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Form NPORT-P GOLDMAN SACHS TRUST For: Nov 30

January 27, 2021 3:36 PM EST

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009316
        C000025463
        C000025459
        C000055745
        C000159653
        C000025461
        C000025460
        C000201802
        C000055746
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Equity Income Fund
      S000009316
      549300GK7KDN248I0O66
      2021-08-31
      2020-11-30
      N
    
    
      365223283.56
      531524.19
      364691759.37
      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
      283343.28000000
      
        
      
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Eli Lilly and Co
        FRDRIPF3EKNDJ2CQJL29
        Eli Lilly and Co
        532457108
        
          
          
        
        44670.00000000
        NS
        USD
        6506185.50000000
        1.784023173772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        Sempra Energy
        816851109
        
          
          
        
        42965.00000000
        NS
        USD
        5477178.20000000
        1.501865084492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Paper Co
        824LMFJDH41EY779Q875
        International Paper Co
        460146103
        
          
          
        
        89292.00000000
        NS
        USD
        4418168.16000000
        1.211480118890
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        8E6NF1YAL0WT6CWXXV93
        Cisco Systems Inc
        17275R102
        
          
          
        
        131494.00000000
        NS
        USD
        5656871.88000000
        1.551137840287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        Hudson Pacific Properties Inc
        444097109
        
          
          
        
        106177.00000000
        NS
        USD
        2760602.00000000
        0.756968571148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        Chubb Ltd
        000000000
        
          
          
        
        23897.00000000
        NS
        USD
        3532693.51000000
        0.968679280305
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        TE Connectivity Ltd
        000000000
        
          
          
        
        30639.00000000
        NS
        USD
        3491926.83000000
        0.957500886785
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International Inc
        549300DV9GIB88LZ5P30
        Mondelez International Inc
        609207105
        
          
          
        
        56980.00000000
        NS
        USD
        3273501.00000000
        0.897607614072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp
        89832Q109
        
          
          
        
        115853.00000000
        NS
        USD
        5377896.26000000
        1.474641562861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic PLC
        000000000
        
          
          
        
        85218.00000000
        NS
        USD
        9689286.60000000
        2.656842758591
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group Inc
        12572Q105
        
          
          
        
        23702.00000000
        NS
        USD
        4148561.06000000
        1.137552728684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        Bristol-Myers Squibb Co
        110122108
        
          
          
        
        129996.00000000
        NS
        USD
        8111750.40000000
        2.224275759346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimberly-Clark Corp
        MP3J6QPYPGN75NVW2S34
        Kimberly-Clark Corp
        494368103
        
          
          
        
        34142.00000000
        NS
        USD
        4756322.02000000
        1.304203316306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        Accenture PLC
        000000000
        
          
          
        
        23914.00000000
        NS
        USD
        5956738.26000000
        1.633362451153
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp
        20030N101
        
          
          
        
        177638.00000000
        NS
        USD
        8924533.12000000
        2.447144167835
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ventas Inc
        ORQTRC074CWLT3DKHT41
        Ventas Inc
        92276F100
        
          
          
        
        80799.00000000
        NS
        USD
        3871080.09000000
        1.061466290515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        Xcel Energy Inc
        98389B100
        
          
          
        
        50502.00000000
        NS
        USD
        3401814.72000000
        0.932791770748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        Alexandria Real Estate Equities Inc
        015271109
        
          
          
        
        8967.00000000
        NS
        USD
        1468166.91000000
        0.402577484211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Grid PLC
        8R95QZMKZLJX5Q2XR704
        National Grid PLC
        636274409
        
          
          
        
        56980.00000000
        NS
        USD
        3229626.40000000
        0.885577015937
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Dutch Shell PLC
        21380068P1DRHMJ8KU70
        Royal Dutch Shell PLC
        780259107
        
          
          
        
        126204.00000000
        NS
        USD
        4095319.80000000
        1.122953753349
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        American Water Works Co Inc
        030420103
        
          
          
        
        47581.00000000
        NS
        USD
        7297973.78000000
        2.001134819335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travelers Cos Inc/The
        549300Y650407RU8B149
        Travelers Cos Inc/The
        89417E109
        
          
          
        
        32812.00000000
        NS
        USD
        4254075.80000000
        1.166485310046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IBM
        VGRQXHF3J8VDLUA7XE92
        International Business Machines Corp
        459200101
        
          
          
        
        26255.00000000
        NS
        USD
        3243017.60000000
        0.889248938775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kroger Co/The
        6CPEOKI6OYJ13Q6O7870
        Kroger Co/The
        501044101
        
          
          
        
        69164.00000000
        NS
        USD
        2282412.00000000
        0.625846880648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp
        126650100
        
          
          
        
        82982.00000000
        NS
        USD
        5625349.78000000
        1.542494349123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        Ameren Corp
        023608102
        
          
          
        
        59792.00000000
        NS
        USD
        4650621.76000000
        1.275219864587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        Walt Disney Co/The
        254687106
        
          
          
        
        55332.00000000
        NS
        USD
        8189689.32000000
        2.245646935962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        Ecolab Inc
        278865100
        
          
          
        
        17001.00000000
        NS
        USD
        3776772.15000000
        1.035606660409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
          
        
        111451.00000000
        NS
        USD
        13137843.88000000
        3.602451534055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vinci SA
        213800WFQ334R8UXUG83
        Vinci SA
        927320101
        
          
          
        
        92381.00000000
        NS
        USD
        2346477.40000000
        0.643413880273
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        M&T Bank Corp
        55261F104
        
          
          
        
        45116.00000000
        NS
        USD
        5255562.84000000
        1.441097229364
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications Inc
        92343V104
        
          
          
        
        188382.00000000
        NS
        USD
        11380156.62000000
        3.120486363513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp
        580135101
        
          
          
        
        32453.00000000
        NS
        USD
        7056580.32000000
        1.934943726776
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde PLC
        000000000
        
          
          
        
        34381.00000000
        NS
        USD
        8815976.02000000
        2.417377358684
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        Procter & Gamble Co/The
        742718109
        
          
          
        
        55245.00000000
        NS
        USD
        7671873.15000000
        2.103659584536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        Fidelity National Information Services Inc
        31620M106
        
          
          
        
        26020.00000000
        NS
        USD
        3861628.20000000
        1.058874542893
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        Honeywell International Inc
        438516106
        
          
          
        
        31002.00000000
        NS
        USD
        6321927.84000000
        1.733498955644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        Intel Corp
        458140100
        
          
          
        
        54244.00000000
        NS
        USD
        2622697.40000000
        0.719154555214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple Inc
        037833100
        
          
          
        
        21610.00000000
        NS
        USD
        2572670.50000000
        0.705436970784
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp
        03027X100
        
          
          
        
        10433.00000000
        NS
        USD
        2412109.60000000
        0.661410502986
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities Inc
        053484101
        
          
          
        
        26908.00000000
        NS
        USD
        4482603.72000000
        1.229148617929
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart Inc
        931142103
        
          
          
        
        62118.00000000
        NS
        USD
        9491009.22000000
        2.602474274821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
          
        
        46052.00000000
        NS
        USD
        3388966.68000000
        0.929268784645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        Illinois Tool Works Inc
        452308109
        
          
          
        
        28503.00000000
        NS
        USD
        6016698.27000000
        1.649803735733
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
          
        
        501545.03000000
        NS
        USD
        501545.03000000
        0.137525737040
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        QUALCOMM Inc
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM Inc
        747525103
        
          
          
        
        23872.00000000
        NS
        USD
        3513242.24000000
        0.963345661023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic Services Inc
        NKNQHM6BLECKVOQP7O46
        Republic Services Inc
        760759100
        
          
          
        
        54390.00000000
        NS
        USD
        5260600.80000000
        1.442478658987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto PLC
        213800YOEO5OQ72G2R82
        Rio Tinto PLC
        767204100
        
          
          
        
        82443.00000000
        NS
        USD
        5356321.71000000
        1.468725731355
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        Prologis Inc
        74340W103
        
          
          
        
        42503.00000000
        NS
        USD
        4252425.15000000
        1.166032694938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        CMS Energy Corp
        125896100
        
          
          
        
        36229.00000000
        NS
        USD
        2229532.66000000
        0.611347145285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp
        907818108
        
          
          
        
        18928.00000000
        NS
        USD
        3862826.24000000
        1.059203050453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen Inc
        031162100
        
          
          
        
        15806.00000000
        NS
        USD
        3509564.24000000
        0.962337138097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
        PWFTNG3EI0Y73OXWDH08
        Deere & Co
        244199105
        
          
          
        
        21336.00000000
        NS
        USD
        5581924.32000000
        1.530586907047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        Zimmer Biomet Holdings Inc
        98956P102
        
          
          
        
        30518.00000000
        NS
        USD
        4550844.16000000
        1.247860430918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        BlackRock Inc
        09247X101
        
          
          
        
        6946.00000000
        NS
        USD
        4850739.10000000
        1.330092873055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eaton Corp PLC
        549300VDIGTMXUNT7H71
        Eaton Corp PLC
        000000000
        
          
          
        
        55385.00000000
        NS
        USD
        6707677.35000000
        1.839273078609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Express Co
        R4PP93JZOLY261QX3811
        American Express Co
        025816109
        
          
          
        
        46855.00000000
        NS
        USD
        5556534.45000000
        1.523624898900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc
        529900YLDW34GJAO4J06
        Humana Inc
        444859102
        
          
          
        
        9878.00000000
        NS
        USD
        3956336.56000000
        1.084843969832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        Northrop Grumman Corp
        666807102
        
          
          
        
        17608.00000000
        NS
        USD
        5322194.08000000
        1.459367793007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp
        594918104
        
          
          
        
        26223.00000000
        NS
        USD
        5613557.61000000
        1.539260886974
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aramark
        549300MR6PG2DWZUIL39
        Aramark
        03852U106
        
