GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

98.4%

Aerospace

&

Defense

–

3.7%

50,700

Boeing

Co.

(The)*

$

10,958,298

69,879

General

Electric

Co.

25,161,332

80,576

Howmet

Aerospace,

Inc.

22,743,382

58,863,012

Automobiles

–

3.4%

171,488

Tesla,

Inc.*

53,368,780

Banks

–

0.3%

11,518

JPMorgan

Chase &

Co.

4,051,917

1,376

PNC

Financial

Services

Group,

Inc.

(The)

343,821

4,395,738

Biotechnology

–

0.1%

3,010

Alnylam

Pharmaceuticals,

Inc.*

618,615

3,718

Ascendis

Pharma

A/S

(Denmark)*

906,858

1,525,473

Capital

Markets

–

0.1%

39,068

Brookfield

Asset

Management

Ltd.,

Class

A

(Canada)

1,890,891

Commercial

Services

&

Supplies

–

0.3%

20,362

Cintas

Corp.

4,166,676

Communications

Equipment

–

1.0%

79,453

Arista

Networks,

Inc.*

14,329,348

2,301

Motorola

Solutions,

Inc.

1,002,661

15,332,009

Construction

&

Engineering

–

1.4%

2,790

Comfort

Systems

USA,

Inc.

4,825,835

12,319

EMCOR

Group,

Inc.

9,823,540

29,517

Everus

Construction

Group,

Inc.*

3,702,318

7,452

Sterling

Infrastructure,

Inc.*

4,447,130

22,798,823

Construction

Materials

–

0.3%

83,382

Amrize

Ltd.*

4,078,214

Consumer

Finance

–

0.5%

488,632

SoFi

Technologies,

Inc.*

7,969,588

Consumer

Staples

Distribution

&

Retail

–

2.0%

15,322

Casey's

General

Stores,

Inc.

13,345,462

18,656

Costco

Wholesale

Corp.

17,758,460

31,103,922

Diversified

Telecommunication

Services

–

0.1%

17,988

Space

Exploration

Technologies

Corp.,

Class

A*

(a)

1,949,360

Electrical

Equipment

–

1.6%

4,882

Emerson

Electric

Co.

731,421

12,228

GE

Vernova

,

Inc.

12,109,266

36,562

Powell

Industries,

Inc.

7,629,758

21,773

Vertiv

Holdings

Co.,

Class

A

5,259,704

25,730,149

Electronic

Equipment,

Instruments

&

Components

–

1.6%

70,449

Corning,

Inc.

9,739,574

16,112

Fabrinet

(Thailand)*

7,015,326

19,805

Jabil,

Inc.

6,239,565

Shares

Description

Value

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

(continued)

9,623

Sanmina

Corp.*

$

1,785,644

24,780,109

Energy

Equipment

&

Services

–

0.2%

107,812

Halliburton

Co.

3,476,937

Entertainment

–

1.0%

169,105

Netflix,

Inc.*

12,126,519

85,441

ROBLOX

Corp.,

Class

A*

3,041,700

2,679

Take-Two

Interactive

Software,

Inc.*

650,783

15,819,002

Financial

Services

–

3.6%

64,160

Block,

Inc.*

5,212,358

69,033

Mastercard,

Inc.,

Class

A

39,562,812

36,370

Visa,

Inc.,

Class

A

13,316,148

58,091,318

Ground

Transportation

–

0.2%

6,276

Ryder

System,

Inc.

1,609,292

10,942

XPO,

Inc.*

2,199,014

3,808,306

Health

Care

Equipment

&

Supplies

–

0.3%

23,628

Align

Technology,

Inc.*

3,996,912

Health

Care

Providers

&

Services

–

0.3%

12,847

HCA

Healthcare,

Inc.

5,172,073

1,798

Molina

Healthcare,

Inc.*

351,725

5,523,798

Hotels,

Restaurants

&

Leisure

–

4.7%

51,506

Airbnb,

Inc.,

Class

A*

7,804,189

43,006

Cava

Group,

Inc.*

2,805,281

292,114

Chipotle

Mexican

Grill,

Inc.*

10,872,483

86,342

Darden

Restaurants,

Inc.

17,577,504

19,171

Expedia

Group,

Inc.

5,650,461

48,786

Hilton

Worldwide

Holdings,

Inc.

15,635,425

37,027

Starbucks

Corp.

3,897,092

9,949

Texas

Roadhouse,

Inc.

2,043,923

26,259

Viking

Holdings

Ltd.*

2,740,127

48,143

Wingstop

,

Inc.

6,234,037

75,260,522

Interactive

Media

&

Services

–

13.9%

216,906

Alphabet,

Inc.,

Class

A

77,246,734

262,178

Alphabet,

Inc.,

Class

C

93,505,783

78,286

Meta

Platforms,

Inc.,

Class

A

43,582,599

53,507

Reddit,

Inc.,

Class

A*

7,526,830

221,861,946

IT

Services

–

1.0%

19,367

Cloudflare,

Inc.,

Class

A*

5,403,006

64,449

Gartner,

Inc.*

9,733,088

7,823

GoDaddy,

Inc.,

Class

A*

647,275

15,783,369

Life

Sciences

Tools

&

Services

–

0.3%

99,325

Tempus

AI,

Inc.,

Class

A*

4,357,388

Machinery

–

1.6%

23,615

Caterpillar,

Inc.

19,241,738

16,600

Illinois

Tool

Works,

Inc.

4,763,370

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Machinery

–

(continued)

15,870

PACCAR,

Inc.

$

2,105,632

26,110,740

Marine

Transportation

–

0.0%

3,833

Kirby

Corp.*

502,660

Media

–

0.8%

31,432

AppLovin

Corp.,

Class

A*

12,443,929

39,254

Trade

Desk,

Inc.

(The),

Class

A*

708,142

13,152,071

Metals

&

Mining

–

0.5%

104,225

Anglogold

Ashanti

PLC

(Australia)

8,267,127

Oil,

Gas

&

Consumable

Fuels

–

0.1%

49,845

Kinder

Morgan,

Inc.

1,604,012

Passenger

Airlines

–

0.8%

107,164

United

Airlines

Holdings,

Inc.*

13,002,208

Pharmaceuticals

–

2.6%

35,833

Eli

Lilly

&

Co.

41,166,384

Semiconductors

&

Semiconductor

Equipment

–

29.4%

66,266

Advanced

Micro

Devices,

Inc.*

31,552,556

35,989

Applied

Materials,

Inc.

18,270,536

3,622

Astera

Labs,

Inc.*

1,127,275

222,759

Broadcom,

Inc.

86,715,624

7,878

Credo

Technology

Group

Holding

Ltd.*

1,630,667

37,434

FormFactor

,

Inc.*

3,975,491

84,144

KLA

Corp.

15,383,206

66,071

Lam

Research

Corp.

19,360,124

57,684

Micron

Technology,

Inc.

47,475,663

1,125,898

NVIDIA

Corp.

226,024,023

13,073

Rambus,

Inc.*

1,190,035

5,722

SiTime

Corp.*

3,062,414

1,060

Teradyne,

Inc.

389,751

43,855

Texas

Instruments,

Inc.

12,092,578

468,249,943

Software

–

7.9%

14,635

Crowdstrike

Holdings,

Inc.,

Class

A*

2,793,236

135,245

Elastic

NV*

8,897,769

24,650

Fortinet,

Inc.*

3,992,068

18,975

Intuit,

Inc.

5,997,428

143,896

Microsoft

Corp.

66,871,349

186,204

Oracle

Corp.

24,182,314

51,407

Palantir

Technologies,

Inc.,

Class

A*

6,326,145

6,917

Palo

Alto

Networks,

Inc.*

2,295,268

33,368

Procore

Technologies,

Inc.*

1,827,565

31,047

Rubrik,

Inc.,

Class

A*

2,246,561

125,429,703

Specialized

REITs

–

0.1%

12,582

Lamar

Advertising

Co.,

Class

A

REIT

2,012,617

Specialty

Retail

–

1.7%

21,918

Burlington

Stores,

Inc.*

8,076,345

21,999

Carvana

Co.*

1,371,858

Shares

Description

Value

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

114,369

TJX

Cos.,

Inc.

(The)

$

17,994,818

27,443,021

Technology

Hardware,

Storage

&

Peripherals

–

10.1%

441,400

Apple,

Inc.

136,352,874

4,934

Sandisk

Corp.*

5,993,971

32,343

Western

Digital

Corp.

17,621,760

159,968,605

Textiles,

Apparel

&

Luxury

Goods

–

0.8%

99,086

NIKE,

Inc.,

Class

B

4,132,877

219,063

On

Holding

AG,

Class

A

(Switzerland)*

7,938,843

12,071,720

Wireless

Telecommunication

Services

–

0.1%

4,782

T-Mobile

US,

Inc.

825,899

TOTAL

COMMON

STOCKS

(Cost

$995,935,061)

1,565,738,952

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.0%

(b)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

19,256

3.760%

19,256

(Cost

$19,256)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$995,954,317)

1,565,758,208

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,946,500

3.571%

1,946,500

(Cost

$1,946,500)

TOTAL

INVESTMENTS

–

98.5%

(Cost

$997,900,817)

$

1,567,704,708

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.5%

23,161,433

NET

ASSETS

–

100.0%

$

1,590,866,141

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

LARGE

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

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

65

09/18/26

$

24,437,563

$

263,709

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.4%

Aerospace

&

Defense

–

2.6%

29,884

Boeing

Co.

(The)*

$

6,459,128

19,811

General

Dynamics

Corp.

7,595,933

1,702

Huntington

Ingalls

Industries,

Inc.

555,618

10,613

Loar

Holdings,

Inc.*

726,460

21,067

RTX

Corp.

4,534,040

19,871,179

Automobile

Components

–

0.5%

167,809

Gentex

Corp.

3,920,018

Automobiles

–

0.6%

7,891

Tesla,

Inc.*

2,455,758

25,902

Thor

Industries,

Inc.

1,941,873

4,397,631

Banks

–

6.9%

166,144

Bank

of

America

Corp.

10,292,621

9,289

Citigroup,

Inc.

1,230,328

46,752

First

Hawaiian,

Inc.

1,299,238

77,357

JPMorgan

Chase &

Co.

27,213,419

40,209

PNC

Financial

Services

Group,

Inc.

(The)

10,047,023

17,322

SouthState

Bank

Corp.

1,820,369

4,318

Wintrust

Financial

Corp.

688,894

52,591,892

Beverages

–

2.4%

104,601

Coca-Cola

Co.

(The)

9,162,002

66,493

PepsiCo,

Inc.

9,279,763

18,441,765

Biotechnology

–

1.0%

11,415

AbbVie,

Inc.

2,864,480

14,234

Gilead

Sciences,

Inc.

1,853,409

6,107

Vertex

Pharmaceuticals,

Inc.*

2,913,650

7,631,539

Broadline

Retail

–

6.3%

173,829

Amazon.com,

Inc.*

47,208,480

46,570

Macy’s,

Inc.

1,155,867

48,364,347

Capital

Markets

–

3.4%

29,956

Bank

of

New

York

Mellon

Corp.

(The)

4,683,022

3,820

Blackrock,

Inc.

4,165,290

131,710

Blue

Owl

Capital,

Inc.

1,356,613

7,579

Cboe

Global

Markets,

Inc.

2,351,233

27,983

CME

Group,

Inc.

7,493,568

2,272

Coinbase

Global,

Inc.,

Class

A*

332,303

4,244

Evercore,

Inc.,

Class

A

1,360,457

107,237

Invesco

Ltd.

3,174,215

240

MarketAxess

Holdings,

Inc.

38,952

3,201

Morgan

Stanley

673,554

7,317

Stifel

Financial

Corp.

606,652

26,235,859

Chemicals

–

1.9%

39,033

Axalta

Coating

Systems

Ltd.*

1,397,772

19,244

Eastman

Chemical

Co.

1,346,118

22,069

Linde

PLC

10,557,368

Shares

Description

Value

Common

Stocks

–

(continued)

Chemicals

–

(continued)

10,985

RPM

International,

Inc.

$

1,176,164

14,477,422

Commercial

Services

&

Supplies

–

1.3%

19,173

Clean

Harbors,

Inc.*

5,998,848

20,322

Republic

Services,

Inc.

4,278,797

10,277,645

Communications

Equipment

–

1.0%

68,681

Cisco

Systems,

Inc.

7,966,309

Construction

&

Engineering

–

0.2%

10,755

Everus

Construction

Group,

Inc.*

1,349,000

9,716

WillScot

Holdings

Corp.

235,904

1,584,904

Construction

Materials

–

0.2%

22,970

Amrize

Ltd.*

1,123,463

1,862

Eagle

Materials,

Inc.

381,598

1,505,061

Consumer

Finance

–

3.1%

1,804

American

Express

Co.

606,595

22,862

Capital

One

Financial

Corp.

4,778,387

118,650

OneMain

Holdings,

Inc.

7,425,117

206,356

SoFi

Technologies,

Inc.*

3,365,666

98,021

Synchrony

Financial

7,429,012

23,604,777

Consumer

Staples

Distribution

&

Retail

–

3.1%

29,236

BJ's

Wholesale

Club

Holdings,

Inc.*

2,858,696

4,385

Casey's

General

Stores,

Inc.

3,819,335

2,741

Costco

Wholesale

Corp.

2,609,130

55,921

Sysco

Corp.

4,766,706

25,860

US

Foods

Holding

Corp.*

2,601,258

62,939

Walmart,

Inc.

6,998,817

23,653,942

Diversified

Consumer

Services

–

0.6%

52,641

Service

Corp.

International

4,537,128

Diversified

Telecommunication

Services

–

1.4%

261,239

Comcast

Corp.,

Class

A

6,259,286

91,731

Verizon

Communications,

Inc.

4,293,928

10,553,214

Electric

Utilities

–

0.1%

1,376

Constellation

Energy

Corp.

361,544

13,184

OGE

Energy

Corp.

624,262

985,806

Electrical

Equipment

–

2.1%

865

Acuity,

Inc.

284,057

29,296

AMETEK,

Inc.

7,081,136

1,744

Eaton

Corp.

PLC

724,109

51,552

Emerson

Electric

Co.

7,723,521

15,812,823

Electronic

Equipment,

Instruments

&

Components

–

0.2%

1,146

Jabil,

Inc.

361,047

2,975

Littelfuse

,

Inc.

1,315,337

1,676,384

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Energy

Equipment

&

Services

–

0.8%

15,839

Baker

Hughes

Co.

$

958,101

150,838

Halliburton

Co.

4,864,525

25,167

NOV,

Inc.

488,995

6,311,621

Financial

Services

–

3.4%

41,598

Berkshire

Hathaway,

Inc.,

Class

B*

21,279,041

55,832

Block,

Inc.*

4,535,792

25,814,833

Food

Products

–

1.0%

7,991

Darling

Ingredients,

Inc.*

484,574

24,426

Pilgrim's

Pride

Corp.

668,296

106,251

Tyson

Foods,

Inc.,

Class

A

6,158,308

7,311,178

Gas

Utilities

–

0.1%

6,213

Atmos

Energy

Corp.

1,073,482

Ground

Transportation

–

1.1%

68,651

Lyft,

Inc.,

Class

A*

1,088,805

7,166

Old

Dominion

Freight

Line,

Inc.

1,520,195

6,283

Ryder

System,

Inc.

1,611,087

4,533

Saia,

Inc.*

1,575,807

25,790

Uber

Technologies,

Inc.*

1,814,584

2,087

XPO,

Inc.*

419,424

8,029,902

Health

Care

Equipment

&

Supplies

–

3.9%

29,713

Align

Technology,

Inc.*

5,026,251

202,984

Boston

Scientific

Corp.*

9,485,442

22,428

Cooper

Cos.,

Inc.

(The)*

1,621,993

27,735

GE

HealthCare

Technologies,

Inc.

1,886,535

47,949

Globus

Medical,

Inc.,

Class

A*

3,777,902

66,888

Medtronic

PLC

5,711,566

11,095

STERIS

PLC

2,534,098

30,043,787

Health

Care

Providers

&

Services

–

6.0%

7,589

Centene

Corp.*

472,188

7,418

Chemed

Corp.

3,948,230

3,687

Cigna

Group

(The)

1,028,857

101,353

CVS

Health

Corp.

10,584,294

10,719

Elevance

Health,

Inc.

4,028,629

58,723

Encompass

Health

Corp.

6,522,364

16,602

HCA

Healthcare,

Inc.

6,683,799

7,651

Molina

Healthcare,

Inc.*

1,496,689

16,077

UnitedHealth

Group,

Inc.

6,662,309

25,453

Universal

Health

Services,

Inc.,

Class

B

4,287,303

45,714,662

Health

Care

REITs

–

2.1%

56,228

American

Healthcare

REIT,

Inc.

REIT

3,126,277

94,237

Healthpeak

Properties,

Inc.

REIT

2,057,194

45,870

Welltower,

Inc.

REIT

10,753,763

15,937,234

Shares

Description

Value

Common

Stocks

–

(continued)

Hotel

&

Resort

REITs

–

0.7%

201,976

Host

Hotels

&

Resorts,

Inc.

REIT

$

5,075,657

Hotels,

Restaurants

&

Leisure

–

2.3%

142,875

Aramark

8,139,589

11,708

Darden

Restaurants,

Inc.

2,383,514

45,904

Starbucks

Corp.

4,831,396

10,002

Texas

Roadhouse,

Inc.

2,054,811

17,409,310

Household

Durables

–

0.4%

22,298

D.R.

Horton,

Inc.

3,189,952

Household

Products

–

0.0%

2,163

Procter &

Gamble

Co.

(The)

312,532

Independent

Power

and

Renewable

Electricity

Producers

–

0.6%

176,256

AES

Corp.

(The)

2,587,438

5,007

Talen

Energy

Corp.*

1,672,839

4,260,277

Industrial

REITs

–

0.5%

42,846

Lineage,

Inc.

REIT

1,815,385

6,573

Prologis,

Inc.

REIT

950,521

19,309

Rexford

Industrial

Realty,

Inc.

REIT

729,301

28,261

STAG

Industrial,

Inc.

REIT

1,081,266

4,576,473

Insurance

–

1.0%

7,623

Fidelity

National

Financial,

Inc.

393,271

3,107

Hanover

Insurance

Group,

Inc.

(The)

722,781

14,695

Kinsale

Capital

Group,

Inc.

5,237,592

13,506

MetLife,

Inc.

1,298,332

7,651,976

Interactive

Media

&

Services

–

0.3%

14,660

Reddit,

Inc.,

Class

A*

2,062,222

IT

Services

–

0.8%

3,229

Accenture

PLC,

Class

A

535,756

2,152

Gartner,

Inc.*

324,995

21,521

International

Business

Machines

Corp.

