inc.,

Class

A

443,123

3,394

Thryv

Holdings,

Inc.*

16,325

655,672

Metals

&

Mining

–

2.2%

5,213

Century

Aluminum

Co.*

236,305

65,853

Coeur

Mining,

Inc.*

1,346,036

60,162

Hecla

Mining

Co.

1,354,848

73,421

Ivanhoe

Electric,

Inc.*

1,254,765

34,507

Novagold

Resources,

Inc.

(Canada)*

301,246

4,550

Perpetua

Resources

Corp.*

121,121

16,294

U.S.

Gold

Corp.*

282,538

12,106

United

States

Antimony

Corp.*

88,737

4,985,596

Oil,

Gas

&

Consumable

Fuels

–

0.9%

870

Centrus

Energy

Corp.,

Class

A*

242,103

2,763

Comstock

Resources,

Inc.

67,279

2,188

Core

Natural

Resources,

Inc.

208,691

3,619

Delek

US

Holdings,

Inc.

106,797

3,497

Energy

Fuels,

Inc.*

78,473

10,678

Par

Pacific

Holdings,

Inc.*

402,988

62,232

Uranium

Energy

Corp.*

1,072,880

2,179,211

Passenger

Airlines

–

0.8%

873

Allegiant

Travel

Co.*

77,374

101,384

JetBlue

Airways

Corp.*

493,740

10,907

Joby

Aviation,

Inc.*

115,287

6,661

SkyWest,

Inc.*

642,920

25,797

Sun

Country

Airlines

Holdings,

Inc.*

452,479

1,781,800

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Personal

Care

Products

–

0.3%

36,895

Herbalife

Ltd.*

$

636,070

1,110

Interparfums,

Inc.

108,303

744,373

Pharmaceuticals

–

2.7%

79,286

Amneal

Pharmaceuticals,

Inc.*

1,084,633

2,366

Arvinas,

Inc.*

31,657

3,881

Axsome

Therapeutics,

Inc.*

715,074

6,607

Collegium

Pharmaceutical,

Inc.*

303,393

12,374

Edgewise

Therapeutics,

Inc.*

348,328

8,594

Harmony

Biosciences

Holdings,

Inc.*

313,853

3,862

Indivior

Pharmaceuticals,

Inc.*

136,638

62,076

Innoviva,

Inc.*

1,241,520

863

Liquidia

Corp.*

36,583

4,942

Omeros

Corp.*

57,772

2,256

Rapport

Therapeutics,

Inc.*

60,032

11,883

Septerna,

Inc.*

277,349

31,213

SIGA

Technologies,

Inc.

209,127

10,535

Tarsus

Pharmaceuticals,

Inc.*

679,929

10,065

Terns

Pharmaceuticals,

Inc.*

348,249

1,344

Theravance

Biopharma,

Inc.*

25,455

11,398

Trevi

Therapeutics,

Inc.*

119,337

7,292

WaVe

Life

Sciences

Ltd.*

94,359

6,083,288

Professional

Services

–

2.3%

137,610

Alight,

Inc.,

Class

A

210,543

22,858

Exponent,

Inc.

1,642,804

481

Innodata,

Inc.*

26,667

91,148

Legalzoom.com,

Inc.*

810,306

1,267

Maximus,

Inc.

119,655

29,504

Planet

Labs

PBC*

736,715

83,653

Verra

Mobility

Corp.*

1,614,503

5,161,193

Real

Estate

Management

&

Development

–

0.0%

1,965

Maui

Land

&

Pineapple

Co.,

Inc.*

33,660

Residential

REITs

–

0.9%

29,964

NexPoint

Residential

Trust,

Inc.

REIT

905,512

69,549

UMH

Properties,

Inc.

REIT

1,087,051

1,992,563

Retail

REITs

–

0.1%

528

CBL

&

Associates

Properties,

Inc.

REIT

18,902

11,030

Tanger,

Inc.

REIT

360,902

379,804

Semiconductors

&

Semiconductor

Equipment

–

4.8%

646

Ambarella,

Inc.*

41,370

23,123

Credo

Technology

Group

Holding

Ltd.*

2,896,849

6,064

Diodes,

Inc.*

358,928

5,671

FormFactor,

Inc.*

399,749

1,240

Impinj,

Inc.*

171,244

12,850

MaxLinear,

Inc.*

222,947

717

NVE

Corp.

48,390

18,576

Rambus,

Inc.*

2,114,506

Shares

Description

Value

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

(continued)

32,742

Rigetti

Computing,

Inc.*

$

594,922

14,986

Semtech

Corp.*

1,195,134

10,326

Silicon

Laboratories,

Inc.*

1,470,939

4,208

SiTime

Corp.*

1,527,967

11,042,945

Software

–

8.3%

21,642

8x8,

Inc.*

35,926

10,724

A10

Networks,

Inc.

187,027

25,273

Adeia,

Inc.

457,189

13,951

Agilysys,

Inc.*

1,210,249

6,133

Alarm.com

Holdings,

Inc.*

299,168

11,006

Alkami

Technology,

Inc.*

233,217

10,237

Amplitude,

Inc.,

Class

A*

93,873

9,466

Appian

Corp.,

Class

A*

264,101

15,366

Arteris,

Inc.*

230,644

4,770

Asana,

Inc.,

Class

A*

48,892

20,393

AvePoint,

Inc.*

237,171

27,983

BlackLine,

Inc.*

1,300,370

63,864

C3.ai,

Inc.,

Class

A*

703,143

25,363

Cerence,

Inc.*

287,363

5,122

Cleanspark,

Inc.*

60,644

37,143

Clear

Secure,

Inc.,

Class

A

1,211,605

7,578

Commvault

Systems,

Inc.*

649,435

29,343

Core

Scientific,

Inc.*

527,881

12,101

Digital

Turbine,

Inc.*

63,167

37,981

Domo,

Inc.,

Class

B*

222,948

52,535

D-Wave

Quantum,

Inc.

(Canada)*

1,114,793

4,671

Five9,

Inc.*

82,490

22,296

Freshworks,

Inc.,

Class

A*

240,351

10,897

Intapp,

Inc.*

369,953

7,299

InterDigital,

Inc.

2,382,686

21,510

Pagaya

Technologies

Ltd.,

Class

A*

417,079

22,170

Progress

Software

Corp.*

907,196

13,127

Q2

Holdings,

Inc.*

804,029

10,532

Red

Violet,

Inc.*

478,995

26,009

Rezolve

AI

PLC*

67,103

42,983

SoundHound

AI,

Inc.,

Class

A*

(a)

363,636

27,313

Sprinklr,

Inc.,

Class

A*

174,257

48,982

Terawulf,

Inc.*

654,889

28,250

Varonis

Systems,

Inc.*

842,980

38,381

Vertex,

Inc.,

Class

A*

711,967

74,979

Zeta

Global

Holdings

Corp.,

Class

A*

1,393,110

19,329,527

Specialized

REITs

–

0.2%

12,995

Smartstop

Self

Storage

REIT,

Inc.