          
          
        
        179682.00000000
        NS
        USD
        6288870.00000000
        1.724434358172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Singapore Exchange Ltd
        549300IQ650PPXM76X03
        Singapore Exchange Ltd
        82929W105
        
          
          
        
        39698.00000000
        NS
        USD
        3967815.10000000
        1.087991433328
        Long
        EC
        CORP
        SG
        N
        
        1
        
          N
          N
          
        
      
      
        Analog Devices Inc
        GYVOE5EZ4GDAVTU4CQ61
        Analog Devices Inc
        032654105
        
          
          
        
        26365.00000000
        NS
        USD
        3666844.20000000
        1.005463958476
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Group Ltd
        8DF36O58U3QIHUCGZB18
        Marvell Technology Group Ltd
        000000000
        
          
          
        
        74463.00000000
        NS
        USD
        3446892.27000000
        0.945152222785
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot Inc/The
        437076102
        
          
          
        
        30486.00000000
        NS
        USD
        8457121.26000000
        2.318977888233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        Texas Instruments Inc
        882508104
        
          
          
        
        22850.00000000
        NS
        USD
        3684562.50000000
        1.010322390164
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        Juniper Networks Inc
        48203R104
        
          
          
        
        73501.00000000
        NS
        USD
        1600116.77000000
        0.438758685626
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        Coca-Cola Co/The
        191216100
        
          
          
        
        122524.00000000
        NS
        USD
        6322238.40000000
        1.733584112490
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        Chevron Corp
        166764100
        
          
          
        
        102697.00000000
        NS
        USD
        8953124.46000000
        2.454984032396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Realty Corp
        N/A
        Duke Realty Corp
        264411505
        
          
          
        
        71380.00000000
        NS
        USD
        2716722.80000000
        0.744936711674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
          
        
        68908.00000000
        NS
        USD
        9969609.44000000
        2.733708449355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-01-26
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX



GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.7%
 

Aerospace & Defense – 1.5%

  17,608      Northrop Grumman Corp.   $    5,322,194

 

 

 

Banks – 6.5%

  111,451      JPMorgan Chase & Co.   13,137,844
  45,116      M&T Bank Corp.   5,255,563
  115,853      Truist Financial Corp.   5,377,896
    

 

     23,771,303

 

 

 

Beverages – 1.7%

  122,524      Coca-Cola Co. (The)   6,322,239

 

 

 

Biotechnology – 1.0%

  15,806      Amgen, Inc.   3,509,564

 

 

 

Capital Markets – 3.6%

  6,946      BlackRock, Inc.   4,850,740
  23,702      CME Group, Inc.   4,148,561
  39,698      Singapore Exchange Ltd. ADR (Singapore)(a)   3,967,815
    

 

     12,967,116

 

 

 

Chemicals – 3.5%

 
  17,001      Ecolab, Inc.   3,776,772
  34,381      Linde PLC (United Kingdom)   8,815,976
    

 

     12,592,748

 

 

 

Commercial Services & Supplies – 1.4%

  54,390      Republic Services, Inc.   5,260,601

 

 

 

Communications Equipment – 2.0%

  131,494      Cisco Systems, Inc.   5,656,872
  73,501      Juniper Networks, Inc.   1,600,117
    

 

     7,256,989

 

 

 

Construction & Engineering – 0.6%

  92,381      Vinci SA ADR (France)   2,346,477

 

 

 

Consumer Finance – 1.5%

  46,855      American Express Co.   5,556,535

 

 

 

Containers & Packaging – 1.2%

  89,292      International Paper Co.   4,418,168

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Diversified Telecommunication Services – 3.1%

  188,382      Verizon Communications, Inc.   $  11,380,157

 

 

 

Electric Utilities – 1.9%

  46,052      NextEra Energy, Inc.   3,388,966
  50,502      Xcel Energy, Inc.   3,401,815
    

 

     6,790,781

 

 

 

Electrical Equipment – 1.8%

  55,385      Eaton Corp. PLC   6,707,677

 

 

 

Electronic Equipment, Instruments & Components – 1.0%

  30,639      TE Connectivity Ltd.   3,491,927

 

 

 

Entertainment – 2.3%

  55,332      Walt Disney Co. (The)   8,189,689

 

 

 

Equity Real Estate Investment Trusts (REITs) – 6.0%

  8,967      Alexandria Real Estate Equities, Inc. REIT   1,468,167
  10,433      American Tower Corp. REIT   2,412,109
  26,908      AvalonBay Communities, Inc. REIT   4,482,604
  71,380      Duke Realty Corp. REIT   2,716,723
  106,177      Hudson Pacific Properties, Inc. REIT   2,760,602
  42,503      Prologis, Inc. REIT   4,252,425
  80,799      Ventas, Inc. REIT   3,871,080
    

 

     21,963,710

 

 

 

Food & Staples Retailing – 3.2%

  69,164      Kroger Co. (The)   2,282,412
  62,118      Walmart, Inc.   9,491,009
    

 

     11,773,421

 

 

 

Food Products – 0.9%

  56,980      Mondelez International, Inc., Class A   3,273,501

 

 

 

Health Care Equipment & Supplies – 3.9%

  85,218      Medtronic PLC   9,689,287
  30,518      Zimmer Biomet Holdings, Inc.   4,550,844
    

 

     14,240,131

 

 

 

Health Care Providers & Services – 2.6%

  82,982      CVS Health Corp.   5,625,350

 

 

 

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Providers & Services – (continued)

  9,878      Humana, Inc.   $    3,956,336
    

 

     9,581,686

 

 

 

Hotels, Restaurants & Leisure – 3.7%

  179,682      Aramark   6,288,870
  32,453      McDonald’s Corp.   7,056,580
    

 

     13,345,450

 

 

 

Household Products – 3.4%

  34,142      Kimberly-Clark Corp.   4,756,322
  55,245      Procter & Gamble Co. (The)   7,671,873
    

 

     12,428,195

 

 

 

Industrial Conglomerates – 1.7%

  31,002      Honeywell International, Inc.   6,321,928

 

 

 

Insurance – 2.1%

  23,897      Chubb Ltd.   3,532,693
  32,812      Travelers Cos., Inc. (The)   4,254,076
    

 

     7,786,769

 

 

 

IT Services – 3.6%

  23,914      Accenture PLC, Class A   5,956,738
  26,020      Fidelity National Information Services, Inc.   3,861,628
  26,255      International Business Machines Corp.   3,243,018
    

 

     13,061,384

 

 

 

Machinery – 3.2%

  21,336      Deere & Co.   5,581,925
  28,503      Illinois Tool Works, Inc.   6,016,698
    

 

     11,598,623

 

 

 

Media – 2.5%

  177,638      Comcast Corp., Class A   8,924,533

 

 

 

Metals & Mining – 1.5%

  82,443      Rio Tinto PLC ADR (Australia)   5,356,322

 

 

 

Multi-Utilities – 4.3%

  59,792      Ameren Corp.   4,650,622
  36,229      CMS Energy Corp.   2,229,533
  56,980      National Grid PLC ADR (United Kingdom)   3,229,626

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Multi-Utilities – (continued)

  42,965      Sempra Energy   $    5,477,178
    

 

     15,586,959

 

 

 

Oil, Gas & Consumable Fuels – 3.6%

  102,697      Chevron Corp.   8,953,124
  126,204      Royal Dutch Shell PLC, Class B ADR (Netherlands)   4,095,320
    

 

     13,048,444

 

 

 

Pharmaceuticals – 6.7%

  129,996      Bristol-Myers Squibb Co.   8,111,750
  44,670      Eli Lilly and Co.   6,506,186
  68,908      Johnson & Johnson   9,969,609
    

 

     24,587,545

 

 

 

Road & Rail – 1.1%

  18,928      Union Pacific Corp.   3,862,826

 

 

 

Semiconductors & Semiconductor Equipment – 4.6%

  26,365      Analog Devices, Inc.   3,666,844
  54,244      Intel Corp.   2,622,698
  74,463      Marvell Technology Group Ltd.   3,446,892
  23,872      QUALCOMM, Inc.   3,513,242
  22,850      Texas Instruments, Inc.   3,684,563
    

 

     16,934,239

 

 

 

Software – 1.5%

  26,223      Microsoft Corp.   5,613,558

 

 

 

Specialty Retail – 2.3%

  30,486      Home Depot, Inc. (The)   8,457,121

 

 

 

Technology Hardware, Storage & Peripherals – 0.7%

  21,610      Apple, Inc.   2,572,671

 

 

 

Water Utilities – 2.0%

  47,581      American Water Works Co., Inc.   7,297,974

 

 

 
TOTAL COMMON STOCKS
(Cost $296,131,250)
  $363,501,155

 

 

 

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares   Dividend
Rate
  Value
Investment Company – 0.0%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

177,732   0.016%   $       177,732
(Cost $177,732)  

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $296,308,982)
  $363,678,887

 

   
Securities Lending Reinvestment Vehicle – 0.0%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

10,665   0.016%   $         10,665
(Cost $10,665)  

 

TOTAL INVESTMENTS – 99.7%
(Cost $296,319,647)
  $363,689,552

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.3%
  1,002,203

 

NET ASSETS – 100.0%   $364,691,755

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   All or a portion of security is on loan.
(b)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 97.0%
 

Aerospace & Defense – 1.7%

  1,077      L3Harris Technologies, Inc.   $     206,773

 

 

 

Auto Components – 3.2%

  3,274      Aptiv PLC   388,624

 

 

 

Banks – 8.1%

 
  3,418      JPMorgan Chase & Co.   402,914
  4,975      Truist Financial Corp.   230,939
  12,679      Wells Fargo & Co.   346,771
    

 

     980,624

 

 

 

Beverages – 2.7%

  6,360      Coca-Cola Co. (The)   328,176

 

 

 

Capital Markets – 2.3%

  2,683      Intercontinental Exchange, Inc.   283,083

 

