Form NPORT-P GOLDMAN SACHS TRUST For: Nov 30

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000061413
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        C000205965
        C000198886
        C000198884
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Small Cap Growth Fund
      S000061413
      5493000NZN8GZ51M2310
      2021-08-31
      2020-11-30
      N
    
    
      16445224.52
      35581.07
      16409643.45
      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
      169021.40000000
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        ORIC Pharmaceuticals Inc
        54930033FJRNEYBW0L25
        
        68622P109
        
          
          
        
        1549.00000000
        NS
        USD
        52526.59000000
        0.320095864118
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inovio Pharmaceuticals Inc
        529900B9W875XDZXTM97
        
        45773H201
        
          
          
        
        1683.00000000
        NS
        USD
        20566.26000000
        0.125330328246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PagerDuty Inc
        549300U1SB749EDAGH21
        
        69553P100
        
          
          
        
        7076.00000000
        NS
        USD
        243555.92000000
        1.484224326641
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Akouos Inc
        N/A
        
        00973J101
        
          
          
        
        3972.00000000
        NS
        USD
        82140.96000000
        0.500565172243
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Hotels & Resorts Inc
        549300FE3MQ4RVXXC673
        
        98311A105
        
          
          
        
        2257.00000000
        NS
        USD
        129777.50000000
        0.790861181081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nevro Corp
        254900SH91I4BOYKUE38
        
        64157F103
        
          
          
        
        1141.00000000
        NS
        USD
        183986.25000000
        1.121208090599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inozyme Pharma Inc
        N/A
        
        45790W108
        
          
          
        
        3175.00000000
        NS
        USD
        82613.50000000
        0.503444820429
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Celsius Holdings Inc
        N/A
        
        15118V207
        
          
          
        
        3170.00000000
        NS
        USD
        102232.50000000
        0.623002567432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Research Corp
        549300FQIORB6GZCYT15
        
        637372202
        
          
          
        
        1140.00000000
        NS
        USD
        58493.40000000
        0.356457470744
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novanta Inc
        N/A
        
        67000B104
        
          
          
        
        1530.00000000
        NS
        USD
        183569.40000000
        1.118667816027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allied Motion Technologies Inc
        549300I2LHAWYGNBPM97
        
        019330109
        
          
          
        
        2393.00000000
        NS
        USD
        97084.01000000
        0.591627784575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        elf Beauty Inc
        549300U2K9TCON25C029
        
        26856L103
        
          
          
        
        7434.00000000
        NS
        USD
        161615.16000000
        0.984879168718
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        
        875372203
        
          
          
        
        937.00000000
        NS
        USD
        87965.56000000
        0.536060154311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crocs Inc
        549300B0J6YCXD63OG72
        
        227046109
        
          
          
        
        3191.00000000
        NS
        USD
        187917.99000000
        1.145168026182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackline Inc
        529900P9N7PK9LV5EK56
        
        09239B109
        
          
          
        
        1606.00000000
        NS
        USD
        197377.40000000
        1.202813459057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Y-mAbs Therapeutics Inc
        N/A
        
        984241109
        
          
          
        
        1511.00000000
        NS
        USD
        76864.57000000
        0.468410969648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brooks Automation Inc
        35ZN6X1ANPH25YN32Y17
        
        114340102
        
          
          
        
        4211.00000000
        NS
        USD
        307360.89000000
        1.873050386113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        
        194014106
        
          
          
        
        6475.00000000
        NS
        USD
        233618.00000000
        1.423662864533
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Molecular Transport In
        N/A
        
        03824M109
        
          
          
        
        2012.00000000
        NS
        USD
        62432.36000000
        0.380461404845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dyne Therapeutics Inc
        N/A
        
        26818M108
        
          
          
        
        3006.00000000
        NS
        USD
        60600.96000000
        0.369300894225
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtu Financial Inc
        5493001OPW2K42CH3884
        
        928254101
        
          
          
        
        2485.00000000
        NS
        USD
        56633.15000000
        0.345121148869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MACOM Technology Solutions Hol
        N/A
        
        55405Y100
        
          
          
        
        2789.00000000
        NS
        USD
        124612.52000000
        0.759385908534
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sailpoint Technologies Holding
        529900809B15HNZH5H79
        
