Form NPORT-P GOLDMAN SACHS TRUST For: May 29

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009316
        C000025459
        C000025463
        C000201802
        C000159653
        C000025460
        C000025461
        C000055745
        C000055746
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      00000000000000000000
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Equity Income Fund
      S000009316
      549300GK7KDN248I0O66
      2020-08-31
      2020-05-29
      N
    
    
      323872011.90
      484331.90
      323387680.00
      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
      422039.89000000
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Wells Fargo & Co
        PBLD0EJDB5FWOLXP3B76
        
        949746101
        
          
          
        
        190405.00000000
        NS
        USD
        5040020.35000000
        1.558507222662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Dutch Shell PLC
        21380068P1DRHMJ8KU70
        
        780259107
        
          
          
        
        127056.00000000
        NS
        USD
        3867584.64000000
        1.195959178160
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        
        03027X100
        
          
          
        
        10505.00000000
        NS
        USD
        2712075.85000000
        0.838645383769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        43255.00000000
        NS
        USD
        5463539.05000000
        1.689470375000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        8E6NF1YAL0WT6CWXXV93
        
        17275R102
        
          
          
        
        63524.00000000
        NS
        USD
        3037717.68000000
        0.939342426402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker Inc
        549300DJ09SMTO561131
        
        854502101
        
          
          
        
        25307.00000000
        NS
        USD
        3174763.15000000
        0.981720500298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Singapore Exchange Ltd
        549300IQ650PPXM76X03
        
        82929W105
        
          
          
        
        39965.00000000
        NS
        USD
        3447780.55000000
        1.066144681207
        Long
        EC
        CORP
        SG
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        26195.00000000
        NS
        USD
        3636651.85000000
        1.124548668644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        
        20825C104
        
          
          
        
        36669.00000000
        NS
        USD
        1546698.42000000
        0.478279945605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        
        126650100
        
          
          
        
        90548.00000000
        NS
        USD
        5937232.36000000
        1.835948840104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
          
        
        25967.00000000
        NS
        USD
        6452280.16000000
        1.995215204240
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        
        000000000
        
          
          
        
        9798.00000000
        NS
        USD
        1975472.76000000
        0.610868280449
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        
        244199105
        
          
          
        
        21480.00000000
        NS
        USD
        3267537.60000000
        1.010408807162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        
        617446448
        
          
          
        
        97415.00000000
        NS
        USD
        4305743.00000000
        1.331449299490
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        
        000000000
        
          
          
        
        34615.00000000
        NS
        USD
        7003999.10000000
        2.165821252065
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Lowe's Cos Inc
        WAFCR4OKGSC504WU3E95
        
        548661107
        
          
          
        
        29552.00000000
        NS
        USD
        3852103.20000000
        1.191171908589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        30724.00000000
        NS
        USD
        3881670.16000000
        1.200314792449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        112203.00000000
        NS
        USD
        10918473.93000000
        3.376280113701
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        
        166764100
        
          
          
        
        103390.00000000
        NS
        USD
        9480863.00000000
        2.931732897183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        26401.00000000
        NS
        USD
        4837983.25000000
        1.496032022617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly and Co
        FRDRIPF3EKNDJ2CQJL29
        
        532457108
        
          
          
        
        44972.00000000
        NS
        USD
        6878467.40000000
        2.127003539528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        22297.00000000
        NS
        USD
        2355901.02000000
        0.728506732229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Group Ltd
        8DF36O58U3QIHUCGZB18
        
        000000000
        
          
          
        
        74965.00000000
        NS
        USD
        2445358.30000000
        0.756169282639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        
        031162100
        
          
          
        
        15915.00000000
        NS
        USD
        3655675.50000000
        1.130431282972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        
        000000000
        
          
          
        
        30845.00000000
        NS
        USD
        2506156.25000000
        0.774969612324
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International In
        HL3H1H2BGXWVG3BSWR90
        
        718172109
        
          
          
        
        42592.00000000
        NS
        USD
        3124549.12000000
        0.966192997828
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        
        65339F101
        
          
          
        
        11593.00000000
        NS
        USD
        2962707.08000000
        0.916147170479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        
        172967424
        
          
          
        
        77724.00000000
        NS
        USD
        3723756.84000000
        1.151483828944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
          
        
        9028.00000000
        NS
        USD
        1387784.16000000
        0.429139465053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travelers Cos Inc/The
        549300Y650407RU8B149
        
        89417E109
        
          
          
        
        33033.00000000
        NS
        USD
        3533870.34000000
        1.092765914891
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        
        452308109
        
          
          
        
        21066.00000000
        NS
        USD
        3633042.36000000
        1.123432519136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Express Co
        R4PP93JZOLY261QX3811
        
        025816109
        
          
          
        
        18157.00000000
        NS
        USD
        1726185.99000000
        0.533782236231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        362466.00000000
        NS
        USD
        362466.00000000
        0.112084047233
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        83821.00000000
        NS
        USD
        3912764.28000000
        1.209929914460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        40021.00000000
        NS
        USD
        4752093.54000000
        1.469472658946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International Inc
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        57363.00000000
        NS
        USD
        2989759.56000000
        0.924512510804
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        
        92343V104
        