 

 

Chemicals – 5.4%

  1,679      Ecolab, Inc.   372,990
  1,109      Linde PLC (United Kingdom)   284,370
    

 

     657,360

 

 

 

Commercial Services & Supplies – 2.0%

  2,362      Waste Connections, Inc.   245,601

 

 

 

Construction Materials – 2.0%

  935      Martin Marietta Materials, Inc.   248,364

 

 

 

Consumer Finance – 3.0%

  3,053      American Express Co.   362,055

 

 

 

Electric Utilities – 2.9%

  4,820      NextEra Energy, Inc.   354,704

 

 

 

Entertainment – 4.0%

  3,291      Walt Disney Co. (The)   487,101

 

 

 

Equity Real Estate Investment Trusts (REITs) – 4.6%

  2,095      Alexandria Real Estate Equities, Inc. REIT   343,014
  1,278      AvalonBay Communities, Inc. REIT   212,902
    

 

     555,916

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Food & Staples Retailing – 2.5%

  1,998      Walmart, Inc.   $     305,274

 

 

 

Food Products – 2.3%

  4,900      Mondelez International, Inc., Class A   281,505

 

 

 

Health Care Equipment & Supplies – 3.5%

  2,884      Zimmer Biomet Holdings, Inc.   430,062

 

 

 

Health Care Providers & Services – 2.4%

  739      Humana, Inc.   295,984

 

 

 

Hotels, Restaurants & Leisure – 1.6%

  3,533      Las Vegas Sands Corp.   196,823
 

Industrial Conglomerates – 7.3%

  43,663      General Electric Co.   444,489
  2,160      Honeywell International, Inc.   440,467
    

 

     884,956

 

 

 

Interactive Media & Services – 3.9%

  269      Alphabet, Inc., Class A*   471,934

 

 

 

IT Services – 1.5%

  1,248      Fidelity National Information Services, Inc.   185,216

 

 

 

Machinery – 4.9%

  1,165      Deere & Co.   304,787
  1,361      Illinois Tool Works, Inc.   287,294
    

 

     592,081

 

 

 

Media – 3.1%

  7,437      Comcast Corp., Class A   373,635

 

 

 

Multi-Utilities – 3.3%

  5,161      Ameren Corp.   401,423

 

 

 

Oil, Gas & Consumable Fuels – 2.8%

  3,860      Chevron Corp.   336,515

 

 

 

Pharmaceuticals – 4.8%

  4,905      Bristol-Myers Squibb Co.   306,072
  1,891      Eli Lilly and Co.   275,424
    

 

     581,496

 

 

 

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Road & Rail – 3.5%

  2,059      Union Pacific Corp.   $     420,201

 

 

 

Semiconductors & Semiconductor Equipment – 3.7%

  2,821      NXP Semiconductors NV (Netherlands)   446,903

 

 

 

Software – 4.0%

  551      Intuit, Inc.   193,963
  1,372      Microsoft Corp.   293,704
    

 

     487,667

 

 

 
TOTAL COMMON STOCKS
(Cost $9,875,614)
  $11,790,056

 

 

Shares   Dividend
Rate
  Value
Investment Company – 2.5%(a)

Goldman Sachs Financial Square Government Fund – Institutional Shares

301,338    0.016%   $     301,338
(Cost $301,338)  

 

TOTAL INVESTMENTS – 99.5%
(Cost $10,176,952)
  $12,091,394

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.5%
  61,559

 

NET ASSETS – 100.0%   $12,152,953

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 97.5%
 

Aerospace & Defense – 1.0%

  22,538      L3Harris Technologies, Inc.   $    4,327,071

 

 

 

Airlines – 0.8%

  79,981      United Airlines Holdings, Inc.*   3,603,144

 

 

 

Auto Components – 1.3%

  47,645      Aptiv PLC   5,655,462

 

 

 

Automobiles – 0.9%

  82,557      General Motors Co.   3,619,299

 

 

 

Banks – 8.0%

  116,718      JPMorgan Chase & Co.   13,758,718
  47,805      M&T Bank Corp.   5,568,804
  140,433      Truist Financial Corp.   6,518,900
  295,923      Wells Fargo & Co.   8,093,494
    

 

     33,939,916

 

 

 

Beverages – 2.7%

  128,403      Coca-Cola Co. (The)   6,625,595
  22,975      Constellation Brands, Inc., Class A   4,729,174
    

 

     11,354,769

 

 

 

Biotechnology – 1.0%

  21,244      Agios Pharmaceuticals, Inc.*   984,022
  2,785      Biogen, Inc.*   668,873
  10,151      BioMarin Pharmaceutical, Inc.*   798,884
  23,388      Genmab A/S ADR (Denmark)*   903,011
  5,497      Sarepta Therapeutics, Inc.*   774,307
    

 

     4,129,097

 

 

 

Capital Markets – 2.6%

  10,750      BlackRock, Inc.   7,507,263
  34,857      Intercontinental Exchange, Inc.   3,677,762
    

 

     11,185,025

 

 

 

Chemicals – 3.0%

  25,264      Ecolab, Inc.   5,612,398
  28,158      Linde PLC (United Kingdom)   7,220,274
    

 

     12,832,672

 

 

 

Commercial Services & Supplies – 0.7%

  30,686      Waste Connections, Inc.   3,190,730

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Communications Equipment – 1.3%

  79,548      Cisco Systems, Inc.   $    3,422,155
  92,058      Juniper Networks, Inc.   2,004,103
    

 

     5,426,258

 

 

 

Construction Materials – 0.9%

  14,399      Martin Marietta Materials, Inc.   3,824,806

 

 

 

Consumer Finance – 1.6%

  56,572      American Express Co.   6,708,874

 

 

 

Containers & Packaging – 1.0%

  34,070      Packaging Corp. of America   4,429,100

 

 

 

Diversified Financial Services – 1.4%

  25,728      Berkshire Hathaway, Inc., Class B*   5,889,396

 

 

 

Diversified Telecommunication Services – 2.5%

  179,079      Verizon Communications, Inc.   10,818,162

 

 

 

Electric Utilities – 3.4%

  127,776      NextEra Energy, Inc.   9,403,036
  75,456      Xcel Energy, Inc.   5,082,716
    

 

     14,485,752

 

 

 

Entertainment – 3.6%

  20,615      Electronic Arts, Inc.*   2,633,566
  86,943      Walt Disney Co. (The)   12,868,434
    

 

     15,502,000

 

 

 

Equity Real Estate Investment Trusts (REITs) – 4.6%

  23,208      Alexandria Real Estate Equities, Inc. REIT   3,799,846
  25,493      AvalonBay Communities, Inc. REIT   4,246,879
  40,128      Extra Space Storage, Inc. REIT   4,523,629
  39,342      Prologis, Inc. REIT   3,936,167
  51,196      Welltower, Inc. REIT   3,224,324
    

 

     19,730,845

 

 

 

Food & Staples Retailing – 1.9%

  54,212      Walmart, Inc.   8,283,051

 

 

 

Food Products – 1.0%

  77,817      Mondelez International, Inc., Class A   4,470,587

 

 

 

Gas Utilities – 0.6%

  26,673      Atmos Energy Corp.   2,557,674

 

 

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – 4.2%

  130,860      Boston Scientific Corp.*   $    4,338,009
  62,996      Medtronic PLC   7,162,645
  41,859      Zimmer Biomet Holdings, Inc.   6,242,014
    

 

     17,742,668

 

 

 

Health Care Providers & Services – 1.9%

  59,712      CVS Health Corp.   4,047,876
  9,730      Humana, Inc.   3,897,060
    

 

     7,944,936

 

 

 

Hotels, Restaurants & Leisure – 3.7%

  49,569      Hilton Worldwide Holdings, Inc.   5,136,835
  48,469      Las Vegas Sands Corp.   2,700,208
  36,036      McDonald’s Corp.   7,835,668
    

 

     15,672,711

 

 

 

Household Products – 1.5%

  45,794      Procter & Gamble Co. (The)   6,359,413

 

 

 

Industrial Conglomerates – 3.6%

  813,386      General Electric Co.   8,280,269
  33,975      Honeywell International, Inc.   6,928,182
    

 

     15,208,451

 

 

 

Insurance – 3.3%

  42,961      Allstate Corp. (The)   4,397,058
  52,481      American Financial Group, Inc.   4,692,326
  34,778      Chubb Ltd.   5,141,232
    

 

     14,230,616

 

 

 

Interactive Media & Services – 1.9%

  4,572      Alphabet, Inc., Class A*   8,021,117

 

 

 

IT Services – 4.1%

  61,844      Cognizant Technology Solutions Corp., Class A   4,831,872
  36,194      Fidelity National Information Services, Inc.   5,371,551
  36,809      International Business Machines Corp.   4,546,648
  12,826      Visa, Inc., Class A   2,697,949
    

 

     17,448,020

 

 

 

Leisure Products – 0.8%

  47,701      Brunswick Corp.   3,560,403

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – 3.3%

  22,728      Deere & Co.   $    5,946,099
  26,350      Illinois Tool Works, Inc.   5,562,222
  14,786      Stanley Black & Decker, Inc.   2,725,208
    

 

     14,233,529

 

 

 

Media – 2.0%

  169,717      Comcast Corp., Class A   8,526,582

 

 

 

Multi-Utilities – 1.8%

  52,245      Ameren Corp.   4,063,616
  60,900      CMS Energy Corp.   3,747,786
    

 

     7,811,402

 

 

 

Oil, Gas & Consumable Fuels – 3.6%

  47,446      Cheniere Energy, Inc.*   2,689,714
  97,410      Chevron Corp.   8,492,204
  107,572      ConocoPhillips   4,255,548
    

 

     15,437,466

 

 

 

Pharmaceuticals – 4.1%

  101,269      Bristol-Myers Squibb Co.   6,319,186
  23,287      Eli Lilly and Co.   3,391,751
  52,621      Johnson & Johnson   7,613,206
    

