Goldman Sachs Trust



Shares		Description	Value
	Common Stocks – 37.2%
	Aerospace & Defense – 0.3%
	49,730	United Technologies Corp.	$ 5,896,486

	Air Freight & Logistics – 0.4%
	70,680	United Parcel Service, Inc. Class B	7,795,297

	Banks – 5.6%
	495,817	BB&T Corp.	23,462,061
	228,453	JPMorgan Chase & Co.	20,971,986
	154,268	M&T Bank Corp.	25,168,824
	242,822	SunTrust Banks, Inc.	13,911,272
	702,431	Wells Fargo & Co.	37,889,128

			121,403,271

	Beverages – 0.4%
	73,774	Anheuser-Busch InBev SA ADR	8,901,571

	Biotechnology – 0.5%
	155,331	Gilead Sciences, Inc.	11,819,136

	Capital Markets – 0.4%
	360,493	AllianceBernstein Holding LP	8,922,202

	Chemicals – 0.8%
	50,723	E.I. du Pont de Nemours & Co.	4,169,938
	98,962	Praxair, Inc.	12,880,894

			17,050,832

	Communications Equipment – 1.0%
	541,327	Cisco Systems, Inc.	17,024,734
	829,034	Nokia Oyj ADR	5,297,527

			22,322,261

	Construction & Engineering^(a) – 0.6%
	544,333	Vinci SA ADR	12,187,616

	Consumer Finance – 0.3%
	76,133	American Express Co.	6,488,816

	Diversified Telecommunication Services – 1.0%
	106,259	AT&T, Inc.	4,144,101
	317,143	CenturyLink, Inc.^(a)	7,379,918
	227,299	Verizon Communications, Inc.	11,001,271

			22,525,290

	Electric Utilities – 2.9%
	291,442	Duke Energy Corp.	24,807,543
	562,959	FirstEnergy Corp.	17,964,022
	331,048	Fortis, Inc.	12,070,010
	122,114	PG&E Corp.	8,265,896

			63,107,471

	Electrical Equipment – 0.9%
	112,608	Eaton Corp. PLC	8,811,576



Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – (continued)
	176,400	Emerson Electric Co.	$ 10,515,204

			19,326,780

	Energy Equipment & Services – 0.5%
	150,131	Schlumberger Ltd.	10,298,987

	Equity Real Estate Investment Trusts (REITs) – 2.5%
	40,235	AvalonBay Communities, Inc.	7,739,202
	99,142	Crown Castle International Corp.	9,971,703
	1,389,331	DDR Corp.	14,157,283
	32,283	Federal Realty Investment Trust	4,281,694
	159,985	HCP, Inc.	5,063,525
	147,842	Klepierre	6,016,784
	65,310	Mid-America Apartment Communities, Inc.	6,761,544

			53,991,735

	Food & Staples Retailing – 0.5%
	123,226	CVS Health Corp.	9,849,454

	Food Products – 0.2%
	92,189	Campbell Soup Co.	4,870,345

	Health Care Equipment & Supplies – 1.1%
	402,478	Abbott Laboratories	19,793,868
	49,752	Medtronic PLC	4,177,676

			23,971,544

	Health Care Providers & Services – 0.4%
	57,154	Aetna, Inc.	8,819,434

	Hotels, Restaurants & Leisure – 0.3%
	36,830	McDonald’s Corp.	5,713,806

	Household Products – 1.0%
	59,631	Kimberly-Clark Corp.	7,344,154
	147,479	The Procter & Gamble Co.	13,394,043

			20,738,197

	Industrial Conglomerates – 0.9%
	773,600	General Electric Co.	19,811,896

	Insurance – 1.2%
	100,402	American International Group, Inc.	6,571,311
	341,530	MetLife, Inc.	18,784,150

			25,355,461

	Media – 0.8%
	246,824	Comcast Corp. Class A	9,984,031
	230,566	Viacom, Inc. Class B	8,051,365

			18,035,396

	Oil, Gas & Consumable Fuels – 4.7%
	260,072	Blue Ridge Mountain Resources, Inc.^(b)(c)	2,288,634
	350,464	BP PLC ADR	12,315,305



Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	141,705	Chevron Corp.	$ 15,472,769
	105,452	ConocoPhillips	4,784,357
	302,997	Energy Transfer Partners LP	6,269,008
	306,565	Exxon Mobil Corp.	24,537,463
	187,165	Plains All American Pipeline LP	4,935,541
	333,634	Royal Dutch Shell PLC ADR Class A	18,860,330
	400,625	The Williams Cos., Inc.	12,731,862

			102,195,269

	Personal Products – 0.6%
	220,118	Unilever NV	12,804,264

	Pharmaceuticals – 3.2%
	201,384	Bristol-Myers Squibb Co.	11,458,750
	93,652	Johnson & Johnson	12,429,493
	167,499	Merck & Co., Inc.	10,699,836
	1,074,382	Pfizer, Inc.	35,626,507

			70,214,586

	Road & Rail – 0.3%
	58,366	Union Pacific Corp.	6,009,363

	Semiconductors & Semiconductor Equipment – 0.8%
	53,510	Analog Devices, Inc.	4,227,825
	84,863	Maxim Integrated Products, Inc.	3,856,175
	119,695	Taiwan Semiconductor Manufacturing Co. Ltd. ADR	4,304,232
	74,395	Texas Instruments, Inc.	6,054,265

			18,442,497

	Software – 1.1%
	121,519	Microsoft Corp.	8,834,431
	282,973	Oracle Corp.	14,128,842

			22,963,273

	Technology Hardware, Storage & Peripherals – 0.2%
	22,402	Apple, Inc.	3,331,849

	Tobacco – 0.5%
	67,973	British American Tobacco PLC ADR	4,249,697
	377,230	Japan Tobacco, Inc. ADR^(a)	6,541,168

			10,790,865

	Transportation Infrastructure – 0.6%
	924,582	Atlantia SpA ADR	14,062,892

	Wireless Telecommunication Services – 0.7%
	520,120	Vodafone Group PLC ADR	15,437,162

	TOTAL COMMON STOCKS (Cost $726,008,987)		$ 805,455,304



Shares		Rate	Value
	Preferred Stocks – 2.2%
	Banks – 0.2%
	Wells Fargo & Co.
	3,000	7.500%	$ 3,982,500

	Consumer Finance^(d)(e) – 0.3%
	Morgan Stanley
	183,597	6.375	5,289,430

	Diversified Telecommunication Services^(e) – 0.3%
	Qwest Corp.^(a)
	43,276	6.500	1,090,988
	Verizon Communications, Inc.
	205,549	5.900	5,494,325

			6,585,313

	Electric Utilities^(d)(e) – 0.5%
	SCE Trust III
	377,865	5.750	10,901,405

	Equity Real Estate Investment Trusts (REITs) – 0.5%
	American Tower Corp.
	50,994	5.500	6,103,982
	Public Storage^(e)
	213,486	5.750	5,390,521

			11,494,503

	Insurance^(d)(e) – 0.1%
	Delphi Financial Group, Inc.
	143,849	4.372	2,733,131

	Pharmaceuticals – 0.3%
	Allergan PLC
	6,239	5.500	5,577,728

	TOTAL PREFERRED STOCKS — 2.2% (Cost $42,714,007)		$ 46,564,010



Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 47.7%
Airlines^(f) – 0.1%
Air Canada Pass Through Trust Series 2013-1, Class B
$	2,193,333		5.375	%	11/15/22	$ 2,313,265

Automotive^(e) – 0.9%
General Motors Co.
	4,625,000		6.750		04/01/46	5,528,989
IHO Verwaltungs GmbH^(f)(g)
	14,000,000		4.500		09/15/23	14,297,500

						19,826,489

Banks – 4.1%
Ally Financial, Inc.
	5,000,000		8.000		11/01/31	6,200,000
Bank of America Corp.^(d)(e)
	6,275,000		6.100		12/29/49	6,918,187
Barclays PLC^(d)(e)
	3,000,000		6.625		06/29/49	3,101,250