4,813,171

4,340

Twilio,

Inc.,

Class

A*

856,499

6,530,421

Leisure

Products

–

0.1%

9,246

Brunswick

Corp.

730,434

Life

Sciences

Tools

&

Services

–

0.5%

13,891

IQVIA

Holdings,

Inc.*

3,264,663

6,557

Tempus

AI,

Inc.,

Class

A*

287,655

3,552,318

Machinery

–

3.6%

28,351

Illinois

Tool

Works,

Inc.

8,135,319

35,945

Ingersoll

Rand,

Inc.

2,997,094

96,006

Mueller

Industries,

Inc.

6,375,759

26,042

PACCAR,

Inc.

3,455,253

5,691

Parker-Hannifin

Corp.

5,557,432

1,441

RBC

Bearings,

Inc.*

794,438

27,315,295

GOLDMAN

SACHS

LARGE

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Marine

Transportation

–

0.9%

49,840

Kirby

Corp.*

$

6,536,018

Media

–

1.0%

3,137

AppLovin

Corp.,

Class

A*

1,241,938

49,530

Fox

Corp.,

Class

A

2,884,132

7,078

Nexstar

Media

Group,

Inc.

1,348,571

104,314

Trade

Desk,

Inc.

(The),

Class

A*

1,881,825

7,356,466

Metals

&

Mining

–

0.8%

36,392

Anglogold

Ashanti

PLC

(Australia)

2,886,613

25,565

Coeur

Mining,

Inc.

381,174

30,908

Newmont

Corp.

2,896,389

6,164,176

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.1%

62,815

AGNC

Investment

Corp.

REIT

669,608

Oil,

Gas

&

Consumable

Fuels

–

4.9%

45,455

Antero

Resources

Corp.*

1,642,744

26,155

Chevron

Corp.

5,148,089

48,843

ConocoPhillips

5,884,605

82,830

ExxonMobil

Holdings

Corp.

12,875,095

257,924

Kinder

Morgan,

Inc.

8,299,994

2,084

Marathon

Petroleum

Corp.

659,523

9,568

Valero

Energy

Corp.

2,993,827

37,503,877

Passenger

Airlines

–

0.9%

58,570

United

Airlines

Holdings,

Inc.*

7,106,298

Personal

Care

Products

–

0.3%

13,100

elf

Beauty,

Inc.*

1,085,859

69,076

Kenvue

,

Inc.

1,329,022

2,414,881

Pharmaceuticals

–

2.5%

5,572

Bristol-Myers

Squibb

Co.

363,907

56,254

Johnson &

Johnson

14,420,713

16,245

Merck &

Co.,

Inc.

2,115,099

87,312

Pfizer,

Inc.

2,183,673

19,083,392

Professional

Services

–

0.1%

3,408

Equifax,

Inc.

588,289

Semiconductors

&

Semiconductor

Equipment

–

2.1%

6,303

Broadcom,

Inc.

2,453,632

83,660

Intel

Corp.*

7,546,132

20,886

Texas

Instruments,

Inc.

5,759,106

15,758,870

Software

–

4.4%

10,208

Elastic

NV*

671,584

17,295

Intuit,

Inc.

5,466,431

54,919

Microsoft

Corp.

25,521,958

11,166

Oracle

Corp.

1,450,128

2,999

Strategy,

Inc.*

279,747

3,098

Workday,

Inc.,

Class

A*

496,733

33,886,581

Specialized

REITs

–

0.8%

225,730

VICI

Properties,

Inc.

REIT

5,947,985

Shares

Description

Value

Common

Stocks

–

(continued)

Specialty

Retail

–

1.4%

16,068

O'Reilly

Automotive,

Inc.*

$

1,435,676

60,497

TJX

Cos.,

Inc.

(The)

9,518,598

10,954,274

Technology

Hardware,

Storage

&

Peripherals

–

6.6%

159,458

Apple,

Inc.

49,258,171

2,017

Western

Digital

Corp.

1,098,942

50,357,113

Textiles,

Apparel

&

Luxury

Goods

–

1.2%

12,574

Birkenstock

Holding

PLC

(Germany)*

486,865

201,458

NIKE,

Inc.,

Class

B

8,402,813

8,889,678

Trading

Companies

&

Distributors

–

0.2%

4,167

Watsco

,

Inc.

1,288,853

Wireless

Telecommunication

Services

–

1.1%

47,824

T-Mobile

US,

Inc.

8,259,683

TOTAL

COMMON

STOCKS

(Cost

$657,886,607)

743,759,253

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.6%

(a)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

4,503,921

3.760%

4,503,921

(Cost

$4,503,921)

TOTAL

INVESTMENTS

–

98.0%

(Cost

$662,390,528)

$

748,263,174

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.0%

15,639,859

NET

ASSETS

–

100.0%

$

763,903,033

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)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

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

45

09/18/26

$

16,918,312

$

3,132

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.5%

Aerospace

&

Defense

–

1.8%

21,259

AAR

Corp.*

$

2,977,110

13,795

Aevex

Corp.,

Class

A*

229,411

46,112

Astronics

Corp.*

3,204,323

12,580

Firefly

Aerospace,

Inc.*

255,752

51,432

Mercury

Systems,

Inc.*

4,994,047

14,771

Moog,

Inc.,

Class

A

5,758,474

32,865

Sidus

Space,

Inc.,

Class

A*

(a)

57,843

1,912

V2X,

Inc.*

172,539

19,129

Voyager

Technologies,

Inc.,

Class

A*

469,234

18,118,733

Automobile

Components

–

1.0%

65,022

Adient

PLC*

1,368,063

44,571

Cooper-Standard

Holdings,

Inc.*

1,313,507

54,425

Dana,

Inc.

1,465,665

32,372

Dauch

Corp.*

182,902

61,195

Fox

Factory

Holding

Corp.*

1,101,510

13,248

Gentherm

,

Inc.*

537,604

286,532

Holley,

Inc.*

765,040

25,773

Motorcar

Parts

of

America,

Inc.*

345,358

20,331

Standard

Motor

Products,

Inc.

777,254

6,484

Strattec

Security

Corp.*

569,879

32,882

Versigent

PLC*

1,359,671

9,786,453

Banks

–

10.3%

2,254

ACNB

Corp.

145,338

54,197

Ameris

Bancorp

4,726,520

146,145

Associated

Banc-Corp.

4,512,958

53,429

Atlantic

Union

Bankshares

Corp.

2,266,992

5,465

Axos

Financial,

Inc.*

554,206

10,235

BancFirst

Corp.

1,154,713

3,629

Bancorp,

Inc.

(The)*

243,397

11,508

Cathay

General

Bancorp

727,190

3,590

Central

Pacific

Financial

Corp.

141,446

7,005

ChoiceOne

Financial

Services,

Inc.

238,380

71,852

Civista

Bancshares,

Inc.

2,088,019

32,757

Community

Trust

Bancorp,

Inc.

2,569,787

19,765

Esquire

Financial

Holdings,

Inc.

2,554,033

8,020

FB

Financial

Corp.

484,247

6,945

First

Bancorp,

Inc.

(The)

243,769

120,913

First

Financial

Bancorp

4,090,487

129,126

First

Financial

Bankshares

,

Inc.

4,537,488

3,947

First

Internet

Bancorp

116,279

6,983

First

Merchants

Corp.

301,247

116,030

Flagstar

Bank

NA

1,649,947

67,560

German

American

Bancorp,

Inc.

3,437,453

104,538

Glacier

Bancorp,

Inc.

5,152,678

65,598

Hancock

Whitney

Corp.

5,051,046

62,268

Hanmi

Financial

Corp.

1,985,104

2,287

Hingham

Institution

For

Savings

(The)

(a)

652,207

39,062

Hope

Bancorp,

Inc.

547,259

5,213

Horizon

Bancorp,

Inc.

106,606

26,308

Independent

Bank

Corp.

2,205,400

57,185

International

Bancshares

Corp.

4,376,940

2,906

Nicolet

Bankshares

,

Inc.

496,693

30,602

Northrim

BanCorp

,

Inc.

811,259

51,918

OFG

Bancorp

(Puerto

Rico)

2,744,385

Shares

Description

Value

Common

Stocks

–

(continued)

Banks

–

(continued)

21,780

Old

Second

Bancorp,

Inc.

$

550,816

52,857

Origin

Bancorp,

Inc.

2,892,864

29,063

Pathward

Financial,

Inc.

2,564,519

4,730

PCB

Bancorp

131,825

9,856

Peoples

Bancorp,

Inc.

410,601

73,204

Renasant

Corp.

3,189,498

41,781

S&T

Bancorp,

Inc.

2,178,879

34,886

Seacoast

Banking

Corp.

of

Florida

1,211,940

47,672

ServisFirst

Bancshares,

Inc.

4,266,644

73,588

Simmons

First

National

Corp.,

Class

A

1,735,941

1,605

Southern

First

Bancshares,

Inc.*

100,152

36,157

Stock

Yards

Bancorp,

Inc.

3,076,961

45,425

Trustmark

Corp.

2,155,416

45,351

UMB

Financial

Corp.

6,609,001

76,026

United

Bankshares

,

Inc.

3,683,460

122,826

United

Community

Banks,

Inc.

4,352,953

13,241

Washington

Trust

Bancorp,

Inc.

516,134

93,286

WesBanco

,

Inc.

3,860,175

104,401,252

Beverages

–

0.2%

17,317

National

Beverage

Corp.

547,910

18,866

Vita

Coco

Co.,

Inc.

(The)*

1,244,024

1,791,934

Biotechnology

–

10.5%

12,948

Absci

Corp.*

100,736

139,023

ACADIA

Pharmaceuticals,

Inc.*

3,596,525

46,070

AnaptysBio

,

Inc.*

2,458,295

286,824

Annexon

,

Inc.*

1,461,368

280,537

Arbutus

Biopharma

Corp.*

1,217,531

19,360

Arcus

Biosciences,

Inc.*

545,758

50,132

Arcutis

Biotherapeutics,

Inc.*

1,346,546

224,895

Ardelyx

,

Inc.*

1,113,230

87,644

ArriVent

Biopharma,

Inc.*

2,613,544

304,118

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

4,525,276

38,538

Beam

Therapeutics,

Inc.*

983,490

63,697

BioCryst

Pharmaceuticals,

Inc.*

571,999

164,512

Biohaven

Ltd.*

2,220,912

18,815

Bright

Minds

Biosciences,

Inc.

(Canada)*

1,378,387

90,913

C4

Therapeutics,

Inc.*

316,377

303,059

Cabaletta

Bio,

Inc.*

812,198

5,664

Candel

Therapeutics,

Inc.*

56,697

11,919

Celcuity

,

Inc.*

1,029,563

105,866

Celldex

Therapeutics,

Inc.*

4,029,260

47,673

Cogent

Biosciences,

Inc.*

1,855,910

37,384

Coherus

Oncology,

Inc.*

52,712

143,997

Compass

Therapeutics,

Inc.*

275,034

33,332

Corvus

Pharmaceuticals,

Inc.*

441,982

158,271

CytomX

Therapeutics,

Inc.*

490,640

256,894

Denali

Therapeutics,

Inc.*

5,913,700

16,819

Design

Therapeutics,

Inc.*

204,855

2,968

Dianthus

Therapeutics,

Inc.*

317,339

311,993

Eledon

Pharmaceuticals,

Inc.*

1,054,536

43,036

Enanta

Pharmaceuticals,

Inc.*

542,254

46,793

Erasca

,

Inc.*

849,293

3,849

Evommune

,

Inc.*

43,301

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

220,469

Hyperliquid

Strategies,

Inc.*

$

1,369,113

58,893

Ideaya

Biosciences,

Inc.*

2,090,702

45,991

Immuneering

Corp.,

Class

A*

(a)

189,943

52,436

ImmunityBio

,

Inc.*

(a)

375,966

19,540

Immunome,

Inc.*

444,730

46,291

Immunovant

,

Inc.*

1,787,758

9,621

Inhibrx

Biosciences,

Inc.*

789,403

367,544

Iovance

Biotherapeutics,

Inc.*

1,495,904

69,155

Ironwood

Pharmaceuticals,

Inc.*

292,526

28,350

Jade

Biosciences,

Inc.*

559,913

9,340

Kiniksa

Pharmaceuticals

International

PLC*

694,336

47,354

Kodiak

Sciences,

Inc.*

1,968,979

4,423

Krystal

Biotech,

Inc.*

1,508,774

27,990

Kymera

Therapeutics,

Inc.*

2,894,166

106,199

Kyverna

Therapeutics,

Inc.*

775,253

22,859

Larimar

Therapeutics,

Inc.*

87,321

119,239

Lexeo

Therapeutics,

Inc.*

492,457

51,578

MacroGenics

,

Inc.*

190,323

32,822

MeiraGTx

Holdings

PLC*

386,971

920

Monopar

Therapeutics,

Inc.*

(a)

99,682

111,609

Myriad

Genetics,

Inc.*

319,202

9,344

Neurogene

,

Inc.*

307,324

112,048

Novavax,

Inc.*

820,191

25,607

Nurix

Therapeutics,

Inc.*

594,339

115,803

ORIC

Pharmaceuticals,

Inc.*

1,281,939

101,600

Palisade

Bio,

Inc.*

192,532

852

Palvella

Therapeutics,

Inc.*

118,462

9,217

Praxis

Precision

Medicines,

Inc.*

2,837,269

20,462

Precision

BioSciences

,

Inc.*

143,029

111,297

Prime

Medicine,

Inc.*

324,987

23,740

Prothena

Corp.

PLC

(Ireland)*

192,769

63,845

Puma

Biotechnology,

Inc.*

506,291

42,630

Replimune

Group,

Inc.*

477,456

42,514

Rezolute

,

Inc.*

200,666

23,140

Rhythm

Pharmaceuticals,

Inc.*

2,296,645

11,802

Rigel

Pharmaceuticals,

Inc.*

434,432

182,044

Rocket

Pharmaceuticals,

Inc.*

566,157

223,347

Sana

Biotechnology,

Inc.*

699,076

138,298

Sarepta

Therapeutics,

Inc.*

2,055,108

39,493

Scholar

Rock

Holding

Corp.*

1,867,821

17,883

SELLAS

Life

Sciences

Group,

Inc.*

(a)

179,009

13,827

Solid

Biosciences,

Inc.*

111,446

1,551

Spruce

Biosciences,

Inc.*

(a)

66,429

26,707

Spyre

Therapeutics,

Inc.*

2,626,099

77,195

Sutro

Biopharma,

Inc.*

1,865,803

62,390

Syndax

Pharmaceuticals,

Inc.*

1,188,530

106,116

Tango

Therapeutics,

Inc.*

2,884,233

10,971

Tectonic

Therapeutic,

Inc.*

307,517

59,858

TG

Therapeutics,

Inc.*

3,114,412

49,416

Travere

Therapeutics,

Inc.*

2,761,860

51,433

Twist

Bioscience

Corp.*

4,708,691

14,940

Vaxcyte

,

Inc.*

807,955

3,362

Vera

Therapeutics,

Inc.*

107,920

97,359

Veracyte

,

Inc.*

4,509,669

146,311

Viridian

Therapeutics,

Inc.*

2,768,204

17,219

Zenas

Biopharma,

Inc.*

541,365

105,698,305

Shares

Description

Value

Common

Stocks

–

(continued)

Broadline

Retail

–

0.1%

51,923

Kohl's

Corp.

$

993,806

Building

Products

–

0.5%

15,839

Griffon

Corp.

1,364,847

43,596

UFP

Industries,

Inc.

3,781,517

5,146,364

Capital

Markets

–

1.8%

111,820

BGC

Group,

Inc.,

Class

A

1,288,166

32,666

Donnelley

Financial

Solutions,

Inc.*

1,545,102

256,815

GCM

Grosvenor,

Inc.,

Class

A

3,205,051

90,948

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

984,057

8,882

Perella

Weinberg

Partners

156,767

6,996

Piper

Sandler

Cos.

530,297

1,387

PJT

Partners,

Inc.,

Class

A

233,446

12,125

Ridgepost

Capital,

Inc.,

Class

A

104,518

132,383

StepStone

Group,

Inc.,

Class

A

5,806,318

29,402

StoneX

Group,

Inc.*

2,251,311

265,376

Webull

Corp.

(Cayman

Islands)*

1,873,555

17,978,588

Chemicals

–

2.5%

201,603

Alto

Ingredients,

Inc.*

959,630

40,343

Aspen

Aerogels,

Inc.*

186,788

74,333

Avient

Corp.

2,699,774

41,314

Balchem

Corp.

6,922,367

119,288

Ecovyst

,

Inc.*

1,438,613

28,785

Hawkins,

Inc.

3,685,343

52,514

Innospec,

Inc.

4,515,154

61,953

Mativ

Holdings,

Inc.

540,850

38,874

Minerals

Technologies,

Inc.

2,963,754

4,457

Quaker

Chemical

Corp.

715,438

7,810

Sensient

Technologies

Corp.

965,863

25,593,574

Commercial

Services

&

Supplies

–

1.7%

23,039

ABM

Industries,

Inc.

1,103,799

156,349

ACV

Auctions,

Inc.,

Class

A*

1,171,054

215,241

BrightView

Holdings,

Inc.*

2,806,743

20,546

Brink’s

Co.

(The)

2,433,674

104,083

Deluxe

Corp.

2,692,627

36,742

Ennis,

Inc.

800,976

23,785

Enviri

Corp.*

527,551

97,023

Healthcare

Services

Group,

Inc.*

2,260,636

18,516

Liquidity

Services,

Inc.*

721,754

67,206

Millerknoll

,

Inc.

1,513,479

15,912

Pitney

Bowes,

Inc.

278,937

16,311,230

Communications

Equipment

–

0.2%

9,699

ADTRAN

Holdings,

Inc.*

82,539

93,711

Ondas,

Inc.*

(a)

701,895

92,028

Vistance

Networks,

Inc.*

1,080,409

1,864,843

Construction

&

Engineering

–

1.0%

1,448

Argan,

Inc.

825,983

1,543

Cardinal

Infrastructure

Group,

Inc.,

Class

A*

95,496

53,241

Centuri

Holdings,

Inc.*

1,482,229

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Construction

&

Engineering

–

(continued)

66,744

Construction

Partners,

Inc.,

Class

A*

$

6,897,992

30,695

Matrix

Service

Co.*

356,062

908

NWPX

Infrastructure,

Inc.*

111,757

9,769,519

Construction

Materials

–

0.3%

47,114

Knife

River

Corp.*

3,447,331

Consumer

Finance

–

0.6%

3,612

Dave,

Inc.*

1,346,156

44,308

LendingTree,

Inc.*

1,411,653

148,155

Oportun

Financial

Corp.*

820,779

18,743

Regional

Management

Corp.