 

     17,324,143

 

 

 

Road & Rail – 3.0%

  22,109      Norfolk Southern Corp.   5,240,275
  36,568      Union Pacific Corp.   7,462,798
    

 

     12,703,073

 

 

 

Semiconductors & Semiconductor Equipment – 4.5%

  45,479      Intel Corp.   2,198,910
  64,033      Marvell Technology Group Ltd.   2,964,087
  32,584      NXP Semiconductors NV (Netherlands)   5,161,957
  27,463      QUALCOMM, Inc.   4,041,730
  28,831      Texas Instruments, Inc.   4,648,999
    

 

     19,015,683

 

 

 

Software – 1.3%

  7,317      Intuit, Inc.   2,575,730
  12,982      Microsoft Corp.   2,779,057
    

 

     5,354,787

 

 

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – 2.1%

       27,303      Lowe’s Cos., Inc.   $    4,254,354
  5,035      O’Reilly Automotive, Inc.*   2,227,685
  21,008      Ross Stores, Inc.   2,258,780
    

 

     8,740,819

 

 

 

Water Utilities – 1.0%

  28,640      American Water Works Co., Inc.   4,392,803

 

 

 
TOTAL COMMON STOCKS
(Cost $336,644,446)
  $415,692,312

 

 

  Shares   Dividend
Rate
  Value
Investment Company – 2.2%(a)

Goldman Sachs Financial Square Government Fund – Institutional Shares

9,430,898

  0.016%   $    9,430,898
(Cost $9,430,898)  

 

TOTAL INVESTMENTS – 99.7% (Cost $346,075,344)   $425,123,210

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.3%
  1,393,356

 

NET ASSETS – 100.0%   $426,516,566

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.9%
 

Aerospace & Defense – 1.3%

  31,593      L3Harris Technologies, Inc.   $       6,065,540
  12,782      TransDigm Group, Inc.   7,403,207
    

 

     13,468,747

 

 

 

Airlines – 1.6%

  370,688      United Airlines Holdings, Inc.*   16,699,494

 

 

 

Auto Components – 1.5%

  131,141      Aptiv PLC   15,566,437

 

 

 

Banks – 5.5%

  154,355      Citizens Financial Group, Inc.   5,041,234
  181,521      East West Bancorp, Inc.   7,754,577
  44,448      First Republic Bank   5,758,683
  100,934      M&T Bank Corp.   11,757,802
  195,918      Pinnacle Financial Partners, Inc.   10,610,919
  45,652      SVB Financial Group*   15,743,549
    

 

     56,666,764

 

 

 

Beverages – 2.2%

  255,635      Coca-Cola European Partners PLC (United Kingdom)   11,421,772
  57,190      Constellation Brands, Inc., Class A   11,771,989
    

 

     23,193,761

 

 

 

Biotechnology – 0.6%

  77,536      Agios Pharmaceuticals, Inc.*   3,591,467
  19,231      Sarepta Therapeutics, Inc.*   2,708,879
    

 

     6,300,346

 

 

 

Building Products – 0.8%

  58,085      Trane Technologies PLC   8,494,350

 

 

 

Capital Markets – 2.4%

  199,787      Bank of New York Mellon Corp. (The)   7,815,667
  56,182      Evercore, Inc., Class A   5,108,629
  84,371      Raymond James Financial, Inc.   7,673,543
  31,804      T. Rowe Price Group, Inc.   4,561,012
    

 

     25,158,851

 

 

 

Chemicals – 2.5%

  113,244      Ashland Global Holdings, Inc.   8,512,551

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Chemicals – (continued)

  463,646      Corteva, Inc.   $     17,766,915
    

 

     26,279,466

 

 

 

Communications Equipment – 2.4%

  280,857      Juniper Networks, Inc.   6,114,257
  49,785      Motorola Solutions, Inc.   8,539,621
  788,788      Viavi Solutions, Inc.*   10,684,133
    

 

     25,338,011

 

 

 

Construction Materials – 0.9%

  35,181      Martin Marietta Materials, Inc.   9,345,129

 

 

 

Consumer Finance – 2.4%

  262,006      Ally Financial, Inc.   7,768,478
  227,624      Discover Financial Services   17,338,120
    

 

     25,106,598

 

 

 

Containers & Packaging – 2.7%

  161,892      Ball Corp.   15,543,251
  99,009      Packaging Corp. of America   12,871,170
    

 

     28,414,421

 

 

 

Diversified Financial Services – 0.5%

  95,611      Voya Financial, Inc.   5,510,062

 

 

 

Electric Utilities – 1.9%

  102,327      Eversource Energy   8,954,636
  163,240      Xcel Energy, Inc.   10,995,846
    

 

     19,950,482

 

 

 

Electrical Equipment – 3.2%

  175,497      AMETEK, Inc.   20,801,659
  50,184      Rockwell Automation, Inc.   12,825,023
    

 

     33,626,682

 

 

 

Electronic Equipment, Instruments & Components – 1.3%

  153,608      National Instruments Corp.   5,749,547
  222,941      Vontier Corp.*   7,394,953
    

 

     13,144,500

 

 

 

Entertainment – 1.8%

  249,043      Liberty Media Corp.-Liberty Formula One, Class C*   10,405,017

 

 

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – (continued)

  126,277      Live Nation Entertainment, Inc.*   $       8,290,085
    

 

     18,695,102

 

 

 

Equity Real Estate Investment Trusts (REITs) – 9.3%

  58,192      Alexandria Real Estate Equities, Inc. REIT   9,527,776
  56,787      AvalonBay Communities, Inc. REIT   9,460,146
  71,252      Camden Property Trust REIT   7,041,835
  64,748      CyrusOne, Inc. REIT   4,526,533
  116,654      Duke Realty Corp. REIT   4,439,851
  125,189      Equity LifeStyle Properties, Inc. REIT   7,334,824
  28,419      Essex Property Trust, Inc. REIT   6,987,664
  325,885      Healthpeak Properties, Inc. REIT   9,405,041
  169,275      Hudson Pacific Properties, Inc. REIT   4,401,150
  244,587      Invitation Homes, Inc. REIT   6,990,297
  233,607      MGM Growth Properties LLC, Class A REIT   7,141,366
  63,448      Prologis, Inc. REIT   6,347,972
  203,477      Welltower, Inc. REIT   12,814,981
    

 

     96,419,436

 

 

 

Food & Staples Retailing – 0.6%

  136,821      Performance Food Group Co.*   5,935,295

 

 

 

Food Products – 2.2%

  38,964      McCormick & Co., Inc.   7,285,489
  418,781      Nomad Foods Ltd. (United Kingdom)*   10,113,561
  268,889      Utz Brands, Inc. (a)   5,426,180
    

 

     22,825,230

 

 

 

Gas Utilities – 0.9%

  94,126      Atmos Energy Corp.   9,025,742

 

 

 

Health Care Equipment & Supplies – 3.7%

  29,347      Cooper Cos., Inc. (The)   9,837,701
  97,305      Hologic, Inc.*   6,726,695
  144,959      Zimmer Biomet Holdings, Inc.   21,616,286
    

 

     38,180,682

 

 

 

Health Care Providers & Services – 1.2%

  83,289      Centene Corp.*   5,134,767
  61,860      Quest Diagnostics, Inc.   7,669,403
    

 

     12,804,170

 

 

 

Health Care Technology – 1.0%

  573,650      Change Healthcare, Inc.*   9,826,625

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hotels, Restaurants & Leisure – 3.8%

  262,852      Aramark   $       9,199,820
  177,493      Wyndham Hotels & Resorts, Inc.   10,205,847
  110,139      Wynn Resorts Ltd.   11,068,970
  88,828      Yum! Brands, Inc.   9,398,002
    

 

     39,872,639

 

 

 

Household Durables – 1.0%

  129,138      Lennar Corp., Class A   9,796,409

 

 

 

Independent Power and Renewable Electricity Producers – 1.2%

  243,400      AES Corp. (The)   4,975,096
  119,251      NextEra Energy Partners LP   7,568,861
    

 

     12,543,957

 

 

 

Insurance – 5.3%

  9,513      Alleghany Corp.   5,471,878
  104,720      American Financial Group, Inc.   9,363,015
  71,436      Arthur J Gallagher & Co.   8,244,429
  139,814      Brown & Brown, Inc.   6,295,824
  73,198      Globe Life, Inc.   6,814,734
  11,960      Markel Corp.*   11,647,007
  57,875      Reinsurance Group of America, Inc.   6,671,830
    

 

     54,508,717

 

 

 

Interactive Media & Services – 1.0%

  72,481      Match Group, Inc.*   10,090,080

 

 

 

Internet & Direct Marketing Retail – 1.3%

  105,103      Expedia Group, Inc.   13,084,272

 

 

 

IT Services – 1.8%

  48,058      Akamai Technologies, Inc.*   4,974,484
  69,758      Cognizant Technology Solutions Corp., Class A   5,450,193
  44,377      WEX, Inc.*   7,687,871
    

 

     18,112,548

 

 

 

Leisure Products – 1.0%

  144,771      Brunswick Corp.   10,805,707

 

 

 

Machinery – 7.0%

  61,341      Cummins, Inc.   14,180,199
  206,510      Fortive Corp.   14,482,546
  185,926      Graco, Inc.   12,594,627

 

 

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – (continued)

  42,972      IDEX Corp.   $       8,300,042
  240,435      ITT, Inc.   17,462,794
  28,040      Stanley Black & Decker, Inc.   5,168,053
    

 

     72,188,261

 

 

 

Media – 1.7%

  55,159      Liberty Broadband Corp., Class C*   8,679,269
  224,961      Liberty Media Corp.-Liberty SiriusXM, Class A*   9,209,903
    

 

     17,889,172

 

 

 