        78781P105
        
          
          
        
        4188.00000000
        NS
        USD
        194993.28000000
        1.188284685125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rapid7 Inc
        549300GNVG5D60KEYN14
        
        753422104
        
          
          
        
        2703.00000000
        NS
        USD
        202562.82000000
        1.234413292508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trillium Therapeutics Inc
        N/A
        
        89620X506
        
          
          
        
        3508.00000000
        NS
        USD
        70616.04000000
        0.430332567646
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        201354.40000000
        NS
        USD
        201354.40000000
        1.227049208067
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shake Shack Inc
        529900J74GJAHYP80N79
        
        819047101
        
          
          
        
        1358.00000000
        NS
        USD
        110894.28000000
        0.675787260935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        
        05988J103
        
          
          
        
        1027.00000000
        NS
        USD
        155878.06000000
        0.949917409692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        
        75524B104
        
          
          
        
        1426.00000000
        NS
        USD
        240765.84000000
        1.467221641552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iovance Biotherapeutics Inc
        549300220Z2GHH33XL82
        
        462260100
        
          
          
        
        1273.00000000
        NS
        USD
        49405.13000000
        0.301073756724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Science Applications Internati
        549300LZPNZIXQGZPZ48
        
        808625107
        
          
          
        
        1398.00000000
        NS
        USD
        129370.92000000
        0.788383491659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cytokinetics Inc
        549300BE5DY1HW7IHA64
        
        23282W605
        
          
          
        
        1987.00000000
        NS
        USD
        33381.60000000
        0.203426723449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OraSure Technologies Inc
        529900GNNJPNM4XHXQ77
        
        68554V108
        
          
          
        
        10273.00000000
        NS
        USD
        123276.00000000
        0.751241185560
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lattice Semiconductor Corp
        549300LRBBPZDQ2II567
        
        518415104
        
          
          
        
        6470.00000000
        NS
        USD
        270769.50000000
        1.650063274226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingevity Corp
        5493009UTFC4B5IMGF87
        
        45688C107
        
          
          
        
        1134.00000000
        NS
        USD
        75501.72000000
        0.460105792243
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Metacrine Inc
        N/A
        
        59101E103
        
          
          
        
        5519.00000000
        NS
        USD
        43710.48000000
        0.266370687048
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Inc
        549300QMYW171MP1PL50
        
        92538J106
        
          
          
        
        4787.00000000
        NS
        USD
        120823.88000000
        0.736298021149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kiniksa Pharmaceuticals Ltd
        N/A
        
        000000000
        
          
          
        
        1803.00000000
        NS
        USD
        33643.98000000
        0.205025661297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simulations Plus Inc
        N/A
        
        829214105
        
          
          
        
        1225.00000000
        NS
        USD
        68563.25000000
        0.417822911319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molecular Templates Inc
        529900VZKP6N0B8U5F61
        
        608550109
        
          
          
        
        2225.00000000
        NS
        USD
        19913.75000000
        0.121353946907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atea Pharmaceuticals Inc
        N/A
        
        04683R106
        
          
          
        
        1357.00000000
        NS
        USD
        45215.24000000
        0.275540660817
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saia Inc
        549300WNPG4N9GBOYB29
        
        78709Y105
        
          
          
        
        886.00000000
        NS
        USD
        154642.44000000
        0.942387569060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Castle Biosciences Inc
        N/A
        
        14843C105
        
          
          
        
        2695.00000000
        NS
        USD
        128174.20000000
        0.781090706757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenable Holdings Inc
        5493004S5OMPESF0EF83
        
        88025T102
        
          
          
        
        4726.00000000
        NS
        USD
        170183.26000000
        1.037092978397
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dycom Industries Inc
        549300F56EKTHQI3WT60
        
        267475101
        
          
          
        
        1636.00000000
        NS
        USD
        102838.96000000
        0.626698321102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanterix Corp
        N/A
        
        74766Q101
        
          
          
        
        4438.00000000
        NS
        USD
        191677.22000000
        1.168076689685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        
        69343T107
        
          
          
        
        2231.00000000
        NS
        USD
        154563.68000000
        0.941907607383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Relay Therapeutics Inc
        N/A
        
