Form NPORT-P GOLDMAN SACHS TRUST For: May 29

  
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          0000822977
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        S000009317
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      Goldman Sachs Trust
      811-05349
      0000822977
      00000000000000000000
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Large Cap Value Fund
      S000009317
      ZFWXN2MU43DFE9U00L46
      2020-08-31
      2020-05-29
      N
    
    
      385023430.43
      5827510.46
      379195919.97
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        36610.00000000
        NS
        USD
        4347071.40000000
        1.146391923294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exxon Mobil Corp
        J3WHBG0MTS7O8ZVMDC91
        
        30231G102
        
          
          
        
        111335.00000000
        NS
        USD
        5062402.45000000
        1.335036107561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
          
        
        86287.00000000
        NS
        USD
        3341032.64000000
        0.881083488520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Packaging Corp of America
        549300XZP8MFZFY8TJ84
        
        695156109
        
          
          
        
        36275.00000000
        NS
        USD
        3678647.75000000
        0.970117967063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        101785.00000000
        NS
        USD
        15140518.75000000
        3.992795795692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        18871.00000000
        NS
        USD
        4689066.08000000
        1.236581364158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extra Space Storage Inc
        N/A
        
        30225T102
        
          
          
        
        42938.00000000
        NS
        USD
        4154251.50000000
        1.095542246427
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker Inc
        549300DJ09SMTO561131
        
        854502101
        
          
          
        
        36991.00000000
        NS
        USD
        4640520.95000000
        1.223779240654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
          
        
        27143.00000000
        NS
        USD
        4234579.43000000
        1.116726000199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly and Co
        FRDRIPF3EKNDJ2CQJL29
        
        532457108
        
          
          
        
        29572.00000000
        NS
        USD
        4523037.40000000
        1.192796958458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        
        438516106
        
          
          
        
        38453.00000000
        NS
        USD
        5608370.05000000
        1.479016454197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Electric Co
        3C7474T6CDKPR9K6YT90
        
        369604103
        
          
          
        
        651253.00000000
        NS
        USD
        4278732.21000000
        1.128369791093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc
        529900YLDW34GJAO4J06
        
        444859102
        
          
          
        
        13572.00000000
        NS
        USD
        5573341.80000000
        1.469778947104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O'Reilly Automotive Inc
        549300K2RLMQL149Q332
        
        67103H107
        
          
          
        
        5362.00000000
        NS
        USD
        2237240.88000000
        0.589996031649
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        
        030420103
        
          
          
        
        30494.00000000
        NS
        USD
        3872738.00000000
        1.021302655446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        2223.00000000
        NS
        USD
        3186714.96000000
        0.840387459931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allstate Corp/The
        OBT0W1ED8G0NWVOLOJ77
        
        020002101
        
          
          
        
        45741.00000000
        NS
        USD
        4473927.21000000
        1.179845819636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        
        125896100
        
          
          
        
        64841.00000000
        NS
        USD
        3798385.78000000
        1.001694791521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group Inc/O
        549300AFOM7IVKIU1G39
        
        025932104
        
          
          
        
        34180.00000000
        NS
        USD
        2059003.20000000
        0.542991918310
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agios Pharmaceuticals Inc
        529900ONJHY8EOGYT555
        
        00847X104
        
          
          
        
        22619.00000000
        NS
        USD
        1170307.06000000
        0.308628600247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        
        000000000
        
          
          
        
        32967.00000000
        NS
        USD
        6670542.78000000
        1.759128310380
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        
        65339F101
        
          
          
        
        34012.00000000
        NS
        USD
        8692106.72000000
        2.292246899884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        
        126650100
        
          
          
        
        101282.00000000
        NS
        USD
        6641060.74000000
        1.751353427148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        
        48203R104
        
          
          
        
        80277.00000000
        NS
        USD
        1947520.02000000
        0.513592029195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        
        166764100
        
          
          
        
        92151.00000000
        NS
        USD
        8450246.70000000
        2.228464562769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agilent Technologies Inc
        QUIX8Y7A2WP0XRMW7G29
        
        00846U101
        
          
          
        
        25886.00000000
        NS
        USD
        2281592.04000000
        0.601692138507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atmos Energy Corp
        QVLWEGTD2S8GJMO8D383
        
        049560105
        
          
          
        
        28606.00000000
        NS
        USD
        2940124.68000000
        0.775357677960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        
        595112103
        
          
          