Metals & Mining – 1.3%

  576,486      Freeport-McMoRan, Inc.   13,484,008

 

 

 

Multi-Utilities – 3.8%

  159,071      Ameren Corp.   12,372,542
  176,043      CMS Energy Corp.   10,833,686
  154,555      Public Service Enterprise Group, Inc.   9,007,466
  55,371      Sempra Energy   7,058,695
    

 

     39,272,389

 

 

 

Oil, Gas & Consumable Fuels – 2.9%

  247,679      Cheniere Energy, Inc.*   14,040,923
  156,268      Hess Corp.   7,372,724
  671,600      Parsley Energy, Inc., Class A   8,415,148
    

 

     29,828,795

 

 

 

Pharmaceuticals – 1.3%

  139,989      Catalent, Inc.*   13,458,542

 

 

 

Road & Rail – 1.4%

  71,942      Old Dominion Freight Line, Inc.   14,630,125

 

 

 

Semiconductors & Semiconductor Equipment – 4.8%

  66,626      Cree, Inc.*   6,022,324
  423,340      Marvell Technology Group Ltd.   19,596,409
  65,890      Microchip Technology, Inc.   8,854,957
  41,540      MKS Instruments, Inc.   5,731,689
  63,002      NXP Semiconductors NV (Netherlands)   9,980,777
    

 

     50,186,156

 

 

 

Specialty Retail – 2.9%

  65,057      Advance Auto Parts, Inc.   9,608,919
  30,443      Burlington Stores, Inc.*   6,653,013

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – (continued)

  112,287      National Vision Holdings, Inc.*   $       4,807,006
  20,705      RH*   9,382,678
    

 

     30,451,616

 

 

 

Trading Companies & Distributors – 0.9%

  195,816      Fastenal Co.   9,683,101

 

 

 

Water Utilities – 1.1%

  73,062      American Water Works Co., Inc.   11,206,250

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $814,713,394)
  $1,037,069,127

 

 

    Shares    Dividend
Rate
  Value
Securities Lending Reinvestment Vehicle – 0.1%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

1,440,050    0.016%   $       1,440,050
(Cost $1,440,050)  

 

TOTAL INVESTMENTS – 100.0%
(Cost $816,153,444)
  $1,038,509,177

 

LIABILITIES IN EXCESS OF
    OTHER ASSETS – (0.0)%
  (607,602)

 

NET ASSETS – 100.0%   $1,037,901,575

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
LP  

— Limited Partnership

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.8%
 

Aerospace & Defense – 1.8%

  660,570      AAR Corp.   $     18,740,371
  312,067      Aerojet Rocketdyne Holdings, Inc.*   11,680,668
  102,406      Cubic Corp.   5,996,896
  118,889      Curtiss-Wright Corp.   13,703,146
  274,578      Ducommun, Inc.*   13,652,018
  485,694      Kaman Corp.   25,396,939
    

 

     89,170,038

 

 

 

Air Freight & Logistics – 0.2%

  376,284      Air Transport Services Group, Inc.*   11,566,970

 

 

 

Airlines – 0.6%

  80,810      Allegiant Travel Co.   13,753,054
  420,989      SkyWest, Inc.   18,073,058
    

 

     31,826,112

 

 

 

Auto Components – 1.6%

  1,257,434      Adient PLC*   39,345,110
  406,417      Cooper Tire & Rubber Co.   16,146,947
  115,579      Visteon Corp.*   13,967,722
  286,989      Workhorse Group, Inc.*(a)   7,280,911
    

 

     76,740,690

 

 

 

Banks – 15.4%

  354,515      Amalgamated Bank, Class A   4,509,431
  1,061,077      Ameris Bancorp   36,087,229
  970,238      Atlantic Union Bankshares Corp.   29,019,819
  1,219,599      BancorpSouth Bank   30,916,835
  119,676      Bank of Hawaii Corp.   8,961,339
  677,031      Banner Corp.   27,981,691
  1,402,847      Brookline Bancorp, Inc.   15,950,370
  99,336      Bryn Mawr Bank Corp.   2,962,199
  1,029,594      Columbia Banking System, Inc.   32,545,466
  565,332      Community Bank System, Inc.   35,191,917
  886,605      ConnectOne Bancorp, Inc.   15,719,507
  1,598,621      CVB Financial Corp.   30,357,813
  730,580      FB Financial Corp.   23,320,114

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  847,900      First Financial Bankshares, Inc.   $     28,336,818
  943,610      First Merchants Corp.   31,441,085
  659,503      First Midwest Bancorp, Inc.   9,226,447
  197,168      First of Long Island Corp. (The)   3,314,394
  422,861      German American Bancorp, Inc.   13,506,180
  968,266      Glacier Bancorp, Inc.   39,476,205
  605,427      Great Western Bancorp, Inc.   9,947,166
  643,945      Heritage Financial Corp.   14,984,600
  1,211,877      Home BancShares, Inc.   22,431,843
  490,770      Independent Bank Corp.   33,195,683
  602,883      Lakeland Financial Corp.   30,620,427
  1,125,240      OceanFirst Financial Corp.   17,745,035
  875,568      Pacific Premier Bancorp, Inc.   25,233,870
  494,711      PacWest Bancorp   11,506,978
  403,611      Pinnacle Financial Partners, Inc.   21,859,572
  1,141,102      Renasant Corp.   35,225,819
  172,140      Sandy Spring Bancorp, Inc.   5,071,244
  639,728      South State Corp.   42,522,720
  615,850      Towne Bank   13,394,737
  553,444      TriCo Bancshares   18,130,825
  1,431,033      United Community Banks, Inc.   34,215,999
    

 

     754,911,377

 

 

 

Biotechnology – 0.4%

  214,810      Arena Pharmaceuticals, Inc.*   14,149,535
  66,813      Emergent BioSolutions, Inc.*   5,473,989
    

 

     19,623,524

 

 

 

Building Products – 1.6%

  250,115      AZEK Co., Inc. (The)*   8,934,108
  332,114      Gibraltar Industries, Inc.*   21,740,182
  727,648      Griffon Corp.   15,171,461
  1,646,064      Resideo Technologies, Inc.*   30,435,723
    

 

     76,281,474

 

 

 

Capital Markets – 2.2%

  273,113      Hamilton Lane, Inc., Class A   19,085,136

 

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Capital Markets – (continued)

  266,270      Houlihan Lokey, Inc.   $     17,248,971
  250,619      PJT Partners, Inc., Class A   17,362,884
  696,276      Stifel Financial Corp.   48,251,927
  231,819      Virtu Financial, Inc., Class A   5,283,155
    

 

     107,232,073

 

 

 

Chemicals – 1.9%

  1,509,685      Avient Corp.   55,178,987
  363,256      HB Fuller Co.   19,009,186
  365,706      Kraton Corp.*   9,874,062
  34,513      Quaker Chemical Corp.   8,524,711
  19,979      Stepan Co.   2,320,761
    

 

     94,907,707

 

 

 

Commercial Services & Supplies – 1.1%

  584,023      ABM Industries, Inc.   22,484,886
  322,654      Brady Corp., Class A   14,254,854
  280,202      Casella Waste Systems, Inc., Class A*   16,862,556
    

 

     53,602,296

 

 

 

Communications Equipment – 1.1%

  242,648      InterDigital, Inc.   14,537,042
  751,401      NetScout Systems, Inc.*   17,597,811
  1,462,122      Viavi Solutions, Inc.*   19,804,442
    

 

     51,939,295

 

 

 

Construction & Engineering – 2.1%

  262,277      AECOM*   13,609,554
  322,547      EMCOR Group, Inc.   27,797,100
  683,508      MasTec, Inc.*   38,761,739
  1,044,302      WillScot Mobile Mini Holdings Corp.*   22,462,936
    

 

     102,631,329

 

 

 

Construction Materials – 0.4%

  953,871      Summit Materials, Inc., Class A*   18,123,549

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Consumer Finance – 0.7%

  174,964      FirstCash, Inc.   $     11,239,687
  316,551      Green Dot Corp., Class A*   16,954,472
  268,309      Oportun Financial Corp.*   4,537,105
    

 

     32,731,264

 

 

 

Diversified Consumer Services – 0.2%

  728,899      Laureate Education, Inc., Class A*   10,350,366

 

 

 

Diversified Financial Services – 0.1%

  178,298      Alerus Financial Corp.   4,284,501

 

 

 

Diversified Telecommunication Services – 0.3%

  1,307,195      Vonage Holdings Corp.*   16,810,528

 

 

 

Electric Utilities – 2.5%

  464,427      ALLETE, Inc.   26,119,374
  127,512      IDACORP, Inc.   11,550,037
  333,295      MGE Energy, Inc.   22,887,368
  570,993      PNM Resources, Inc.   28,041,466
  822,841      Portland General Electric Co.   34,049,161
    

 

     122,647,406

 

 

 

Electronic Equipment, Instruments & Components – 2.2%

  625,393      CTS Corp.   19,049,471
  276,627      FARO Technologies, Inc.*   18,290,577
  231,029      II-VI, Inc.*   15,629,112
  742,931      Knowles Corp.*   12,614,969
  158,243      Rogers Corp.*   23,247,479
  1,549,403      TTM Technologies, Inc.*   20,235,203
    

 

     109,066,811

 

 

 

Energy Equipment & Services – 1.0%

  733,138      Cactus, Inc., Class A   17,008,802
  2,865,423      ChampionX Corp.*   34,041,225
    

 

     51,050,027

 

 

 

Entertainment – 0.3%

  773,141      IMAX Corp.*   11,465,681

 

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – (continued)

  39,833      Live Nation Entertainment, Inc.*   $       2,615,036
    

 

     14,080,717

 

 

 