        75943R102
        
          
          
        
        994.00000000
        NS
        USD
        52990.14000000
        0.322920727445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        
        56117J100
        
          
          
        
        2644.00000000
        NS
        USD
        150681.56000000
        0.918250054969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        
        346375108
        
          
          
        
        5991.00000000
        NS
        USD
        245631.00000000
        1.496869817729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Theravance Biopharma Inc
        5493007VTSXP4Z6MIW52
        
        000000000
        
          
          
        
        4346.00000000
        NS
        USD
        72100.14000000
        0.439376639837
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Semtech Corp
        549300J7WUY317SW6O61
        
        816850101
        
          
          
        
        3048.00000000
        NS
        USD
        205648.56000000
        1.253217723021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beam Therapeutics Inc
        N/A
        
        07373V105
        
          
          
        
        3257.00000000
        NS
        USD
        162850.00000000
        0.992404256047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiteOne Landscape Supply Inc
        5299008LX7SBD4HIAU03
        
        82982L103
        
          
          
        
        1348.00000000
        NS
        USD
        186158.80000000
        1.134447561686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hill-Rom Holdings Inc
        JLZ01A0E2071OH26RE45
        
        431475102
        
          
          
        
        1213.00000000
        NS
        USD
        115065.18000000
        0.701204632206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoGenomics Inc
        N/A
        
        64049M209
        
          
          
        
        2825.00000000
        NS
        USD
        134413.50000000
        0.819112861346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generation Bio Co
        N/A
        
        37148K100
        
          
          
        
        2016.00000000
        NS
        USD
        97211.52000000
        0.592404827662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Pharmaceuticals
        N/A
        
        210373106
        
          
          
        
        1683.00000000
        NS
        USD
        42647.22000000
        0.259891204400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moog Inc
        549300WM2I4U7OBAHG07
        
        615394202
        
          
          
        
        1396.00000000
        NS
        USD
        107994.56000000
        0.658116432139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Roadhouse Inc
        5299002Y1CNRPDGXTQ75
        
        882681109
        
          
          
        
        2752.00000000
        NS
        USD
        208601.60000000
        1.271213482703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Leslie's Inc
        N/A
        
        527064109
        
          
          
        
        3672.00000000
        NS
        USD
        75973.68000000
        0.462981905923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacific Biosciences of Califor
        N/A
        
        69404D108
        
          
          
        
        15581.00000000
        NS
        USD
        246335.61000000
        1.501163695302
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simpson Manufacturing Co Inc
        529900EJUNNL15LZ8056
        
        829073105
        
          
          
        
        991.00000000
        NS
        USD
        91072.90000000
        0.554996214741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinsale Capital Group Inc
        529900QTUQHNZ6HOA508
        
        49714P108
        
          
          
        
        907.00000000
        NS
        USD
        217825.12000000
        1.327421407196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TopBuild Corp
        5493007YSKHOL4RWII46
        
        89055F103
        
          
          
        
        445.00000000
        NS
        USD
        77532.35000000
        0.472480406026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Genetic Technologies C
        549300I3X9WJZYN79L35
        
        03820J100
        
          
          
        
        7740.00000000
        NS
        USD
        34365.60000000
        0.209423197430
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AeroVironment Inc
        529900PGHVI29YLZ6221
        
        008073108
        
          
          
        
        1434.00000000
        NS
        USD
        122449.26000000
        0.746203050499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medallia Inc
        5493009P6W6C5BK60J60
        
        584021109
        
          
          
        
        4665.00000000
        NS
        USD
        163228.35000000
        0.994709912481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acceleron Pharma Inc
        529900TQRID2UY164805
        
        00434H108
        
          
          
        
        1263.00000000
        NS
        USD
        149122.41000000
        0.908748629757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        
        74967X103
        
          
          
        
        379.00000000
        NS
        USD
        171747.64000000
        1.046626275112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Casella Waste Systems Inc
        8EU0XUFVJ48U37IIDH51
        
        147448104
        
          
          
        
        2395.00000000
        NS
        USD
        144131.10000000
        0.878331698303
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goosehead Insurance Inc
        549300WH5MBIWHJ9XY95
        