604,836

69,814

Upstart

Holdings,

Inc.*

1,915,696

6,099,120

Consumer

Staples

Distribution

&

Retail

–

0.0%

1,730

United

Natural

Foods,

Inc.*

87,936

12,878

Yesway

,

Inc.,

Class

A*

269,408

357,344

Containers

&

Packaging

–

0.2%

233,766

O-I

Glass,

Inc.*

1,671,427

14,345

Ranpak

Holdings

Corp.*

73,446

1,744,873

Diversified

Consumer

Services

–

1.0%

8,931

American

Public

Education,

Inc.*

433,243

28,540

Frontdoor

,

Inc.*

2,072,860

1,243

Graham

Holdings

Co.,

Class

B

1,496,000

108,901

Laureate

Education,

Inc.*

4,171,997

17,777

Lincoln

Educational

Services

Corp.*

743,434

27,685

Universal

Technical

Institute,

Inc.*

1,088,298

10,005,832

Diversified

REITs

–

0.1%

80,743

Global

Net

Lease,

Inc.

REIT

704,079

Diversified

Telecommunication

Services

–

0.5%

25,510

Bandwidth,

Inc.,

Class

A*

998,461

157,637

Cogent

Communications

Holdings,

Inc.

2,128,100

98,819

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

805,375

102,824

Lumen

Technologies,

Inc.*

656,017

4,587,953

Electrical

Equipment

–

1.8%

36,161

Allient

,

Inc.

3,162,641

78,462

American

Superconductor

Corp.*

2,304,429

87,201

Amprius

Technologies,

Inc.*

837,130

41,267

Array

Technologies,

Inc.*

215,414

46,005

Atkore,

Inc.

3,356,525

46,447

Babcock

&

Wilcox

Enterprises,

Inc.*

432,886

2,172

EnerSys

404,101

34,989

Fluence

Energy,

Inc.*

487,397

17,168

GrafTech

International

Ltd.*

115,369

Shares

Description

Value

Common

Stocks

–

(continued)

Electrical

Equipment

–

(continued)

602,170

Plug

Power,

Inc.*

$

1,240,470

16,760

Power

Solutions

International,

Inc.*

462,744

3,875

Preformed

Line

Products

Co.

1,383,297

7,806

Shoals

Technologies

Group,

Inc.,

Class

A*

68,224

370,176

Sunrun,

Inc.*

3,631,426

18,102,053

Electronic

Equipment,

Instruments

&

Components

–

3.3%

48,472

Belden,

Inc.

6,012,951

59,365

Benchmark

Electronics,

Inc.

4,735,546

3,364

Insight

Enterprises,

Inc.*

433,720

163,151

Knowles

Corp.*

5,969,695

5,283

Napco

Security

Technologies,

Inc.

195,894

28,661

nLight

,

Inc.*

1,971,877

39,728

Novanta,

Inc.*

5,663,226

43,483

PC

Connection,

Inc.

3,640,397

9,852

Plexus

Corp.*

2,476,202

27,326

Powerfleet

,

Inc.*

107,118

4,637

Richardson

Electronics

Ltd.

84,811

61,600

Vishay

Intertechnology

,

Inc.

2,107,952

33,399,389

Energy

Equipment

&

Services

–

2.4%

44,817

Archrock

,

Inc.

1,602,656

195,193

Atlas

Energy

Solutions,

Inc.

2,106,132

85,622

Core

Laboratories,

Inc.

911,018

49,199

Forum

Energy

Technologies,

Inc.*

3,083,301

440,168

Helix

Energy

Solutions

Group,

Inc.*

4,185,998

50,781

Kodiak

Gas

Services,

Inc.

2,981,352

19,954

Nabors

Industries

Ltd.*

1,709,459

97,827

National

Energy

Services

Reunited

Corp.*

2,637,416

128,906

Patterson-UTI

Energy,

Inc.

1,350,935

89,890

ProPetro

Holding

Corp.*

997,779

37,294

Ranger

Energy

Services,

Inc.,

Class

A

598,569

7,776

Tidewater,

Inc.*

583,667

218,312

Transocean

Ltd.*

1,161,420

23,909,702

Entertainment

–

1.6%

273,181

AMC

Entertainment

Holdings,

Inc.,

Class

A*

770,370

71,797

CuriosityStream

,

Inc.

175,185

115,461

IMAX

Corp.*

5,523,654

62,922

Madison

Square

Garden

Entertainment

Corp.*

4,861,354

155,671

Marcus

Corp.

(The)

4,530,026

14,142

Starz

Entertainment

Corp.*

367,975

51,933

Stubhub

Holdings,

Inc.,

Class

A*

438,315

16,666,879

Financial

Services

–

1.7%

127,288

Acacia

Research

Corp.*

563,886

43,114

Alerus

Financial

Corp.

1,434,403

72,670

Bladex,

Inc.

(Panama)

4,254,828

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

15,549

Essent

Group

Ltd.

$

1,025,612

8,333

Jackson

Financial,

Inc.,

Class

A

1,018,959

52,041

NCR

Atleos

Corp.*

2,447,488

7,335

NewtekOne

,

Inc.

108,778

21,182

NMI

Holdings,

Inc.*

938,362

48,456

Paymentus

Holdings,

Inc.,

Class

A*

1,652,350

99,431

Paysign

,

Inc.*

890,902

11,803

Sezzle

,

Inc.*

1,826,514

15,086

Walker &

Dunlop,

Inc.

749,623

16,911,705

Food

Products

–

0.2%

122,427

BRC,

Inc.,

Class

A*

126,100

6,981

Marzetti

Company

(The)

746,059

55,463

Once

Upon

a

Farm

PBC*

(a)

841,374

1,713,533

Ground

Transportation

–

1.3%

13,081

ArcBest

Corp.

1,888,242

12,876

Covenant

Logistics

Group,

Inc.

457,356

48,215

Heartland

Express,

Inc.

589,669

243,901

Marten

Transport

Ltd.

3,607,296

124,254

RXO,

Inc.*

2,516,143

124,166

Werner

Enterprises,

Inc.

4,646,292

13,704,998

Health

Care

Equipment

&

Supplies

–

2.8%

111,018

Alphatec

Holdings,

Inc.*

1,056,891

62,748

AngioDynamics

,

Inc.*

928,043

121,870

AtriCure

,

Inc.*

4,601,811

83,921

Axogen

,

Inc.*

3,542,305

56,157

Butterfly

Network,

Inc.*

399,276

175,970

Cerus

Corp.*

378,336

15,639

CONMED

Corp.

724,086

27,822

CVRx

,

Inc.*

143,979

142,942

Enovis

Corp.*

4,166,759

33,324

Haemonetics

Corp.*

2,850,535

20,772

iRadimed

Corp.

1,887,344

9,090

iRhythm

Holdings,

Inc.*

1,065,075

12,916

LeMaitre

Vascular,

Inc.

1,308,649

36,369

Novocure

Ltd.*

539,716

13,169

Omnicell,

Inc.*

465,788

21,406

OrthoPediatrics

Corp.*

432,187

44,919

Procept

Biorobotics

Corp.*

836,392

49,673

SI-BONE,

Inc.*

882,192

4,040

Tactile

Systems

Technology,

Inc.*

113,807

20,819

Tandem

Diabetes

Care,

Inc.*

405,971

15,156

TransMedics

Group,

Inc.*

1,159,586

27,888,728

Health

Care

Providers

&

Services

–

3.0%

1,639

Addus

HomeCare

Corp.*

189,272

150,625

Alignment

Healthcare,

Inc.*

2,236,781

60,007

AMN

Healthcare

Services,

Inc.*

2,018,035

68,197

Aveanna

Healthcare

Holdings,

Inc.*

640,370

175,068

Brookdale

Senior

Living,

Inc.*

2,555,993

35,016

Castle

Biosciences,

Inc.*

980,448

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

25,069

Clover

Health

Investments

Corp.*

$

104,538

203,924

Community

Health

Systems,

Inc.*

568,948

45,914

HealthEquity,

Inc.*

4,619,407

54,053

Hims

&

Hers

Health,

Inc.*

1,501,052

24,402

Hinge

Health,

Inc.,

Class

A*

1,823,073

146,240

LifeStance

Health

Group,

Inc.*

1,532,595

75,600

Lumexa

Imaging

Holdings,

Inc.*

786,996

163,678

NeoGenomics

,

Inc.*

2,502,637

6,058

Nutex

Health,

Inc.*

893,131

159,056

Oncology

Institute,

Inc.

(The)*

773,012

729,579

OPKO

Health,

Inc.*

963,044

20,730

Option

Care

Health,

Inc.*

477,412

1,163

PACS

Group,

Inc.*

53,510

60,012

Pennant

Group,

Inc.

(The)*

2,419,684

63,876

Privia

Health

Group,

Inc.*

1,511,945

97,561

Viemed

Healthcare,

Inc.*

1,138,537

30,290,420

Health

Care

REITs

–

0.8%

105,366

CareTrust

REIT,

Inc.

REIT

4,419,050

47,332

Diversified

Healthcare

Trust

REIT

421,255

209,171

Sabra

Health

Care

REIT,

Inc.

REIT

4,428,150

9,268,455

Health

Care

Technology

–

0.2%

74,038

HealthStream,

Inc.

2,076,025

Hotel

&

Resort

REITs

–

3.6%

328,825

Apple

Hospitality

REIT,

Inc.

REIT

5,428,901

188,236

Chatham

Lodging

Trust

REIT

2,509,186

260,783

DiamondRock

Hospitality

Co.

REIT

3,452,767

305,909

Park

Hotels

&

Resorts,

Inc.

REIT

4,606,989

307,967

Pebblebrook

Hotel

Trust

REIT

5,882,170

191,255

RLJ

Lodging

Trust

REIT

2,342,874

14,386

Ryman

Hospitality

Properties,

Inc.

REIT

1,922,689

34,661

Service

Properties

Trust

REIT

278,328

222,609

Summit

Hotel

Properties,

Inc.

REIT

1,531,550

395,303

Sunstone

Hotel

Investors,

Inc.

REIT

4,652,716

135,983

Xenia

Hotels

&

Resorts,

Inc.

REIT

2,798,530

35,406,700

Hotels,

Restaurants

&

Leisure

–

2.7%

17,344

Black

Rock

Coffee

Bar,

Inc.,

Class

A*

139,793

423,690

Bloomin'

Brands,

Inc.

3,669,155

144,426

Brightstar

Lottery

PLC

1,450,037

4,366

Brinker

International,

Inc.*

933,014

77,836

Cheesecake

Factory,

Inc.

(The)

7,894,127

20,834

Cracker

Barrel

Old

Country

Store,

Inc.

1,174,829

20,474

El

Pollo

Loco

Holdings,

Inc.*

337,002

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

15,835

First

Watch

Restaurant

Group,

Inc.*

$

203,480

43,344

Jack

in

the

Box,

Inc.*

709,541

5,062

Marriott

Vacations

Worldwide

Corp.

493,596

39,022

Monarch

Casino

&

Resort,

Inc.

4,789,951

480,132

Portillo's,

Inc.,

Class

A*

2,194,203

11,058

Rush

Street

Interactive,

Inc.*

297,571

1,092,980

Sabre

Corp.*

2,022,013

4,193

Shake

Shack,

Inc.,

Class

A*

263,111

52,725

Super

Group

SGHC

Ltd.

(Guernsey)

738,150

27,309,573

Household

Durables

–

2.0%

27,087

Century

Communities,

Inc.

1,819,163

61,899

Ethan

Allen

Interiors,

Inc.

1,386,538

24,796

Green

Brick

Partners,

Inc.*

1,753,821

7,852

Helen

of

Troy

Ltd.*

216,951

22,042

Installed

Building

Products,

Inc.

4,914,044

5,688

La-Z-Boy,

Inc.

223,993

60,490

LGI

Homes,

Inc.*

3,300,939

42,455

M/I

Homes,

Inc.*

6,203,949

19,819,398

Household

Products

–

0.8%

237,803

Energizer

Holdings,

Inc.

4,986,729

11,662

WD-40

Co.

2,648,907

7,635,636

Independent

Power

and

Renewable

Electricity

Producers

–

0.3%

34,915

Ormat

Technologies,

Inc.

3,407,006

Insurance

–

2.6%

180,155

Accelerant

Holdings,

Class

A

(Cayman

Islands)*

2,140,241

108,597

AMERISAFE,

Inc.

3,153,657

79,372

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

2,201,779

60,389

CNO

Financial

Group,

Inc.

3,326,830

5,803

Investors

Title

Co.

1,678,750

94,623

Lemonade,

Inc.*

4,571,237

12,114

Octave

Specialty

Group,

Inc.*

65,416

78,661

Oscar

Health,

Inc.,

Class

A*

2,455,796

142,458

Porch

Group,

Inc.*

2,058,518

42,732

Stewart

Information

Services

Corp.

2,888,256

45,917

Universal

Insurance

Holdings,

Inc.

2,007,032

26,547,512

Interactive

Media

&

Services

–

0.5%

40,832

EverQuote

,

Inc.,

Class

A*

1,029,783

175,346

QuinStreet

,

Inc.*

2,717,863

43,528

Yelp,

Inc.*

1,150,445

4,898,091

IT

Services

–

1.0%

42,359

Crexendo

,

Inc.*

291,430

98,241

Everforth

,

Inc.*

2,793,974

169,281

Fastly,

Inc.,

Class

A*

3,835,907

60,108

Globant

SA*

2,199,953

Shares

Description

Value

Common

Stocks

–

(continued)

IT

Services

–

(continued)

15,081

Information

Services

Group,

Inc.

$

62,737

46,200

TSS,

Inc.*

458,304

9,642,305

Leisure

Products

–

0.4%

13,250

JAKKS

Pacific,

Inc.

348,872

23,949

Johnson

Outdoors,

Inc.,

Class

A

1,123,447

47,152

Latham

Group,

Inc.*

252,735

14,662

MasterCraft

Boat

Holdings,

Inc.*

350,715

76,717

Peloton

Interactive,

Inc.,

Class

A*

490,222

79,529

Smith

&

Wesson

Brands,

Inc.

1,157,147

3,723,138

Life

Sciences

Tools

&

Services

–

0.4%

150,859

Adaptive

Biotechnologies

Corp.*

3,404,888

214,816

Cytek

Biosciences,

Inc.*

906,523

4,311,411

Machinery

–

3.1%

496,534

3D

Systems

Corp.*

1,310,850

55,045

Aebi

Schmidt

Holding

AG

(Switzerland)

709,530

1,722

Blue

Bird

Corp.*

128,100

7,123

CECO

Environmental

Corp.*

469,334

29,177

Commercial

Vehicle

Group,

Inc.*

132,172

1,805

Douglas

Dynamics,

Inc.

79,655

22,196

Enpro

,

Inc.

6,967,768

4,297

ESCO

Technologies,

Inc.

1,354,801

8,881

Federal

Signal

Corp.

1,109,681

2,254

Franklin

Electric

Co.,

Inc.

236,039

9,122

Helios

Technologies,

Inc.

710,695

333,509

Hillman

Solutions

Corp.*

2,624,716

20,724

Kadant

,

Inc.

6,372,630

31,836

Kennametal,

Inc.

1,081,469

52,027

Manitowoc

Co.,

Inc.

(The)*

720,574

97,135

Microvast

Holdings,

Inc.*

78,398

39,311

Miller

Industries,

Inc.

1,977,343

15,999

Omega

Flex,

Inc.

471,330

7,665

Park-Ohio

Holdings

Corp.

306,063

11,272

Standex

International

Corp.

3,342,148

64,537

Trinity

Industries,

Inc.

2,016,136

32,199,432

Marine

Transportation

–

0.5%

220,469

Costamare

,

Inc.

(Monaco)

3,434,907

275,596

Safe

Bulkers,

Inc.

(Monaco)

2,152,405

5,587,312

Media

–

0.5%

3,320

Cable

One,

Inc.*

132,767

218,764

EW

Scripps

Co.

(The),

Class

A*

614,727

98,154

Gray

Media,

Inc.

396,542

59,427

John

Wiley

&

Sons,

Inc.,

Class

A

3,102,089

24,235

MNTN,

Inc.,

Class

A*

223,447

24,693

Scholastic

Corp.

1,003,770

5,473,342

Metals

&

Mining

–

2.9%

1,780

Alpha

Metallurgical

Resources,

Inc.*

244,145

13,091

Ampco

-Pittsburgh

Corp.*

105,252

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Metals

&

Mining

–

(continued)

9,470

Caledonia

Mining

Corp.

PLC

(South

Africa)

$

174,153

49,966

Century

Aluminum

Co.*

2,236,978

107,419

Commercial

Metals

Co.

7,381,834

123,688

Constellium

SE*

3,436,053

35,049

Critical

Metals

Corp.

(Austria)*

(a)

192,419

91,748

Ferroglobe

PLC

291,759

10,768

Friedman

Industries,

Inc.

358,036

50,529

Hycroft

Mining

Holding

Corp.,

Class

A*

986,831

96,411

Ivanhoe

Electric,

Inc.*

882,161

29,198

Kaiser

Aluminum

Corp.

4,662,337

20,348

Materion

Corp.

4,290,172

8,435

Metallus

,

Inc.*

169,712

4,493

Ryerson

Holding

Corp.

124,860

93,052

SSR

Mining,

Inc.

(Canada)*

2,383,992

85,680

United

States

Antimony

Corp.*

434,397

6,504

USA

Rare

Earth,

Inc.*

97,235

11,374

Warrior

Met

Coal,

Inc.

903,209

4,671

Worthington

Steel,

Inc.

168,203

29,523,738

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

0.5%

32,801

Arbor

Realty

Trust,

Inc.

REIT

164,333

95,414

Ladder

Capital

Corp.

REIT

912,158

26,840

MFA

Financial,

Inc.

REIT

244,512

388,258

Orchid

Island

Capital,

Inc.

REIT

2,519,795

24,428

TPG

Mortgage

Investment

Trust,

Inc.

REIT

170,263

96,340

TPG

RE

Finance

Trust,

Inc.

REIT

767,830

4,778,891

Office

REITs

–

0.3%

635,735

Brandywine

Realty

Trust

REIT

1,932,634

39,313

Douglas

Emmett,

Inc.

REIT

464,680

7,946

Hudson

Pacific

Properties,

Inc.

REIT*

109,416

2,506,730

Oil,

Gas

&

Consumable

Fuels

–

4.4%

160,301

Comstock

Resources,

Inc.*

2,125,591

542,246

Crescent

Energy

Co.,

Class

A

6,219,562

87,296

Delek

US

Holdings,

Inc.

5,924,780

326,304

DHT

Holdings,

Inc.

6,059,465

89,179

Encore

Energy

Corp.*

97,205

44,901

Energy

Fuels,

Inc.*

(a)

513,667

148,425

Green

Plains,

Inc.*

2,500,961

1,552

International

Seaways,

Inc.

149,271

93,515

Kinetik

Holdings,

Inc.