Equity Real Estate Investment Trusts (REITs) – 8.9%

  2,023,809      Acadia Realty Trust REIT   28,738,088
  1,446,481      Columbia Property Trust, Inc. REIT   20,221,804
  319,825      CyrusOne, Inc. REIT   22,358,966
  1,202,930      Healthcare Realty Trust, Inc. REIT   35,486,435
  735,415      Hudson Pacific Properties, Inc. REIT   19,120,790
  204,463      Life Storage, Inc. REIT   22,433,680
  544,986      National Health Investors, Inc. REIT   35,238,795
  1,346,315      Park Hotels & Resorts, Inc. REIT   21,971,861
  2,404,299      Pebblebrook Hotel Trust REIT   44,479,532
  1,665,460      Physicians Realty Trust REIT   28,895,731
  800,500      Preferred Apartment Communities, Inc., Class A REIT   6,251,905
  188,173      PS Business Parks, Inc. REIT   24,801,201
  2,415,087      RLJ Lodging Trust REIT   29,778,023
  254,228      Safehold, Inc. REIT   17,305,300
  1,290,766      STAG Industrial, Inc. REIT   38,439,011
  691,665      Terreno Realty Corp. REIT   40,075,070
    

 

     435,596,192

 

 

 

Food & Staples Retailing – 1.0%

  174,323      BJ’s Wholesale Club Holdings, Inc.*   7,145,500
  1,010,076      Performance Food Group Co.*   43,817,097
    

 

     50,962,597

 

 

 

Food Products – 2.4%

  1,298,434      Darling Ingredients, Inc.*   62,688,393
  1,287,055      Hostess Brands, Inc.*   17,439,595
  53,208      Sanderson Farms, Inc.   7,275,130
  707,720      Simply Good Foods Co. (The)*   15,385,833
  797,955      Utz Brands, Inc. (a)   16,102,732
    

 

     118,891,683

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Gas Utilities – 1.3%

  188,707      Chesapeake Utilities Corp.   $     19,627,415
  534,551      ONE Gas, Inc.   42,325,748
    

 

     61,953,163

 

 

 

Health Care Equipment & Supplies – 1.9%

  678,483      Avanos Medical, Inc.*   28,760,894
  240,565      CONMED Corp.   24,511,168
  149,844      Globus Medical, Inc., Class A*   9,002,628
  190,681      LivaNova PLC*   10,077,491
  312,849      Merit Medical Systems, Inc.*   17,228,594
  19,285      Mesa Laboratories, Inc.   5,240,892
    

 

     94,821,667
 

Health Care Providers & Services – 1.8%

 

 

  507,669      Acadia Healthcare Co., Inc.*   21,550,549
  249,569      AMN Healthcare Services, Inc.*   16,261,916
  232,534      Magellan Health, Inc.*   18,381,813
  463,217      Owens & Minor, Inc.   11,932,470
  675,473      Tenet Healthcare Corp.*   21,230,116
    

 

     89,356,864

 

 

 

Health Care Technology – 0.6%

  1,276,069      Allscripts Healthcare Solutions, Inc.*   17,456,624
  427,269      HMS Holdings Corp.*   13,424,792
    

 

     30,881,416

 

 

 

Hotels, Restaurants & Leisure – 4.3%

  1,077,936      Boyd Gaming Corp.   41,489,757
  578,717      Brinker International, Inc.   28,999,509
  401,483      Caesars Entertainment, Inc.*   27,349,022
  181,308      Jack in the Box, Inc.   16,678,523
  327,295      Marriott Vacations Worldwide Corp.   41,674,472
  271,326      Penn National Gaming, Inc.*   18,992,820
  836,556      SeaWorld Entertainment, Inc.*   23,339,912
  292,145      Wyndham Destinations, Inc.   12,287,619
    

 

     210,811,634

 

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Household Durables – 1.9%

  32,099      Helen of Troy Ltd.*   $       6,483,677
  270,545      KB Home   9,523,184
  357,027      Meritage Homes Corp.*   32,185,984
  1,030,194      Taylor Morrison Home Corp.*   26,043,304
  106,090      TopBuild Corp.*   18,484,061
    

 

     92,720,210

 

 

 

Insurance – 4.1%

  224,172      AMERISAFE, Inc.   12,268,934
  527,687      BRP Group, Inc., Class A*   15,540,382
  392,324      CNO Financial Group, Inc.   8,348,655
  128,583      Enstar Group Ltd.*   24,338,190
  173,601      Kemper Corp.   13,011,395
  101,296      Kinsale Capital Group, Inc.   24,327,247
  220,631      Palomar Holdings, Inc.*   14,583,709
  231,670      Primerica, Inc.   30,179,651
  250,643      RLI Corp.   23,994,055
  526,982      Selective Insurance Group, Inc.   32,578,027
    

 

     199,170,245

 

 

 

IT Services – 1.5%

  2,027,617      KBR, Inc.   56,306,924
  218,436      ManTech International Corp., Class A   16,813,019
    

 

     73,119,943

 

 

 

Leisure Products – 0.4%

  520,669      Callaway Golf Co.   11,064,216
  155,583      Malibu Boats, Inc., Class A*   8,866,675
    

 

     19,930,891

 

 

 

Life Sciences Tools & Services – 0.8%

  443,459      Luminex Corp.   10,523,282
  132,916      PRA Health Sciences, Inc.*   14,913,175
  242,807      Syneos Health, Inc.*   15,986,413
    

 

     41,422,870

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – 6.6%

  437,296      Astec Industries, Inc.   $    25,363,168
  341,643      Chart Industries, Inc.*   35,312,220
  344,847      CIRCOR International, Inc.*   11,404,090
  816,962      Colfax Corp.*   29,475,989
  510,788      Columbus McKinnon Corp.   19,302,679
  545,479      Federal Signal Corp.   16,926,213
  887,327      Kennametal, Inc.   31,047,572
  197,038      Navistar International Corp.*   8,720,902
  1,335,218      Rexnord Corp.   50,084,027
  553,303      SPX FLOW, Inc.*   29,645,975
  339,566      Timken Co. (The)   24,937,727
  805,229      TriMas Corp.*   21,523,771
  158,733      Watts Water Technologies, Inc., Class A   18,595,571
    

 

     322,339,904

 

 

 

Media – 0.9%

  254,888      Nexstar Media Group, Inc., Class A   26,826,962
  1,183,976      TEGNA, Inc.   17,061,094
    

 

     43,888,056

 

 

 

Metals & Mining – 3.3%

  833,409      Alcoa Corp.*   16,584,839
  1,515,405      Arconic Corp.*   41,688,791
  3,058,495      Cleveland-Cliffs, Inc. (a)   33,674,030
  1,943,096      Coeur Mining, Inc.*   13,776,551
  909,604      Commercial Metals Co.   18,110,216
  1,769,886      Constellium SE*   22,371,359
  860,428      Sandstorm Gold Ltd. (Canada)*   6,272,520
  386,857      Warrior Met Coal, Inc.   6,739,049
    

 

     159,217,355

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 1.6%

  1,329,371      KKR Real Estate Finance Trust, Inc. REIT   24,234,433
  1,431,336      PennyMac Mortgage Investment Trust REIT   24,475,846
  4,935,624      Two Harbors Investment Corp. REIT   30,798,294
    

 

     79,508,573

 

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Multiline Retail – 0.1%

  59,460      Big Lots, Inc.   $       3,072,298

 

 

 

Oil, Gas & Consumable Fuels – 2.3%

  1,005,585      Brigham Minerals, Inc., Class A   10,478,196
  1,562,270      EQT Corp.   23,246,578
  349,943      Falcon Minerals Corp.   804,869
  1,457,501      Golar LNG Ltd. (Cameroon)*   13,263,259
  878,851      Rattler Midstream LP   7,285,675
  194,781      Renewable Energy Group, Inc.*   11,312,880
  2,029,978      Viper Energy Partners LP   22,735,754
  3,365,445      WPX Energy, Inc.*   23,961,968
    

 

     113,089,179

 

 

 

Paper & Forest Products – 0.1%

  122,287      Domtar Corp.   3,680,839

 

 

 

Pharmaceuticals – 0.3%

  368,554      Prestige Consumer Healthcare, Inc.*   13,109,466

 

 

 

Professional Services – 1.1%

  414,181      ASGN, Inc.*   32,380,671
  75,305      FTI Consulting, Inc.*   7,908,531
  170,585      ICF International, Inc.   12,355,471
    

 

     52,644,673

 

 

 

Real Estate Management & Development – 0.3%

  919,847      Kennedy-Wilson Holdings, Inc.   14,699,155

 

 

 

Road & Rail – 1.1%

 
  422,899      ArcBest Corp.   17,723,697
  254,924      Marten Transport Ltd.   4,494,310
  172,751      Saia, Inc.*   30,151,960
    

 

     52,369,967

 

 

 

Semiconductors & Semiconductor Equipment – 1.7%

  556,153      Allegro MicroSystems, Inc. (Japan)*   13,319,864
  870,144      Cohu, Inc.   24,703,388
  573,301      Onto Innovation, Inc.*   25,345,637

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Semiconductors & Semiconductor Equipment – (continued)

  198,203      Semtech Corp.*   $     13,372,757
  34,691      Silicon Laboratories, Inc.*   4,066,132
    

 

     80,807,778

 

 

 

Software – 1.1%

  341,779      Bottomline Technologies DE, Inc.*   15,598,794
  1,459,493      Cloudera, Inc.*   17,046,878
  264,764      Verint Systems, Inc.*   15,080,957
  261,037      Vertex, Inc., Class A*   6,588,574
    

 

     54,315,203

 

 

 