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.^(d)(e)
$	7,000,000		6.250	%	12/29/49	$ 7,848,750
CoBank ACB^(d)(e)
	5,350,000		6.250		12/29/49	5,945,032
Credit Agricole SA^(d)(e)(f)
	2,500,000		6.625		09/29/49	2,625,000
Credit Suisse Group AG^(d)(e)(f)
	4,025,000		7.500		12/29/49	4,578,438
ING Groep NV^(d)(e)
	4,275,000		6.000		12/29/49	4,424,625
	6,650,000		6.500		12/29/49	7,182,000
Intesa Sanpaolo SpA^(f)
	10,000,000		5.017		06/26/24	10,200,000
JPMorgan Chase & Co.^(d)(e)
	9,000,000		6.125		12/29/49	9,918,720
Lloyds Banking Group PLC^(d)(e)
GBP	3,491,000		7.000		12/29/49	4,880,362
Royal Bank of Scotland Group PLC
$	2,975,000		6.000		12/19/23	3,310,268
UBS Group AG^(d)(e)
	10,000,000		6.875		12/29/49	10,963,200

						88,095,832

Brokerage^(e)(f) – 0.4%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
	4,000,000		5.250		03/15/22	4,135,000
	2,500,000		5.875		08/01/21	2,556,250
Rialto Holdings LLC/Rialto Corp.
	3,000,000		7.000		12/01/18	3,037,500

						9,728,750

Building Materials^(e)(f) – 0.6%
BMC East LLC
	3,000,000		5.500		10/01/24	3,150,000
Builders FirstSource, Inc.
	4,000,000		5.625		09/01/24	4,200,000
Masonite International Corp.
	5,000,000		5.625		03/15/23	5,250,000

						12,600,000

Chemicals^(e) – 0.8%
Ashland LLC
	5,435,000		6.875		05/15/43	5,924,150
NOVA Chemicals Corp.^(f)
	4,350,000		5.250		06/01/27	4,371,750
	2,000,000		4.875		06/01/24	2,017,500
PQ Corp.^(f)
	3,400,000		6.750		11/15/22	3,672,000
Valvoline, Inc.^(f)
	1,950,000		5.500		07/15/24	2,067,000
						18,052,400

Construction Machinery^(e) – 0.1%
Welbilt, Inc.
	2,650,000		9.500		02/15/24	3,074,000

Consumer Cyclical Services - Business^(e) – 1.9%
DuPont Fabros Technology LP
	6,000,000		5.875		09/15/21	6,210,000


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Cyclical Services - Business^(e) – (continued)
Equinix, Inc.
$	3,000,000		5.375	%	04/01/23	$ 3,123,750
	8,000,000		5.750		01/01/25	8,600,000
	5,210,000		5.375		05/15/27	5,626,800
First Data Corp.^(f)
	7,000,000		5.750		01/15/24	7,376,250
WEX, Inc.^(f)
	10,001,000		4.750		02/01/23	10,088,509

						41,025,309

Consumer Products^(e) – 0.4%
Spectrum Brands, Inc.
	8,835,000		6.625		11/15/22	9,232,575

Electric^(e) – 1.0%
Dynegy, Inc.
	6,020,000		6.750		11/01/19	6,253,275
	3,000,000		7.375		11/01/22	3,022,500
EDP - Energias de Portugal SA^(d)
EUR	3,100,000		5.375		09/16/75	4,054,742
Electricite de France SA^(d)
$	2,500,000		5.250	^(f)	01/29/49	2,584,375
EUR	3,000,000		5.000		01/22/49	3,849,328
NRG Energy, Inc.
$	996,000		7.875		05/15/21	1,025,880
Puget Sound Energy, Inc.^(d)
	550,000		6.974		06/01/67	528,000

						21,318,100

Energy – 2.6%
AmeriGas Partners LP/AmeriGas Finance Corp.^(e)
	4,000,000		5.875		08/20/26	4,090,000
Antero Resources Corp.^(e)
	6,000,000		5.125		12/01/22	6,075,000
	3,000,000		5.625		06/01/23	3,105,000
Apache Corp.^(e)
	2,575,000		4.250		01/15/44	2,436,869
	2,525,000		4.750		04/15/43	2,568,321
Carrizo Oil & Gas, Inc.^(e)
	5,000,000		7.500		09/15/20	5,075,000
Chesapeake Energy Corp.^(f)
	3,000,000		8.000	^(e)	01/15/25	3,022,500
	2,000,000		5.500		09/15/26	1,890,000
Halcon Resources Corp.^(e)(f)
	4,500,000		6.750		02/15/25	4,601,250
Laredo Petroleum, Inc.^(e)
	4,000,000		5.625		01/15/22	4,040,000
MEG Energy Corp.^(e)(f)
	3,000,000		6.375		01/30/23	2,512,500
Nexen Energy ULC
	50,000		7.500		07/30/39	71,625
	5,000		6.400		05/15/37	6,319
Noble Holding International Ltd.^(e)
	7,000,000		7.750		01/15/24	5,538,750
Range Resources Corp.^(e)(f)
	5,250,000		5.875		07/01/22	5,407,500
Weatherford International Ltd.
	5,000,000		6.500		08/01/36	4,400,000
	1,000,000		5.875		07/01/21	1,061,250