REIT

408,563

Specialty

Retail

–

2.7%

6,420

Abercrombie

&

Fitch

Co.,

Class

A*

626,785

39,272

American

Eagle

Outfitters,

Inc.

915,430

7,886

Boot

Barn

Holdings,

Inc.*

1,407,493

26,817

Buckle,

Inc.

(The)

1,268,444

2,536

Designer

Brands,

Inc.,

Class

A

16,078

18,534

Envela

Corp.*

252,804

31,176

Revolve

Group,

Inc.*

862,016

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

1,397

Shoe

Carnival,

Inc.

$

26,627

40,256

ThredUp,

Inc.,

Class

A*

204,500

23,109

Zumiez,

Inc.*

568,713

6,148,890

Technology

Hardware,

Storage

&

Peripherals

–

1.2%

19,822

Corsair

Gaming,

Inc.*

101,092

15,530

Eastman

Kodak

Co.*

113,680

54,452

IonQ,

Inc.*

2,176,991

18,863

Quantum

Computing,

Inc.*

(a)

174,860

6,165

Turtle

Beach

Corp.*

73,733

2,640,356

Textiles,

Apparel

&

Luxury

Goods

–

0.4%

2,352

G-III

Apparel

Group

Ltd.

69,031

7,575

Kontoor

Brands,

Inc.

452,455

14,720

Movado

Group,

Inc.

335,616

857,102

Trading

Companies

&

Distributors

–

0.6%

15,738

DNOW,

Inc.*

239,060

1,269

DXP

Enterprises,

Inc.*

165,034

12,716

Rush

Enterprises,

Inc.,

Class

A

816,240

4,736

Xometry,

Inc.,

Class

A*

270,568

1,490,902

Water

Utilities

–

0.0%

749

American

States

Water

Co.

54,647

Wireless

Telecommunication

Services

–

0.1%

38,007

Gogo,

Inc.*

174,452

TOTAL

COMMON

STOCKS

(Cost

$193,238,010)

226,560,253

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.2%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,760,902

3.590%

2,760,902

(Cost

$2,760,902)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$195,998,912)

229,321,155

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,674,224

3.590%

$

1,674,224

(Cost

$1,674,224)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$197,673,136)

$

230,995,379

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(1,876,696)

NET

ASSETS

–

100.0%

$

229,118,683

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

January

31,

2026,

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

39

03/20/26

$

5,117,970

$

(106,880)

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.9%

Aerospace

&

Defense

–

1.1%

41,538

Intuitive

Machines,

Inc.*

$

788,807

40,998

Mercury

Systems,

Inc.*

3,848,892

19,717

Moog,

Inc.,

Class

A

6,020,586

10,658,285

Automobile

Components

–

3.1%

245,498

Adient

PLC*

5,106,359

425,874

American

Axle &

Manufacturing

Holdings,

Inc.*

3,394,216

64,987

Cooper-Standard

Holdings,

Inc.*

2,038,642

125,886

Dana,

Inc.

3,638,105

36,677

Gentherm,

Inc.*

1,172,197

45,741

LCI

Industries

6,709,747

435,928

Solid

Power,

Inc.*

1,952,958

60,415

Visteon

Corp.

5,489,307

29,501,531

Banks

–

16.0%

28,031

1st

Source

Corp.

1,887,327

76,341

Ameris

Bancorp

6,154,611

208,546

Associated

Banc-Corp.

5,684,964

37,785

Atlantic

Union

Bankshares

Corp.

1,467,569

2,201

Banner

Corp.

136,110

65,001

BayCom

Corp.

1,896,729

22,881

Business

First

Bancshares,

Inc.

644,558

50,459

Cadence

Bank

2,124,829

449,565

Capitol

Federal

Financial,

Inc.

3,272,833

62,122

Cathay

General

Bancorp

3,179,404

29,955

Central

Pacific

Financial

Corp.

975,634

10,354

ChoiceOne

Financial

Services,

Inc.

297,056

5,692

Columbia

Financial,

Inc.*

92,609

49,493

Community

Trust

Bancorp,

Inc.

3,053,718

41,732

Dime

Community

Bancshares,

Inc.

1,419,723

26,420

FB

Financial

Corp.

1,519,943

17,171

First

Commonwealth

Financial

Corp.

309,593

3,174

First

Community

Bankshares,

Inc.

114,328

110,179

First

Financial

Bancorp

3,166,544

17,607

First

Financial

Bankshares,

Inc.

560,255

63,535

First

Merchants

Corp.

2,526,152

60,294

Flushing

Financial

Corp.

952,042

75,719

German

American

Bancorp,

Inc.

3,185,498

121,983

Glacier

Bancorp,

Inc.

6,182,098

95,528

Hancock

Whitney

Corp.

6,572,326

111,604

Hanmi

Financial

Corp.

2,965,318

171,962

Home

BancShares,

Inc.

4,969,702

23,920

HomeTrust

Bancshares,

Inc.

1,031,430

192,868

Hope

Bancorp,

Inc.

2,310,559

93,999

Independent

Bank

Corp.

3,304,065

70,831

International

Bancshares

Corp.

4,932,671

236,902

Kearny

Financial

Corp.

1,845,467

65,956

National

Bank

Holdings

Corp.,

Class

A

2,650,112

6,596

Nicolet

Bankshares,

Inc.

962,884

32,209

Northrim

BanCorp,

Inc.

758,844

1,558

OFG

Bancorp

(Puerto

Rico)

62,787

75,653

Old

National

Bancorp

1,848,203

86,771

Origin

Bancorp,

Inc.

3,716,402

Shares

Description

Value

Common

Stocks

–

(continued)

Banks

–

(continued)

9,075

Park

National

Corp.

$

1,478,681

21,120

PCB

Bancorp

473,933

12,252

Peapack-Gladstone

Financial

Corp.

388,633

19,641

Peoples

Bancorp,

Inc.

638,725

97,562

Provident

Financial

Services,

Inc.

2,160,023

132,194

Renasant

Corp.

4,985,036

12,643

Republic

Bancorp,

Inc.,

Class

A

918,008

10,019

S&T

Bancorp,

Inc.

427,210

23,069

ServisFirst

Bancshares,

Inc.

1,888,198

17,210

Sierra

Bancorp

609,406

2,077

SmartFinancial,

Inc.

82,914

9,849

Southern

First

Bancshares,

Inc.*

541,104

100,899

Southside

Bancshares,

Inc.

3,247,939

52,042

Texas

Capital

Bancshares,

Inc.*

5,265,089

8,608

Timberland

Bancorp,

Inc.

335,196

1,640

Tompkins

Financial

Corp.

131,397

72,925

TriCo

Bancshares

3,633,124

72,297

TrustCo

Bank

Corp.

3,137,690

98,504

Trustmark

Corp.

4,188,390

27,182

UMB

Financial

Corp.

3,455,920

153,516

United

Bankshares,

Inc.

6,498,332

158,915

United

Community

Banks,

Inc.

5,471,443

13,100

Univest

Financial

Corp.

434,134

8,625

Valley

National

Bancorp

107,468

72,441

Washington

Trust

Bancorp,

Inc.

2,489,797

132,475

WesBanco,

Inc.