Specialty Retail – 3.3%

  329,347      Aaron’s Holdings Co., Inc.   20,725,807
  219,938      Abercrombie & Fitch Co., Class A   4,561,514
  1,558,831      American Eagle Outfitters, Inc.   28,043,370
  159,674      At Home Group, Inc.*   3,024,225
  11,159      Burlington Stores, Inc.*   2,438,688
  33,011      Five Below, Inc.*   5,162,920
  103,322      Lithia Motors, Inc., Class A   29,891,055
  464,110      Rent-A-Center, Inc.   15,696,200
  35,104      RH*   15,907,729
  396,695      Sally Beauty Holdings, Inc.*   4,561,992
  88,805      Sleep Number Corp.*   6,162,179
  335,940      Sonic Automotive, Inc., Class A   13,565,257
  378,855      Zumiez, Inc.*   14,051,732
    

 

     163,792,668

 

 

 

Textiles, Apparel & Luxury Goods – 2.0%

  646,770      Capri Holdings Ltd.*   22,882,722
  367,873      Crocs, Inc.*   21,664,041
  8,708      Deckers Outdoor Corp.*   2,216,970
  1,055,524      Tapestry, Inc.   29,892,440
  730,382      Wolverine World Wide, Inc.   21,078,824
    

 

     97,734,997

 

 

 

Thrifts & Mortgage Finance – 2.3%

  2,619,058      MGIC Investment Corp.   31,323,934

 

 

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Thrifts & Mortgage Finance – (continued)

  973,672      NMI Holdings, Inc., Class A*   $     21,333,153
  301,985      Provident Financial Services, Inc.   4,732,105
  381,811      Walker & Dunlop, Inc.   30,548,698
  1,039,569      Washington Federal, Inc.   24,294,728
    

 

     112,232,618

 

 

 

Trading Companies & Distributors – 1.7%

  664,197      Beacon Roofing Supply, Inc.*   24,170,129
  651,417      BMC Stock Holdings, Inc.*   31,880,348
  432,958      Herc Holdings, Inc.*   24,799,834
    

 

     80,850,311

 

 

 

Water Utilities – 0.4%

  264,754      SJW Group   17,367,862

 

 

 
TOTAL COMMON STOCKS
(Cost $3,781,289,460)
  $4,833,938,331

 

 

Shares    Dividend
Rate
  Value
Investment Company – 1.3%(b)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

62,709,158    0.016%   $     62,709,158

(Cost $62,709,158)

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $3,843,998,618)
  $4,896,647,489

 

Shares    Dividend
Rate
  Value
Securities Lending Reinvestment Vehicle – 0.2%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

10,457,564    0.016%   $     10,457,564

(Cost $10,457,564)

 

TOTAL INVESTMENTS – 100.3%
(Cost $3,854,456,182)
  $4,907,105,053

 

LIABILITIES IN EXCESS OF
    OTHER ASSETS – (0.3)%
  (12,237,665)

 

NET ASSETS – 100.0%   $4,894,867,388

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
LP  

— Limited Partnership

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.6%
 

Aerospace & Defense – 1.6%

  10,191      Aerojet Rocketdyne Holdings, Inc.*   $       381,449
  6,994      Curtiss-Wright Corp.   806,128
  12,486      Hexcel Corp.   618,307
    

 

     1,805,884

 

 

 

Air Freight & Logistics – 0.9%

  10,227      XPO Logistics, Inc.*   1,091,016

 

 

 

Airlines – 1.0%

  3,573      Allegiant Travel Co.   608,089
  13,261      SkyWest, Inc.   569,295
    

 

     1,177,384

 

 

 

Auto Components – 1.3%

  24,993      Adient PLC*   782,031
  4,669      Lear Corp.   667,434
    

 

     1,449,465

 

 

 

Banks – 9.0%

  6,698      Bank of Hawaii Corp.   501,546
  6,278      BOK Financial Corp.   420,312
  18,240      Columbia Banking System, Inc.   576,566
  12,277      Commerce Bancshares, Inc.   809,791
  9,744      Community Bank System, Inc.   606,564
  7,580      Cullen/Frost Bankers, Inc.   636,038
  18,499      East West Bancorp, Inc.   790,277
  19,588      First Financial Bankshares, Inc.   654,631
  16,389      Glacier Bancorp, Inc.   668,179
  7,992      Independent Bank Corp.   540,579
  15,491      PacWest Bancorp   360,321
  15,479      Pinnacle Financial Partners, Inc.   838,343
  10,691      Prosperity Bancshares, Inc.   671,715
  5,530      Signature Bank   620,411
  8,411      South State Corp.   559,079
  19,970      Synovus Financial Corp.   630,453
  19,146      TCF Financial Corp.   643,306
    

 

     10,528,111

 

 

 

Beverages – 0.3%

  342      Boston Beer Co., Inc. (The), Class A*   318,347

 

 

 

Biotechnology – 0.2%

  3,360      Emergent BioSolutions, Inc.*   275,285

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Building Products – 1.4%

  12,148      AZEK Co., Inc. (The)*   $       433,926
  6,435      Gibraltar Industries, Inc.*   421,235
  42,422      Resideo Technologies, Inc.*   784,383
    

 

     1,639,544

 

 

 

Capital Markets – 2.0%

  5,889      Hamilton Lane, Inc., Class A   411,523
  6,216      Houlihan Lokey, Inc.   402,673
  7,545      LPL Financial Holdings, Inc.   684,860
  10,641      Stifel Financial Corp.   737,421
  5,598      Virtu Financial, Inc., Class A   127,578
    

 

     2,364,055

 

 

 

Chemicals – 3.3%

  12,246      Ashland Global Holdings, Inc.   920,532
  33,107      Avient Corp.   1,210,061
  11,967      Axalta Coating Systems Ltd.*   342,376
  12,837      Huntsman Corp.   317,972
  7,646      RPM International, Inc.   672,924
  5,259      Westlake Chemical Corp.   395,214
    

 

     3,859,079

 

 

 

Communications Equipment – 1.0%

  13,356      Ciena Corp.*   598,349
  40,798      Viavi Solutions, Inc.*   552,609
    

 

     1,150,958

 

 

 

Construction & Engineering – 3.1%

  24,414      AECOM*   1,266,842
  6,512      Jacobs Engineering Group, Inc.   702,254
  13,174      MasTec, Inc.*   747,098
  13,074      Quanta Services, Inc.   893,477
    

 

     3,609,671

 

 

 

Construction Materials – 0.2%

  1,692      Vulcan Materials Co.   236,288

 

 

 

Consumer Finance – 1.2%

  20,235      Ally Financial, Inc.   599,968
  6,933      FirstCash, Inc.   445,376
  10,197      OneMain Holdings, Inc.   397,581
    

 

     1,442,925

 

 

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Containers & Packaging – 2.4%

  5,107      Avery Dennison Corp.   $       762,679
  11,327      Crown Holdings, Inc.*   1,067,570
  7,262      Packaging Corp. of America   944,060
    

 

     2,774,309

 

 

 

Diversified Consumer Services – 0.4%

  2,264      Chegg, Inc.*   176,433
  6,979      frontdoor, Inc.*   330,386
    

 

     506,819

 

 

 

Diversified Financial Services – 0.7%

  14,668      Voya Financial, Inc.   845,317

 

 

 

Diversified Telecommunication Services – 0.3%

  3,739      GCI Liberty, Inc., Class A*   340,698

 

 

 

Electric Utilities – 2.3%

  8,827      ALLETE, Inc.   496,431
  9,754      Alliant Energy Corp.   513,060
  8,403      IDACORP, Inc.   761,144
  7,840      PNM Resources, Inc.   385,022
  13,398      Portland General Electric Co.   554,409
    

 

     2,710,066

 

 

 

Electrical Equipment – 0.5%

  3,660      Hubbell, Inc.   591,419

 

 

 

Electronic Equipment, Instruments & Components – 3.7%

  41,878      Flex Ltd.*   679,680
  5,817      II-VI, Inc.*   393,520
  2,572      Littelfuse, Inc.   618,643
  19,308      National Instruments Corp.   722,699
  3,803      SYNNEX Corp.   609,659
  12,982      Trimble, Inc.*   777,232
  14,396      Vontier Corp.*   477,515
    

 

     4,278,948

 

 

 

Energy Equipment & Services – 0.5%

  48,579      ChampionX Corp.*   577,119

 

 

 

Entertainment – 1.2%

  21,858      Liberty Media Corp.-Liberty Formula One, Class C*   913,227

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – (continued)

  7,028      Live Nation Entertainment, Inc.*   $       461,388
    

 

     1,374,615

 

 

 

Equity Real Estate Investment Trusts (REITs) – 10.6%

  18,955      Americold Realty Trust REIT   646,934
  9,093      Camden Property Trust REIT   898,661
  35,472      Columbia Property Trust, Inc. REIT   495,899
  16,706      CubeSmart REIT   543,446
  11,228      CyrusOne, Inc. REIT   784,949
  18,458      Duke Realty Corp. REIT   702,511
  6,532      EastGroup Properties, Inc. REIT   890,508
  52,908      Empire State Realty Trust, Inc., Class A REIT   478,817
  15,512      Equity LifeStyle Properties, Inc. REIT   908,848
  22,641      Healthcare Realty Trust, Inc. REIT   667,910
  14,894      Highwoods Properties, Inc. REIT   570,440
  20,797      Hudson Pacific Properties, Inc. REIT   540,722
  4,544      Life Storage, Inc. REIT   498,568
  4,276      Mid-America Apartment Communities, Inc. REIT   539,460
  8,869      National Health Investors, Inc. REIT   573,470
  36,970      Pebblebrook Hotel Trust REIT   683,945
  2,351      PS Business Parks, Inc. REIT   309,862
  52,408      RLJ Lodging Trust REIT   646,191
  3,577      Sun Communities, Inc. REIT   497,203
  9,047      Terreno Realty Corp. REIT   524,183
    

 

     12,402,527

 

 

 

Food & Staples Retailing – 0.7%

  19,295      Performance Food Group Co.*   837,017

 

 

 

Food Products – 2.1%

  19,324      Darling Ingredients, Inc.*   932,963
  27,226      Hostess Brands, Inc.*   368,912
  10,246      Lamb Weston Holdings, Inc.   741,606
  4,688      Post Holdings, Inc.*   442,828
    