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Whiting Petroleum Corp.
$	1,000,000		1.250	%	04/01/20	$ 863,125

						56,765,009

Financial Co. - Non Captive – 2.0%
CURO Financial Technologies Corp.^(e)(f)
	5,950,000		12.000		03/01/22	6,292,125
HRG Group, Inc.^(e)
	8,075,000		7.875		07/15/19	8,246,594
Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(e)
	5,000,000		6.250		02/01/22	5,200,000
Nationstar Mortgage LLC/Nationstar Capital Corp.^(e)
	6,000,000		6.500		07/01/21	6,135,000
	3,000,000		6.500		08/01/18	3,003,750
Navient Corp.
	4,000,000		5.875		03/25/21	4,228,736
	3,000,000		5.500		01/15/19	3,117,183
	3,000,000		5.500		01/25/23	3,069,954
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^(e)(f)
	4,000,000		4.500		03/15/27	4,189,088

						43,482,430

Food & Beverage – 1.6%
Anheuser-Busch InBev Finance, Inc.^(e)
	5,000,000		4.900		02/01/46	5,615,345
Cott Beverages, Inc.^(e)
	10,000,000		5.375		07/01/22	10,412,500
Pernod-Ricard SA^(f)
	4,000,000		5.500		01/15/42	4,739,760
Post Holdings, Inc.^(e)(f)
	8,000,000		5.500		03/01/25	8,410,000
Sysco Corp.^(e)
	5,000,000		4.850		10/01/45	5,540,565

						34,718,170

Gaming – 0.5%
MGM Resorts International
	9,750,000		6.750		10/01/20	10,822,500

Health Care – 3.4%
CHS/Community Health Systems, Inc.^(e)
	6,000,000		6.875		02/01/22	5,145,000
DaVita, Inc.^(e)
	10,000,000		5.000		05/01/25	10,150,000
HCA, Inc.
	10,000,000		4.750		05/01/23	10,525,000
	15,000,000		5.000		03/15/24	15,922,500
	10,000,000		5.875	^(e)	02/15/26	10,900,000
MPT Operating Partnership LP/MPT Finance Corp.^(e)
	6,000,000		6.375		03/01/24	6,540,000
Tenet Healthcare Corp.
	6,950,000		5.125	^(e)(f)	05/01/25	6,984,750
	3,000,000		8.125		04/01/22	3,217,500
	3,095,000		7.500	^(e)(f)	01/01/22	3,350,338

						72,735,088

Health Care - Medical Products^(e) – 0.3%
Becton Dickinson & Co.
	6,575,000		3.700		06/06/27	6,668,003


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Health Care - Pharmaceuticals^(e) – 1.4%
Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(f)
$	4,000,000		6.000	%	07/15/23	$ 3,470,000
	5,000,000		6.000		02/01/25	4,225,000
Mylan NV
	10,000,000		3.950		06/15/26	10,199,590
Valeant Pharmaceuticals International, Inc.^(f)
	8,000,000		6.375		10/15/20	7,780,000
	1,950,000		6.500		03/15/22	2,057,250
	2,400,000		7.000		03/15/24	2,556,000

						30,287,840

Health Care - Services^(e) – 0.2%
Centene Corp.
	3,000,000		6.125		02/15/24	3,262,500

Home Construction – 0.3%
CBRE Services, Inc.^(e)
	4,000,000		5.250		03/15/25	4,399,192
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
	3,000,000		4.375		06/15/19	3,082,500