4,729,054

345,879

Kosmos

Energy

Ltd.

(Ghana)*

930,414

168,449

Magnolia

Oil

&

Gas

Corp.,

Class

A

4,330,824

453,239

Nordic

American

Tankers

Ltd.

2,959,651

60,058

Northern

Oil

&

Gas,

Inc.

1,270,227

22,895

PBF

Energy,

Inc.,

Class

A

1,654,851

34,138

REX

American

Resources

Corp.*

1,469,300

35,157

SandRidge

Energy,

Inc.

489,385

28,767

Scorpio

Tankers,

Inc.

(Monaco)

2,239,799

Shares

Description

Value

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

(continued)

13,122

Teekay

Tankers

Ltd.,

Class

A

(Canada)

$

1,041,493

44,705,500

Passenger

Airlines

–

0.8%

8,846

Allegiant

Travel

Co.*

867,616

43,092

Frontier

Group

Holdings,

Inc.*

290,871

139,139

JetBlue

Airways

Corp.*

839,008

59,382

SkyWest,

Inc.*

6,352,092

8,349,587

Personal

Care

Products

–

0.0%

40,947

Herbalife

Ltd.*

508,562

Pharmaceuticals

–

1.6%

5,708

Alto

Neuroscience,

Inc.*

154,516

9,885

Alumis

,

Inc.*

279,251

232,604

Amneal

Pharmaceuticals,

Inc.*

4,261,305

16,899

Definium

Therapeutics,

Inc.*

735,445

5,975

Edgewise

Therapeutics,

Inc.*

229,619

36,906

Fulcrum

Therapeutics,

Inc.*

132,124

3,273

Indivior

Pharmaceuticals,

Inc.*

130,953

10,193

Innoviva

,

Inc.*

213,747

4,514

Ligand

Pharmaceuticals,

Inc.*

1,297,956

20,383

Liquidia

Corp.*

1,714,414

8,833

MBX

Biosciences,

Inc.*

582,360

16,772

Nektar

Therapeutics*

1,185,277

15,368

Omeros

Corp.*

(a)

181,957

23,152

Phathom

Pharmaceuticals,

Inc.*

202,580

10,978

Rapport

Therapeutics,

Inc.*

449,878

50,019

Relmada

Therapeutics,

Inc.*

265,601

40,597

Supernus

Pharmaceuticals,

Inc.*

1,811,844

24,481

Tarsus

Pharmaceuticals,

Inc.*

1,445,358

2,107

VeraDermics

,

Inc.*

221,235

65,647

Xeris

Biopharma

Holdings,

Inc.*

530,428

16,025,848

Professional

Services

–

0.5%

2,517

Barrett

Business

Services,

Inc.

98,264

22,819

Concentrix

Corp.

561,347

40,103

ManpowerGroup,

Inc.

2,102,199

321,608

Upwork,

Inc.*

2,945,929

5,707,739

Real

Estate

Management

&

Development

–

0.1%

189,695

Opendoor

Technologies,

Inc.*

715,150

147,251

Real

Brokerage,

Inc.

(The)

(Canada)*

(a)

235,602

950,752

Residential

REITs

–

0.6%

109,319

NexPoint

Residential

Trust,

Inc.

REIT

2,854,319

177,100

UMH

Properties,

Inc.

REIT

2,675,981

5,530,300

Retail

REITs

–

0.9%

48,578

Kite

Realty

Group

Trust

REIT

1,390,302

17,484

Macerich

Co.

(The)

REIT

451,786

158,747

Phillips

Edison

&

Co.,

Inc.

REIT

6,745,160

23,783

Tanger

,

Inc.

REIT

967,017

9,554,265

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

2.0%

18,039

ACM

Research,

Inc.,

Class

A

(China)*

$

1,415,520

6,062

Alpha

&

Omega

Semiconductor

Ltd.*

192,408

17,130

Ambiq

Micro,

Inc.*

1,089,297

6,739

Amtech

Systems,

Inc.*

103,376

35,231

AXT,

Inc.*

2,129,009

83,232

Cohu

,

Inc.*

3,994,304

22,345

Diodes,

Inc.*

1,839,440

1,038

Impinj

,

Inc.*

157,112

12,543

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

1,118,836

23,467

MaxLinear

,

Inc.*

1,568,065

23,800

PDF

Solutions,

Inc.*

1,096,942

4,330

QuickLogic

Corp.*

56,766

78,246

Rigetti

Computing,

Inc.*

(a)

1,169,778

10,768

Silicon

Laboratories,

Inc.*

2,342,040

23,791

Toyo

Co.

Ltd.

(Japan)*

122,524

17,624

Ultra

Clean

Holdings,

Inc.*

1,468,255

19,863,672

Software

–

5.4%

244,509

8x8,

Inc.*

464,567

5,283

A10

Networks,

Inc.

156,218

16,660

Agilysys,

Inc.*

1,751,966

91,481

Alkami

Technology,

Inc.*

1,662,210

83,167

Asana,

Inc.,

Class

A*

691,949

441,659

AvePoint,

Inc.*

5,754,817

50,455

Cerence

,

Inc.*

429,877

24,496

Cipher

Digital

Inc*

546,751

46,537

Cleanspark

,

Inc.*

640,349

41,745

Clear

Secure,

Inc.,

Class

A

2,305,994

22,299

Consensus

Cloud

Solutions,

Inc.*

811,684

176,925

Digital

Turbine,

Inc.*

1,426,016

193,374

Domo,

Inc.,

Class

B*

713,550

7,243

D-Wave

Quantum,

Inc.

(Canada)*

130,953

70,040

eGain

Corp.*

477,673

168,367

Freshworks

,

Inc.,

Class

A*

1,911,807

28,953

Hut

8

Corp.*

3,116,211

67,632

Intapp

,

Inc.*

2,210,890

78,200

MARA

Holdings,

Inc.*

885,224

44,535

N-able,

Inc.*

208,424

116,820

Ooma

,

Inc.*

2,540,835

127,786

Progress

Software

Corp.*

5,186,834

44,020

Q2

Holdings,

Inc.*

2,679,497

97,726

Rapid7,

Inc.*

943,056

40,773

Red

Violet,

Inc.*

2,828,831

93,773

Riot

Platforms,

Inc.*

1,891,401

77,059

Silvaco

Group,

Inc.*

599,519

51,775

SoundHound

AI,

Inc.,

Class

A*

(a)

317,381

54,484

Telos

Corp.*

241,909

39,391

Tenable

Holdings,

Inc.*

1,285,722

15,549

Varonis

Systems,

Inc.*

621,183

174,930

Vertex,

Inc.,

Class

A*

2,258,346

44,127

Weave

Communications,

Inc.*

288,591

41,019

Xperi

,

Inc.*

316,256

295,802

Zeta

Global

Holdings

Corp.,

Class

A*

6,389,323

54,685,814

Shares

Description

Value

Common

Stocks

–

(continued)

Specialized

REITs

–

0.4%

41,962

Four

Corners

Property

Trust,

Inc.

REIT

$

1,074,227

92,682

Smartstop

Self

Storage

REIT,

Inc.

REIT

3,108,554

4,182,781

Specialty

Retail

–

2.6%

57,940

Advance

Auto

Parts,

Inc.

(a)

3,217,988

18,423

Barnes

&

Noble

Education,

Inc.

229,182

28,851

Bed

Bath

&

Beyond,

Inc.*

145,698

1,993

Boot

Barn

Holdings,

Inc.*

296,937

14,298

Buckle,

Inc.

(The)

625,823

371,652

Camping

World

Holdings,

Inc.,

Class

A

2,300,526

32,230

Citi

Trends,

Inc.*

2,148,774

194,664

RealReal

,

Inc.

(The)*

2,353,488

54,353

Sally

Beauty

Holdings,

Inc.*

813,664

56,576

Shoe

Station

Group,

Inc.

859,955

14,849

Signet

Jewelers

Ltd.

1,379,472

156,713

ThredUp

,

Inc.,

Class

A*

905,801

208,049

Upbound

Group,

Inc.

4,034,070

61,260

Victoria's

Secret

&

Co.*

5,432,537

85,444

Zumiez,

Inc.*

1,680,684

26,424,599

Technology

Hardware,

Storage

&

Peripherals

–

0.2%

58,120

Corsair

Gaming,

Inc.*

616,653

66,955

Eastman

Kodak

Co.*

562,422

35,029

One

Stop

Systems,

Inc.*

428,405

1,607,480

Textiles,

Apparel

&

Luxury

Goods

–

1.5%

283,003

Figs,

Inc.,

Class

A*

3,028,132

49,239

G-III

Apparel

Group

Ltd.

1,792,792

78,123

Movado

Group,

Inc.

2,982,736

11,566

Rocky

Brands,

Inc.

564,884

138,817

Steven

Madden

Ltd.

6,396,687

14,765,231

Tobacco

–

0.2%

29,936

Turning

Point

Brands,

Inc.

2,233,525

Trading

Companies

&

Distributors

–

0.5%

26,694

Boise

Cascade

Co.

2,038,888

233,594

Custom

Truck

One

Source,

Inc.*

2,370,979

3,905

DXP

Enterprises,

Inc.*

613,163

977

Herc

Holdings,

Inc.

146,687

5,416

Xometry

,

Inc.,

Class

A*

464,259

5,633,976

Water

Utilities

–

0.0%

4,340

American

States

Water

Co.

371,678

Wireless

Telecommunication

Services

–

0.3%

215,678

Gogo,

Inc.*

901,534

22,076

Spok

Holdings,

Inc.

240,628

43,491

Telephone

and

Data

Systems,

Inc.

1,460,428

2,602,590

TOTAL

COMMON

STOCKS

(Cost

$903,452,018)

984,807,134

GOLDMAN

SACHS

SMALL

CAP

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(b)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

7,957,748

3.760%

$

7,957,748

(Cost

$7,957,748)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$911,409,766)

992,764,882

a

Securities

Lending

Reinvestment

Vehicle

–

0.9%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

8,872,904

3.571%

8,872,904

(Cost

$8,872,904)

TOTAL

INVESTMENTS

–

99.2%

(Cost

$920,282,670)

$

1,001,637,786

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.8%

7,788,528

NET

ASSETS

–

100.0%

$

1,009,426,314

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

146

09/18/26

$

21,447,400

$

(274,256)

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

96.7%

Aerospace

&

Defense

–

3.0%

8,794

AAR

Corp.*

$

1,231,512

3,421

Aevex

Corp.,

Class

A*

56,891

21,081

Astronics

Corp.*

1,464,919

32,226

Eve

Holding,

Inc.*

74,764

16,435

Firefly

Aerospace,

Inc.*

334,124

27,166

Mercury

Systems,

Inc.*

2,637,819

8,567

Moog,

Inc.,

Class

A

3,339,845

9,835

Park

Aerospace

Corp.

333,406

11,921

Satellogic

,

Inc.,

Class

A*

42,677

45,969

Sidus

Space,

Inc.,

Class

A*

(a)

80,905

7,888

Voyager

Technologies,

Inc.,

Class

A*

193,493

9,790,355

Air

Freight

&

Logistics

–

0.0%

7,238

Forward

Air

Corp.*

101,694

Automobile

Components

–

0.4%

12,464

Cooper-Standard

Holdings,

Inc.*

367,314

32,810

Dana,

Inc.

883,573

11,979

Holley,

Inc.*

31,984

1,282,871

Automobiles

–

0.0%

5,929

Lucid

Group,

Inc.*

(a)

43,756

Banks

–

2.4%

10,446

Bancorp,

Inc.

(The)*

700,613

1,515

Esquire

Financial

Holdings,

Inc.

195,768

41,171

First

Financial

Bankshares

,

Inc.

1,446,749

1,274

First

Internet

Bancorp

37,532

728

German

American

Bancorp,

Inc.

37,041

23,295

Glacier

Bancorp,

Inc.

1,148,210

13,653

International

Bancshares

Corp.

1,045,001

574

Pathward

Financial,

Inc.

50,650

21,016

ServisFirst

Bancshares,

Inc.

1,880,932

5,709

Stock

Yards

Bancorp,

Inc.

485,836

4,922

UMB

Financial

Corp.

717,283

5,741

United

Community

Banks,

Inc.

203,461

7,949,076

Beverages

–

0.2%

7,336

National

Beverage

Corp.

232,111

7,123

Vita

Coco

Co.,

Inc.

(The)*

469,691

701,802

Biotechnology

–

15.3%

22,979

Absci

Corp.*

178,777

89,657

ACADIA

Pharmaceuticals,

Inc.*

2,319,427

41,594

ADMA

Biologics,

Inc.*

351,885

38,173

Alector

,

Inc.*

57,641

83,966

ALX

Oncology

Holdings,

Inc.*

162,894

19,276

AnaptysBio

,

Inc.*

1,028,567

139,047

Annexon

,

Inc.*

708,444

104,593

Arbutus

Biopharma

Corp.*

453,934

8,178

Arcus

Biosciences,

Inc.*

230,538

31,881

Arcutis

Biotherapeutics,

Inc.*

856,324

117,060

Ardelyx

,

Inc.*

579,447

35,085

ArriVent

Biopharma,

Inc.*

1,046,235

8,636

Atrium

Therapeutics,

Inc.*

98,019

112,995

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

1,681,366

28,004

Beam

Therapeutics,

Inc.*

714,662

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

42,042

BioCryst

Pharmaceuticals,

Inc.*

$

377,537

78,121

Biohaven

Ltd.*

1,054,634

11,730

Bright

Minds

Biosciences,

Inc.

(Canada)*

859,340

66,996

Cabaletta

Bio,

Inc.*

179,549

17,226

Candel

Therapeutics,

Inc.*

172,432

10,062

Celcuity

,

Inc.*

869,156

42,518

Celldex

Therapeutics,

Inc.*

1,618,235

33,128

Cogent

Biosciences,

Inc.*

1,289,673

29,030

Corvus

Pharmaceuticals,

Inc.*

384,938

43,752

CytomX

Therapeutics,

Inc.*

135,631

49,836

Denali

Therapeutics,

Inc.*

1,147,225

14,780

Design

Therapeutics,

Inc.*

180,020

5,244

Dianthus

Therapeutics,

Inc.*

560,689

23,432

Editas

Medicine,

Inc.*

60,455

129,548

Eledon

Pharmaceuticals,

Inc.*

437,872

3,567

Enanta

Pharmaceuticals,

Inc.*

44,944

44,624

Erasca

,

Inc.*

809,926

2,056

Evommune

,

Inc.*

23,130

3,411

Greenwich

Lifesciences,

Inc.*

(a)

46,049

21,363

Hyperliquid

Strategies,

Inc.*

132,664

2,071

Ideaya

Biosciences,

Inc.*

73,521

57,631

ImmunityBio

,

Inc.*

(a)

413,214

30,058

Immunome,

Inc.*

684,120

26,454

Immunovant

,

Inc.*

1,021,653

4,714

Inhibrx

Biosciences,

Inc.*

386,784

50,061

Iovance

Biotherapeutics,

Inc.*

203,748

87,852

Ironwood

Pharmaceuticals,

Inc.*

371,614

18,030

Jade

Biosciences,

Inc.*

356,093

6,925

Kiniksa

Pharmaceuticals

International

PLC*

514,805

26,412

Kodiak

Sciences,

Inc.*

1,098,211

4,444

Krystal

Biotech,

Inc.*

1,515,937

19,470

Kura

Oncology,

Inc.*

175,425

12,018

Kymera

Therapeutics,

Inc.*

1,242,661

7,006

Kyverna

Therapeutics,

Inc.*

51,144

23,226

Larimar

Therapeutics,

Inc.*

88,723

21,557

MacroGenics

,

Inc.*

79,545

21,977

MeiraGTx

Holdings

PLC*

259,109

5,754

Mineralys

Therapeutics,

Inc.*

146,842

17,460

Novavax,

Inc.*

127,807

13,057

ORIC

Pharmaceuticals,

Inc.*

144,541

1,529

Palvella

Therapeutics,

Inc.*

212,592

6,265

Praxis

Precision

Medicines,

Inc.*

1,928,555

25,913

Prelude

Therapeutics,

Inc.*

119,200

51,258

Prime

Medicine,

Inc.*

149,673

5,355

Protagonist

Therapeutics,

Inc.*

731,707

42,020

Protalix

BioTherapeutics

,

Inc.*

99,587

439

PTC

Therapeutics,

Inc.*

29,856

54,979

Rezolute

,

Inc.*

259,501

13,780

Rhythm

Pharmaceuticals,

Inc.*

1,367,665

4,769

Rigel

Pharmaceuticals,

Inc.*

175,547

52,198

Rocket

Pharmaceuticals,

Inc.*

162,336

84,863

Sana

Biotechnology,

Inc.*

265,621

18,270

Sarepta

Therapeutics,

Inc.*

271,492

22,834

Scholar

Rock

Holding

Corp.*

1,079,934

26,352

SELLAS

Life

Sciences

Group,

Inc.*

(a)

263,784

18,649

Spyre

Therapeutics,

Inc.*

1,833,756

13,476

Sutro

Biopharma,

Inc.*

325,715

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

38,606

Syndax

Pharmaceuticals,

Inc.*

$

735,444

49,178

Tango

Therapeutics,

Inc.*

1,336,658

36,512

TG

Therapeutics,

Inc.*

1,899,719

26,648

Travere

Therapeutics,

Inc.*

1,489,357

28,346

Twist

Bioscience

Corp.*

2,595,076

6,620

Vera

Therapeutics,

Inc.*

212,502

38,170

Veracyte

,

Inc.*

1,768,034

18,933

Verastem

,

Inc.*

109,811

9,586

Viridian

Therapeutics,

Inc.*

181,367

2,162

Xenon

Pharmaceuticals,

Inc.

(Canada)*

135,493

14,117

Zenas

Biopharma,

Inc.*

443,838

2,314

Zymeworks

,

Inc.*

50,769

50,042,345

Building

Products

–

0.4%

12,959

Griffon

Corp.

1,116,677

5,857

Zurn

Elkay

Water

Solutions

Corp.

295,837

1,412,514

Capital

Markets

–

2.8%

88,462

BGC

Group,

Inc.,

Class

A

1,019,082

16,362

Donnelley

Financial

Solutions,

Inc.*

773,923

106,685

GCM

Grosvenor,

Inc.,

Class

A

1,331,429

92,238

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

998,015

6,555

Perella

Weinberg

Partners

115,696

11,699

Piper

Sandler

Cos.

886,784

4,621

PJT

Partners,

Inc.,

Class

A

777,760

42,963

Ridgepost

Capital,

Inc.,

Class

A

370,341

43,007

StepStone

Group,

Inc.,

Class

A

1,886,287

12,551

StoneX

Group,

Inc.*

961,030

9,120,347

Chemicals

–

1.9%

16,432

Balchem

Corp.