        38267D109
        
          
          
        
        1318.00000000
        NS
        USD
        162258.98000000
        0.988802593392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tetra Tech Inc
        549300UJ1LP7JGJC5P32
        
        88162G103
        
          
          
        
        1514.00000000
        NS
        USD
        180544.50000000
        1.100234143112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumo Logic Inc
        549300L85NQSIULERR88
        
        86646P103
        
          
          
        
        3884.00000000
        NS
        USD
        101760.80000000
        0.620128038187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Papa John's International Inc
        HZYLD3DK5XOX0WBVNB56
        
        698813102
        
          
          
        
        1586.00000000
        NS
        USD
        127450.96000000
        0.776683298380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        
        313855108
        
          
          
        
        4047.00000000
        NS
        USD
        125578.41000000
        0.765272020581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zentalis Pharmaceuticals Inc
        N/A
        
        98943L107
        
          
          
        
        1207.00000000
        NS
        USD
        61508.72000000
        0.374832763352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PTC Therapeutics Inc
        549300UJLWOIWFDGB318
        
        69366J200
        
          
          
        
        845.00000000
        NS
        USD
        52871.65000000
        0.322198652037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ping Identity Holding Corp
        N/A
        
        72341T103
        
          
          
        
        6060.00000000
        NS
        USD
        136289.40000000
        0.830544553970
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fluidigm Corp
        549300GX8Y96GSB6YP89
        
        34385P108
        
          
          
        
        8556.00000000
        NS
        USD
        53560.56000000
        0.326396854161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kratos Defense & Security Solu
        5493000EKBN0UY1F3F88
        
        50077B207
        
          
          
        
        5939.00000000
        NS
        USD
        125728.63000000
        0.766187457899
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Integrations Inc
        54930085LGXSCIHD5W31
        
        739276103
        
          
          
        
        2878.00000000
        NS
        USD
        205460.42000000
        1.252071202071
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Outset Medical Inc
        N/A
        
        690145107
        
          
          
        
        1300.00000000
        NS
        USD
        83200.00000000
        0.507018938306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ashland Global Holdings Inc
        529900E4L9R04SB8HB11
        
        044186104
        
          
          
        
        1675.00000000
        NS
        USD
        125909.75000000
        0.767291199127
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Balchem Corp
        549300VR70OPMHUI3557
        
        057665200
        
          
          
        
        1270.00000000
        NS
        USD
        131686.30000000
        0.802493365570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axonics Modulation Technologie
        549300LJY4X7N57VJL05
        
        05465P101
        
          
          
        
        4614.00000000
        NS
        USD
        202508.46000000
        1.234082023884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vital Farms Inc
        549300S6NYY7ER3XOT61
        
        92847W103
        
          
          
        
        2400.00000000
        NS
        USD
        71136.00000000
        0.433501192251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ManTech International Corp/VA
        5299007N03CAU4SWNR02
        
        564563104
        
          
          
        
        1662.00000000
        NS
        USD
        127924.14000000
        0.779566846712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AZEK Co Inc/The
        N/A
        
        05478C105
        
          
          
        
        3897.00000000
        NS
        USD
        139200.84000000
        0.848286804184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aerojet Rocketdyne Holdings In
        549300VULNLWHE8QWI76
        
        007800105
        
          
          
        
        4023.00000000
        NS
        USD
        150580.89000000
        0.917636574242
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allogene Therapeutics Inc
        N/A
        
        019770106
        
          
          
        
        2260.00000000
        NS
        USD
        70173.00000000
        0.427632691799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agios Pharmaceuticals Inc
        529900ONJHY8EOGYT555
        
        00847X104
        
          
          
        
        3086.00000000
        NS
        USD
        142943.52000000
        0.871094612357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        
        192576106
        
          
          
        
        4238.00000000
        NS
        USD
        120316.82000000
        0.733208008855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FibroGen Inc
        549300Q914ULWWY95822
        
        31572Q808
        
          
          
        
        2797.00000000
        NS
        USD
        115544.07000000
        0.704122977150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Purple Innovation Inc
        N/A
        
        74640Y106
        
          
          