4,675,043

11,342

Westamerica

BanCorp

573,678

29,269

WSFS

Financial

Corp.

1,894,582

148,865,990

Biotechnology

–

5.7%

322,453

Allogene

Therapeutics,

Inc.*

593,314

358,543

Annexon,

Inc.*

2,237,308

39,407

Arcturus

Therapeutics

Holdings,

Inc.*

294,370

5,829

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

84,695

85,069

Cargo

Therapeutics,

Inc.*

(a)

—

45,390

Celldex

Therapeutics,

Inc.*

1,116,594

45,790

CRISPR

Therapeutics

AG

(Switzerland)*

2,287,668

81,902

Cullinan

Therapeutics,

Inc.*

979,548

7,949

Cytokinetics,

Inc.*

502,297

336,590

Denali

Therapeutics,

Inc.*

7,317,467

64,260

Design

Therapeutics,

Inc.*

656,095

127,697

Dyne

Therapeutics,

Inc.*

2,284,499

25,337

Editas

Medicine,

Inc.*

50,421

32,585

Emergent

BioSolutions,

Inc.*

369,514

51,374

Enanta

Pharmaceuticals,

Inc.*

662,725

32,800

Entrada

Therapeutics,

Inc.*

375,232

358,151

Erasca,

Inc.*

3,764,167

116,235

Fate

Therapeutics,

Inc.*

138,320

303,003

Heron

Therapeutics,

Inc.*

399,964

114,372

Ideaya

Biosciences,

Inc.*

3,681,635

29,309

Keros

Therapeutics,

Inc.*

524,924

77,808

Kodiak

Sciences,

Inc.*

1,771,688

203,916

Larimar

Therapeutics,

Inc.*

721,863

78,224

Lexeo

Therapeutics,

Inc.*

579,640

50,863

Monte

Rosa

Therapeutics,

Inc.*

1,043,709

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

361,364

Myriad

Genetics,

Inc.*

$

2,030,866

112,122

Nurix

Therapeutics,

Inc.*

1,852,255

32,299

Olema

Pharmaceuticals,

Inc.*

830,730

28,186

ORIC

Pharmaceuticals,

Inc.*

289,188

13,227

Praxis

Precision

Medicines,

Inc.*

4,153,278

242,769

Prime

Medicine,

Inc.*

924,950

34,220

Prothena

Corp.

PLC

(Ireland)*

301,478

125,300

Puma

Biotechnology,

Inc.*

811,944

260,585

Relay

Therapeutics,

Inc.*

1,996,081

36,534

Rigel

Pharmaceuticals,

Inc.*

1,273,575

202,033

Sana

Biotechnology,

Inc.*

895,006

23,852

Solid

Biosciences,

Inc.*

154,084

5,156

Tectonic

Therapeutic,

Inc.*

103,068

55,152

Vaxcyte,

Inc.*

2,954,493

36,358

Vera

Therapeutics,

Inc.*

1,572,847

33,168

Viridian

Therapeutics,

Inc.*

1,094,544

53,676,044

Broadline

Retail

–

0.2%

94,175

Kohl's

Corp.

1,645,237

Capital

Markets

–

0.6%

61,718

GCM

Grosvenor,

Inc.,

Class

A

698,648

12,223

Victory

Capital

Holdings,

Inc.,

Class

A

862,088

6,073

Virtus

Investment

Partners,

Inc.

991,417

381,420

Webull

Corp.

(Cayman

Islands)*

2,681,383

5,233,536

Chemicals

–

2.1%

97,651

Aspen

Aerogels,

Inc.*

329,084

24,066

Core

Molding

Technologies,

Inc.*

469,768

19,540

HB

Fuller

Co.

1,174,354

72,800

Innospec,

Inc.

5,949,216

25,317

Mativ

Holdings,

Inc.

305,070

96,888

Minerals

Technologies,

Inc.

6,371,355

45,451

Perimeter

Solutions,

Inc.*

1,188,544

70,422

Stepan

Co.

4,057,011

19,844,402

Commercial

Services

&

Supplies

–

2.0%

10,557

ABM

Industries,

Inc.

486,044

316,744

BrightView

Holdings,

Inc.*

4,231,700

121,059

Deluxe

Corp.

3,195,958

85,187

Ennis,

Inc.

1,660,295

99,632

Healthcare

Services

Group,

Inc.*

1,875,074

73,060

Interface,

Inc.

2,299,198

205,824

Montrose

Environmental

Group,

Inc.*

4,585,759

9,274

Perma-Fix

Environmental

Services,

Inc.*

141,614

17,878

Pitney

Bowes,

Inc.

186,467

18,662,109

Communications

Equipment

–

0.4%

183,925

Vistance

Networks,

Inc.*

3,310,650

Construction

&

Engineering

–

2.5%

16,443

Ameresco,

Inc.,

Class

A*

515,324

30,547

Arcosa,

Inc.

3,496,715

3,343

Construction

Partners,

Inc.,

Class

A*

367,329

Shares

Description

Value

Common

Stocks

–

(continued)

Construction

&

Engineering

–

(continued)

132,233

Fluor

Corp.*

$

6,107,842

144,600

Great

Lakes

Dredge

&

Dock

Corp.*

2,166,108

104,620

Matrix

Service

Co.*

1,498,158

6,779

Primoris

Services

Corp.

1,004,987

97,844

Tutor

Perini

Corp.

7,718,913

22,875,376

Construction

Materials

–

0.3%

20,949

United

States

Lime

&

Minerals,

Inc.

2,524,983

Consumer

Finance

–

1.8%

2,886

Dave,

Inc.*

472,409

114,911

Encore

Capital

Group,

Inc.*

6,343,087

36,250

Green

Dot

Corp.,

Class

A*

441,525

104,841

Navient

Corp.

1,028,490

197,288

Oportun

Financial

Corp.*

1,069,301

48,736

PRA

Group,

Inc.*

623,333

143,663

PROG

Holdings,

Inc.

4,660,428

41,390

Regional

Management

Corp.

1,533,500

16,172,073

Containers

&

Packaging

–

0.5%

12,846

Myers

Industries,

Inc.

265,527

316,926

O-I

Glass,

Inc.*

4,842,629

5,108,156

Diversified

Consumer

Services

–

2.0%

5,396

Graham

Holdings

Co.,

Class

B

6,295,135

173,123

Laureate

Education,

Inc.*

5,938,119

9,130

McGraw

Hill,

Inc.*

134,667

188,125

Perdoceo

Education

Corp.

6,025,644

2,337

Strategic

Education,

Inc.

198,692

18,592,257

Diversified

REITs

–

0.4%

112,584

Essential

Properties

Realty

Trust,

Inc.

REIT

3,418,050

Diversified

Telecommunication

Services

–

0.7%

7,802

ATN

International,

Inc.

188,731

58,289

Bandwidth,

Inc.,

Class

A*

814,297

358,852

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

2,770,337

356,578

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

2,774,177

6,547,542

Electric

Utilities

–

0.9%

27,131

Oklo,

Inc.*

2,160,170

73,101

Otter

Tail

Corp.

