Form NPORT-P GOLDMAN SACHS TRUST For: Nov 30

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009320
        C000159657
        C000055752
        C000025487
        C000025484
        C000025483
        C000201806
        C000055751
        C000025485
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Mid Cap Value Fund
      S000009320
      CGU1WQFB5I5FV2XSTG35
      2021-08-31
      2020-11-30
      N
    
    
      1040577302.28
      2672026.46
      1037905275.82
      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
      1611414.84000000
      
        
      
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Healthpeak Properties Inc
        PZ9HF5U52KPF0MH0QN75
        
        42250P103
        
          
          
        
        325885.00000000
        NS
        USD
        9405041.10000000
        0.906156016267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utz Brands Inc
        N/A
        
        918090101
        
          
          
        
        268889.00000000
        NS
        USD
        5426180.02000000
        0.522801082759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Citizens Financial Group Inc
        2138004JDDA4ZQUPFW65
        
        174610105
        
          
          
        
        154355.00000000
        NS
        USD
        5041234.30000000
        0.485712368695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker Inc
        549300DJ09SMTO561131
        
        854502101
        
          
          
        
        28040.00000000
        NS
        USD
        5168052.40000000
        0.497931027079
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Markel Corp
        549300SCNO12JLWIK605
        
        570535104
        
          
          
        
        11960.00000000
        NS
        USD
        11647006.80000000
        1.122164716890
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc
        549300IRDTHJQ1PVET45
        
        35671D857
        
          
          
        
        576486.00000000
        NS
        USD
        13484007.54000000
        1.299155891595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        L3Harris Technologies Inc
        549300UTE50ZMDBG8A20
        
        502431109
        
          
          
        
        31593.00000000
        NS
        USD
        6065540.07000000
        0.584402084786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        
        988498101
        
          
          
        
        88828.00000000
        NS
        USD
        9398002.40000000
        0.905477852261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        
        74967X103
        
          
          
        
        20705.00000000
        NS
        USD
        9382677.80000000
        0.904001359140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognizant Technology Solutions
        5493006IEVQEFQO40L83
        
        192446102
        
          
          
        
        69758.00000000
        NS
        USD
        5450192.54000000
        0.525114638779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ashland Global Holdings Inc
        529900E4L9R04SB8HB11
        
        044186104
        
          
          
        
        113244.00000000
        NS
        USD
        8512551.48000000
        0.820166510212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vontier Corp
        N/A
        
        928881101
        
          
          
        
        197432.00000000
        NS
        USD
        6548819.44000000
        0.630965040121
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aramark
        549300MR6PG2DWZUIL39
        
        03852U106
        
          
          
        
        262852.00000000
        NS
        USD
        9199820.00000000
        0.886383393005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rockwell Automation Inc
        VH3R4HHBHH12O0EXZJ88
        
        773903109
        
          
          
        
        50184.00000000
        NS
        USD
        12825023.04000000
        1.235664114903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Partners LP
        5493008F4ZOQFNG3WN54
        
        65341B106
        
          
          
        
        119251.00000000
        NS
        USD
        7568860.97000000
        0.729243905617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ally Financial Inc
        549300JBN1OSM8YNAI90
        
        02005N100
        
          
          
        
        262006.00000000
        NS
        USD
        7768477.90000000
        0.748476578834
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
          
        
        41540.00000000
        NS
        USD
        5731689.20000000
        0.552236252530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Match Group Inc
        15OMOPB0A8K0EFUVD031
        
        57667L107
        
          
          
        
        72481.00000000
        NS
        USD
        10090080.01000000
        0.972158080806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Globe Life Inc
        5493001JFHKQOPP6XA71
        
        37959E102
        
          
          
        
        73198.00000000
        NS
        USD
        6814733.80000000
        0.656585331895
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Inc
        8MCWUBXQ0WE04KMXBX50
        
        74834L100
        
          
          
        
        61860.00000000
        NS
        USD
        7669402.80000000
        0.738930900408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cree Inc
        549300OGU88P3AW3TO93
        
        225447101
        
          
          
        
        66626.00000000
        NS
        USD
        6022324.14000000
        0.580238320423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEX Corp
        549300U5Y5EL6PHYLF13
        
        45167R104
        
          
          
        
        42972.00000000
        NS
        USD
        8300041.80000000
        0.799691647529
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        35181.00000000
        NS
        USD
        9345129.03000000
        0.900383613776
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Vision Holdings Inc
        549300JHURCBLI5ROA42
        
        63845R107
        
          
          
        
        112287.00000000
        NS
        USD
        4807006.47000000
        0.463145007737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advance Auto Parts Inc
        529900UCNQ5H9FSL0Y70
        
        00751Y106
        
          
          