2,753,264

4,955

Chemours

Co.

(The)

82,303

11,698

Hawkins,

Inc.

1,497,695

9,028

Innospec,

Inc.

776,227

3,456

PureCycle

Technologies,

Inc.*

(a)

22,015

8,544

Sensient

Technologies

Corp.

1,056,636

6,188,140

Commercial

Services

&

Supplies

–

0.7%

78,783

ACV

Auctions,

Inc.,

Class

A*

590,085

10,469

Brink’s

Co.

(The)

1,240,053

13,587

Liquidity

Services,

Inc.*

529,621

2,359,759

Communications

Equipment

–

0.3%

32,665

ADTRAN

Holdings,

Inc.*

277,979

39,165

Lantronix

,

Inc.*

210,708

78,050

Ondas,

Inc.*

(a)

584,594

1,073,281

Construction

&

Engineering

–

2.1%

2,937

Argan,

Inc.

1,675,353

1,025

Cardinal

Infrastructure

Group,

Inc.,

Class

A*

63,437

24,221

Centuri

Holdings,

Inc.*

674,313

Shares

Description

Value

Common

Stocks

–

(continued)

Construction

&

Engineering

–

(continued)

27,281

Construction

Partners,

Inc.,

Class

A*

$

2,819,492

2,533

Granite

Construction,

Inc.

306,417

670

Legence

Corp.,

Class

A*

42,833

1,380

Limbach

Holdings,

Inc.*

98,946

3,015

MYR

Group,

Inc.*

1,004,658

6,685,449

Construction

Materials

–

0.5%

21,168

Knife

River

Corp.*

1,548,863

Consumer

Finance

–

1.1%

2,745

Dave,

Inc.*

1,023,034

5,526

FirstCash

Holdings,

Inc.

1,127,359

9,366

LendingTree,

Inc.*

298,401

30,459

Oportun

Financial

Corp.*

168,743

34,349

Upstart

Holdings,

Inc.*

942,536

3,560,073

Diversified

Consumer

Services

–

1.6%

1,768

American

Public

Education,

Inc.*

85,766

2,637

Carriage

Services,

Inc.

106,456

23,419

Frontdoor

,

Inc.*

1,700,922

28,863

Laureate

Education,

Inc.*

1,105,741

13,184

Lincoln

Educational

Services

Corp.*

551,355

24,834

OneSpaWorld

Holdings

Ltd.

(Bahamas)

639,724

3,482

Stride,

Inc.*

279,570

20,572

Universal

Technical

Institute,

Inc.*

808,685

5,278,219

Diversified

Telecommunication

Services

–

0.4%

12,174

Bandwidth,

Inc.,

Class

A*

476,490

68,569

Cogent

Communications

Holdings,

Inc.

925,682

1,402,172

Electrical

Equipment

–

1.8%

16,215

Allient

,

Inc.

1,418,164

35,524

American

Superconductor

Corp.*

1,043,340

40,189

Amprius

Technologies,

Inc.*

385,814

39,117

Energy

Vault

Holdings,

Inc.*

111,483

12,493

Fluence

Energy,

Inc.*

174,028

429,151

Plug

Power,

Inc.*

884,051

11,810

Power

Solutions

International,

Inc.*

326,074

2,567

Preformed

Line

Products

Co.

916,368

3,408

Shoals

Technologies

Group,

Inc.,

Class

A*

29,786

62,581

Sunrun,

Inc.*

613,920

18,684

Tigo

Energy,

Inc.*

35,686

5,938,714

Electronic

Equipment,

Instruments

&

Components

–

3.8%

11,656

Arlo

Technologies,

Inc.*

171,576

23,262

Belden,

Inc.

2,885,651

12,996

Benchmark

Electronics,

Inc.

1,036,691

62,032

Knowles

Corp.*

2,269,751

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Electronic

Equipment,

Instruments

&

Components

–

(continued)

2,204

LightPath

Technologies,

Inc.,

Class

A*

$

22,856

5,151

Napco

Security

Technologies,

Inc.

190,999

17,620

nLight

,

Inc.*

1,212,256

18,619

Novanta,

Inc.*

2,654,138

7,522

Plexus

Corp.*

1,890,580

12,334,498

Energy

Equipment

&

Services

–

3.2%

64,267

Archrock

,

Inc.

2,298,188

24,992

Atlas

Energy

Solutions,

Inc.

269,664

13,518

Cactus,

Inc.,

Class

A

878,805

2,139

Core

Laboratories,

Inc.

22,759

4,044

Energy

Services

of

America

Corp.

58,153

7,091

Forum

Energy

Technologies,

Inc.*

444,393

96,403

Helix

Energy

Solutions

Group,

Inc.*

916,792

29,779

Kodiak

Gas

Services,

Inc.

1,748,325

3,623

Nabors

Industries

Ltd.*

310,382

37,574

National

Energy

Services

Reunited

Corp.*

1,012,995

7,947

Oceaneering

International,

Inc.*

387,655

61,510

ProPetro

Holding

Corp.*

682,761

7,176

Solaris

Oilfield

Infrastructure,

Inc.

368,918

14,646

Tidewater,

Inc.*

1,099,329

10,499,119

Entertainment

–

1.8%

25,764

AMC

Entertainment

Holdings,

Inc.,

Class

A*

72,654

93,482

CuriosityStream

,

Inc.

228,096

51,665

IMAX

Corp.*

2,471,654

29,420

Madison

Square

Garden

Entertainment

Corp.*

2,272,989

13,268

Marcus

Corp.

(The)

386,099

47,469

Stubhub

Holdings,

Inc.,

Class

A*

400,638

5,832,130

Financial

Services

–

1.5%

21,304

Bladex,

Inc.

(Panama)

1,247,349

25,079

NCR

Atleos

Corp.*

1,179,465

20,985

Paymentus

Holdings,

Inc.,

Class

A*

715,588

65,726

Paysign

,

Inc.*

588,905

2,859

Remitly

Global,

Inc.*

65,099

5,836

Sezzle

,

Inc.*

903,121

4,699,527

Food

Products

–

0.0%

101,840

BRC,

Inc.,

Class

A*

104,895

Ground

Transportation

–

0.7%

3,551

ArcBest

Corp.

512,587

10,232

Covenant

Logistics

Group,

Inc.

363,440

15,855

RXO,

Inc.*

321,064

25,259

Werner

Enterprises,

Inc.

945,192

2,142,283

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Equipment

&

Supplies

–

3.9%

87,239

Alphatec

Holdings,

Inc.*

$

830,515

59,926

AtriCure

,

Inc.*

2,262,806

29,813

Axogen

,

Inc.*

1,258,407

61,293

Butterfly

Network,

Inc.*

435,793

189,689

Cerus

Corp.*

407,831

17,997

CVRx

,

Inc.*

93,134

6,892

Electromed

,

Inc.*

280,711

6,138

Enovis

Corp.*

178,923

21,359

Haemonetics

Corp.*

1,827,049

8,475

iRadimed

Corp.

770,039

5,489

iRhythm

Holdings,

Inc.*

643,146

7,046

Kestra

Medical

Technologies

Ltd.*

160,860

12,028

LeMaitre

Vascular,

Inc.

1,218,677

14,157

Novocure

Ltd.*

210,090

20,896

Procept

Biorobotics

Corp.*

389,084

2,883

Pro-Dex,

Inc.*

168,857

3,294

Pulse

Biosciences,

Inc.*

(a)

115,718

28,835

SI-BONE,

Inc.*

512,110

6,918

Tandem

Diabetes

Care,

Inc.*

134,901

10,851

TransMedics

Group,

Inc.*

830,210

12,728,861

Health

Care

Providers

&

Services

–

4.4%

90,255

Alignment

Healthcare,

Inc.*

1,340,287

5,607

Astrana

Health,

Inc.*

199,385

20,233

Aveanna

Healthcare

Holdings,

Inc.*

189,988

4,732

BrightSpring

Health

Services,

Inc.*

282,548

6,085

Brookdale

Senior

Living,

Inc.*

88,841

54,072

Clover

Health

Investments

Corp.*

225,480

56,922

Community

Health

Systems,

Inc.*

158,812

748

GeneDx

Holdings

Corp.*

48,702

13,205

Guardian

Pharmacy

Services,

Inc.,

Class

A*

521,994

30,501

HealthEquity,

Inc.*

3,068,706

39,033

Hims

&

Hers

Health,

Inc.*

1,083,946

12,208

Hinge

Health,

Inc.,

Class

A*

912,060

5,162

InfuSystem

Holdings,

Inc.*

47,181

54,334

LifeStance

Health

Group,

Inc.*

569,420

3,271

Nutex

Health,

Inc.*

482,243

66,367

Oncology

Institute,

Inc.

(The)*

322,544

41,571

Option

Care

Health,

Inc.*

957,380

4,983

PACS

Group,

Inc.*

229,268

40,439

Pennant

Group,

Inc.

(The)*

1,630,500

50,965

Privia

Health

Group,

Inc.*

1,206,342

57,971

Viemed

Healthcare,

Inc.*

676,522

14,242,149

Health

Care

Technology

–

0.0%

4,257

HeartFlow

,

Inc.*

107,404

Hotel

&

Resort

REITs

–

0.5%

28,780

DiamondRock

Hospitality

Co.

REIT

381,047

2,732

Pebblebrook

Hotel

Trust

REIT

52,181

5,366

Ryman

Hospitality

Properties,

Inc.

REIT

717,166

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Hotel

&

Resort

REITs

–

(continued)

43,680

Sunstone

Hotel

Investors,

Inc.

REIT

$

514,114

1,664,508

Hotels,

Restaurants

&

Leisure

–

2.8%

19,326

Black

Rock

Coffee

Bar,

Inc.,

Class

A*

155,768

43,472

Bloomin'

Brands,

Inc.

376,468

7,886

Brinker

International,

Inc.*

1,685,238

33,384

Cheesecake

Factory,

Inc.

(The)

3,385,805

3,233

Kura

Sushi

USA,

Inc.,

Class

A*

148,944

11,706

Monarch

Casino

&

Resort,

Inc.

1,436,911

3,602

Navan,

Inc.,

Class

A*

95,885

9,870

Portillo's,

Inc.,

Class

A*

45,106

3,602

RCI

Hospitality

Holdings,

Inc.

90,374

14,571

Rush

Street

Interactive,

Inc.*

392,106

216,505

Sabre

Corp.*

400,534

5,618

Shake

Shack,

Inc.,

Class

A*

352,530

37,037

Super

Group

SGHC

Ltd.

(Guernsey)

518,518

8,806

Wendy's

Co.

(The)

(a)

64,812

9,148,999

Household

Durables

–

1.0%

2,230

Green

Brick

Partners,

Inc.*

157,728

11,419

Installed

Building

Products,

Inc.

2,545,752

9,747

LGI

Homes,

Inc.*

531,894

3,235,374

Household

Products

–

1.3%

96,965

Energizer

Holdings,

Inc.

2,033,356

9,483

WD-40

Co.

2,153,969

4,187,325

Insurance

–

2.0%

46,747

Accelerant

Holdings,

Class

A

(Cayman

Islands)*

555,354

32,212

AMERISAFE,

Inc.

935,437

33,050

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

916,807

40,661

Lemonade,

Inc.*

1,964,333

57,351

Oscar

Health,

Inc.,

Class

A*

1,790,498

33,570

Porch

Group,

Inc.*

485,086

6,647,515

Interactive

Media

&

Services

–

0.7%

1,310

Cargurus

,

Inc.*

47,474

19,996

EverQuote

,

Inc.,

Class

A*

504,299

98,071

QuinStreet

,

Inc.*

1,520,101

43,212

ZipRecruiter,

Inc.,

Class

A*

170,255

2,242,129

IT

Services

–

0.9%

8,219

Backblaze

,

Inc.,

Class

A*

112,765

33,578

Crexendo

,

Inc.*

231,017

88,425

Fastly,

Inc.,

Class

A*

2,003,710

7,854

Hackett

Group,

Inc.

(The)

84,195

30,242

TSS,

Inc.*

300,001

2,731,688

Leisure

Products

–

0.1%

2,499

Acushnet

Holdings

Corp.

253,074

Shares

Description

Value

Common

Stocks

–

(continued)

Leisure

Products

–

(continued)

765

Johnson

Outdoors,

Inc.,

Class

A

$

35,886

288,960

Life

Sciences

Tools

&

Services

–

0.7%

86,238

Adaptive

Biotechnologies

Corp.*

1,946,392

25,358

Alpha

Teknova

,

Inc.*

(a)

126,790

95,716

Pacific

Biosciences

of

California,

Inc.*

134,002

2,207,184

Machinery

–

4.0%

23,541

3D

Systems

Corp.*

62,148

6,977

Blue

Bird

Corp.*

519,019

9,134

CECO

Environmental

Corp.*

601,839

5,095

Douglas

Dynamics,

Inc.

224,843

9,037

Enpro

,

Inc.

2,836,895

5,032

ESCO

Technologies,

Inc.

1,586,539

11,415

Federal

Signal

Corp.

1,426,304

10,982

Franklin

Electric

Co.,

Inc.

1,150,035

8,062

Kadant

,

Inc.

2,479,065

1,724

Manitowoc

Co.,

Inc.

(The)*

23,878

95,551

Microvast

Holdings,

Inc.*

77,119

2,587

Miller

Industries,

Inc.

130,126

10,105

Omega

Flex,

Inc.

297,693

5,533

Standex

International

Corp.

1,640,535

1,568

Trinity

Industries,

Inc.

48,984

13,105,022

Marine

Transportation

–

0.1%

13,861

Costamare

,

Inc.

(Monaco)

215,954

4,028

Himalaya

Shipping

Ltd.

(Bermuda)*

63,280

5,853

Safe

Bulkers,

Inc.

(Monaco)

45,712

324,946

Media

–

0.4%

528

Cable

One,

Inc.*

21,115

19,748

John

Wiley

&

Sons,

Inc.,

Class

A

1,030,845

12,908

MNTN,

Inc.,

Class

A*

119,012

1,170,972

Metals

&

Mining

–

2.9%

17,928

Ampco

-Pittsburgh

Corp.*

144,141

26,782

Century

Aluminum

Co.*

1,199,030

47,008

Constellium

SE*

1,305,882

29,692

Critical

Metals

Corp.

(Austria)*

(a)

163,009

25,305

Hycroft

Mining

Holding

Corp.,

Class

A*

494,207

71,461

Ivanhoe

Electric,

Inc.*

653,868

10,798

Kaiser

Aluminum

Corp.

1,724,225

9,785

Materion

Corp.

2,063,070

36,533

Novagold

Resources,

Inc.

(Canada)*

212,987

18,043

Silver

Bow

Mining

Corp.*

117,099

9,597

U.S.

Goldmining,

Inc.

(Canada)*

(a)

73,321

66,241

United

States

Antimony

Corp.*

335,842

18,336

USA

Rare

Earth,

Inc.*

274,123

7,455

Warrior

Met

Coal,

Inc.

592,002

9,352,806

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Oil,

Gas

&

Consumable

Fuels

–

2.2%

33,791

Comstock

Resources,

Inc.*

$

448,069

4,920

Crescent

Energy

Co.,

Class

A

56,432

18,662

Delek

US

Holdings,

Inc.

1,266,590

102,881

DHT

Holdings,

Inc.

1,910,500

39,883

Energy

Fuels,

Inc.*

(a)

456,262

19,501

Green

Plains,

Inc.*

328,592

75,957

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,952,854

791

REX

American

Resources

Corp.*

34,045

12,532

Sable

Offshore

Corp.*

(a)

66,294

71,225

Uranium

Energy

Corp.*

683,760

7,203,398

Passenger

Airlines

–

0.1%

34,616

Frontier

Group

Holdings,

Inc.*

233,658

838

SkyWest,

Inc.*

89,641

323,299

Pharmaceuticals

–

2.8%

8,336

Alto

Neuroscience,

Inc.*

225,655

13,051

Alumis

,

Inc.*

368,691

69,755

Amneal

Pharmaceuticals,

Inc.*

1,277,912

21,554

Definium

Therapeutics,

Inc.*

938,030

10,550

Edgewise

Therapeutics,

Inc.*

405,436

2,898

Enliven

Therapeutics,

Inc.*

158,839

19,515

Indivior

Pharmaceuticals,

Inc.*

780,795

11,447

Innoviva

,

Inc.*

240,044

3,539

Ligand

Pharmaceuticals,

Inc.*

1,017,604

10,579

Liquidia

Corp.*

889,800

8,771

MBX

Biosciences,

Inc.*

578,272

9,857

Nektar

Therapeutics*

696,594

22,570

Neumora

Therapeutics,

Inc.*

36,338

1,793

Omeros

Corp.*

(a)

21,229

3,918

Rapport

Therapeutics,

Inc.*

160,560

31,640

Relmada

Therapeutics,

Inc.*

168,008

3,918

Supernus

Pharmaceuticals,

Inc.*

174,860

11,316

Tarsus

Pharmaceuticals,

Inc.*

668,097

49,000

Xeris

Biopharma

Holdings,

Inc.*

395,920

4,119

Zevra

Therapeutics,

Inc.*

39,172

9,241,856

Professional

Services

–

0.6%

20,705

Barrett

Business

Services,

Inc.

808,323

3,502

Insperity,

Inc.

177,236

65,982

Upwork,

Inc.*

604,395

51,592

Verra

Mobility

Corp.*

272,922

1,862,876

Real

Estate

Management

&

Development

–

0.2%

124,131

Opendoor

Technologies,

Inc.*

467,974

164,313

Real

Brokerage,

Inc.

(The)

(Canada)*

(a)

262,901

730,875

Residential

REITs

–

0.1%

6,880

NexPoint

Residential

Trust,

Inc.

REIT

179,637

Retail

REITs

–

0.8%

44,751

Phillips

Edison

&

Co.,

Inc.

REIT

1,901,470

17,764

Tanger

,

Inc.

REIT

722,284

2,623,754

Shares

Description

Value

Common

Stocks

–

(continued)

Semiconductors

&

Semiconductor

Equipment

–

4.2%

13,853

ACM

Research,

Inc.,

Class

A

(China)*

$

1,087,045

4,647

Aehr

Test

Systems*

371,667

7,178

Ambarella,

Inc.*

617,308

10,383

Ambiq

Micro,

Inc.*

660,255

13,804

Amtech

Systems,

Inc.*

211,753

19,212

Atomera

,

Inc.*

99,134

24,095

AXT,

Inc.*

1,456,061

24,281

Cohu

,

Inc.*

1,165,245

4,078

Ichor

Holdings

Ltd.*

306,951

1,886

Impinj

,

Inc.*

285,465

11,612

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

1,035,790

15,276

MaxLinear

,

Inc.*

1,020,742

21,989

Navitas

Semiconductor

Corp.*

238,801

1,224

NVE

Corp.