          
          
        
        189654.00000000
        NS
        USD
        10882346.52000000
        3.365108565669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Grid PLC
        8R95QZMKZLJX5Q2XR704
        
        636274409
        
          
          
        
        57364.00000000
        NS
        USD
        3276631.68000000
        1.013220936555
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        91776.00000000
        NS
        USD
        13651680.00000000
        4.221459518804
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc
        529900YLDW34GJAO4J06
        
        444859102
        
          
          
        
        9947.00000000
        NS
        USD
        4084735.55000000
        1.263107966883
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        19456.00000000
        NS
        USD
        6185840.64000000
        1.912825077318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        
        030420103
        
          
          
        
        47902.00000000
        NS
        USD
        6083554.00000000
        1.881195350422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        
        98389B100
        
          
          
        
        50842.00000000
        NS
        USD
        3306255.26000000
        1.022381328812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        
        000000000
        
          
          
        
        24057.00000000
        NS
        USD
        2933510.58000000
        0.907118842622
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Conagra Brands Inc
        54930035UDEIH090K650
        
        205887102
        
          
          
        
        99677.00000000
        NS
        USD
        3467762.83000000
        1.072323729215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        31403.00000000
        NS
        USD
        5334113.58000000
        1.649448606081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        
        48203R104
        
          
          
        
        73996.00000000
        NS
        USD
        1795142.96000000
        0.555105550093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        147980.00000000
        NS
        USD
        5860008.00000000
        1.812069031201
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        
        09247X101
        
          
          
        
        6995.00000000
        NS
        USD
        3697836.80000000
        1.143468668936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        
        74340W103
        
          
          
        
        34662.00000000
        NS
        USD
        3171573.00000000
        0.980734021778
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity Residential
        5493008RACSH5EP3PI59
        
        29476L107
        
          
          
        
        53154.00000000
        NS
        USD
        3219006.24000000
        0.995401630637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        
        458140100
        
          
          
        
        105246.00000000
        NS
        USD
        6623130.78000000
        2.048046722126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
          
        
        56255.00000000
        NS
        USD
        2178193.60000000
        0.673554910935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        
        444097109
        
          
          
        
        106893.00000000
        NS
        USD
        2583603.81000000
        0.798918440554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        55705.00000000
        NS
        USD
        6534196.50000000
        2.020545897110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        
        931142103
        
          
          
        
        62536.00000000
        NS
        USD
        7758216.16000000
        2.399045059477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        
        125896100
        
          
          
        
        36472.00000000
        NS
        USD
        2136529.76000000
        0.660671352724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Paper Co
        824LMFJDH41EY779Q875
        
        460146103
        
          
          
        
        89894.00000000
        NS
        USD
        3060890.70000000
        0.946508135374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        
        023608102
        
          
          
        
        60195.00000000
        NS
        USD
        4498372.35000000
        1.391015375106
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
          
        
        23863.00000000
        NS
        USD
        4357383.80000000
        1.347417996876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kroger Co/The
        6CPEOKI6OYJ13Q6O7870
        
        501044101
        
          
          
        
        69631.00000000
        NS
        USD
        2271363.22000000
        0.702365414786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        78322.00000000
        NS
        USD
        9079086.24000000
        2.807492926137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic Services Inc
        NKNQHM6BLECKVOQP7O46
        
        760759100
        
          
          
        
        54757.00000000
        NS
        USD
        4679533.22000000
        1.447035094224
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corp
        MP3J6QPYPGN75NVW2S34
        
        494368103
        
          
          
        
        11462.00000000
        NS
        USD
        1621185.28000000
        0.501313247307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        
        000000000
        
          
          
        
        85792.00000000
        NS
        USD
        8457375.36000000
        2.615243524428
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        
        580135101
        
          
          
        
        32674.00000000
        NS
        USD
        6087819.68000000
        1.882514411185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto PLC
        213800YOEO5OQ72G2R82
        
        767204100
        
          
          
        
        82998.00000000
        NS
        USD
        4475252.16000000
        1.383866002563
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        
        110122108
        
          
          
        
        72802.00000000
        NS
        USD
        4347735.44000000
        1.344434469488
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        
        89832Q109
        
          
          
        
        101205.00000000
        NS
        USD
        3722319.90000000
        1.151039489197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        
        046353108
        
          
          
        
        44566.00000000
        NS
        USD
        2433303.60000000
        0.752441651456
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        
        666807102
        
          
          
        
        15974.00000000
        NS
        USD
        5354484.80000000
        1.655747924596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        
        438516106
        
          
          
        
        25502.00000000
        NS
        USD
        3719466.70000000
        1.150157204504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        
        278865100
        
          
          
        
        17117.00000000
        NS
        USD
        3638731.86000000
        1.125191862596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vinci SA
        213800WFQ334R8UXUG83
        
        927320101
        
          
          
        
        93004.00000000
        NS
        USD
        2156762.76000000
        0.666927929969
        Long
        EC
        CORP
        FR
        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)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

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 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)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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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)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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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.