        
        65057.00000000
        NS
        USD
        9608918.90000000
        0.925799215386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Packaging Corp of America
        549300XZP8MFZFY8TJ84
        
        695156109
        
          
          
        
        99009.00000000
        NS
        USD
        12871170.00000000
        1.240110277870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Parsley Energy Inc
        549300DMRA8DSL66G562
        
        701877102
        
          
          
        
        671600.00000000
        NS
        USD
        8415148.00000000
        0.810781888872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Live Nation Entertainment Inc
        5493007B9BM9ZXJINO78
        
        538034109
        
          
          
        
        126277.00000000
        NS
        USD
        8290085.05000000
        0.798732335515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola European Partners PL
        549300LTH67W4GWMRF57
        
        000000000
        
          
          
        
        255635.00000000
        NS
        USD
        11421771.80000000
        1.100463796272
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        
        017175100
        
          
          
        
        9513.00000000
        NS
        USD
        5471877.60000000
        0.527203948903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raymond James Financial Inc
        RGUZHJ05YTITL6D76949
        
        754730109
        
          
          
        
        84371.00000000
        NS
        USD
        7673542.45000000
        0.739329747017
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AES Corp/The
        2NUNNB7D43COUIRE5295
        
        00130H105
        
          
          
        
        243400.00000000
        NS
        USD
        4975096.00000000
        0.479340081980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Growth Properties LLC
        549300E2UGIBHWE12262
        
        55303A105
        
          
          
        
        233607.00000000
        NS
        USD
        7141365.99000000
        0.688055659449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sarepta Therapeutics Inc
        549300IKDPIED8J8IG21
        
        803607100
        
          
          
        
        19231.00000000
        NS
        USD
        2708878.66000000
        0.260994786625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microchip Technology Inc
        5493007PTFULNYZJ1R12
        
        595017104
        
          
          
        
        65890.00000000
        NS
        USD
        8854957.10000000
        0.853156574717
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva Inc
        549300WZN9I2QKLS0O94
        
        22052L104
        
          
          
        
        463646.00000000
        NS
        USD
        17766914.72000000
        1.711805030180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Republic Bank/CA
        YWC0TIKBQM2JV8L4IV08
        
        33616C100
        
          
          
        
        44448.00000000
        NS
        USD
        5758682.88000000
        0.554837037074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Brands Inc
        5493005GKEG8QCVY7037
        
        21036P108
        
          
          
        
        57190.00000000
        NS
        USD
        11771989.60000000
        1.134206547962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        
        125896100
        
          
          
        
        176043.00000000
        NS
        USD
        10833686.22000000
        1.043802982063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        
        115236101
        
          
          
        
        139814.00000000
        NS
        USD
        6295824.42000000
        0.606589499704
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        
        16411R208
        
          
          
        
        247679.00000000
        NS
        USD
        14040922.51000000
        1.352813482801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS FINANCIAL SQUARE GOVT FUND
        549300BRJMXN4GUWZ402
        
        000000000
        
          
          
        
        1440050.31000000
        NS
        USD
        1440050.31000000
        0.138745831970
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Catalent Inc
        N/A
        
        148806102
        
          
          
        
        139989.00000000
        NS
        USD
        13458542.46000000
        1.296702384460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        
        058498106
        
          
          
        
        161892.00000000
        NS
        USD
        15543250.92000000
        1.497559679299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essex Property Trust Inc
        549300TR2H2VEFX0NC60
        
        297178105
        
          
          
        
        28419.00000000
        NS
        USD
        6987663.72000000
        0.673246767579
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        
        000000000
        
          
          
        
        63002.00000000
        NS
        USD
        9980776.84000000
        0.961626949252
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Cummins Inc
        ZUNI8PYC725B6H8JU438
        
        231021106
        
          
          
        
        61341.00000000
        NS
        USD
        14180198.97000000
        1.366232478083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graco Inc
        4T5VJ4S81BRT6Q7GGT78
        
        384109104
        
          
          
        
        185926.00000000
        NS
        USD
        12594627.24000000
        1.213465962011
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line Inc
        5299009TWK32WE417T96
        
        679580100
        
          
          
        
        71942.00000000
        NS
        USD
        14630125.12000000
        1.409581920512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        
        74340W103
        
          
          
        
        63448.00000000
        NS
        USD
        6347972.40000000
        0.611613848381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        
        925550105
        
          
          
        
        788788.00000000
        NS
        USD
        10684133.46000000
        1.029393886793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Airlines Holdings Inc
        98450079DA0B78DD6764
        
        910047109
        
          
          
        
        370688.00000000
        NS
        USD
        16699494.40000000
        1.608961317477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reinsurance Group of America I
        LORM1GNEU1DKEW527V90
        
        759351604
        
          
          
        
        57875.00000000
        NS
        USD
        6671830.00000000
        0.642816849999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Burlington Stores Inc
        5299003Z37DVGKKC1W09
        