6,517,685

8,677,855

Electrical

Equipment

–

1.0%

13,660

American

Superconductor

Corp.*

408,707

7,306

Amprius

Technologies,

Inc.*

90,887

60,472

Array

Technologies,

Inc.*

684,845

6,298

EnerSys

1,134,837

509,556

Plug

Power,

Inc.*

(b)

1,077,711

3,570

Preformed

Line

Products

Co.

895,856

53,417

Sunrun,

Inc.*

1,014,923

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

83,286

Thermon

Group

Holdings,

Inc.*

$

3,768,691

9,076,457

Electronic

Equipment,

Instruments

&

Components

–

3.3%

2,539

CTS

Corp.

130,530

727

Fabrinet

(Thailand)*

355,823

264,584

Knowles

Corp.*

6,413,516

5,158

nLight,

Inc.*

235,256

12,227

PC

Connection,

Inc.

719,070

5,398

Richardson

Electronics

Ltd.

65,262

32,433

Sanmina

Corp.*

4,595,108

125,739

TTM

Technologies,

Inc.*

12,347,570

292,435

Vishay

Intertechnology,

Inc.

5,892,565

30,754,700

Energy

Equipment

&

Services

–

3.0%

466,056

Borr

Drilling

Ltd.

(Mexico)*

2,181,142

163,315

Core

Laboratories,

Inc.

3,191,175

215,509

Expro

Group

Holdings

NV*

3,450,299

4,144

Forum

Energy

Technologies,

Inc.*

187,475

201,232

Helix

Energy

Solutions

Group,

Inc.*

1,597,782

57,367

Liberty

Energy,

Inc.

1,414,097

103,028

Noble

Corp.

PLC

3,669,857

11,204

Oceaneering

International,

Inc.*

337,240

141,378

Oil

States

International,

Inc.*

1,197,472

541,449

Patterson-UTI

Energy,

Inc.

4,077,111

60,990

ProPetro

Holding

Corp.*

700,775

13,684

Ranger

Energy

Services,

Inc.,

Class

A

211,007

53,287

SEACOR

Marine

Holdings,

Inc.*

355,957

63,281

Seadrill

Ltd.

(Norway)*

2,435,053

548,473

Transocean

Ltd.*

2,725,911

9,748

Valaris

Ltd.*

562,752

28,295,105

Entertainment

–

0.1%

330,658

AMC

Entertainment

Holdings,

Inc.,

Class

A*

(b)

459,615

33,540

Marcus

Corp.

(The)

506,118

53,527

Playtika

Holding

Corp.

193,768

6,409

Starz

Entertainment

Corp.*

64,026

1,223,527

Financial

Services

–

2.0%

43,639

Alerus

Financial

Corp.

1,074,392

130,851

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

6,342,348

56,406

Burford

Capital

Ltd.

546,574

44,361

Essent

Group

Ltd.

2,791,194

8,929

Jackson

Financial,

Inc.,

Class

A

1,061,837

17,166

NMI

Holdings,

Inc.*

664,667

149,481

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

1,681,661

58,234

Radian

Group,

Inc.

1,915,899

71,232

Velocity

Financial,

Inc.*

1,445,298

9,760

Walker &

Dunlop,

Inc.

613,806

18,137,676

Shares

Description

Value

Common

Stocks

–

(continued)

Gas

Utilities

–

1.0%

6,102

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

$

291,981

18,656

New

Jersey

Resources

Corp.

923,099

97,493

ONE

Gas,

Inc.

7,756,543

8,971,623

Ground

Transportation

–

0.2%

120,366

RXO,

Inc.*

1,754,936

Health

Care

Equipment

&

Supplies

–

1.4%

15,593

Alphatec

Holdings,

Inc.*

231,244

15,779

Artivion,

Inc.*

643,310

29,426

AtriCure,

Inc.*

1,086,702

116,857

Embecta

Corp.

1,239,853

41,395

Enovis

Corp.*

912,346

22,135

Glaukos

Corp.*

2,642,476

1,964

Haemonetics

Corp.*

130,920

159,231

Inogen,

Inc.*

939,463

27,202

LivaNova

PLC*

1,787,444

5,391

RxSight,

Inc.*

46,848

25,913

TransMedics

Group,

Inc.*

3,471,694

10,432

Varex

Imaging

Corp.*

145,422

13,277,722

Health

Care

Providers

&

Services

–

1.3%

30,888

Accendra

Health,

Inc.*

68,262

43,197

Castle

Biosciences,

Inc.*

1,701,530

238,330

Enhabit,

Inc.*

2,533,448

27,596

Fulgent

Genetics,

Inc.*

723,015

5,046

GeneDx

Holdings

Corp.*

485,728

6,325

Guardant

Health,

Inc.*

721,303

6,622

HealthEquity,

Inc.*

567,307

123,341

LifeStance

Health

Group,

Inc.*

872,021

16,543

Nano-X

Imaging

Ltd.

(Israel)*

(b)

45,162

135,455

NeoGenomics,

Inc.*

1,633,587

1,911,341

OPKO

Health,

Inc.*

2,408,290

1,631

US

Physical

Therapy,

Inc.

136,792

119,011

Viemed

Healthcare,

Inc.*

912,814

12,809,259

Health

Care

REITs

–

1.6%

83,997

American

Healthcare

REIT,

Inc.

REIT

3,940,299

64,926

Community

Healthcare

Trust,

Inc.

REIT

1,121,921

46,652

Global

Medical

REIT,

Inc.

REIT

1,611,360

49,194

LTC

Properties,

Inc.

REIT

1,794,105

326,602

Sabra

Health

Care

REIT,

Inc.

REIT

6,117,256

14,584,941

Hotel

&

Resort

REITs

–

1.9%

497,437

Apple

Hospitality

REIT,

Inc.

REIT

5,790,167

457,419

Chatham

Lodging

Trust

REIT

3,252,249

383,709

RLJ

Lodging

Trust

REIT

2,850,958

257,203

Summit

Hotel

Properties,

Inc.

REIT

1,136,837

14,253

Sunstone

Hotel

Investors,

Inc.

REIT

124,999

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Hotel

&

Resort

REITs

–

(continued)

314,302

Xenia

Hotels

&

Resorts,

Inc.

REIT

$

4,635,955

17,791,165

Hotels,

Restaurants

&

Leisure

–

0.8%

33,318

Bloomin'

Brands,

Inc.

199,908

323,575

Brightstar

Lottery

PLC

4,685,366

248,540

Portillo's,

Inc.,

Class

A*

1,404,251

85,052

Super

Group

SGHC

Ltd.

(Guernsey)

805,442

7,094,967

Household

Durables

–

1.7%

88,819

Century

Communities,

Inc.

5,593,821

66,458

Dream

Finders

Homes,

Inc.,

Class

A*

1,222,163

56,155

La-Z-Boy,

Inc.

2,044,603

4,525

Legacy

Housing

Corp.*

93,894

18,894

LGI

Homes,

Inc.*

946,778

16,309

M/I

Homes,

Inc.*

2,180,513

51,163

Meritage

Homes

Corp.

