Form NPORT-P GOLDMAN SACHS TRUST For: May 29

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009320
        C000025484
        C000201806
        C000055752
        C000025483
        C000055751
        C000025487
        C000159657
        C000025485
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      00000000000000000000
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Mid Cap Value Fund
      S000009320
      CGU1WQFB5I5FV2XSTG35
      2020-08-31
      2020-05-29
      N
    
    
      937877402.39
      8178434.78
      929698967.61
      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
      1929989.72000000
      
        
        
        
        
        
        
      
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Agilent Technologies Inc
        QUIX8Y7A2WP0XRMW7G29
        
        00846U101
        
          
          
        
        166514.00000000
        NS
        USD
        14676543.96000000
        1.578633995660
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Service Enterprise Grou
        PUSS41EMO3E6XXNV3U28
        
        744573106
        
          
          
        
        175397.00000000
        NS
        USD
        8952262.88000000
        0.962920600311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        
        03064D108
        
          
          
        
        72898.00000000
        NS
        USD
        2603187.58000000
        0.280003277479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
          
        
        219692.00000000
        NS
        USD
        8506474.24000000
        0.914970817044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Welltower Inc
        T6IZ0MBEG5ACZDTR7D06
        
        95040Q104
        
          
          
        
        105376.00000000
        NS
        USD
        5339401.92000000
        0.574315139203
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steel Dynamics Inc
        549300HGGKEL4FYTTQ83
        
        858119100
        
          
          
        
        205108.00000000
        NS
        USD
        5447668.48000000
        0.585960474281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        
        444097109
        
          
          
        
        180307.00000000
        NS
        USD
        4358020.19000000
        0.468756053500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        
        988498101
        
          
          
        
        115306.00000000
        NS
        USD
        10346407.38000000
        1.112877150611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        E*TRADE Financial Corp
        549300LYE2HSVYJFJD24
        
        269246401
        
          
          
        
        153985.00000000
        NS
        USD
        7012476.90000000
        0.754273925680
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Brands Inc
        5493005GKEG8QCVY7037
        
        21036P108
        
          
          
        
        47848.00000000
        NS
        USD
        8263349.60000000
        0.888819917832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Group Ltd
        8DF36O58U3QIHUCGZB18
        
        000000000
        
          
          
        
        450941.00000000
        NS
        USD
        14709695.42000000
        1.582199823004
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty SiriusXM
        N/A
        
        531229128
        
          
          
        
        18023.00000000
        NS
        USD
        195910.01000000
        0.021072413418
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          
        
      
      
        Packaging Corp of America
        549300XZP8MFZFY8TJ84
        
        695156109
        
          
          
        
        140824.00000000
        NS
        USD
        14280961.84000000
        1.536084510958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wynn Resorts Ltd
        254900CEKKWIHTEAB172
        
        983134107
        
          
          
        
        84411.00000000
        NS
        USD
        7029748.08000000
        0.756131643135
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JetBlue Airways Corp
        54930070J9H97ZO93T57
        
        477143101
        
          
          
        
        318734.00000000
        NS
        USD
        3209651.38000000
        0.345235553853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McCormick & Co Inc/MD
        549300JQQA6MQ4OJP259
        
        579780206
        
          
          
        
        41509.00000000
        NS
        USD
        7270716.44000000
        0.782050609208
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Partners LP
        5493008F4ZOQFNG3WN54
        
        65341B106
        
          
          
        
        90337.00000000
        NS
        USD
        4617124.07000000
        0.496625706906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyrusOne Inc
        5493006S177ZK2ZNBU43
        
        23283R100
        
          
          
        
        68966.00000000
        NS
        USD
        5126932.44000000
        0.551461561066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atmos Energy Corp
        QVLWEGTD2S8GJMO8D383
        
        049560105
        
          
          
        
        117624.00000000
        NS
        USD
        12089394.72000000
        1.300355829272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O'Reilly Automotive Inc
        549300K2RLMQL149Q332
        
        67103H107
        
          
          