						7,481,692

Media - Cable – 5.3%
Altice Financing SA^(e)(f)
	4,425,000		6.625		02/15/23	4,690,500
Altice Finco SA^(e)(f)
	2,000,000		8.125		01/15/24	2,170,000
Altice US Finance I Corp.^(e)(f)
	5,450,000		5.500		05/15/26	5,756,562
CCO Holdings LLC/CCO Holdings Capital Corp.^(e)
	7,000,000		5.375		05/01/25	7,428,750
	4,000,000		5.875	^(f)	05/01/27	4,295,000
	6,020,000		5.750	^(f)	02/15/26	6,456,450
Charter Communications Operating LLC/Charter Communications Operating Capital^(e)
	3,000,000		6.384		10/23/35	3,509,784
	13,000,000		6.484		10/23/45	15,324,452
Comcast Corp.^(e)
	3,000,000		4.600		08/15/45	3,275,100
DISH DBS Corp.
	8,680,000		5.875		11/15/24	9,406,950
	1,500,000		7.750		07/01/26	1,796,250
SFR Group SA^(e)(f)
	17,000,000		6.000		05/15/22	17,722,500
UPCB Finance IV Ltd.^(e)(f)
	10,000,000		5.375		01/15/25	10,412,500
Videotron Ltd.^(e)(f)
	13,000,000		5.375		06/15/24	13,845,000
Virgin Media Secured Finance PLC^(e)
GBP	4,000,000		4.875		01/15/27	5,503,114
Ziggo Bond Finance BV^(e)(f)
$	3,000,000		5.875		01/15/25	3,090,000

						114,682,912

Media - Non Cable – 3.7%
21st Century Fox America, Inc.
	5,025,000		6.150		02/15/41	6,363,635


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Non Cable – (continued)
Clear Channel Worldwide Holdings, Inc.^(e)
$	4,000,000		6.500	%	11/15/22	$ 4,120,000
Gray Television, Inc.^(e)(f)
	3,000,000		5.125		10/15/24	3,060,000
iHeartCommunications, Inc.^(e)
	4,000,000		11.250		03/01/21	3,050,000
Nielsen Finance LLC/Nielsen Finance Co.^(e)(f)
	8,000,000		5.000		04/15/22	8,230,000
SBA Communications Corp.^(e)
	15,016,000		4.875		07/15/22	15,541,560
	6,000,000		4.875		09/01/24	6,210,000
Sirius XM Radio, Inc.^(e)(f)
	15,000,000		6.000		07/15/24	16,162,500
Univision Communications, Inc.^(e)(f)
	12,000,000		5.125		05/15/23	12,225,000
WMG Acquisition Corp.^(e)(f)
	4,251,000		5.625		04/15/22	4,431,667

						79,394,362

Metals & Mining – 0.6%
ArcelorMittal
	2,000,000		7.500		10/15/39	2,347,500
First Quantum Minerals Ltd.^(e)(f)
	4,000,000		7.250		04/01/23	4,120,000
	1,500,000		7.500		04/01/25	1,539,750
Glencore Finance Canada Ltd.^(f)
	5,000,000		5.550		10/25/42	5,410,250

						13,417,500

Mining^(e)(f) – 0.4%
Cliffs Natural Resources, Inc.
	9,200,000		5.750		03/01/25	8,970,000

Packaging^(e)(f) – 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	3,834,000		7.250		05/15/24	4,236,570
	5,400,000		6.000		02/15/25	5,764,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
	2,250,000		5.125		07/15/23	2,359,688

						12,360,758

Pipelines – 2.3%
DCP Midstream Operating LP^(f)
	5,000,000		6.750		09/15/37	5,412,500
Energy Transfer Partners LP
	235,000		6.625		10/15/36	269,040
Enterprise Products Operating LLC^(d)(e)
	3,000,000		4.877		08/01/66	3,012,000
	1,000,000		3.979		06/01/67	966,250
Genesis Energy LP/Genesis Energy Finance Corp.^(e)
	5,200,000		6.000		05/15/23	5,161,000
Kinder Morgan Energy Partners LP
	8,000,000		7.300		08/15/33	9,740,440
NGPL PipeCo LLC^(e)(f)
	1,315,000		4.375		08/15/22	1,351,163
Plains All American Pipeline LP/PAA Finance Corp.^(e)
	5,250,000		3.600		11/01/24	5,147,026
Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(e)(f)
	5,000,000		5.125		02/01/25	5,143,750