        
        3509.00000000
        NS
        USD
        104638.38000000
        0.637663946318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domo Inc
        549300X57AGT5JULJ761
        
        257554105
        
          
          
        
        1811.00000000
        NS
        USD
        68799.89000000
        0.419264990184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John Bean Technologies Corp
        5493007CT6ATBZ2L6826
        
        477839104
        
          
          
        
        1026.00000000
        NS
        USD
        113434.56000000
        0.691267670413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evoqua Water Technologies Corp
        529900YQAOMEZRGRRP43
        
        30057T105
        
          
          
        
        4605.00000000
        NS
        USD
        120144.45000000
        0.732157589932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Churchill Downs Inc
        529900FODTBQC8MIS994
        
        171484108
        
          
          
        
        884.00000000
        NS
        USD
        159049.28000000
        0.969242753412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neogen Corp
        549300HJT9FC36N4UW43
        
        640491106
        
          
          
        
        1747.00000000
        NS
        USD
        129662.34000000
        0.790159398618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ollie's Bargain Outlet Holding
        529900YO5DSQCPEFDZ05
        
        681116109
        
          
          
        
        709.00000000
        NS
        USD
        62434.54000000
        0.380474689716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coherus Biosciences Inc
        5493007IL8W5MV932D26
        
        19249H103
        
          
          
        
        2325.00000000
        NS
        USD
        42919.50000000
        0.261550472627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IGM Biosciences Inc
        5493008XCQES2N0VY969
        
        449585108
        
          
          
        
        541.00000000
        NS
        USD
        36127.98000000
        0.220163101715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicell Inc
        5493008RH0GTKHHPZI77
        
        68213N109
        
          
          
        
        2198.00000000
        NS
        USD
        230460.30000000
        1.404419911390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegro MicroSystems Inc
        N/A
        
        01749D105
        
          
          
        
        3467.00000000
        NS
        USD
        83034.65000000
        0.506011299105
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Badger Meter Inc
        5493002JENE20OGTUG20
        
        056525108
        
          
          
        
        1872.00000000
        NS
        USD
        154327.68000000
        0.940469428663
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Provention Bio Inc
        5493003LM26XAVJKLD34
        
        74374N102
        
          
          
        
        4329.00000000
        NS
        USD
        64891.71000000
        0.395448628714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watts Water Technologies Inc
        549300REJOO94ERQN318
        
        942749102
        
          
          
        
        760.00000000
        NS
        USD
        89034.00000000
        0.542571203763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Open Lending Corp
        N/A
        
        68373J104
        
          
          
        
        3217.00000000
        NS
        USD
        90462.04000000
        0.551273647569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Q2 Holdings Inc
        549300M9RKR9DZXWS696
        
        74736L109
        
          
          
        
        1332.00000000
        NS
        USD
        151008.84000000
        0.920244491966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Repare Therapeutics Inc
        N/A
        
        760273102
        
          
          
        
        1735.00000000
        NS
        USD
        51824.45000000
        0.315817038669
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        
        243537107
        
          
          
        
        399.00000000
        NS
        USD
        101581.41000000
        0.619034839541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GW Pharmaceuticals PLC
        213800ISBN5CNUZMHZ39
        
        36197T103
        
          
          
        
        558.00000000
        NS
        USD
        78164.64000000
        0.476333567137
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Halozyme Therapeutics Inc
        529900242I3SV9AGM753
        
        40637H109
        
          
          
        
        7936.00000000
        NS
        USD
        310297.60000000
        1.890946631140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wingstop Inc
        549300SSH3F8HPIM3Q47
        
        974155103
        
          
          
        
        1029.00000000
        NS
        USD
        131001.99000000
        0.798323195742
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultragenyx Pharmaceutical Inc
        529900EV44GVDN1DCX77
        
        90400D108
        
          
          
        
        2040.00000000
        NS
        USD
        241821.60000000
        1.473655419368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings Inc
        549300DSQICIGNT5GO63
        
        98585X104
        
          
          
        
        3943.00000000
        NS
        USD
        249079.31000000
        1.517883741709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masonite International Corp
        549300H0H07ZFT4JYM32
        
        575385109
        
          
          