        
        13053.00000000
        NS
        USD
        5446233.72000000
        0.585806149059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmont Corp
        549300VSP3RIX7FGDZ51
        
        651639106
        
          
          
        
        108226.00000000
        NS
        USD
        6327974.22000000
        0.680647654828
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Parsley Energy Inc
        549300DMRA8DSL66G562
        
        701877102
        
          
          
        
        481934.00000000
        NS
        USD
        4404876.76000000
        0.473796025752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        
        925550105
        
          
          
        
        840214.00000000
        NS
        USD
        9738080.26000000
        1.047444452373
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T Rowe Price Group Inc
        549300SIV6FPS9Y7IH33
        
        74144T108
        
          
          
        
        33875.00000000
        NS
        USD
        4095487.50000000
        0.440517591466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        
        017175100
        
          
          
        
        10137.00000000
        NS
        USD
        5201294.70000000
        0.559460092052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Markel Corp
        549300SCNO12JLWIK605
        
        570535104
        
          
          
        
        10186.00000000
        NS
        USD
        9141120.12000000
        0.983234405809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essex Property Trust Inc
        549300TR2H2VEFX0NC60
        
        297178105
        
          
          
        
        48447.00000000
        NS
        USD
        11761478.19000000
        1.265084570356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group Inc/O
        549300AFOM7IVKIU1G39
        
        025932104
        
          
          
        
        94988.00000000
        NS
        USD
        5722077.12000000
        0.615476333668
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conagra Brands Inc
        54930035UDEIH090K650
        
        205887102
        
          
          
        
        125038.00000000
        NS
        USD
        4350072.02000000
        0.467901134835
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        East West Bancorp Inc
        N/A
        
        27579R104
        
          
          
        
        241513.00000000
        NS
        USD
        8440879.35000000
        0.907915319267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        
        115236101
        
          
          
        
        148926.00000000
        NS
        USD
        5986825.20000000
        0.643953086813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortive Corp
        549300MU9YQJYHDQEF63
        
        34959J108
        
          
          
        
        177250.00000000
        NS
        USD
        10808705.00000000
        1.162602667806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rockwell Automation Inc
        VH3R4HHBHH12O0EXZJ88
        
        773903109
        
          
          
        
        53746.00000000
        NS
        USD
        11617735.36000000
        1.249623347422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Live Nation Entertainment Inc
        5493007B9BM9ZXJINO78
        
        538034109
        
          
          
        
        113658.00000000
        NS
        USD
        5587427.28000000
        0.600993168182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        
        030420103
        
          
          
        
        118790.00000000
        NS
        USD
        15086330.00000000
        1.622711278122
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Cos Inc/The
        QJKMVPIGLH7530PCUE20
        
        216648402
        
          
          
        
        31264.00000000
        NS
        USD
        9910062.72000000
        1.065943177873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knight-Swift Transportation Ho
        N/A
        
        499049104
        
          
          
        
        256349.00000000
        NS
        USD
        10666681.89000000
        1.147326420875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners In
        54930098EZ8JMSAZGS24
        
        72346Q104
        
          
          
        
        208689.00000000
        NS
        USD
        8316256.65000000
        0.894510689990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Vision Holdings Inc
        549300JHURCBLI5ROA42
        
        63845R107
        
          
          
        
        161767.00000000
        NS
        USD
        4332120.26000000
        0.465970213039
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        
        000000000
        
          
          
        
        128869.00000000
        NS
        USD
        9710279.15000000
        1.044454117762
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        
        65336K103
        
          
          
        
        46852.00000000
        NS
        USD
        3903240.12000000
        0.419839136751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Analog Devices Inc
        GYVOE5EZ4GDAVTU4CQ61
        
        032654105
        
          
          
        
        44925.00000000
        NS
        USD
        5074278.75000000
        0.545798040740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        
        125896100
        
          
          
        
        245320.00000000
        NS
        USD
        14370845.60000000
        1.545752560847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        51641.00000000
        NS
        USD
        7169320.03000000
        0.771144239132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Change Healthcare Inc
        549300GS1BPJEDOZHM07
        