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
The Williams Cos., Inc.
$	9,000,000		7.500	%	01/15/31	$ 10,692,495
Williams Partners LP
	2,345,000		6.300		04/15/40	2,747,756

						49,643,420

Property/Casualty Insurance – 0.0%
Transatlantic Holdings, Inc.
	75,000		8.000		11/30/39	102,362

Real Estate^(e) – 0.2%
VEREIT Operating Partnership LP
	4,000,000		4.125		06/01/21	4,171,424

Retailers – 0.8%
Amazon.com, Inc.^(e)
	5,000,000		4.950		12/05/44	5,865,115
JC Penney Corp., Inc.^(h)
	6,000,000		7.400		04/01/37	4,770,000
L Brands, Inc.
	3,000,000		6.875		11/01/35	2,880,000
Restoration Hardware Holdings, Inc.^(f)(i)
	3,000,000		0.000		06/15/19	2,666,250
The Neiman Marcus Group, Inc.
	1,500,000		7.125		06/01/28	1,027,500

						17,208,865

Retailers - Food & Drug^(e) – 0.4%
CVS Health Corp.
	3,000,000		5.125		07/20/45	3,442,710
Rite Aid Corp.
	6,000,000		6.750		06/15/21	6,202,500

						9,645,210

Technology^(e) – 1.2%
Broadcom Corp./Broadcom Cayman Finance Ltd.^(f)
	7,050,000		3.875		01/15/27	7,235,944
Hewlett Packard Enterprise Co.
	3,000,000		6.200		10/15/35	3,256,272
Seagate HDD Cayman
	5,000,000		5.750		12/01/34	4,623,310
Symantec Corp.^(f)
	6,000,000		5.000		04/15/25	6,283,050
VeriSign, Inc.
	4,000,000		5.250		04/01/25	4,265,000

						25,663,576

Technology - Hardware – 1.5%
Alcatel-Lucent USA, Inc.
	3,000,000		6.450		03/15/29	3,438,750
Dell International LLC/EMC Corp.^(e)(f)
	4,000,000		8.100		07/15/36	5,043,616
Micron Technology, Inc.^(e)
	5,400,000		7.500		09/15/23	6,023,106
NCR Corp.^(e)
	5,000,000		5.875		12/15/21	5,187,500
Nokia OYJ
	1,300,000		4.375		06/12/27	1,332,683


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology - Hardware – (continued)
Qorvo, Inc.^(e)
$	4,000,000		6.750	%	12/01/23	$ 4,385,000
Western Digital Corp.^(e)(f)
	6,000,000		7.375		04/01/23	6,585,000

						31,995,655

Technology - Software^(e) – 0.8%
BMC Software Finance, Inc.^(f)
	8,000,000		8.125		07/15/21	8,280,000
Infor US, Inc.
	5,000,000		6.500		05/15/22	5,200,000
Nuance Communications, Inc.^(f)
	3,000,000		5.625		12/15/26	3,195,000

						16,675,000

Tobacco^(e) – 0.6%
Reynolds American, Inc.
	10,000,000		5.850		08/15/45	12,150,330

Wireless Telecommunications – 4.6%
Digicel Group Ltd.^(e)(f)
	3,800,000		8.250		09/30/20	3,623,808
Intelsat Jackson Holdings SA^(e)
	7,000,000		7.250		10/15/20	6,720,000
	10,000,000		8.000	^(f)	02/15/24	10,862,500
SoftBank Group Corp.
	10,000,000		4.500	^(f)	04/15/20	10,300,000
	7,500,000		6.000	^(e)	07/30/25	8,118,750
Sprint Communications, Inc.
	2,000,000		6.000		11/15/22	2,115,000
Sprint Corp.
	16,000,000		7.875		09/15/23	18,120,000
	7,500,000		7.125		06/15/24	8,250,000
T-Mobile USA, Inc.^(e)
	7,000,000		6.625		04/01/23	7,402,500
	2,000,000		6.375		03/01/25	2,167,500
	10,550,000		6.500		01/15/26	11,750,063
	3,950,000		4.000		04/15/22	4,112,938
Wind Acquisition Finance SA^(e)(f)
	3,000,000		7.375		04/23/21	3,120,000
	2,425,000		4.750		07/15/20	2,452,281