        
        1200.00000000
        NS
        USD
        120060.00000000
        0.731642953521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pluralsight Inc
        254900B3VHPCKNREOX50
        
        72941B106
        
          
          
        
        9119.00000000
        NS
        USD
        149369.22000000
        0.910252684375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kronos Bio Inc
        N/A
        
        50107A104
        
          
          
        
        2180.00000000
        NS
        USD
        69912.60000000
        0.426045820026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freshpet Inc
        549300S4ZK8ZQ6HNPN59
        
        358039105
        
          
          
        
        1205.00000000
        NS
        USD
        164940.40000000
        1.005143106872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Electric Co Inc
        RR6AURIKMXUE4Q24G284
        
        353514102
        
          
          
        
        1981.00000000
        NS
        USD
        133895.79000000
        0.815957948190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Workiva Inc
        529900RTOQ8GRWHY1O58
        
        98139A105
        
          
          
        
        2173.00000000
        NS
        USD
        162953.27000000
        0.993033581116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PMV Pharmaceuticals Inc
        N/A
        
        69353Y103
        
          
          
        
        1888.00000000
        NS
        USD
        66533.12000000
        0.405451344526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shockwave Medical Inc
        549300LDXO56IC5Y1538
        
        82489T104
        
          
          
        
        1905.00000000
        NS
        USD
        186366.15000000
        1.135711147946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Factory Holding Corp
        529900GE1HSV0617R721
        
        35138V102
        
          
          
        
        1614.00000000
        NS
        USD
        140853.78000000
        0.858359783557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Revolve Group Inc
        N/A
        
        76156B107
        
          
          
        
        6517.00000000
        NS
        USD
        153801.20000000
        0.937261071324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avidity Biosciences Inc
        N/A
        
        05370A108
        
          
          
        
        2513.00000000
        NS
        USD
        75239.22000000
        0.458506123117
        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 CAPITAL GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding 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 the Funds’ 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 GROWTH 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:

 

CAPITAL GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	1,870,352			$	—			$	—
Europe			27,377,632				—				—
North America			962,751,576				—				—
South America			1,095,098				—				—
Investment Company			3,839,534				—				—
Securities Lending Reinvestment Vehicle			3,497,295				—				—
Total		$	1,000,431,487			$	—			$	—
CONCENTRATED GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	8,167,480			$	—			$	—
North America			179,092,305				—				—
Investment Company			1,366,702				—				—
Total		$	188,626,487			$	—			$	—
FLEXIBLE CAP FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	340,550			$	—			$	—
North America			23,848,030				—				—
Investment Company			102,069				—				—
Total		$	24,290,649			$	—			$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

GROWTH OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	23,723,538			$	—			$	—
North America			1,348,624,798				—				—
South America			12,473,240				—				—
Investment Company			12,538,795				—				—
Securities Lending Reinvestment Vehicle			8,607,588				—				—
Total		$	1,405,967,959			$	—			$	—
SMALL CAP GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	83,035			$	—			$	—
Europe			78,164				—				—
North America			15,863,153				—				—
Investment Company			320,379				—				—
Total		$	16,344,731			$	—			$	—
SMALL/MID CAP GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	37,033,835			$	—			$	—
Europe			18,844,361				—				—
North America			2,624,850,048				—				—
Investment Company			49,258,601				—				—
Securities Lending Reinvestment Vehicle			49,787,439				—				—
Total		$	2,779,774,284			$	—			$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

STRATEGIC GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	5,229,988			$	—			$	—
North America			176,585,706				—				—
Investment Company			960,688				—				—
Securities Lending Reinvestment Vehicle			803,035				—				—
Total		$	183,579,417			$	—			$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	29,807,534			$	—			$	—
Europe			17,006,070				—				—
North America			715,553,286				—				—
Investment Company			10,985,698				—				—
Total		$	773,352,588			$	—			$	—
U.S. EQUITY ESG FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	362,731			$	—			$	—
North America			10,934,600				—				—
Investment Company			112,729				—				—
Securities Lending Reinvestment Vehicle			42,704				—				—
Total		$	11,452,764			$	—			$	—

 

(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 GROWTH 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. 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 Capital Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and U.S. Equity ESG Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received.

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invest. 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.

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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, 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.

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 the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the 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.