        15912K100
        
          
          
        
        519410.00000000
        NS
        USD
        6482236.80000000
        0.697240399939
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalent Inc
        N/A
        
        148806102
        
          
          
        
        191675.00000000
        NS
        USD
        14898897.75000000
        1.602550746969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envista Holdings Corp
        549300BX623VURJZ5269
        
        29415F104
        
          
          
        
        284886.00000000
        NS
        USD
        6022490.04000000
        0.647789257578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitation Homes Inc
        N/A
        
        46187W107
        
          
          
        
        260532.00000000
        NS
        USD
        6851991.60000000
        0.737011854236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line Inc
        5299009TWK32WE417T96
        
        679580100
        
          
          
        
        76637.00000000
        NS
        USD
        13111824.33000000
        1.410330094665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Grocery Outlet Holding Corp
        N/A
        
        39874R101
        
          
          
        
        90306.00000000
        NS
        USD
        3324163.86000000
        0.357552710695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        
        30040W108
        
          
          
        
        64619.00000000
        NS
        USD
        5408610.30000000
        0.581759310102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discover Financial Services
        Z1YLO2USPORE63VVUL20
        
        254709108
        
          
          
        
        299840.00000000
        NS
        USD
        14245398.40000000
        1.532259246949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Snap Inc
        549300JNC0L6VP8A2Q35
        
        83304A106
        
          
          
        
        261756.00000000
        NS
        USD
        4957658.64000000
        0.533254183635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dunkin' Brands Group Inc
        549300311IRV47UCTO62
        
        265504100
        
          
          
        
        62001.00000000
        NS
        USD
        3960003.87000000
        0.425944742111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        
        000000000
        
          
          
        
        45974.00000000
        NS
        USD
        4418101.40000000
        0.475218490492
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        
        74340W103
        
          
          
        
        67580.00000000
        NS
        USD
        6183570.00000000
        0.665115291662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
          
        
        44246.00000000
        NS
        USD
        4673704.98000000
        0.502711645686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reinsurance Group of America I
        LORM1GNEU1DKEW527V90
        
        759351604
        
          
          
        
        61645.00000000
        NS
        USD
        5594283.75000000
        0.601730661741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        
        256677105
        
          
          
        
        26176.00000000
        NS
        USD
        5012965.76000000
        0.539203111399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        52088.00000000
        NS
        USD
        10005583.92000000
        1.076217600383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Voya Financial Inc
        549300T065Z4KJ686G75
        
        929089100
        
          
          
        
        101842.00000000
        NS
        USD
        4587982.10000000
        0.493491147117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntington Ingalls Industries
        5TZLZ6WJTBVJ0QWBG121
        
        446413106
        
          
          
        
        21658.00000000
        NS
        USD
        4329217.62000000
        0.465658000151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aramark
        549300MR6PG2DWZUIL39
        
        03852U106
        
          
          
        
        269547.00000000
        NS
        USD
        6978571.83000000
        0.750627038765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Broadband Corp
        549300MIX43II8JLN536
        
        530307305
        
          
          
        
        90984.00000000
        NS
        USD
        12430234.08000000
        1.337017089731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
          
        
        89676.00000000
        NS
        USD
        13990352.76000000
        1.504826104729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Match Group Inc
        549300BIJKT86CPCKK96
        
        57665R106
        
          
          
        
        73968.00000000
        NS
        USD
        6586110.72000000
        0.708413255199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        First Republic Bank/CA
        YWC0TIKBQM2JV8L4IV08
        
        33616C100
        
          
          
        
        76587.00000000
        NS
        USD
        8284415.79000000
        0.891085833008
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Inc
        8MCWUBXQ0WE04KMXBX50
        
        74834L100
        
          
          
        
        47188.00000000
        NS
        USD
        5581396.64000000
        0.600344502301
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        154408.00000000
        NS
        USD
        19507906.72000000
        2.098303579937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthpeak Properties Inc
        PZ9HF5U52KPF0MH0QN75
        