        122017106
        
          
          
        
        30443.00000000
        NS
        USD
        6653013.22000000
        0.641003892647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
          
        
        56787.00000000
        NS
        USD
        9460146.33000000
        0.911465289790
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Hotels & Resorts Inc
        549300FE3MQ4RVXXC673
        
        98311A105
        
          
          
        
        177493.00000000
        NS
        USD
        10205847.50000000
        0.983312036056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Akamai Technologies Inc
        OC1LZNN2LF5WTJ5RIL89
        
        00971T101
        
          
          
        
        48058.00000000
        NS
        USD
        4974483.58000000
        0.479281076596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McCormick & Co Inc/MD
        549300JQQA6MQ4OJP259
        
        579780206
        
          
          
        
        38964.00000000
        NS
        USD
        7285488.72000000
        0.701941582698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitation Homes Inc
        N/A
        
        46187W107
        
          
          
        
        244587.00000000
        NS
        USD
        6990296.46000000
        0.673500426566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        55371.00000000
        NS
        USD
        7058695.08000000
        0.680090490379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        East West Bancorp Inc
        N/A
        
        27579R104
        
          
          
        
        181521.00000000
        NS
        USD
        7754577.12000000
        0.747137267789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Change Healthcare Inc
        549300GS1BPJEDOZHM07
        
        15912K100
        
          
          
        
        573650.00000000
        NS
        USD
        9826624.50000000
        0.946774694081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trane Technologies PLC
        549300BURLR9SLYY2705
        
        000000000
        
          
          
        
        58085.00000000
        NS
        USD
        8494350.40000000
        0.818412874266
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TransDigm Group Inc
        N/A
        
        893641100
        
          
          
        
        12782.00000000
        NS
        USD
        7403206.58000000
        0.713283452013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nomad Foods Ltd
        5493000ZZ1837DS2SI43
        
        000000000
        
          
          
        
        418781.00000000
        NS
        USD
        10113561.15000000
        0.974420439476
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties In
        529900PEQG66LENB6798
        
        29472R108
        
          
          
        
        125189.00000000
        NS
        USD
        7334823.51000000
        0.706694886410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners In
        54930098EZ8JMSAZGS24
        
        72346Q104
        
          
          
        
        195918.00000000
        NS
        USD
        10610918.88000000
        1.022339815318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Expedia Group Inc
        N/A
        
        30212P303
        
          
          
        
        105103.00000000
        NS
        USD
        13084272.47000000
        1.260642254627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atmos Energy Corp
        QVLWEGTD2S8GJMO8D383
        
        049560105
        
          
          
        
        94126.00000000
        NS
        USD
        9025742.14000000
        0.869611355705
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
          
        
        58192.00000000
        NS
        USD
        9527776.16000000
        0.917981282296
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        
        30040W108
        
          
          
        
        102327.00000000
        NS
        USD
        8954635.77000000
        0.862760405849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of New York Mellon Corp/T
        WFLLPEPC7FZXENRZV188
        
        064058100
        
          
          
        
        199787.00000000
        NS
        USD
        7815667.44000000
        0.753023192200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
          
        
        56182.00000000
        NS
        USD
        5108629.26000000
        0.492205731969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Welltower Inc
        T6IZ0MBEG5ACZDTR7D06
        
        95040Q104
        
          
          
        
        203477.00000000
        NS
        USD
        12814981.46000000
        1.234696629697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        
        030420103
        
          
          
        
        73062.00000000
        NS
        USD
        11206249.56000000
        1.079698679741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arthur J Gallagher & Co
        54930049QLLMPART6V29
        
        363576109
        
          
          
        
        71436.00000000
        NS
        USD
        8244428.76000000
        0.794333447576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ITT Inc
        549300KDSERHTJOXUS80
        
        45073V108
        
          
          
        
        240435.00000000
        NS
        USD
        17462794.05000000
        1.682503640440
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agios Pharmaceuticals Inc
        529900ONJHY8EOGYT555
        
        00847X104
        
          
          
        
        77536.00000000
        NS
        USD
        3591467.52000000
        0.346030375186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T Rowe Price Group Inc
        549300SIV6FPS9Y7IH33
        
        74144T108
        
          
          
        
        31804.00000000
        NS
        USD
        4561011.64000000
        0.439443920968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        
        98389B100
        
          
          
        
        163240.00000000
        NS
        USD
        10995846.40000000
        1.059426775850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        
        620076307
        
          
          
        
        49785.00000000
        NS
        USD
        8539621.05000000
        0.822774606599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty Sir
        N/A
        
        531229409
        
          
          
        
        224961.00000000
        NS
        USD
        9209903.34000000
        0.887354901700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discover Financial Services
        Z1YLO2USPORE63VVUL20
        