3,556,340

15,638,112

Household

Products

–

0.3%

2,134

Central

Garden

&

Pet

Co.,

Class

A*

65,450

125,928

Energizer

Holdings,

Inc.

2,749,008

2,814,458

Independent

Power

and

Renewable

Electricity

Producers

–

1.1%

82,741

Ormat

Technologies,

Inc.

10,337,661

Insurance

–

2.3%

72,387

AMERISAFE,

Inc.

2,722,475

42,810

CNO

Financial

Group,

Inc.

1,800,161

2,434

Employers

Holdings,

Inc.

106,171

12,732

Greenlight

Capital

Re

Ltd.,

Class

A*

176,593

7,579

Hamilton

Insurance

Group

Ltd.,

Class

B

(Bermuda)*

210,317

2,565

Investors

Title

Co.

665,412

225,144

Octave

Specialty

Group,

Inc.*

1,276,566

71,016

Safety

Insurance

Group,

Inc.

5,588,959

74,288

Stewart

Information

Services

Corp.

5,009,240

56,394

Tiptree,

Inc.

1,008,325

84,739

Universal

Insurance

Holdings,

Inc.

2,580,303

21,144,522

IT

Services

–

0.4%

9,818

Applied

Digital

Corp.*

332,634

130,426

BigBear.ai

Holdings,

Inc.*

(b)

657,347

264,540

Fastly,

Inc.,

Class

A*

2,446,995

76,376

Rackspace

Technology,

Inc.*

46,712

3,483,688

Leisure

Products

–

0.9%

233,979

Callaway

Golf

Co.*

3,357,599

22,076

JAKKS

Pacific,

Inc.

403,329

8,113

Malibu

Boats,

Inc.,

Class

A*

263,672

122,038

MasterCraft

Boat

Holdings,

Inc.*

2,627,478

Shares

Description

Value

Common

Stocks

–

(continued)

Leisure

Products

–

(continued)

127,306

Smith

&

Wesson

Brands,

Inc.

$

1,390,181

8,042,259

Life

Sciences

Tools

&

Services

–

0.6%

90,808

Adaptive

Biotechnologies

Corp.*

1,679,948

515,248

Cytek

Biosciences,

Inc.*

2,576,240

240,771

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

808,991

2,023

OmniAb,

Inc.

12.5

Earnout*

(a)

—

2,023

OmniAb,

Inc.

15.00

Earnout*

(a)

—

5,065,179

Machinery

–

1.5%

67,654

Aebi

Schmidt

Holding

AG

(Switzerland)

990,454

1,840

ESCO

Technologies,

Inc.

419,833

5,426

Gencor

Industries,

Inc.*

77,809

13,066

Hyster-Yale,

Inc.

437,058

131,466

Kennametal,

Inc.

4,521,116

7,446

Luxfer

Holdings

PLC

(United

Kingdom)

112,732

113,961

Manitowoc

Co.,

Inc.

(The)*

1,472,376

156,016

Microvast

Holdings,

Inc.*

408,762

60,934

Miller

Industries,

Inc.

2,496,466

87,273

Palladyne

AI

Corp.*

(b)

569,020

42,684

Proto

Labs,

Inc.*

2,247,313

13,752,939

Marine

Transportation

–

1.0%

22,939

Costamare

Bulkers

Holdings

Ltd.

(Monaco)*

379,182

254,516

Costamare,

Inc.

(Monaco)

4,270,779

149,465

Pangaea

Logistics

Solutions

Ltd.

1,267,463

597,078

Safe

Bulkers,

Inc.

(Monaco)

3,409,315

9,326,739

Media

–

1.2%

72,256

AMC

Networks,

Inc.,

Class

A*

557,094

33,971

Cable

One,

Inc.

2,751,311

38,106

EchoStar

Corp.,

Class

A*

4,314,361

32,427

Entravision

Communications

Corp.,

Class

A

97,605

296,375

EW

Scripps

Co.

(The),

Class

A*

992,856

348,632

Gray

Media,

Inc.

1,572,331

76,747

iHeartMedia,

Inc.,

Class

A*

248,660

30,997

PubMatic,

Inc.,

Class

A*

225,038

11,153

Sinclair,

Inc.

161,830

10,921,086

Metals

&

Mining

–

2.9%

360,128

Coeur

Mining,

Inc.*

7,361,016

8,958

Critical

Metals

Corp.

(Austria)*

(b)

117,977

498,494

Hecla

Mining

Co.

11,226,085

87,591

Ivanhoe

Electric,

Inc.*

1,496,930

14,104

Materion

Corp.

1,950,301

194,625

SSR

Mining,

Inc.

(Canada)*

4,443,289

26,595,598

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.4%

253,431

BrightSpire

Capital,

Inc.

REIT

1,515,517

227,790

Invesco

Mortgage

Capital,

Inc.

REIT

1,956,716

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

(continued)

318,181

Ladder

Capital

Corp.

REIT

$

3,490,446

10,222

MFA

Financial,

Inc.

REIT

98,540

6,901

Nexpoint

Real

Estate

Finance,

Inc.

REIT

101,928

244,609

Orchid

Island

Capital,

Inc.

REIT

1,907,950

97,861

Ready

Capital

Corp.

REIT

208,444

373,333

TPG

RE

Finance

Trust,

Inc.

REIT

3,371,197

12,650,738

Multi-Utilities

–

0.4%

22,806

Avista

Corp.

941,660

41,188

Black

Hills

Corp.

3,005,900

3,947,560

Office

REITs

–

0.8%

952,664

Brandywine

Realty

Trust

REIT

2,696,039

436,190

Douglas

Emmett,

Inc.

REIT

4,606,166

7,302,205

Oil,

Gas

&

Consumable

Fuels

–

4.5%

13,908

California

Resources

Corp.

744,078

258,632

Clean

Energy

Fuels

Corp.*

568,990

29,516

Core

Natural

Resources,

Inc.

2,815,236

75,324

Crescent

Energy

Co.,

Class

A

735,915

213,764

DHT

Holdings,

Inc.

3,063,238

136,434

Diversified

Energy

Co.

1,826,851

144,818

Encore

Energy

Corp.

(Canada)*

(b)

460,521

85,565

Energy

Fuels,

Inc.*

(b)

1,920,079

145,953

Golar

LNG

Ltd.

(Cameroon)

5,924,232

81,495

Granite

Ridge

Resources,

Inc.

409,105

172,457

Magnolia

Oil

&

Gas

Corp.,

Class

A

4,399,378

912,448

Nordic

American

Tankers

Ltd.

3,795,784

55,703

Par

Pacific

Holdings,

Inc.*

2,102,231

36,848

PBF

Energy,

Inc.,

Class

A

1,232,934

72,186

Peabody

Energy

Corp.

2,545,278

17,190

REX

American

Resources

Corp.*

581,194

25,038

Scorpio

Tankers,

Inc.

(Monaco)

1,592,918

465,666

SFL

Corp.

Ltd.

(Norway)

4,125,801

128,689

SM

Energy

Co.

2,505,575

165,755

VAALCO

Energy,

Inc.