        42250P103
        
          
          
        
        425103.00000000
        NS
        USD
        10474537.92000000
        1.126659089116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agios Pharmaceuticals Inc
        529900ONJHY8EOGYT555
        
        00847X104
        
          
          
        
        82590.00000000
        NS
        USD
        4273206.60000000
        0.459633359708
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        
        620076307
        
          
          
        
        52831.00000000
        NS
        USD
        7149619.23000000
        0.769025187623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raymond James Financial Inc
        RGUZHJ05YTITL6D76949
        
        754730109
        
          
          
        
        89869.00000000
        NS
        USD
        6226124.32000000
        0.669692506597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        146903.00000000
        NS
        USD
        15521770.98000000
        1.669548049504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty Sir
        N/A
        
        531229409
        
          
          
        
        189713.00000000
        NS
        USD
        6924524.50000000
        0.744813616153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        11875105.18000000
        NS
        USD
        11875105.18000000
        1.277306482390
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Ashland Global Holdings Inc
        529900E4L9R04SB8HB11
        
        044186104
        
          
          
        
        89316.00000000
        NS
        USD
        5998462.56000000
        0.645204821020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        
        78486Q101
        
          
          
        
        48632.00000000
        NS
        USD
        10443722.00000000
        1.123344476422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Realty Corp
        N/A
        
        264411505
        
          
          
        
        124257.00000000
        NS
        USD
        4284381.36000000
        0.460835335873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        
        697435105
        
          
          
        
        22267.00000000
        NS
        USD
        5238757.09000000
        0.563489610348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Corp
        UASVRYNXNK17ULIGK870
        
        42809H107
        
          
          
        
        158120.00000000
        NS
        USD
        7505956.40000000
        0.807353418848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Centene Corp
        549300Z7JJ4TQSQGT333
        
        15135B101
        
          
          
        
        88716.00000000
        NS
        USD
        5877435.00000000
        0.632186891108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties In
        529900PEQG66LENB6798
        
        29472R108
        
          
          
        
        158571.00000000
        NS
        USD
        9878973.30000000
        1.062599147054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        
        74967X103
        
          
          
        
        30507.00000000
        NS
        USD
        6616663.23000000
        0.711699535066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva Inc
        549300WZN9I2QKLS0O94
        
        22052L104
        
          
          
        
        409744.00000000
        NS
        USD
        11190108.64000000
        1.203627091118
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        
        058498106
        
          
          
        
        172445.00000000
        NS
        USD
        12288430.70000000
        1.321764477332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
          
        
        85459.00000000
        NS
        USD
        13136757.48000000
        1.413011946627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc
        549300IRDTHJQ1PVET45
        
        35671D857
        
          
          
        
        497852.00000000
        NS
        USD
        4515517.64000000
        0.485696746723
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        L3Harris Technologies Inc
        549300UTE50ZMDBG8A20
        
        502431109
        
          
          
        
        89952.00000000
        NS
        USD
        17940926.40000000
        1.929756515285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ITT Inc
        549300KDSERHTJOXUS80
        
        45073V108
        
          
          
        
        256107.00000000
        NS
        USD
        14777373.90000000
        1.589479435261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nomad Foods Ltd
        5493000ZZ1837DS2SI43
        
        000000000
        
          
          
        
        492897.00000000
        NS
        USD
        10439558.46000000
        1.122896638988
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Xilinx Inc
        6EY4K7ZMF9UX1CU6KC79
        
        983919101
        
          
          
        
        39701.00000000
        NS
        USD
        3650506.95000000
        0.392654727732
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker Inc
        549300DJ09SMTO561131
        
        854502101
        
          
          
        
        123982.00000000
        NS
        USD
        15553541.90000000
        1.672965383621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        112224.00000000
        NS
        USD
        14175013.44000000
        1.524688521107
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Noble Energy Inc
        02VFQXG2D1LR5ZH3K186
        
        655044105
        
          
          
        
        329215.00000000
        NS
        USD
        2874046.95000000
        0.309137371356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        
        778296103
        