 

     2,486,309

 

 

 

Gas Utilities – 1.2%

  6,653      Atmos Energy Corp.   637,956
  9,802      ONE Gas, Inc.   776,123
    

 

     1,414,079

 

 

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – 2.2%

  6,845      Avanos Medical, Inc.*   $       290,160
  6,308      DENTSPLY SIRONA, Inc.   321,014
  9,727      Globus Medical, Inc., Class A*   584,398
  8,077      Hill-Rom Holdings, Inc.   766,184
  10,907      Integra LifeSciences Holdings Corp.*   596,940
    

 

     2,558,696

 

 

 

Health Care Providers & Services – 0.5%

  14,192      Acadia Healthcare Co., Inc.*   602,450

 

 

 

Hotels, Restaurants & Leisure – 3.9%

  18,223      Boyd Gaming Corp.   701,403
  13,300      Brinker International, Inc.   666,463
  10,919      Caesars Entertainment, Inc.*   743,802
  21,985      Extended Stay America, Inc.   301,415
  5,295      Marriott Vacations Worldwide Corp.   674,212
  16,818      Norwegian Cruise Line Holdings Ltd.*   384,628
  1,721      Penn National Gaming, Inc.*   120,470
  16,597      SeaWorld Entertainment, Inc.*   463,056
  768      Texas Roadhouse, Inc.   58,215
  9,901      Wyndham Destinations, Inc.   416,436
    

 

     4,530,100

 

 

 

Household Durables – 1.6%

  866      Helen of Troy Ltd.*   174,923
  6,610      Meritage Homes Corp.*   595,892
  21,447      Taylor Morrison Home Corp.*   542,180
  2,933      TopBuild Corp.*   511,017
    

 

     1,824,012

 

 

 

Industrial Conglomerates – 0.8%

  6,139      Carlisle Cos., Inc.   889,111

 

 

 

Insurance – 5.0%

  8,483      American Financial Group, Inc.   758,465
  17,709      Brown & Brown, Inc.   797,436
  10,150      Globe Life, Inc.   944,965
  4,003      Hanover Insurance Group, Inc. (The)   449,737
  7,934      Kemper Corp.   594,654
  4,975      Primerica, Inc.   648,093
  2,659      RenaissanceRe Holdings Ltd. (Bermuda)   437,778
  7,223      Selective Insurance Group, Inc.   446,526
  11,925      W R Berkley Corp.   776,675
    

 

     5,854,329

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

IT Services – 2.0%

  3,301      CACI International, Inc., Class A*   $       783,294
  12,604      Genpact Ltd.   512,353
  6,175      Science Applications International Corp.   571,434
  2,719      WEX, Inc.*   471,040
    

 

     2,338,121

 

 

 

Leisure Products – 0.9%

  10,347      Brunswick Corp.   772,300
  13,284      Callaway Golf Co.   282,285
    

 

     1,054,585

 

 

 

Life Sciences Tools & Services – 1.9%

  6,024      PerkinElmer, Inc.   801,192
  5,237      PRA Health Sciences, Inc.*   587,591
  5,469      QIAGEN NV*   263,934
  9,094      Syneos Health, Inc.*   598,749
    

 

     2,251,466

 

 

 

Machinery – 5.7%

  23,183      Colfax Corp.*   836,442
  10,549      Donaldson Co., Inc.   561,629
  42,542      Gates Industrial Corp. PLC*   547,941
  12,486      Graco, Inc.   845,802
  12,724      ITT, Inc.   924,144
  1,701      Nordson Corp.   346,681
  23,596      Rexnord Corp.   885,086
  18,535      Timken Co. (The)   1,361,210
  2,946      Watts Water Technologies, Inc., Class A   345,124
    

 

     6,654,059

 

 

 

Media – 0.4%

  4,752      Nexstar Media Group, Inc., Class A   500,148

 

 

 

Metals & Mining – 1.9%

  24,432      Arconic Corp.*   672,124
  22,340      Commercial Metals Co.   444,790
  45,899      Constellium SE*   580,163
  31,059      Sandstorm Gold Ltd. (Canada)*   226,420
  9,432      Steel Dynamics, Inc.   341,533
    

 

     2,265,030

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 1.2%

  23,220      KKR Real Estate Finance Trust, Inc. REIT   423,301
  24,997      PennyMac Mortgage Investment Trust REIT   427,449

 

 

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Mortgage Real Estate Investment Trusts (REITs) – (continued)

  91,697      Two Harbors Investment Corp. REIT   $       572,189
    

 

     1,422,939

 

 

 

Oil, Gas & Consumable Fuels – 2.3%

  15,294      Cheniere Energy, Inc.*   867,017
  28,722      EQT Corp.   427,383
  39,630      Parsley Energy, Inc., Class A   496,564
  27,167      Viper Energy Partners LP   304,271
  89,852      WPX Energy, Inc.*   639,746
    

 

     2,734,981

 

 

 

Personal Products – 0.3%

  15,524      BellRing Brands, Inc., Class A*   316,690

 

 

 

Pharmaceuticals – 1.0%

  12,400      Catalent, Inc.*   1,192,136

 

 

 

Professional Services – 1.5%

  12,565      ASGN, Inc.*   982,332
  11,060      Robert Half International, Inc.   709,831
    

 

     1,692,163

 

 

 

Real Estate Management & Development – 0.7%

  36,837      Cushman & Wakefield PLC*   548,871
  15,241      Kennedy-Wilson Holdings, Inc.   243,551
    

 

     792,422

 

 

 

Road & Rail – 1.2%

  10,346      ArcBest Corp.   433,601
  3,784      Old Dominion Freight Line, Inc.   769,514
  1,177      Saia, Inc.*   205,434
    

 

     1,408,549

 

 

 

Semiconductors & Semiconductor Equipment – 2.6%

  12,625      Allegro MicroSystems, Inc. (Japan)*(a)   302,369
  7,371      Cree, Inc.*   666,265
  5,856      Entegris, Inc.   542,383
  3,393      First Solar, Inc.*   317,008
  4,081      MKS Instruments, Inc.   563,096
  21,187      ON Semiconductor Corp.*   609,126
    

 

     3,000,247

 

 

 

Software – 0.7%

  19,522      Nuance Communications, Inc.*   841,984

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – 2.6%

  33,515      American Eagle Outfitters, Inc.   $       602,935
  2,121      Burlington Stores, Inc.*   463,523
  2,157      Dick’s Sporting Goods, Inc.   122,539
  3,099      Five Below, Inc.*   484,684
  1,698      Lithia Motors, Inc., Class A   491,232
  1,390      RH*   629,892
  1,038      Ulta Beauty, Inc.*   285,865
    

 

     3,080,670

 

 

 

Textiles, Apparel & Luxury Goods – 2.6%

  22,900      Capri Holdings Ltd.*   810,202
  9,641      Crocs, Inc.*   567,758
  615      Deckers Outdoor Corp.*   156,573
  37,395      Tapestry, Inc.   1,059,026
  14,445      Wolverine World Wide, Inc.   416,883
    

 

     3,010,442

 

 

 

Thrifts & Mortgage Finance – 1.3%

  61,212      MGIC Investment Corp.   732,095
  14,392      NMI Holdings, Inc., Class A*   315,329
  20,143      Washington Federal, Inc.   470,742
    

 

     1,518,166

 

 

 

Trading Companies & Distributors – 0.7%

  11,503      Beacon Roofing Supply, Inc.*   418,594
  1,916      Watsco, Inc.   435,622
    

 

     854,216

 

 

 
TOTAL COMMON STOCKS
(Cost $95,637,561)
  $115,274,966

 

 

Shares      Dividend
Rate
  Value
  Investment Company – 0.9%(b)
 

Goldman Sachs Financial Square Government Fund – Institutional
Shares

  1,080,567      0.016%   $    1,080,567
  (Cost $1,080,567)  

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $96,718,128)
  $116,355,533

 

 

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

Shares    Dividend
Rate
  Value
Securities Lending Reinvestment Vehicle – 0.1%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

69,706    0.016%   $         69,706
(Cost $69,706)  

 

TOTAL INVESTMENTS – 99.6%
(Cost $96,787,834)
  $116,425,239

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.4%
  465,414

 

NET ASSETS – 100.0%   $116,890,653

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
LP  

— Limited Partnership

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

November 30, 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of November 30, 2020:

 

                                                                    
EQUITY INCOME FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 3,967,815        $     —        $     —  

Europe

       18,487,399                    

North America

       335,689,619                    

Oceania

       5,356,322                    

Investment Company

       177,732                    

Securities Lending Reinvestment Vehicle

       10,665                    
Total      $ 363,689,552        $        $  
FOCUSED VALUE FUND               
Investment Type      Level 1        Level 2        Level 3  

Assets

              

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 731,273        $        $  

North America

       11,058,783                    

Investment Company

       301,338                    
Total      $ 12,091,394        $        $  
LARGE CAP VALUE FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 13,285,242        $        $  

North America

       402,407,070                    

Investment Company

       9,430,898                    
Total      $ 425,123,210        $        $  

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
MID CAP VALUE FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 31,516,110        $     —        $     —  

North America

       1,005,553,017                    

Securities Lending Reinvestment Vehicle

       1,440,050                    
Total      $ 1,038,509,177        $        $  
SMALL CAP VALUE FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 13,263,259        $        $  

Asia

       13,319,864                    

North America

       4,807,355,208                    

Investment Company

       62,709,158                    

Securities Lending Reinvestment Vehicle

       10,457,564                    
Total      $ 4,907,105,053        $        $  
SMALL/MID CAP VALUE FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 302,369        $        $  

North America

       114,972,597                    

Investment Company

       1,080,567                    

Securities Lending Reinvestment Vehicle

       69,706                    
Total      $ 116,425,239        $        $  

 

(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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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:

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

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.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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.



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