851,981

42,201,319

Passenger

Airlines

–

1.5%

33,233

Allegiant

Travel

Co.*

2,945,441

998,761

JetBlue

Airways

Corp.*

4,863,966

70,396

SkyWest,

Inc.*

6,794,622

11,366

Sun

Country

Airlines

Holdings,

Inc.*

199,360

14,803,389

Personal

Care

Products

–

0.1%

28,175

Herbalife

Ltd.*

485,737

Pharmaceuticals

–

1.6%

199,001

Aclaris

Therapeutics,

Inc.*

698,494

8,198

Alumis,

Inc.*

200,933

126,503

Amneal

Pharmaceuticals,

Inc.*

1,730,561

70,993

Arvinas,

Inc.*

949,886

63,574

Atea

Pharmaceuticals,

Inc.*

269,554

Shares

Description

Value

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

13,880

BioAge

Labs,

Inc.*

$

263,581

11,363

EyePoint,

Inc.*

153,628

8,179

Ligand

Pharmaceuticals,

Inc.*

1,571,186

11,357

MBX

Biosciences,

Inc.*

418,506

25,504

Rapport

Therapeutics,

Inc.*

678,661

74,235

Septerna,

Inc.*

1,732,645

41,463

Supernus

Pharmaceuticals,

Inc.*

1,996,858

118,027

Terns

Pharmaceuticals,

Inc.*

4,083,734

43,835

Third

Harmonic

Bio,

Inc.*

(a)

—

14,748,227

Professional

Services

–

0.9%

1,809,991

Alight,

Inc.,

Class

A

2,769,286

529,145

Conduent,

Inc.*

735,511

36,694

ICF

International,

Inc.

3,421,715

48,876

Legalzoom.com,

Inc.*

434,508

57,301

Verra

Mobility

Corp.*

1,105,909

8,466,929

Real

Estate

Management

&

Development

–

0.7%

156,766

Douglas

Elliman,

Inc.*

423,268

32,351

Forestar

Group,

Inc.*

841,773

53,348

FRP

Holdings,

Inc.*

1,275,551

364,770

Kennedy-Wilson

Holdings,

Inc.

3,592,984

6,133,576

Residential

REITs

–

0.9%

167,254

NexPoint

Residential

Trust,

Inc.

REIT

5,054,416

215,133

Veris

Residential,

Inc.

REIT

3,267,870

8,322,286

Retail

REITs

–

2.2%

37,043

Acadia

Realty

Trust

REIT

741,230

23,799

FrontView

REIT,

Inc.

REIT

390,542

206,843

Kite

Realty

Group

Trust

REIT

4,858,742

122,142

Macerich

Co.

(The)

REIT

2,312,148

46,376

NETSTREIT

Corp.

REIT

873,724

149,196

Phillips

Edison

&

Co.,

Inc.

REIT

5,405,371

302,471

Urban

Edge

Properties

REIT

5,877,012

81,419

Whitestone

REIT

1,159,407

21,618,176

Semiconductors

&

Semiconductor

Equipment

–

1.6%

36,346

ACM

Research,

Inc.,

Class

A*

2,112,430

35,641

Alpha

&

Omega

Semiconductor

Ltd.*

787,666

18,026

Axcelis

Technologies,

Inc.*

1,587,550

110,857

Diodes,

Inc.*

6,561,626

190,824

MaxLinear,

Inc.*

3,310,796

6,702

Silicon

Laboratories,

Inc.*

954,700

15,314,768

Software

–

2.6%

4,751

Agilysys,

Inc.*

412,149

160,840

Arteris,

Inc.*

2,414,208

120,941

Cerence,

Inc.*

1,370,262

118,735

Cipher

Mining,

Inc.*

1,895,011

211,033

Cleanspark,

Inc.*

2,498,631

91,342

Consensus

Cloud

Solutions,

Inc.*

1,951,065

29,343

Core

Scientific,

Inc.*

527,881

21,623

Digital

Turbine,

Inc.*

112,872

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Software

–

(continued)

56,693

Hut

8

Corp.

(Canada)*

$

3,165,170

196,011

MARA

Holdings,

Inc.*

1,862,105

70,421

Mitek

Systems,

Inc.*

705,618

42,490

N-able,

Inc.*

257,914

110,029

OneSpan,

Inc.

1,296,142

9,118

Pagaya

Technologies

Ltd.,

Class

A*

176,798

237,075

Riot

Platforms,

Inc.*

3,667,550

36,131

Terawulf,

Inc.*

483,072

24,099

Xperi,

Inc.*

136,400

112,290

Zeta

Global

Holdings

Corp.,

Class

A*

2,086,348

25,019,196

Specialized

REITs

–

0.8%

72,113

Four

Corners

Property

Trust,

Inc.

REIT

1,777,585

169,302

Smartstop

Self

Storage

REIT,

Inc.

REIT

5,322,855

7,100,440

Specialty

Retail

–

2.8%

308,600

American

Eagle

Outfitters,

Inc.

7,193,466

3,413

Boot

Barn

Holdings,

Inc.*

609,152

25,237

Citi

Trends,

Inc.*

1,088,977

79,209

Designer

Brands,

Inc.,

Class

A

(b)

502,185

123,936

Haverty

Furniture

Cos.,

Inc.

3,138,059

38,021

OneWater

Marine,

Inc.,

Class

A*

504,919

132,541

Petco

Health

&

Wellness

Co.,

Inc.*

356,535

6,252

Revolve

Group,

Inc.*

172,868

21,691

Sally

Beauty

Holdings,

Inc.*

330,137

129,882

Shoe

Carnival,

Inc.

2,475,551

279,699

Stitch

Fix,

Inc.,

Class

A*

1,342,555

26,935

Victoria's

Secret

&

Co.*

1,468,227

7,435

Winmark

Corp.

3,350,880

114,101

Zumiez,

Inc.*

2,808,026

25,341,537

Technology

Hardware,

Storage

&

Peripherals

–

0.1%

107,451

Corsair

Gaming,

Inc.*

548,000

96,504

Eastman

Kodak

Co.*

706,409

3,497

IonQ,

Inc.*

139,810

1,394,219

Textiles,

Apparel

&

Luxury

Goods

–

1.3%

101,457

G-III

Apparel

Group

Ltd.

2,977,763

144,751

Movado

Group,

Inc.

3,300,323

132,825

Steven

Madden

Ltd.

5,828,361

12,106,447

Trading

Companies

&

Distributors

–

1.5%

97,966

Custom

Truck

One

Source,

Inc.*

619,145

389,496

DNOW,

Inc.*

5,916,444

10,981

GATX

Corp.

1,997,554

176,827

NPK

International,

Inc.*

2,441,981

Shares

Description

Value

Common

Stocks

–

(continued)

Trading

Companies

&

Distributors

–

(continued)

32,751

Rush

Enterprises,

Inc.,

Class

A

$

2,102,287

Shares

Description

Value

Common

Stocks

–

(continued)

Trading

Companies

&

Distributors

–

(continued)

13,037

Titan

Machinery,

Inc.*

$

212,112

13,289,523

Water

Utilities

–

0.2%

22,413

Middlesex

Water

Co.