          
          
        
        52515.00000000
        NS
        USD
        5091854.40000000
        0.547688507505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        
        023608102
        
          
          
        
        194506.00000000
        NS
        USD
        14535433.38000000
        1.563455902007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty For
        N/A
        
        531229854
        
          
          
        
        203147.00000000
        NS
        USD
        7039043.55000000
        0.757131479676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arthur J Gallagher & Co
        54930049QLLMPART6V29
        
        363576109
        
          
          
        
        65558.00000000
        NS
        USD
        6180808.24000000
        0.664818232065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola European Partners PL
        549300LTH67W4GWMRF57
        
        000000000
        
          
          
        
        132195.00000000
        NS
        USD
        4983751.50000000
        0.536060775974
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        AMETEK Inc
        549300WZDEF9KKE40E98
        
        031100100
        
          
          
        
        155868.00000000
        NS
        USD
        14294654.28000000
        1.537557293060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trane Technologies PLC
        549300BURLR9SLYY2705
        
        000000000
        
          
          
        
        46360.00000000
        NS
        USD
        4182135.60000000
        0.449837608269
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Digital Corp
        549300QQXOOYEF89IC56
        
        958102105
        
          
          
        
        86084.00000000
        NS
        USD
        3819547.08000000
        0.410836971220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        
        16411R208
        
          
          
        
        237107.00000000
        NS
        USD
        10515695.45000000
        1.131086062947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cincinnati Financial Corp
        254900Q4WEDMZBOZ0002
        
        172062101
        
          
          
        
        42856.00000000
        NS
        USD
        2526361.20000000
        0.271739701561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of New York Mellon Corp/T
        WFLLPEPC7FZXENRZV188
        
        064058100
        
          
          
        
        212808.00000000
        NS
        USD
        7910073.36000000
        0.850820925437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
          
        
        59841.00000000
        NS
        USD
        3297837.51000000
        0.354721003775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRA Health Sciences Inc
        549300R1HR1VWWHIAK47
        
        69354M108
        
          
          
        
        44112.00000000
        NS
        USD
        4565592.00000000
        0.491082829933
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cboe Global Markets Inc
        529900RLNSGA90UPEH54
        
        12503M108
        
          
          
        
        47680.00000000
        NS
        USD
        5076012.80000000
        0.545984558103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        
        98389B100
        
          
          
        
        227035.00000000
        NS
        USD
        14764086.05000000
        1.588050171546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        
        48203R104
        
          
          
        
        227765.00000000
        NS
        USD
        5525578.90000000
        0.594340651383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regions Financial Corp
        CW05CS5KW59QTC0DG824
        
        7591EP100
        
          
          
        
        441696.00000000
        NS
        USD
        4995581.76000000
        0.537333258833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Growth Properties LLC
        549300E2UGIBHWE12262
        
        55303A105
        
          
          
        
        148159.00000000
        NS
        USD
        4108449.07000000
        0.441911759949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        
        133131102
        
          
          
        
        100041.00000000
        NS
        USD
        9160754.37000000
        0.985346299087
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties I
        529900GCCWW9SRMPJR11
        
        78377T107
        
          
          
        
        119621.00000000
        NS
        USD
        4088645.78000000
        0.439781684442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEX Inc
        T9M5IGROL1TL1G5OV478
        
        96208T104
        
          
          
        
        26170.00000000
        NS
        USD
        3875253.60000000
        0.416828859126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        
        682680103
        
          
          
        
        132546.00000000
        NS
        USD
        4863112.74000000
        0.523084666050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennar Corp
        529900G61XVRLX5TJX09
        
        526057104
        
          
          
        
        115494.00000000
        NS
        USD
        6982767.24000000
        0.751078304190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Globe Life Inc
        5493001JFHKQOPP6XA71
        
        37959E102
        
          
          
        
        63097.00000000
        NS
        USD
        4859730.94000000
        0.522720913898
        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)

 

---

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

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)

 

---

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

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)

 

---

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

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.

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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			$	—			$	—

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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.

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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.