142,314

14,030

PDF

Solutions,

Inc.*

646,643

2,197

Penguin

Solutions,

Inc.*

115,628

12,328

QuickLogic

Corp.*

161,620

58,984

Rigetti

Computing,

Inc.*

(a)

881,811

8,903

Silicon

Laboratories,

Inc.*

1,936,403

8,378

Toyo

Co.

Ltd.

(Japan)*

43,147

14,548

Ultra

Clean

Holdings,

Inc.*

1,211,994

13,695,777

Software

–

8.4%

10,724

A10

Networks,

Inc.

317,109

15,059

Agilysys,

Inc.*

1,583,604

67,438

Alkami

Technology,

Inc.*

1,225,348

78,216

Asana,

Inc.,

Class

A*

650,757

171,485

AvePoint,

Inc.*

2,234,450

14,367

Cerence

,

Inc.*

122,407

42,034

Cipher

Digital

Inc*

938,199

25,942

Clear

Secure,

Inc.,

Class

A

1,433,036

19,271

Core

Scientific,

Inc.*

399,295

39,080

Digital

Turbine,

Inc.*

314,985

80,211

Domo,

Inc.,

Class

B*

295,979

45,792

D-Wave

Quantum,

Inc.

(Canada)*

827,919

37,055

eGain

Corp.*

252,715

9,809

Hut

8

Corp.*

1,055,743

39,297

Intapp

,

Inc.*

1,284,619

47,243

Ooma

,

Inc.*

1,027,535

55,311

Progress

Software

Corp.*

2,245,073

24,850

Q2

Holdings,

Inc.*

1,512,620

9,061

Rapid7,

Inc.*

87,439

18,400

Red

Violet,

Inc.*

1,276,592

41,843

Riot

Platforms,

Inc.*

843,973

16,611

Silvaco

Group,

Inc.*

129,234

56,384

SoundHound

AI,

Inc.,

Class

A*

(a)

345,634

49,490

Tenable

Holdings,

Inc.*

1,615,354

22,312

Varonis

Systems,

Inc.*

891,364

98,867

Vertex,

Inc.,

Class

A*

1,276,373

63,613

Weave

Communications,

Inc.*

416,029

124,009

Zeta

Global

Holdings

Corp.,

Class

A*

2,678,594

27,281,979

Specialty

Retail

–

2.8%

6,070

Advance

Auto

Parts,

Inc.

(a)

337,128

7,428

Boot

Barn

Holdings,

Inc.*

1,106,698

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Specialty

Retail

–

(continued)

11,410

Buckle,

Inc.

(The)

$

499,416

228,858

Camping

World

Holdings,

Inc.,

Class

A

1,416,631

9,112

Citi

Trends,

Inc.*

607,497

15,053

Envela

Corp.*

326,349

31,563

RealReal

,

Inc.

(The)*

381,596

2,506

RH*

414,793

45,250

ThredUp

,

Inc.,

Class

A*

261,545

49,390

Upbound

Group,

Inc.

957,672

28,693

Victoria's

Secret

&

Co.*

2,544,495

6,504

Zumiez,

Inc.*

127,934

8,981,754

Technology

Hardware,

Storage

&

Peripherals

–

0.3%

15,047

Corsair

Gaming,

Inc.*

159,649

4,338

CPI

Card

Group,

Inc.*

91,402

10,911

Eastman

Kodak

Co.*

91,652

27,299

GPGI,

Inc.

360,347

16,746

One

Stop

Systems,

Inc.*

204,803

907,853

Textiles,

Apparel

&

Luxury

Goods

–

1.3%

119,404

Figs,

Inc.,

Class

A*

1,277,623

4,385

G-III

Apparel

Group

Ltd.

159,658

3,999

Movado

Group,

Inc.

152,682

54,230

Steven

Madden

Ltd.

2,498,918

4,088,881

Tobacco

–

0.2%

8,729

Turning

Point

Brands,

Inc.

651,271

Trading

Companies

&

Distributors

–

1.0%

92,371

Custom

Truck

One

Source,

Inc.*

937,565

8,195

DXP

Enterprises,

Inc.*

1,286,779

2,694

Herc

Holdings,

Inc.

404,477

5,274

Karat

Packaging,

Inc.

212,226

5,432

Xometry

,

Inc.,

Class

A*

465,631

3,306,678

Wireless

Telecommunication

Services

–

0.1%

92,586

Gogo,

Inc.*

387,009

TOTAL

COMMON

STOCKS

(Cost

$291,566,497)

314,944,621

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.8%

(b)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

5,874,084

3.760%

5,874,084

(Cost

$5,874,084)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$297,440,581)

320,818,705

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

1.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,369,285

3.571%

$

4,369,285

(Cost

$4,369,285)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$301,809,866)

$

325,187,990

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

543,174

NET

ASSETS

–

100.0%

$

325,731,164

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

SMALL

CAP

GROWTH

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

63

09/18/26

$

9,254,700

$

(163,729)

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

97.8%

Aerospace

&

Defense

–

0.6%

9,808

Astronics

Corp.*

$

681,558

46,586

Mercury

Systems,

Inc.*

4,523,501

16,718

V2X,

Inc.*

1,508,632

8,973

VSE

Corp.

1,744,261

8,457,952

Automobile

Components

–

1.2%

115,054

Adient

PLC*

2,420,736

93,348

Cooper-Standard

Holdings,

Inc.*

2,750,965

51,443

Dauch

Corp.*

290,653

64,931

Fox

Factory

Holding

Corp.*

1,168,758

62,022

Gentherm

,

Inc.*

2,516,853

394,927

Holley,

Inc.*

1,054,455

17,645

Motorcar

Parts

of

America,

Inc.*

236,443

53,546

Standard

Motor

Products,

Inc.

2,047,064

6,822

Strattec

Security

Corp.*

599,586

78,015

Versigent

PLC*

3,225,920

16,311,433

Automobiles

–

0.1%

34,688

Winnebago

Industries,

Inc.

1,050,353

Banks

–

18.5%

11,767

ACNB

Corp.

758,736

98,902

Ameris

Bancorp

8,625,243

11,804

Arrow

Financial

Corp.

470,271

254,074

Associated

Banc-Corp.

7,845,805

203,081

Atlantic

Union

Bankshares

Corp.

8,616,727

19,680

Avidia

Bancorp,

Inc.

438,864

17,590

Bar

Harbor

Bankshares

698,499

26,759

BayCom

Corp.

807,587

20,016

California

BanCorp

426,341

29,050

Camden

National

Corp.

1,681,705

73,213

Cathay

General

Bancorp

4,626,329

22,909

Central

Pacific

Financial

Corp.

902,615

68,071

ChoiceOne

Financial

Services,

Inc.

2,316,456

83,111

Civista

Bancshares,

Inc.

2,415,206

34,095

CoastalSouth

Bancshares,

Inc.

929,771

36,765

Colony

Bankcorp

,

Inc.

805,889

65,750

Community

Trust

Bancorp,

Inc.

5,158,088

15,303

ConnectOne

Bancorp,

Inc.

504,081

7,350

Eagle

Bancorp

Montana,

Inc.

172,211

16,521

Eastern

Bankshares

,

Inc.

379,322

83,537

Enterprise

Financial

Services

Corp.

5,539,338

47,509

FB

Financial

Corp.

2,868,593

22,838

First

Community

Bankshares

,

Inc.

1,089,829

200,990

First

Financial

Bancorp

6,799,492

175,785

First

Financial

Bankshares

,

Inc.

6,177,085

10,368

First

Internet

Bancorp

305,441

73,316

First

Merchants

Corp.

3,162,852

10,426

First

Mid

Bancshares,

Inc.

543,090

22,137

First

National

Corp.

702,850

7,836

Firstsun

Capital

Bancorp*

303,096

346,916

Flagstar

Bank

NA

4,933,146

4,426

Fulton

Financial

Corp.

107,685

109,769

German

American

Bancorp,

Inc.

5,585,047

170,605

Glacier

Bancorp,

Inc.

8,409,120

122,930

Hancock

Whitney

Corp.

9,465,610

Shares

Description

Value

Common

Stocks

–

(continued)

Banks

–

(continued)

125,548

Hanmi

Financial

Corp.

$

4,002,470

2,138

Hingham

Institution

For

Savings

(The)

(a)

609,715

70,027

Home

BancShares

,

Inc.

2,175,739

300,030

Hope

Bancorp,

Inc.

4,203,420

141,607

Horizon

Bancorp,

Inc.

2,895,863

88,354

Independent

Bank

Corp.

7,406,716

95,046

International

Bancshares

Corp.

7,274,821

20,536

Investar

Holding

Corp.

618,544

14,768

John

Marshall

Bancorp,

Inc.

342,618

9,974

Midland

States

Bancorp,

Inc.

335,825

58,329

Northrim

BanCorp

,

Inc.

1,546,302

113,787

OFG

Bancorp

(Puerto

Rico)

6,014,781

110,957

Old

National

Bancorp

2,955,894

50,841

Old

Second

Bancorp,

Inc.

1,285,769

90,475

Origin

Bancorp,

Inc.

4,951,697

9,349

Orrstown

Financial

Services,

Inc.

399,483

974

Park

National

Corp.

202,738

21,120

PCB

Bancorp

588,614

61,408

Peoples

Bancorp,

Inc.

2,558,257

6,300

Plumas

Bancorp

386,253

14,727

Preferred

Bank

1,538,088

49,297

Provident

Financial

Services,

Inc.

1,216,650

12,662

QCR

Holdings,

Inc.

1,303,553

163,148

Renasant

Corp.

7,108,358

19,702

Republic

Bancorp,

Inc.,

Class

A

1,961,137

90,949

S&T

Bancorp,

Inc.

4,742,990

63,088

Seacoast

Banking

Corp.

of

Florida

2,191,677

45,949

ServisFirst

Bancshares,

Inc.

4,112,436

3,925

Sierra

Bancorp

159,983

250,377

Simmons

First

National

Corp.,

Class

A

5,906,393

34,539

Southern

First

Bancshares,

Inc.*

2,155,234

45,277

Southside

Bancshares,

Inc.

1,471,955

7,122

Stock

Yards

Bancorp,

Inc.

606,082

102,065

Trustmark

Corp.

4,842,984

86,281

UMB

Financial

Corp.

12,573,730

163,044

United

Bankshares

,

Inc.

7,899,482

218,299

United

Community

Banks,

Inc.

7,736,517

41,742

Valley

National

Bancorp

596,493

58,332

WaFd

,

Inc.

2,144,868

72,441

Washington

Trust

Bancorp,

Inc.

2,823,750

178,716

WesBanco

,

Inc.

7,395,268

15,875

West

BanCorp

,

Inc.

445,294

22,467

Westamerica

BanCorp

1,351,390

21,227

Western

New

England

Bancorp,

Inc.

274,465

72,198

WSFS

Financial

Corp.

5,790,279

243,676,595

Biotechnology

–

5.0%

74,426

ACADIA

Pharmaceuticals,

Inc.*

1,925,401

22,058

Agios

Pharmaceuticals,

Inc.*

662,181

14,409

AnaptysBio

,

Inc.*

768,864

199,659

Annexon

,

Inc.*

1,017,263

47,969

Ardelyx

,

Inc.*

237,446

21,091

ArriVent

Biopharma,

Inc.*

628,934

334,685

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

4,980,113

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Biotechnology

–

(continued)

74,408

C4

Therapeutics,

Inc.*

$

258,940

115,487

Cabaletta

Bio,

Inc.*

309,505

85,069

Cargo

Therapeutics,

Inc.*

(b)

—

143,898

Celldex

Therapeutics,

Inc.*

5,476,758

416,737

Compass

Therapeutics,

Inc.*

795,968

9,598

Cytokinetics,

Inc.*

740,294

399,392

Denali

Therapeutics,

Inc.*

9,194,004

286,012

Eledon

Pharmaceuticals,

Inc.*

966,720

14,300

Emergent

BioSolutions,

Inc.*

103,246

62,089

Enanta

Pharmaceuticals,

Inc.*

782,321

7,036

Evommune

,

Inc.*

79,155

16,899

GRAIL,

Inc.*

1,158,595

323,422

Hyperliquid

Strategies,

Inc.*

2,008,451

146,987

Ideaya

Biosciences,

Inc.*

5,218,038

13,058

Inhibrx

Biosciences,

Inc.*

1,071,409

49,662

Intellia

Therapeutics,

Inc.*

530,390

476,998

Iovance

Biotherapeutics,

Inc.*

1,941,382

13,090

Janux

Therapeutics,

Inc.*

198,575

45,371

Kodiak

Sciences,

Inc.*

1,886,526

46,835

Kyverna

Therapeutics,

Inc.*

341,895

68,875

Lexeo

Therapeutics,

Inc.*

284,454

329,550

Myriad

Genetics,

Inc.*

942,513

152,374

Novavax,

Inc.*

1,115,378

75,383

Organogenesis

Holdings,

Inc.*

178,658

156,205

ORIC

Pharmaceuticals,

Inc.*

1,729,189

2,456

Praxis

Precision

Medicines,

Inc.*

756,030

44,395

Prime

Medicine,

Inc.*

129,633

26,455

Prothena

Corp.

PLC

(Ireland)*

214,815

72,534

Puma

Biotechnology,

Inc.*

575,195

197,800

Recursion

Pharmaceuticals,

Inc.,

Class

A*

593,400

72,883

Replimune

Group,

Inc.*

816,290

4,421

Rigel

Pharmaceuticals,

Inc.*

162,737

218,419

Rocket

Pharmaceuticals,

Inc.*

679,283

215,815

Sarepta

Therapeutics,

Inc.*

3,207,011

23,493

Solid

Biosciences,

Inc.*

189,353

66,530

Sutro

Biopharma,

Inc.*

1,608,030

19,865

Tango

Therapeutics,

Inc.*

539,931

13,835

Tectonic

Therapeutic,

Inc.*

387,795

2,855

TG

Therapeutics,

Inc.*

148,546

8,979

Twist

Bioscience

Corp.*

822,027

28,278

Vanda

Pharmaceuticals,

Inc.*

144,218

80,021

Veracyte

,

Inc.*

3,706,573

30,913

Vir

Biotechnology,

Inc.*

267,707

193,101

Viridian

Therapeutics,

Inc.*

3,653,471

11,698

Xencor

,

Inc.*

236,416

66,371,027

Broadline

Retail

–

0.2%

130,353

Kohl's

Corp.

2,494,956

Building

Products

–

0.6%

94,096

UFP

Industries,

Inc.

8,161,887

Capital

Markets

–

0.8%

9,846

Donnelley

Financial

Solutions,

Inc.*

465,716

61,718

GCM

Grosvenor,

Inc.,

Class

A

770,241

220,626

StepStone

Group,

Inc.,

Class

A

9,676,656

10,912,613

Shares

Description

Value

Common

Stocks

–

(continued)

Chemicals

–

2.5%

255,765

Alto

Ingredients,

Inc.*

$

1,217,441

55,217

Aspen

Aerogels,

Inc.*

255,655

204,605

Avient

Corp.

7,431,254

24,066

Core

Molding

Technologies,

Inc.*

566,995

28,514

HB

Fuller

Co.

1,576,824

91,304

Innospec,

Inc.

7,850,318

45,408

LSB

Industries,

Inc.*

494,039

117,691

Mativ

Holdings,

Inc.

1,027,442

96,888

Minerals

Technologies,

Inc.

7,386,741

21,928

Quaker

Chemical

Corp.

3,519,882

31,341

Stepan

Co.

2,010,212

33,336,803

Commercial

Services

&

Supplies

–

2.0%

80,968

ABM

Industries,

Inc.

3,879,177

193,204

ACCO

Brands

Corp.

815,321

440,362

BrightView

Holdings,

Inc.*

5,742,320

242,765

Deluxe

Corp.

6,280,331

144,456

Ennis,

Inc.

3,149,141

18,587

Enviri

Corp.*

412,260

18,418

Healthcare

Services

Group,

Inc.*

429,139

113,341

Millerknoll

,

Inc.

2,552,439

86,122

Pitney

Bowes,

Inc.

1,509,719

66,799

Vestis

Corp.*

965,914

25,735,761

Communications

Equipment

–

0.3%

23,109

NetScout

Systems,

Inc.*

939,843

4,520

Viasat

,

Inc.*

347,723

186,816

Vistance

Networks,

Inc.*

2,193,220

3,480,786

Construction

&

Engineering

–

0.4%

45,715

Construction

Partners,

Inc.,

Class

A*

4,724,645

80,122

Matrix

Service

Co.*

929,415

5,654,060

Consumer

Finance

–

0.5%

43,091

LendingTree,

Inc.*

1,372,879

368,971

Oportun

Financial

Corp.*

2,044,099

21,818

PRA

Group,

Inc.*

378,979

28,413

PROG

Holdings,

Inc.

1,250,740

34,028

Regional

Management

Corp.

1,098,084

24,084

Upstart

Holdings,

Inc.*

660,865

6,805,646

Consumer

Staples

Distribution

&

Retail

–

0.2%

7,823

United

Natural

Foods,

Inc.*

397,643

21,692

Weis

Markets,

Inc.

(a)

1,671,369

2,069,012

Containers

&

Packaging

–

0.2%

310,192

O-I

Glass,

Inc.*

2,217,873

Diversified

Consumer

Services

–

0.5%

6,029

Graham

Holdings

Co.,

Class

B

7,256,143

Diversified

REITs

–

0.2%

240,802

Global

Net

Lease,

Inc.

REIT

2,099,793

Diversified

Telecommunication

Services

–

0.3%

18,720

Bandwidth,

Inc.,

Class

A*

732,701

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Diversified

Telecommunication

Services

–

(continued)

25,709

Cogent

Communications

Holdings,

Inc.

$

347,071

92,685

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

755,383

401,313

Lumen

Technologies,

Inc.*

2,560,377

4,395,532

Electric

Utilities

–

0.0%

8,474

Genie

Energy

Ltd.,

Class

B

117,873

Electrical

Equipment

–

1.0%

4,867

Allient

,

Inc.

425,668

35,545

American

Superconductor

Corp.*

1,043,957

36,838

Array

Technologies,

Inc.*

192,294

47,320

Atkore,

Inc.

3,452,467

118,668

Babcock

&

Wilcox

Enterprises,

Inc.*

1,105,986

1,402

Preformed

Line

Products

Co.

500,486

594,141

Sunrun,

Inc.*

5,828,523

12,549,381

Electronic

Equipment,

Instruments

&

Components

–

2.3%

4,909

Belden,

Inc.

608,961

103,851

Benchmark

Electronics,

Inc.

8,284,194

11,926

Insight

Enterprises,

Inc.*

1,537,619

15,113

Itron

,

Inc.*

1,506,162

211,450

Knowles

Corp.*

7,736,956

2,470

Novanta,

Inc.*

352,099

75,065

PC

Connection,

Inc.