1,173,993

20,083

York

Water

Co.

(The)

674,387

1,848,380

Wireless

Telecommunication

Services

–

0.2%

112,665

Spok

Holdings,

Inc.

1,551,397

TOTAL

COMMON

STOCKS

(Cost

$768,535,832)

909,854,444

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,301,933

3.590%

4,301,933

(Cost

$4,301,933)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$772,837,765)

914,156,377

a

Securities

Lending

Reinvestment

Vehicle

–

0.4%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,788,140

3.590%

3,788,140

(Cost

$3,788,140)

TOTAL

INVESTMENTS

–

98.8%

(Cost

$776,625,905)

$

917,944,517

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.2%

10,928,606

NET

ASSETS

–

100.0%

$

928,873,123

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(b)

All

or

a

portion

of

security

is

on

loan.

(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)

January

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

January

31,

2026,

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

127

03/20/26

$

16,666,210

$

(178,527)

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

98.3%

Aerospace

&

Defense

–

3.4%

61,594

General

Electric

Co.

$

18,896,423

94,969

RTX

Corp.

19,082,121

30,008

Textron,

Inc.

2,642,505

40,621,049

Automobile

Components

–

0.7%

132,291

BorgWarner,

Inc.

6,271,916

83,451

Gentex

Corp.

1,920,208

8,192,124

Automobiles

–

2.0%

56,196

Tesla,

Inc.*

24,187,320

Banks

–

4.6%

352,611

Bank

of

America

Corp.

18,758,905

138,707

Citigroup,

Inc.

16,049,787

11,790

Citizens

Financial

Group,

Inc.

742,534

63,221

JPMorgan

Chase &

Co.

19,338,672

54,889,898

Beverages

–

1.5%

245,015

Coca-Cola

Co.

(The)

18,329,572

Biotechnology

–

1.6%

27,652

AbbVie,

Inc.

6,166,673

17,431

Regeneron

Pharmaceuticals,

Inc.

12,924,215

20,157

Viking

Therapeutics,

Inc.*

585,359

19,676,247

Broadline

Retail

–

4.9%

236,457

Amazon.com,

Inc.*

56,584,160

21,106

Macy’s,

Inc.

422,542

19,237

Ollie's

Bargain

Outlet

Holdings,

Inc.*

2,122,034

59,128,736

Building

Products

–

0.4%

79,273

Carrier

Global

Corp.

4,723,085

Capital

Markets

–

2.6%

8,915

Bank

of

New

York

Mellon

Corp.

(The)

1,069,087

52,425

CME

Group,

Inc.

15,153,970

2,048

Coinbase

Global,

Inc.,

Class

A*

398,828

5,912

Evercore,

Inc.,

Class

A

2,088,532

4,401

MarketAxess

Holdings,

Inc.

744,781

64,276

Morgan

Stanley

11,749,653

1,727

Stifel

Financial

Corp.

212,939

31,417,790

Chemicals

–

0.8%

83,253

Axalta

Coating

Systems

Ltd.*

2,795,636

18,353

Corteva,

Inc.

1,336,098

10,879

Linde

PLC

4,971,377

9,103,111

Commercial

Services

&

Supplies

–

0.4%

3,015

Clean

Harbors,

Inc.*

783,629

10,413

Republic

Services,

Inc.

2,239,732

10,511

Waste

Connections,

Inc.

1,761,643

4,785,004

Communications

Equipment

–

0.3%

7,445

Motorola

Solutions,

Inc.

2,996,910

Shares

Description

Value

Common

Stocks

–

(continued)

Construction

&

Engineering

–

0.4%

1,618

Comfort

Systems

USA,

Inc.

$

1,847,918

9,233

Everus

Construction

Group,

Inc.*

817,028

8,007

MasTec,

Inc.*

1,925,523

4,590,469

Construction

Materials

–

0.2%

8,443

Vulcan

Materials

Co.

2,537,459

Consumer

Finance

–

1.9%

18,341

American

Express

Co.

6,459,150

70,640

OneMain

Holdings,

Inc.

4,629,745

158,068

Synchrony

Financial

11,480,479

22,569,374

Consumer

Staples

Distribution

&

Retail

–

1.0%

8,517

Casey's

General

Stores,

Inc.

5,165,561

80,192

Sysco

Corp.

6,724,099

11,889,660

Diversified

Consumer

Services

–

1.0%

109,288

Bright

Horizons

Family

Solutions,

Inc.*

10,123,348

8,198

Grand

Canyon

Education,

Inc.*

1,425,140

11,548,488

Energy

Equipment

&

Services

–

0.3%

193,904

NOV,

Inc.

3,558,138

Financial

Services

–

5.6%

60,904

Berkshire

Hathaway,

Inc.,

Class

B*

29,266,199

39,753

Mastercard,

Inc.,

Class

A

21,418,519

49,587

Visa,

Inc.,

Class

A

15,958,584

66,643,302

Food

Products

–

0.7%

131,265

Tyson

Foods,

Inc.,

Class

A

8,575,543

Ground

Transportation

–

0.1%

6,005

XPO,

Inc.*

889,401

Health

Care

Equipment

&

Supplies

–

1.5%

122,605

Boston

Scientific

Corp.*

11,467,246

920

Insulet

Corp.*

235,345

66,743

Medtronic

PLC

6,871,859

18,574,450

Health

Care

Providers

&

Services

–

2.0%

8,993

Chemed

Corp.

3,841,270

75,199

CVS

Health

Corp.

5,603,829

29,518

Quest

Diagnostics,

Inc.

5,520,752

7,710

UnitedHealth

Group,

Inc.

2,212,230

35,361

Universal

Health

Services,

Inc.,

Class

B

7,116,755

24,294,836

Health

Care

REITs

–

0.0%

7,149

Alexandria

Real

Estate

Equities,

Inc.

REIT

390,621

Hotels,

Restaurants

&

Leisure

–

3.1%

16,314

Airbnb,

Inc.,

Class

A*

2,110,542

46,582

Aramark

1,792,941

34,270

Dutch

Bros,

Inc.,

Class

A*

1,863,945

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

46,270

Expedia

Group,

Inc.

$

12,254,147

2,968

McDonald's

Corp.

934,920

31,105

Royal

Caribbean

Cruises

Ltd.

10,098,238

53,264

Viking

Holdings

Ltd.*

3,842,998

28,210

Yum!

Brands,

Inc.

4,386,655

37,284,386

Household

Durables

–

0.1%

191

NVR,

Inc.*

1,458,425

Insurance

–

1.3%

7,849

Erie

Indemnity

Co.,

Class

A

2,221,345

95,353

Loews

Corp.

10,066,416

40,795

MetLife,

Inc.

3,217,910

15,505,671

Interactive

Media

&

Services

–

7.8%

174,809

Alphabet,

Inc.,

Class

C

59,178,091

43,629

Meta

Platforms,

Inc.,

Class

A

31,260,179

19,824

Reddit,

Inc.,

Class

A*

3,573,672

94,011,942

IT

Services

–

0.6%

25,666

International

Business

Machines

Corp.