        
        43228.00000000
        NS
        USD
        2071053.48000000
        0.546169768958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        88214.00000000
        NS
        USD
        10225766.88000000
        2.696697496325
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        15331.00000000
        NS
        USD
        2944931.79000000
        0.776625389385
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        13875.00000000
        NS
        USD
        2542593.75000000
        0.670522443965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        27478.00000000
        NS
        USD
        4667413.08000000
        1.230871123394
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        
        444097109
        
          
          
        
        136886.00000000
        NS
        USD
        3308534.62000000
        0.872513243354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        
        580135101
        
          
          
        
        38368.00000000
        NS
        USD
        7148725.76000000
        1.885232773750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        9886.00000000
        NS
        USD
        3143154.84000000
        0.828899962913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
          
        
        26473.00000000
        NS
        USD
        4833969.80000000
        1.274794781648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Express Co
        R4PP93JZOLY261QX3811
        
        025816109
        
          
          
        
        35185.00000000
        NS
        USD
        3345037.95000000
        0.882139752522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        
        16411R208
        
          
          
        
        50516.00000000
        NS
        USD
        2240384.60000000
        0.590825080654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intuit Inc
        VI90HBPH7XSFMB9E4M29
        
        461202103
        
          
          
        
        7791.00000000
        NS
        USD
        2261883.12000000
        0.596494582583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT&T Inc
        549300Z40J86GGSTL398
        
        00206R102
        
          
          
        
        120048.00000000
        NS
        USD
        3704681.28000000
        0.976983423316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wells Fargo & Co
        PBLD0EJDB5FWOLXP3B76
        
        949746101
        
          
          
        
        273848.00000000
        NS
        USD
        7248756.56000000
        1.911612487964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        151295.00000000
        NS
        USD
        5991282.00000000
        1.579996430466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regeneron Pharmaceuticals Inc
        549300RCBFWIRX3HYQ56
        
        75886F107
        
          
          
        
        4115.00000000
        NS
        USD
        2521713.15000000
        0.665015897375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Facebook Inc
        BQ4BKCS1HXDV9HN80Z93
        
        30303M102
        
          
          
        
        11477.00000000
        NS
        USD
        2583357.93000000
        0.681272607100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        
        92343V104
        
          
          
        
        190669.00000000
        NS
        USD
        10940587.22000000
        2.885206998236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        
        084670702
        
          
          
        
        47388.00000000
        NS
        USD
        8794265.04000000
        2.319187674987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Brands Inc
        5493005GKEG8QCVY7037
        
        21036P108
        
          
          
        
        24462.00000000
        NS
        USD
        4224587.40000000
        1.114090942838
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Waste Connections Inc
        549300HDLRTPBQU69P29
        
        94106B101
        
          
          
        
        32672.00000000
        NS
        USD
        3072474.88000000
        0.810260532403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International Inc
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        71627.00000000
        NS
        USD
        3733199.24000000
        0.984504063307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        
        20825C104
        
          
          
        
        119126.00000000
        NS
        USD
        5024734.68000000
        1.325102517030
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        
        98389B100
        
          
          
        
        80339.00000000
        NS
        USD
        5224445.17000000
        1.377769352163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        92824.00000000
        NS
        USD
        10888255.20000000
        2.871406211559
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        8095115.32000000
        NS
        USD
        8095115.32000000
        2.134810765010
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        
        26875P101
        
          
          
        
        26640.00000000
        NS
        USD
        1357840.80000000
        0.358084232580
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        131776.00000000
        NS
        USD
        12823122.56000000
        3.381661532912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        
        458140100
        
          
          
        
        73218.00000000
        NS
        USD
        4607608.74000000
        1.215099766992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        
        110122108
        
          
          
        
        109723.00000000
        NS
        USD
        6552657.56000000
        1.728040101412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Scientific Corp
        Y6ZDD9FP4P8JSSJMW954
        
        101137107
        
          
          
        
        97929.00000000
        NS
        USD
        3720322.71000000
        0.981108317382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        
        000000000
        
          
          
        
        37028.00000000
        NS
        USD
        4515194.32000000
        1.190728613418
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognizant Technology Solutions
        5493006IEVQEFQO40L83
        
        192446102
        
          
          
        
        65847.00000000
        NS
        USD
        3489891.00000000
        0.920339807526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
          
        
        20674.00000000
        NS
        USD
        3178007.28000000
        0.838091106109
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        112587.00000000
        NS
        USD
        5255561.16000000
        1.385975134019
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        
        931142103
        
          
          
        
        57720.00000000
        NS
        USD
        7160743.20000000
        1.888401963967
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        
        000000000
        