6,284,442

37,747

Powerfleet

,

Inc.*

147,968

125,290

Vishay

Intertechnology

,

Inc.

4,287,424

30,745,825

Energy

Equipment

&

Services

–

2.1%

250,936

Atlas

Energy

Solutions,

Inc.

2,707,599

184,894

Core

Laboratories,

Inc.

1,967,272

101,951

Forum

Energy

Technologies,

Inc.*

6,389,269

630,420

Helix

Energy

Solutions

Group,

Inc.*

5,995,294

2,643

Kodiak

Gas

Services,

Inc.

155,171

41,890

Nabors

Industries

Ltd.*

3,588,716

278,799

Patterson-UTI

Energy,

Inc.

2,921,814

47,854

Ranger

Energy

Services,

Inc.,

Class

A

768,057

709,248

Transocean

Ltd.*

3,773,199

28,266,391

Entertainment

–

0.9%

662,937

AMC

Entertainment

Holdings,

Inc.,

Class

A*

1,869,482

36,565

CuriosityStream

,

Inc.

89,219

4,834

IMAX

Corp.*

231,259

2,722

Madison

Square

Garden

Entertainment

Corp.*

210,302

195,799

Marcus

Corp.

(The)

5,697,751

23,648

Sphere

Entertainment

Co.*

3,387,576

6,409

Starz

Entertainment

Corp.*

166,762

11,652,351

Shares

Description

Value

Common

Stocks

–

(continued)

Financial

Services

–

3.8%

368,136

Acacia

Research

Corp.*

$

1,630,842

140,247

Alerus

Financial

Corp.

4,666,017

136,496

Bladex,

Inc.

(Panama)

7,991,841

164,311

Essent

Group

Ltd.

10,837,954

6,010

Finance

Of

America

Cos.,

Inc.,

Class

A*

136,728

54,935

Jackson

Financial,

Inc.,

Class

A

6,717,452

90,450

NewtekOne

,

Inc.

1,341,373

128,126

NMI

Holdings,

Inc.*

5,675,982

123,301

Radian

Group,

Inc.

4,807,506

91,585

Repay

Holdings

Corp.*

366,340

102,207

Walker &

Dunlop,

Inc.

5,078,666

49,250,701

Food

Products

–

0.6%

19,137

Cal-Maine

Foods,

Inc.

1,679,846

67,534

J

&

J

Snack

Foods

Corp.

5,166,351

80,727

Once

Upon

a

Farm

PBC*

(a)

1,224,628

8,070,825

Gas

Utilities

–

1.2%

83,291

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

3,523,209

14,622

New

Jersey

Resources

Corp.

846,468

130,308

Southwest

Gas

Holdings,

Inc.

11,649,535

16,019,212

Ground

Transportation

–

1.4%

79,958

Heartland

Express,

Inc.

977,887

425,018

Marten

Transport

Ltd.

6,286,016

212,672

RXO,

Inc.*

4,306,608

201,879

Werner

Enterprises,

Inc.

7,554,312

19,124,823

Health

Care

Equipment

&

Supplies

–

1.8%

11,302

Alphatec

Holdings,

Inc.*

107,595

54,970

AngioDynamics

,

Inc.*

813,006

46,818

AtriCure

,

Inc.*

1,767,848

109,905

CONMED

Corp.

5,088,601

138,440

Embecta

Corp.

503,922

268,838

Enovis

Corp.*

7,836,628

52,768

Inogen

,

Inc.*

340,353

41,079

Merit

Medical

Systems,

Inc.*

3,492,126

40,553

Omnicell,

Inc.*

1,434,360

149,976

Orthofix

Medical,

Inc.*

1,769,717

61,333

OrthoPediatrics

Corp.*

1,238,313

5,364

QuidelOrtho

Corp.*

89,954

24,482,423

Health

Care

Providers

&

Services

–

2.1%

43,658

Addus

HomeCare

Corp.*

5,041,626

9,101

Alignment

Healthcare,

Inc.*

135,150

133,146

AMN

Healthcare

Services,

Inc.*

4,477,700

18,926

Ardent

Health,

Inc.*

201,941

189,229

Brookdale

Senior

Living,

Inc.*

2,762,743

82,320

Castle

Biosciences,

Inc.*

2,304,960

409,222

Community

Health

Systems,

Inc.*

1,141,729

49,711

Fulgent

Genetics,

Inc.*

822,717

6,622

HealthEquity,

Inc.*

666,239

109,302

LifeStance

Health

Group,

Inc.*

1,145,485

92,654

Lumexa

Imaging

Holdings,

Inc.*

964,528

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Health

Care

Providers

&

Services

–

(continued)

289,073

NeoGenomics

,

Inc.*

$

4,419,926

2,015,781

OPKO

Health,

Inc.*

2,660,831

25,564

Pennant

Group,

Inc.

(The)*

1,030,741

27,776,316

Health

Care

REITs

–

1.4%

126,408

CareTrust

REIT,

Inc.

REIT

5,301,552

40,406

Community

Healthcare

Trust,

Inc.

REIT

739,834

140,857

Diversified

Healthcare

Trust

REIT

1,253,627

474,626

Sabra

Health

Care

REIT,

Inc.

REIT

10,047,832

17,342,845

Health

Care

Technology

–

0.2%

91,816

HealthStream,

Inc.

2,574,521

Hotel

&

Resort

REITs

–

4.5%

580,674

Apple

Hospitality

REIT,

Inc.

REIT

9,586,928

489,964

Chatham

Lodging

Trust

REIT

6,531,220

602,358

Park

Hotels

&

Resorts,

Inc.

REIT

9,071,511

448,268

Pebblebrook

Hotel

Trust

REIT

8,561,919

668,542

RLJ

Lodging

Trust

REIT

8,189,639

1,084

Ryman

Hospitality

Properties,

Inc.

REIT

144,877

391,239

Service

Properties

Trust

REIT

3,141,649

716,396

Summit

Hotel

Properties,

Inc.

REIT

4,928,804

213,384

Sunstone

Hotel

Investors,

Inc.

REIT

2,511,530

393,797

Xenia

Hotels

&

Resorts,

Inc.

REIT

8,104,342

60,772,419

Hotels,

Restaurants

&

Leisure

–

2.2%

636,023

Bloomin'

Brands,

Inc.

5,507,959

232,990

Brightstar

Lottery

PLC

2,339,220

76,115

Cheesecake

Factory,

Inc.

(The)

7,719,583

70,860

Cracker

Barrel

Old

Country

Store,

Inc.

3,995,795

112,827

El

Pollo

Loco

Holdings,

Inc.*

1,857,132

48,739

First

Watch

Restaurant

Group,

Inc.*

626,296

35,796

Jack

in

the

Box,

Inc.*

585,981

1,325

Marriott

Vacations

Worldwide

Corp.

129,201

714,254

Portillo's,

Inc.,

Class

A*

3,264,141

12,828

RCI

Hospitality

Holdings,

Inc.

321,855

1,180,799

Sabre

Corp.*

2,184,478

28,531,641

Household

Durables

–

2.1%

42,658

Century

Communities,

Inc.

2,864,911

279,623

Cricut,

Inc.,

Class

A

1,311,432

165,208

Ethan

Allen

Interiors,

Inc.

3,700,659

63,795

Green

Brick

Partners,

Inc.*

4,512,221

6,282

Hovnanian

Enterprises,

Inc.,

Class

A*

778,340

18,189

La-Z-Boy,

Inc.

716,283

87,976

LGI

Homes,

Inc.*

4,800,850

Shares

Description

Value

Common

Stocks

–

(continued)

Household

Durables

–

(continued)

64,494

M/I

Homes,

Inc.*

$

9,424,508

28,109,204

Household

Products

–

0.2%

38,386

Central

Garden

&

Pet

Co.,

Class

A*

1,455,213

73,592

Energizer

Holdings,

Inc.

1,543,224

2,998,437

Independent

Power

and

Renewable

Electricity

Producers

–

0.8%

106,412

Ormat

Technologies,

Inc.

10,383,683

Industrial

REITs

–

0.3%

57,390

LXP

Industrial

Trust

REIT

3,473,817

7,223

One

Liberty

Properties,

Inc.

REIT

175,591

3,649,408

Insurance

–

2.8%

53,227

Accelerant

Holdings,

Class

A

(Cayman

Islands)*

632,337

197,095

AMERISAFE,

Inc.

5,723,639

7,604

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

210,935

205,781

CNO

Financial

Group,

Inc.

11,336,475

7,885

Investors

Title

Co.

2,281,052

74,596

Lemonade,

Inc.*

3,603,733

112,253

Octave

Specialty

Group,

Inc.*

606,166

203,087

Porch

Group,

Inc.*

2,934,607

94,156

Stewart

Information

Services

Corp.

6,364,004

76,709

Universal

Insurance

Holdings,

Inc.

3,352,950

37,045,898

Interactive

Media

&

Services

–

0.2%

64,854

EverQuote

,

Inc.,

Class

A*

1,635,618

4,854

QuinStreet

,

Inc.*

75,237

153,125

Taboola.com

Ltd.

(Israel)*

767,156

2,478,011

IT

Services

–

1.0%

79,416

BigBear.ai

Holdings,

Inc.*

(a)

221,571

17,585

Crexendo

,

Inc.*

120,985

108,529

DXC

Technology

Co.*

1,219,866

137,628

Everforth

,

Inc.*

3,914,140

108,336

Fastly,

Inc.,

Class

A*

2,454,894

148,900

Globant

SA*

(a)

5,449,740

13,381,196

Leisure

Products

–

0.7%

29,898

JAKKS

Pacific,

Inc.

787,214

60,580

Johnson

Outdoors,

Inc.,

Class

A

2,841,808

99,630

Latham

Group,

Inc.*

534,017

39,299

Malibu

Boats,

Inc.,

Class

A*

1,083,473

43,894

MasterCraft

Boat

Holdings,

Inc.*

1,049,945

214,091

Smith

&

Wesson

Brands,

Inc.

3,115,024

9,411,481

Life

Sciences

Tools

&

Services

–

0.3%

48,316

Adaptive

Biotechnologies

Corp.*

1,090,492

639,133

Cytek

Biosciences,

Inc.*

2,697,142

2,023

OmniAb

,

Inc.

12.5

Earnout*

(b)

—

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

2,023

OmniAb

,

Inc.

15.00

Earnout*

(b)

$

—

173,273

Pacific

Biosciences

of

California,

Inc.*

242,582

4,030,216

Machinery

–

2.4%

563,269

3D

Systems

Corp.*

1,487,030

79,054

Aebi

Schmidt

Holding

AG

(Switzerland)

1,019,006

30,540

Alamo

Group,

Inc.

4,858,303

23,336

Enpro

,

Inc.

7,325,637

5,426

Gencor

Industries,

Inc.*

77,266

15,410

Helios

Technologies,

Inc.

1,200,593

594,974

Hillman

Solutions

Corp.*

4,682,445

20,153

Kadant

,

Inc.

6,197,048

12,979

Kennametal,

Inc.

440,897

113,961

Manitowoc

Co.,

Inc.

(The)*

1,578,360

60,455

Miller

Industries,

Inc.

3,040,887

31,907,472

Marine

Transportation

–

0.9%

363,336

Costamare

,

Inc.

(Monaco)

5,660,775

13,811

Matson,

Inc.

2,797,970

23,419

Pangaea

Logistics

Solutions

Ltd.

178,219

493,938

Safe

Bulkers,

Inc.

(Monaco)

3,857,656

12,494,620

Media

–

0.6%

31,383

Cable

One,

Inc.*

1,255,006

337,552

EW

Scripps

Co.

(The),

Class

A*

948,521

278,854

Gray

Media,

Inc.

1,126,570

52,430

John

Wiley

&

Sons,

Inc.,

Class

A

2,736,846

11,130

PubMatic,

Inc.,

Class

A*

140,238

39,490

Scholastic

Corp.

1,605,269

7,812,450

Metals

&

Mining

–

2.4%

4,307

Alpha

Metallurgical

Resources,

Inc.*

590,748

54,357

Caledonia

Mining

Corp.

PLC

(South

Africa)

(a)

999,625

165,508

Commercial

Metals

Co.

11,373,710

7,043

Constellium

SE*

195,655

287,791

Ferroglobe

PLC

915,175

9,998

Friedman

Industries,

Inc.

332,434

15,738

Kaiser

Aluminum

Corp.

2,513,044

25,845

Materion

Corp.

5,449,160

66,244

Metallus

,

Inc.*

1,332,829

21,450

Ryerson

Holding

Corp.

596,095

199,786

SSR

Mining,

Inc.

(Canada)*

5,118,517

6,408

Warrior

Met

Coal,

Inc.

508,859

47,092

Worthington

Steel,

Inc.

1,695,783

31,621,634

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

1.1%

349,139

Ladder

Capital

Corp.

REIT

3,337,769

81,927

MFA

Financial,

Inc.

REIT

746,355

795,489

Orchid

Island

Capital,

Inc.

REIT

5,162,724

256,026

TPG

Mortgage

Investment

Trust,

Inc.

REIT

1,784,501

Shares

Description

Value

Common

Stocks

–

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

(continued)

508,252

TPG

RE

Finance

Trust,

Inc.

REIT

$

4,050,768

15,082,117

Multi-Utilities

–

0.1%

26,408

Unitil

Corp.

1,424,447

Office

REITs

–

0.8%

1,142,588

Brandywine

Realty

Trust

REIT

3,473,468

306,396

Douglas

Emmett,

Inc.

REIT

3,621,601

17,396

Hudson

Pacific

Properties,

Inc.

REIT*

239,543

225,514

Piedmont

Realty

Trust,

Inc.

REIT*

2,185,231

9,519,843

Oil,

Gas

&

Consumable

Fuels

–

5.6%

160,896

Clean

Energy

Fuels

Corp.*

312,138

256,479

Comstock

Resources,

Inc.*

3,400,911

862,031

Crescent

Energy

Co.,

Class

A

9,887,496

24,120

Delek

US

Holdings,

Inc.

1,637,024

350,687

DHT

Holdings,

Inc.

6,512,258

319,110

Encore

Energy

Corp.*

(a)

347,830

11,519

Excelerate

Energy,

Inc.,

Class

A

452,351

337,642

Green

Plains,

Inc.*

5,689,268

8,567

International

Seaways,

Inc.

823,974

140,333

Kinetik

Holdings,

Inc.

7,096,640

384,633

Kosmos

Energy

Ltd.

(Ghana)*

1,034,663

154,220

Magnolia

Oil

&

Gas

Corp.,

Class

A

3,964,996

840,924

Nordic

American

Tankers

Ltd.

5,491,234

252,985

Northern

Oil

&

Gas,

Inc.

5,350,633

94,238

PBF

Energy,

Inc.,

Class

A

6,811,523

50,981

REX

American

Resources

Corp.*

2,194,222

106,848

SandRidge

Energy,

Inc.

1,487,324

102,540

Scorpio

Tankers,

Inc.

(Monaco)

7,983,764

8,757

SM

Energy

Co.

284,778

31,038

Teekay

Tankers

Ltd.,

Class

A

(Canada)

2,463,486

99,784

Vitesse

Energy,

Inc.

(a)

1,556,630

74,783,143

Passenger

Airlines

–

1.6%

24,637

Allegiant

Travel

Co.*

2,416,397

1,261,864

JetBlue

Airways

Corp.*

7,609,040

99,864

SkyWest,

Inc.*

10,682,452

20,707,889

Personal

Care

Products

–

0.1%

82,623

Herbalife

Ltd.*

1,026,178

Pharmaceuticals

–

1.1%

180,457

Amneal

Pharmaceuticals,

Inc.*

3,305,972

17,028

Amphastar

Pharmaceuticals,

Inc.*

339,538

62,932

Fulcrum

Therapeutics,

Inc.*

225,296

199,840

Innoviva

,

Inc.*

4,190,645

6,321

Omeros

Corp.*

(a)

74,841

51,303

Phathom

Pharmaceuticals,

Inc.*

448,901

134,709

Supernus

Pharmaceuticals,

Inc.*

6,012,063

43,835

Third

Harmonic

Bio,

Inc.*

(b)

—

14,597,256

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Professional

Services

–

0.7%

67,382

Concentrix

Corp.

$

1,657,597

147,928

Conduent,

Inc.*

232,247

95,518

ManpowerGroup,

Inc.

5,007,054

34,914

TrueBlue,

Inc.*

247,191

307,887

Upwork,

Inc.*

2,820,245

9,964,334

Real

Estate

Management

&

Development

–

0.0%

6,186

RMR

Group,

Inc.

(The),

Class

A

117,781

Residential

REITs

–

0.5%

232,546

NexPoint

Residential

Trust,

Inc.

REIT

6,071,776

48,779

UMH

Properties,

Inc.

REIT

737,051

6,808,827

Retail

REITs

–

1.8%

373,632

Kite

Realty

Group

Trust

REIT

10,693,348

122,142

Macerich

Co.

(The)

REIT

3,156,149

9,008

NETSTREIT

Corp.

REIT

193,222

266,313

Phillips

Edison

&

Co.,

Inc.

REIT

11,315,639

25,358,358

Semiconductors

&

Semiconductor

Equipment

–

0.3%

10,436

Alpha

&

Omega

Semiconductor

Ltd.*

331,239

59,060

Cohu

,

Inc.*

2,834,289

35,615

Toyo

Co.

Ltd.

(Japan)*

(a)

183,417

3,348,945

Software

–

3.1%

764,705

8x8,

Inc.*

1,452,939

28,260

Alarm.com

Holdings,

Inc.*

1,547,235

232,565

AvePoint,

Inc.*

3,030,322

26,027

Cerence

,

Inc.*

221,750

172,882

Cleanspark

,

Inc.*

2,378,856

69,766

Consensus

Cloud

Solutions,

Inc.*

2,539,482

175,012

Digital

Turbine,

Inc.*

1,410,597

26,393

eGain

Corp.*

180,000

199,121

Freshworks

,

Inc.,

Class

A*

2,261,019

35,738

Hut

8

Corp.*

3,846,481

69,126

I3

Verticals,

Inc.,

Class

A*

1,455,793

6,156

Intapp

,

Inc.*

201,240

277,674

MARA

Holdings,

Inc.*

3,143,270

378,372

N-able,

Inc.*

1,770,781

67,788

NCR

Voyix

Corp.*

560,607

35,015

PAR

Technology

Corp.*

593,504

150,215

Progress

Software

Corp.*

6,097,227

77,838

Rapid7,

Inc.*

751,137

71,436

Riot

Platforms,

Inc.*

1,440,864

113,302

Silvaco

Group,

Inc.*

881,490

66,983

Telos

Corp.*

297,404

116,664

Thryv

Holdings,

Inc.*

472,489

22,276

Vertex,

Inc.,

Class

A*

287,583

49,765

Weave

Communications,

Inc.*

325,463

116,155

Xperi

,

Inc.*

895,555

142,478

Zeta

Global

Holdings

Corp.,

Class

A*

3,077,525

41,120,613

Shares

Description

Value

Common

Stocks

–

(continued)

Specialized

REITs

–

0.9%

319,455

Four

Corners

Property

Trust,

Inc.