        254709108
        
          
          
        
        227624.00000000
        NS
        USD
        17338120.08000000
        1.670491564492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Broadband Corp
        549300MIX43II8JLN536
        
        530307305
        
          
          
        
        55159.00000000
        NS
        USD
        8679268.65000000
        0.836229360443
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
          
        
        153608.00000000
        NS
        USD
        5749547.44000000
        0.553956856559
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEX Inc
        T9M5IGROL1TL1G5OV478
        
        96208T104
        
          
          
        
        44377.00000000
        NS
        USD
        7687871.48000000
        0.740710319053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennar Corp
        529900G61XVRLX5TJX09
        
        526057104
        
          
          
        
        129138.00000000
        NS
        USD
        9796408.68000000
        0.943863463094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wynn Resorts Ltd
        254900CEKKWIHTEAB172
        
        983134107
        
          
          
        
        110139.00000000
        NS
        USD
        11068969.50000000
        1.066472033418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Corp
        UASVRYNXNK17ULIGK870
        
        42809H107
        
          
          
        
        156268.00000000
        NS
        USD
        7372724.24000000
        0.710346542383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Voya Financial Inc
        549300T065Z4KJ686G75
        
        929089100
        
          
          
        
        95611.00000000
        NS
        USD
        5510061.93000000
        0.530882929142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty For
        N/A
        
        531229854
        
          
          
        
        249043.00000000
        NS
        USD
        10405016.54000000
        1.002501556009
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Centene Corp
        549300Z7JJ4TQSQGT333
        
        15135B101
        
          
          
        
        83289.00000000
        NS
        USD
        5134766.85000000
        0.494724034035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        144959.00000000
        NS
        USD
        21616286.08000000
        2.082683900312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        
        78486Q101
        
          
          
        
        45652.00000000
        NS
        USD
        15743548.72000000
        1.516857952914
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Realty Corp
        N/A
        
        264411505
        
          
          
        
        116654.00000000
        NS
        USD
        4439851.24000000
        0.427770370132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        
        133131102
        
          
          
        
        71252.00000000
        NS
        USD
        7041835.16000000
        0.678466072391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyrusOne Inc
        5493006S177ZK2ZNBU43
        
        23283R100
        
          
          
        
        64748.00000000
        NS
        USD
        4526532.68000000
        0.436121945369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortive Corp
        549300MU9YQJYHDQEF63
        
        34959J108
        
          
          
        
        206510.00000000
        NS
        USD
        14482546.30000000
        1.395363010228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brunswick Corp/DE
        YM4O38W15AX4YLLQKU27
        
        117043109
        
          
          
        
        144771.00000000
        NS
        USD
        10805707.44000000
        1.041107285196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        
        436440101
        
          
          
        
        97305.00000000
        NS
        USD
        6726694.65000000
        0.648102944142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMETEK Inc
        549300WZDEF9KKE40E98
        
        031100100
        
          
          
        
        175497.00000000
        NS
        USD
        20801659.41000000
        2.004196326448
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Service Enterprise Grou
        PUSS41EMO3E6XXNV3U28
        
        744573106
        
          
          
        
        154555.00000000
        NS
        USD
        9007465.40000000
        0.867850430077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Performance Food Group Co
        549300EUK8GR9IT1YK57
        
        71377A103
        
          
          
        
        136821.00000000
        NS
        USD
        5935294.98000000
        0.571853243092
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        
        444097109
        
          
          
        
        169275.00000000
        NS
        USD
        4401150.00000000
        0.424041586697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        
        023608102
        
          
          
        
        159071.00000000
        NS
        USD
        12372542.38000000
        1.192068550786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        
        48203R104
        
          
          
        
        280857.00000000
        NS
        USD
        6114256.89000000
        0.589095848382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Group Ltd
        8DF36O58U3QIHUCGZB18
        
        000000000
        
          
          
        
        423340.00000000
        NS
        USD
        19596408.60000000
        1.888072934644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group Inc/O
        549300AFOM7IVKIU1G39
        
        025932104
        
          
          
        
        104720.00000000
        NS
        USD
        9363015.20000000
        0.902106908802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        100934.00000000
        NS
        USD
        11757801.66000000
        1.132839569652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co
        529900PP0C7H2HHPSJ32
        
        311900104
        
          
          
        
        195816.00000000
        NS
        USD
        9683101.20000000
        0.932946524657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Cos Inc/The
        QJKMVPIGLH7530PCUE20
        
        216648402
        
          
          
        
        29347.00000000
        NS
        USD
        9837701.34000000
        0.947841924421
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        
        000000000
        
          
          
        
        131141.00000000
        NS
        USD
        15566436.70000000
        1.499793580652
        Long
        EC
        CORP
        IE
        
        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)

 

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

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.