          
          
        
        67019.00000000
        NS
        USD
        5049881.65000000
        1.331734173300
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        30188.00000000
        NS
        USD
        3189664.08000000
        0.841165189818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        7540.00000000
        NS
        USD
        2527408.00000000
        0.666517719969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        
        000000000
        
          
          
        
        21279.00000000
        NS
        USD
        2044911.90000000
        0.539275818200
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        
        09247X101
        
          
          
        
        12148.00000000
        NS
        USD
        6421918.72000000
        1.693562188250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International In
        HL3H1H2BGXWVG3BSWR90
        
        718172109
        
          
          
        
        52191.00000000
        NS
        USD
        3828731.76000000
        1.009697509483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        
        244199105
        
          
          
        
        38620.00000000
        NS
        USD
        5874874.40000000
        1.549297893412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Norfolk Southern Corp
        54930036C8MWP850MI84
        
        655844108
        
          
          
        
        23541.00000000
        NS
        USD
        4197124.89000000
        1.106848641813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McKesson Corp
        549300WZWOM80UCFSF54
        
        58155Q103
        
          
          
        
        5026.00000000
        NS
        USD
        797475.42000000
        0.210306962180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        
        617446448
        
          
          
        
        125576.00000000
        NS
        USD
        5550459.20000000
        1.463744441247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Group Ltd
        8DF36O58U3QIHUCGZB18
        
        000000000
        
          
          
        
        85715.00000000
        NS
        USD
        2796023.30000000
        0.737355850300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Las Vegas Sands Corp
        549300DUOO1KXOHPM605
        
        517834107
        
          
          
        
        51604.00000000
        NS
        USD
        2473895.76000000
        0.652405690492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        
        172967424
        
          
          
        
        124703.00000000
        NS
        USD
        5974520.73000000
        1.575576216767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        
        023608102
        
          
          
        
        55626.00000000
        NS
        USD
        4156930.98000000
        1.096248867954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        44847.00000000
        NS
        USD
        5665969.98000000
        1.494206472592
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ITT Inc
        549300KDSERHTJOXUS80
        
        45073V108
        
          
          
        
        66517.00000000
        NS
        USD
        3838030.90000000
        1.012149840721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        
        778296103
        
          
          
        
        22368.00000000
        NS
        USD
        2168801.28000000
        0.571947419732
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        18360.00000000
        NS
        USD
        2548918.80000000
        0.672190460330
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sarepta Therapeutics Inc
        549300IKDPIED8J8IG21
        
        803607100
        
          
          
        
        7372.00000000
        NS
        USD
        1122534.44000000
        0.296030199926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
          
        
        13656.00000000
        NS
        USD
        2666197.44000000
        0.703118704497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2020-07-24
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (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 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 Goldman Sachs Asset Management, L.P. (“GSAM”), 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. The Trustees have delegated to GSAM 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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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 position 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 Valuation Procedures approved by the Trustees 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.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of May 31, 2020:

 

EQUITY INCOME
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	3,447,780			$	—			$	—
Europe			18,738,283				—				—
North America			295,491,882				—				—
Oceania			4,475,252				—				—
Investment Company			269,752				—				—
Total		$	322,422,949			$	—			$	—
FOCUSED VALUE
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	329,207			$	—			$	—
North America			8,581,019				—				—
Investment Company			33,933				—				—
Total		$	8,944,159			$	—			$	—
LARGE CAP VALUE
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	8,715,455			$	—			$	—
North America			367,218,641				—				—
Investment Company			5,722,733				—				—
Total		$	381,656,829			$	—			$	—
MID CAP VALUE
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	19,841,411			$	—			$	—
North America			902,794,640				195,910				—
Investment Company			4,677,305				—				—
Securities Lending Reinvestment Vehicle			6,898,749				—				—
Total		$	934,212,105			$	195,910			$	—
SMALL CAP VALUE
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	42,125,915			$	—			$	—
North America			4,203,771,642				—				—
Investment Company			135,512,359				—				—
Securities Lending Reinvestment Vehicle			8,425,494				—				—
Total		$	4,389,835,410			$	—			$	—

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

SMALL/MID CAP VALUE
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	857,821			$	—			$	—
North America			93,907,791				—				—
Investment Company			1,695,652				—				—
Total		$	96,461,264			$	—			$	—

 

(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.

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

Securities Lending — The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. 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, BNYM may 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 BNYM is unable to purchase replacement securities, BNYM 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.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities.

The Funds’ risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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.

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Focused Value 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.