REIT

$

8,178,048

106,690

Smartstop

Self

Storage

REIT,

Inc.

REIT

3,578,383

11,756,431

Specialty

Retail

–

2.7%

72,258

Advance

Auto

Parts,

Inc.

(a)

4,013,209

1,806

Asbury

Automotive

Group,

Inc.*

418,450

13,228

Barnes

&

Noble

Education,

Inc.

164,556

27,302

Bed

Bath

&

Beyond,

Inc.*

137,875

381,249

Camping

World

Holdings,

Inc.,

Class

A

2,359,931

34,531

Citi

Trends,

Inc.*

2,302,182

70,717

EVgo

,

Inc.*

(a)

111,733

12,189

Genesco,

Inc.*

465,864

7,749

Group

1

Automotive,

Inc.

2,222,181

61,569

Haverty

Furniture

Cos.,

Inc.

1,517,060

25,935

OneWater

Marine,

Inc.,

Class

A*

317,704

220,897

RealReal

,

Inc.

(The)*

2,670,645

122,571

Sally

Beauty

Holdings,

Inc.*

1,834,888

125,232

Shoe

Station

Group,

Inc.

1,903,526

34,648

Signet

Jewelers

Ltd.

3,218,799

350,353

Upbound

Group,

Inc.

6,793,345

26,138

Victoria's

Secret

&

Co.*

2,317,918

1,998

Winmark

Corp.

666,333

138,255

Zumiez,

Inc.*

2,719,476

36,155,675

Technology

Hardware,

Storage

&

Peripherals

–

0.2%

110,129

Corsair

Gaming,

Inc.*

1,168,469

106,533

Eastman

Kodak

Co.*

894,877

76,903

Quantum

Computing,

Inc.*

(a)

622,914

2,686,260

Textiles,

Apparel

&

Luxury

Goods

–

1.5%

70,533

Figs,

Inc.,

Class

A*

754,703

117,262

G-III

Apparel

Group

Ltd.

4,269,509

119,592

Movado

Group,

Inc.

4,566,023

14,741

Rocky

Brands,

Inc.

719,950

180,007

Steven

Madden

Ltd.

8,294,723

18,604,908

Trading

Companies

&

Distributors

–

0.8%

68,429

Boise

Cascade

Co.

5,226,607

439,148

Custom

Truck

One

Source,

Inc.*

4,457,352

13,037

Titan

Machinery,

Inc.*

221,499

9,905,458

Water

Utilities

–

0.2%

37,112

American

States

Water

Co.

3,178,272

Wireless

Telecommunication

Services

–

0.4%

24,306

Gogo,

Inc.*

101,599

74,620

Spok

Holdings,

Inc.

813,358

132,464

Telephone

and

Data

Systems,

Inc.

4,448,141

5,363,098

TOTAL

COMMON

STOCKS

(Cost

$1,160,249,701)

1,294,599,315

GOLDMAN

SACHS

SMALL

CAP

VALUE

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.5%

(c)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

6,072,552

3.760%

$

6,072,552

(Cost

$6,072,552)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,166,322,253)

1,300,671,867

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

9,168,408

3.571%

9,168,408

(Cost

$9,168,408)

TOTAL

INVESTMENTS

–

99.0%

(Cost

$1,175,490,661)

$

1,309,840,275

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.0%

12,633,797

NET

ASSETS

–

100.0%

$

1,322,474,072

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

148

09/18/26

$

21,741,200

$

(254,302)

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

99.1%

Aerospace

&

Defense

–

3.0%

37,068

Boeing

Co.

(The)*

$

8,011,877

18,144

General

Electric

Co.

6,533,110

41,553

Howmet

Aerospace,

Inc.

11,728,750

8,993

Loar

Holdings,

Inc.*

615,571

31,732

RTX

Corp.

6,829,361

33,718,669

Automobile

Components

–

0.1%

68,846

Gentex

Corp.

1,608,243

Automobiles

–

1.6%

56,596

Tesla,

Inc.*

17,613,241

Banks

–

4.7%

180,829

Bank

of

America

Corp.

11,202,357

81,379

JPMorgan

Chase &

Co.

28,628,318

54,731

PNC

Financial

Services

Group,

Inc.

(The)

13,675,635

53,506,310

Beverages

–

1.7%

131,009

Coca-Cola

Co.

(The)

11,475,078

55,301

PepsiCo,

Inc.

7,717,808

19,192,886

Biotechnology

–

1.1%

27,317

AbbVie,

Inc.

6,854,928

5,467

Gilead

Sciences,

Inc.

711,858

9,777

Vertex

Pharmaceuticals,

Inc.*

4,664,607

12,231,393

Broadline

Retail

–

3.7%

148,942

Amazon.com,

Inc.*

40,449,668

41,183

Macy’s,

Inc.

1,022,162

41,471,830

Capital

Markets

–

1.8%

1,649

Ameriprise

Financial,

Inc.

900,090

3,665

Blackrock,

Inc.

3,996,279

28,999

CME

Group,

Inc.

7,765,642

6,561

Evercore,

Inc.,

Class

A

2,103,194

24,751

Invesco

Ltd.

732,630

33

MarketAxess

Holdings,

Inc.

5,356

20,753

Morgan

Stanley

4,366,846

6,138

Stifel

Financial

Corp.

508,902

20,378,939

Chemicals

–

0.2%

4,266

Linde

PLC

2,040,769

Commercial

Services

&

Supplies

–

0.1%

1,754

Cintas

Corp.

358,921

619

Clean

Harbors,

Inc.*

193,673

552,594

Communications

Equipment

–

1.0%

19,885

Arista

Networks,

Inc.*

3,586,260

56,911

Cisco

Systems,

Inc.

6,601,107

3,108

Motorola

Solutions,

Inc.

1,354,311

11,541,678

Construction

&

Engineering

–

0.3%

342

Comfort

Systems

USA,

Inc.

591,554

1,225

EMCOR

Group,

Inc.

976,852

Shares

Description

Value

Common

Stocks

–

(continued)

Construction

&

Engineering

–

(continued)

13,105

Everus

Construction

Group,

Inc.*

$

1,643,760

225

Quanta

Services,

Inc.

150,156

3,362,322

Construction

Materials

–

0.3%

71,021

Amrize

Ltd.*

3,473,637

Consumer

Finance

–

1.9%

9,952

American

Express

Co.

3,346,360

26,735

Capital

One

Financial

Corp.

5,587,882

52,773

OneMain

Holdings,

Inc.

3,302,534

332,416

SoFi

Technologies,

Inc.*

5,421,705

49,396

Synchrony

Financial

3,743,723

21,402,204

Consumer

Staples

Distribution

&

Retail

–

4.0%

11,643

Casey's

General

Stores,

Inc.

10,141,053

17,879

Costco

Wholesale

Corp.

17,018,841

54,276

Sysco

Corp.

4,626,486

13,496

US

Foods

Holding

Corp.*

1,357,563

109,849

Walmart,

Inc.

12,215,209

45,359,152

Diversified

Consumer

Services

–

0.1%

19,074

Service

Corp.

International

1,643,988

Diversified

Telecommunication

Services

–

0.7%

59,026

Comcast

Corp.,

Class

A

1,414,263

110,172

Verizon

Communications,

Inc.

5,157,151

6,571,414

Electric

Utilities

–

0.3%

26,595

NextEra

Energy,

Inc.

2,311,638

13,922

Xcel

Energy,

Inc.

1,088,700

3,400,338

Electrical

Equipment

–

1.2%

2,180

Acuity,

Inc.

715,890

8,421

AMETEK,

Inc.

2,035,440

34,628

Emerson

Electric

Co.

5,187,967

1,264

GE

Vernova,

Inc.

1,251,727

8,587

Powell

Industries,

Inc.

1,791,935

12,176

Vertiv

Holdings

Co.,

Class

A

2,941,356

13,924,315

Electronic

Equipment,

Instruments

&

Components

–

0.8%

27,411

Corning,

Inc.

3,789,571

3,187

Fabrinet

(Thailand)*

1,387,652

10,938

Jabil,

Inc.

3,446,017

3,192

Sanmina

Corp.*

592,307

9,215,547

Energy

Equipment

&

Services

–

0.4%

143,973

Halliburton

Co.

4,643,129

5,777

SLB

Ltd.

286,482

4,929,611

Entertainment

–

0.6%

77,403

Netflix,

Inc.*

5,550,569

9,202

Roku,

Inc.*

1,334,382

6,884,951

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

Common

Stocks

–

(continued)

Financial

Services

–

2.9%

13,828

Berkshire

Hathaway,

Inc.,

Class

B*

$

7,073,575

73,427

Block,

Inc.*

5,965,209

36,532

Mastercard,

Inc.,

Class

A

20,936,489

33,975,273

Food

Products

–

0.4%

32,574

Pilgrim's

Pride

Corp.

891,225

56,398

Tyson

Foods,

Inc.,

Class

A

3,268,828

4,160,053

Ground

Transportation

–

0.5%

12,936

Old

Dominion

Freight

Line,

Inc.

2,744,243

6,931

Ryder

System,

Inc.

1,777,247

10,809

Uber

Technologies,

Inc.*

760,521

4,297

XPO,

Inc.*

863,568

6,145,579

Health

Care

Equipment

&

Supplies

–

2.3%

39,161

Align

Technology,

Inc.*

6,624,475

233,474

Boston

Scientific

Corp.*

10,910,240

13,508

Cooper

Cos.,

Inc.

(The)*

976,898

25,620

Globus

Medical,

Inc.,

Class

A*

2,018,600

62,026

Medtronic

PLC

5,296,400

25,826,613

Health

Care

Providers

&

Services

–

3.2%

1,739

Chemed

Corp.

925,583

108,487

CVS

Health

Corp.

11,329,297

33,252

HCA

Healthcare,

Inc.

13,386,923

3,566

Molina

Healthcare,

Inc.*

697,581

18,100

UnitedHealth

Group,

Inc.

7,500,640

13,712

Universal

Health

Services,

Inc.,

Class

B

2,309,649

36,149,673

Health

Care

REITs

–

1.5%

18,936

American

Healthcare

REIT,

Inc.

REIT

1,052,842

177,395

Healthpeak

Properties,

Inc.

REIT

3,872,533

50,957

Welltower,

Inc.

REIT

11,946,359

16,871,734

Hotel

&

Resort

REITs

–

0.4%

182,111

Host

Hotels

&

Resorts,

Inc.

REIT

4,576,449

Hotels,

Restaurants

&

Leisure

–

3.8%

30,496

Airbnb,

Inc.,

Class

A*

4,620,754

138,792

Aramark

7,906,980

123,672

Chipotle

Mexican

Grill,

Inc.*

4,603,072

36,522

Darden

Restaurants,

Inc.

7,435,149

12,605

Hilton

Worldwide

Holdings,

Inc.

4,039,776

84,055

Starbucks

Corp.

8,846,789

21,184

Texas

Roadhouse,

Inc.

4,352,041

12,899

Wingstop,

Inc.

1,670,291

43,474,852

Independent

Power

and

Renewable

Electricity

Producers

–

0.3%

8,247

Talen

Energy

Corp.*

2,755,323

4,549

Vistra

Corp.

674,116

3,429,439

Shares

Description

Value

Common

Stocks

–

(continued)

Industrial

REITs

–

0.1%

13,546

Rexford

Industrial

Realty,

Inc.

REIT

$

511,632

Insurance

–

0.1%

3,990

Kinsale

Capital

Group,

Inc.

1,422,116

Interactive

Media

&

Services

–

6.8%

3,708

Alphabet,

Inc.,

Class

A

1,320,530

148,167

Alphabet,

Inc.,

Class

C

52,843,760

35,259

Meta

Platforms,

Inc.,

Class

A

19,629,038

23,215

Reddit,

Inc.,

Class

A*

3,265,654

77,058,982

IT

Services

–

0.4%

26,737

Gartner,

Inc.*

4,037,822

Life

Sciences

Tools

&

Services

–

0.5%

13,909

IQVIA

Holdings,

Inc.*

3,268,893

47,155

Tempus

AI,

Inc.,

Class

A*

2,068,690

5,337,583

Machinery

–

2.8%

11,618

Caterpillar,

Inc.

9,466,463

42,001

Illinois

Tool

Works,

Inc.

12,052,187

8,569

Ingersoll

Rand,

Inc.

714,483

38,622

Mueller

Industries,

Inc.

2,564,887

45,063

PACCAR,

Inc.

5,978,959

979

Parker-Hannifin

Corp.

956,023

572

RBC

Bearings,

Inc.*

315,349

32,048,351

Marine

Transportation

–

0.5%

46,097

Kirby

Corp.*

6,045,161

Media

–

0.6%

15,168

AppLovin

Corp.,

Class

A*

6,005,011

2,411

Fox

Corp.,

Class

A

140,393

73,959

Trade

Desk,

Inc.

(The),

Class

A*

1,334,220

7,479,624

Metals

&

Mining

–

0.5%

32,106

Anglogold

Ashanti

PLC

(Australia)

2,546,648

37,708

Newmont

Corp.

3,533,617

6,080,265

Multi-Utilities

–

0.0%

5,398

Public

Service

Enterprise

Group,

Inc.

413,919

Oil,

Gas

&

Consumable

Fuels

–

2.6%

40,230

Chevron

Corp.

7,918,471

7,826

EOG

Resources,

Inc.

1,163,648

49,630

ExxonMobil

Holdings

Corp.

7,714,487

393,910

Kinder

Morgan,

Inc.

12,676,024

29,472,630

Passenger

Airlines

–

0.9%

81,929

United

Airlines

Holdings,

Inc.*

9,940,446

Personal

Care

Products

–

0.0%

4,226

elf

Beauty,

Inc.*

350,293

Pharmaceuticals

–

2.2%

14,623

Eli

Lilly

&

Co.

16,799,487

GOLDMAN

SACHS

U.S.

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

Common

Stocks

–

(continued)

Pharmaceuticals

–

(continued)

31,861

Johnson &

Johnson

$

8,167,568

24,967,055

Semiconductors

&

Semiconductor

Equipment

–

16.1%

26,543

Advanced

Micro

Devices,

Inc.*

12,638,450

100,554

Broadcom,

Inc.

39,143,661

75,311

Intel

Corp.*

6,793,052

12,135

KLA

Corp.

2,218,521

3,502

MACOM

Technology

Solutions

Holdings,

Inc.*

880,543

23,628

Micron

Technology,

Inc.

19,446,553

315

Monolithic

Power

Systems,

Inc.

449,200

416,799

NVIDIA

Corp.

83,672,399

2,967

SiTime

Corp.*

1,587,938

56,349

Texas

Instruments,

Inc.

15,537,673

182,367,990

Software

–

6.5%

22,819

Elastic

NV*

1,501,262

16,807

Fortinet,

Inc.*

2,721,894

28,156

Intuit,

Inc.

8,899,267

104,161

Microsoft

Corp.

48,405,700

90,574

Oracle

Corp.

11,762,845

73,290,968

Specialized

REITs

–

0.6%

12,468

Lamar

Advertising

Co.,

Class

A

REIT

1,994,381

180,425

VICI

Properties,

Inc.

REIT

4,754,199

6,748,580

Specialty

Retail

–

1.8%

13,658

Burlington

Stores,

Inc.*

5,032,700

4,514

Carvana

Co.*

281,493

95,409

TJX

Cos.,

Inc.

(The)

15,011,652

20,325,845

Technology

Hardware,

Storage

&

Peripherals

–

9.4%

298,063

Apple,

Inc.

92,074,641

1,412

Sandisk

Corp.*

1,715,340

4,923

Seagate

Technology

Holdings

PLC

4,214,728

Shares

Description

Value

Common

Stocks

–

(continued)

Technology

Hardware,

Storage

&

Peripherals

–

(continued)

15,320

Western

Digital

Corp.

$

8,346,949

106,351,658

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

5,204

Birkenstock

Holding

PLC

(Germany)*

(a)

201,499

232,967

NIKE,

Inc.,

Class

B

9,717,054

37,393

On

Holding

AG,

Class

A

(Switzerland)*

1,355,122

11,273,675

Wireless

Telecommunication

Services

–

0.8%

55,620

T-Mobile

US,

Inc.

9,606,130

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$754,540,861)

1,123,764,421

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

49,800

3.571%

49,800

(Cost

$49,800)

TOTAL

INVESTMENTS

–

99.1%

(Cost

$754,590,661)

$

1,123,814,221

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.9%

10,099,141

NET

ASSETS

–

100.0%

$

1,133,913,362

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

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

13

09/18/26

$

4,887,513

$

28,570

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

July

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)

July

31,

2026

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Central

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

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

$

7,015,326

$

—

$

—

Europe

8,845,701

—

—

North

America

1,541,610,798

—

—

Oceania

8,267,127

—

—

Investment

Company

19,256

—

—

Securities

Lending

Reinvestment

Vehicle

1,946,500

—

—

Total

$

1,567,704,708

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

263,709

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Large

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

486,865

$

—

$

—

North

America

740,385,775

—

—

Oceania

2,886,613

—

—

Investment

Company

4,503,921

—

—

Total

$

748,263,174

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

3,132

$

—

$

—

€

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

$

1,104,567

$

—

$

—

Asia

2,656,880

—

—

Europe

9,659,979

—

—

North

America

971,385,708

—

—

Investment

Company

7,957,748

—

—

Securities

Lending

Reinvestment

Vehicle

8,872,904

—

—

Total

$

1,001,637,786

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(274,256)

$

—

$

—

€

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

$

2,165,982

$

—

$

—

Europe

943,193

—

—

North

America

311,835,446

—

—

Investment

Company

5,874,084

—

—

Securities

Lending

Reinvestment

Vehicle

4,369,285

—

—

Total

$

325,187,990

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(163,729)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Value

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

2,034,288

$

—

$

—

Asia

950,573

—

—

Europe

18,736,016

—

—

North

America

1,272,878,438

—

—

Investment

Company

6,072,552

—

—

Securities

Lending

Reinvestment

Vehicle

9,168,408

—

—

Total

$

1,309,840,275

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(254,302)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

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

$

1,387,652

$

—

$

—

Europe

1,556,621

—

—

North

America

1,118,273,500

—

—

Oceania

2,546,648

—

—

Investment

Company

—

—

—

Securities

Lending

Reinvestment

Vehicle

49,800

—

—

Total

$

1,123,814,221

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

28,570

$

—

$

—

€

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.

Goldman

Sachs

Domestic

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

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)