7,871,762

Leisure

Products

–

0.1%

63,628

Mattel,

Inc.*

1,329,189

Life

Sciences

Tools

&

Services

–

0.8%

5,364

Medpace

Holdings,

Inc.*

3,124,423

3,679

Mettler-Toledo

International,

Inc.*

5,052,150

7,438

West

Pharmaceutical

Services,

Inc.

1,719,070

9,895,643

Machinery

–

1.9%

31,459

Illinois

Tool

Works,

Inc.

8,218,978

98,900

Mueller

Industries,

Inc.

13,464,246

12,178

Otis

Worldwide

Corp.

1,040,245

22,723,469

Marine

Transportation

–

1.0%

104,918

Kirby

Corp.*

12,344,652

Media

–

0.9%

126,976

Fox

Corp.,

Class

A

9,241,313

24,857

Fox

Corp.,

Class

B

1,629,874

10,871,187

Metals

&

Mining

–

0.1%

6,936

Southern

Copper

Corp.

(Mexico)

1,320,060

Oil,

Gas

&

Consumable

Fuels

–

1.6%

58,528

Antero

Resources

Corp.*

2,128,663

38,110

APA

Corp.

1,006,485

67,673

Chevron

Corp.

11,971,354

39,302

ConocoPhillips

4,096,448

3,197

Marathon

Petroleum

Corp.

563,279

19,766,229

Passenger

Airlines

–

0.1%

9,101

Delta

Air

Lines,

Inc.

599,665

Shares

Description

Value

Common

Stocks

–

(continued)

Pharmaceuticals

–

3.6%

44,115

Bristol-Myers

Squibb

Co.

$

2,428,531

15,000

Eli

Lilly

&

Co.

15,557,250

108,376

Johnson &

Johnson

24,628,446

6,381

Zoetis,

Inc.

796,476

43,410,703

Professional

Services

–

0.8%

3,271

CACI

International,

Inc.,

Class

A*

2,029,917

18,966

Equifax,

Inc.

3,819,753

37,790

SS&C

Technologies

Holdings,

Inc.

3,094,623

8,944,293

Residential

REITs

–

1.5%

79,148

Camden

Property

Trust

REIT

8,631,089

358,841

Invitation

Homes,

Inc.

REIT

9,591,820

18,222,909

Semiconductors

&

Semiconductor

Equipment

–

13.0%

24,165

Allegro

MicroSystems,

Inc.

(Japan)*

891,930

116,123

Broadcom,

Inc.

38,471,550

4,214

First

Solar,

Inc.*

950,341

23,569

Microchip

Technology,

Inc.

1,789,358

519,004

NVIDIA

Corp.

99,197,235

68,265

Texas

Instruments,

Inc.

14,714,521

156,014,935

Software

–

11.5%

73,888

Dolby

Laboratories,

Inc.,

Class

A

4,742,871

3,128

Fair

Isaac

Corp.*

4,576,796

122,834

Fortinet,

Inc.*

9,981,491

9,724

Intuit,

Inc.

4,851,498

177,085

Microsoft

Corp.

76,197,905

74,874

Oracle

Corp.

12,322,763

89,029

Palantir

Technologies,

Inc.,

Class

A*

13,050,761

49,947

Palo

Alto

Networks,

Inc.*

8,839,120

6,174

Roper

Technologies,

Inc.

2,291,974

54,999

Samsara,

Inc.,

Class

A*

1,542,722

138,397,901

Specialized

REITs

–

0.0%

2,328

SBA

Communications

Corp.

REIT

428,608

Specialty

Retail

–

1.4%

1,479

Carvana

Co.*

593,242

19,449

Chewy,

Inc.,

Class

A*

566,160

104,259

TJX

Cos.,

Inc.

(The)

15,619,041

16,778,443

Technology

Hardware,

Storage

&

Peripherals

–

8.0%

346,385

Apple,

Inc.

89,879,980

5,984

Sandisk

Corp.*

3,448,280

9,974

Western

Digital

Corp.

2,495,794

95,824,054

Textiles,

Apparel

&

Luxury

Goods

–

0.2%

34,626

Birkenstock

Holding

PLC

(Germany)*

1,307,478

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

Common

Stocks

–

(continued)

Textiles,

Apparel

&

Luxury

Goods

–

(continued)

6,190

Crocs,

Inc.*

$

519,465

1,826,943

Trading

Companies

&

Distributors

–

0.3%

8,324

Watsco,

Inc.

3,216,810

Wireless

Telecommunication

Services

–

0.7%

41,386

T-Mobile

US,

Inc.

8,161,733

TOTAL

COMMON

STOCKS

(Cost

$805,038,912)

1,180,322,199

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,400,517

3.590%

$

1,400,517

(Cost

$1,400,517)

TOTAL

INVESTMENTS

–

98.4%

(Cost

$806,439,429)

$

1,181,722,716

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.6%

19,793,520

NET

ASSETS

–

100.0%

$

1,201,516,236

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

January

31,

2026,

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

44

03/20/26

$

15,324,650

$

(15,300)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

January

31,

2026

(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)

January

31,

2026

(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)

January

31,

2026

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

January

31,

2026:

(a)

Large

Cap

Growth

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,073,011

$

—

$

—

North

America

1,576,424,122

—

—

Oceania

353,556

—

—

Investment

Company

4,637,454

—

—

Total

$

1,582,488,143

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

213,751

$

—

$

—

€

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)

Asia

$

2,056,957

$

—

$

—

Europe

111,165

—

—

North

America

628,591,494

—

—

Oceania

1,618,353

—

—

Investment

Company

3,823,609

—

—

Total

$

636,201,578

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

28,890

$

—

$

—

€

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

$

2,609,775

$

—

$

—

Asia

5,407,737

—

—

Europe

9,546,441

—

—

North

America

559,963,028

—

—

South

America

1,610,505

—

—

Investment

Company

4,578,870

—

—

Securities

Lending

Reinvestment

Vehicle

3,084,342

—

—

Total

$

586,800,698

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(184,850)

$

—

$

—

€

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)

Asia

$

3,202,983

$

—

$

—

Europe

1,790,622

—

—

North

America

221,168,216

—

—

Oceania

73,397

—

—

South

America

325,035

—

—

Investment

Company

2,760,902

—

—

Securities

Lending

Reinvestment

Vehicle

1,674,224

—

—

Total

$

230,995,379

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(106,880)

$

—

$

—

€

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

$

5,924,232

$

—

$

—

Asia

400,985

—

—

Europe

20,828,799

—

—

North

America

881,018,767

—

—

South

America

1,681,661

—

—

Investment

Company

4,301,933

—

—

Securities

Lending

Reinvestment

Vehicle

3,788,140

—

—

Total

$

917,944,517

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(178,527)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2026

(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.

U.S.

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

891,930

$

—

$

—

Europe

1,307,478

—

—

North

America

1,178,122,791

—

—

Investment

Company

1,400,517

—

—

Total

$

1,181,722,716

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(15,300)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

January

31,

2026

(Unaudited)

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.

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.

Management

Risk

—

A

strategy

used

by

the

Investment

Adviser

may

fail

to

produce

the

intended

results.

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)