						99,115,340

Wirelines Telecommunications – 2.1%
AT&T, Inc.^(e)
	6,300,000		4.750		05/15/46	6,049,695
Frontier Communications Corp.
	6,004,000		8.500		04/15/20	6,109,070
Telecom Italia Capital SA
	3,000,000		7.721		06/04/38	3,825,000
Telecom Italia SpA^(f)
	10,000,000		5.303		05/30/24	11,000,000
Telefonica Emisiones SAU
	6,000,000		4.103		03/08/27	6,276,666
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC^(e)(f)
	3,600,000		6.000		04/15/23	3,721,500
Verizon Communications, Inc.
	2,500,000		4.862		08/21/46	2,457,697
	2,500,000		4.672		03/15/55	2,297,050


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wirelines Telecommunications – (continued)
Windstream Services LLC^(e)
$	5,000,000		7.750	%	10/01/21	$ 4,462,500

						46,199,178

TOTAL CORPORATE OBLIGATIONS (Cost $980,333,777)						$1,032,885,844


Mortgage-Backed Obligations – 0.0%
Collateralized Mortgage Obligations – 0.0%
Adjustable Rate Non-Agency^(d) – 0.0%
Countrywide Alternative Loan Trust Series 2005-31, Class 2A1
$	115,390		1.816	%	08/25/35	$ 101,981
Countrywide Alternative Loan Trust Series 2005-38, Class A3
	109,763		1.916		09/25/35	99,737
JPMorgan Alternative Loan Trust Series 2005-A2, Class 1A1
	89,736		1.476		01/25/36	87,170
Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1
	326,568		1.406		07/25/47	272,502
Structured Adjustable Rate Mortgage Loan Trust Series 2004-06, Class 3A2
	95,875		3.351		06/25/34	96,065
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	44,714		3.416		08/25/33	44,802

						702,257

Interest Only^(j) – 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	672		5.250		07/25/33	7
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X^(d)
	9,125		0.000		07/25/33	—
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(d)
	9,404		0.000		08/25/33	—
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(d)
	29,255		0.123		08/25/33	165
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(d)
	4,390		0.320		07/25/33	81

						253

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $557,170)						$ 702,510


Asset-Backed Securities^(d) – 0.0%
Home Equity – 0.0%
Countrywide Home Equity Loan Trust Series 2004-N, Class 2A
$	32,144		1.439	%	02/15/34	$ 29,723

TOTAL ASSET-BACKED SECURITIES (Cost $32,167)						$ 29,723


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(k) – 7.5%
Aerospace – 0.3%
Transdigm, Inc.
$	5,528,786		4.234	%	02/28/20	$ 5,547,473
	1,944,862		4.296		06/04/21	1,952,641

						7,500,114

Chemicals – 0.2%
Axalta Coating Systems US Holdings Inc.
	3,531,219		3.296		06/01/24	3,544,814

Energy – 0.2%
American Energy - Marcellus LLC
	1,075,000		8.724		08/04/21	76,594
Magnum Hunter Resources, Inc.
	405,745		8.179		05/06/19	405,745
MEG Energy Corp.
	2,838,868		4.733		12/31/23	2,822,913

						3,305,252

Energy - Coal – 0.2%
Murray Energy Corp.
	3,415,925		8.250		04/16/20	3,317,717

Environmental – 0.3%
Advanced Disposal Services, Inc.
	2,256,224		3.944		11/10/23	2,273,507
EnergySolutions LLC
	4,522,387		6.990		05/29/20	4,567,611

						6,841,118

Financial Co. - Non Captive – 0.4%
Victory Capital Management, Inc.
	4,429,011		6.250		10/29/21	4,481,627
	4,429,011		8.796		10/31/21	4,481,628

						8,963,255

Food & Beverage – 0.4%
Shearer’s Foods, Inc.
	1,748,375		5.546		06/30/21	1,752,746
	1,974,619		5.234		06/30/21	1,972,981
	1,420,000		8.046		06/30/22	1,370,300
US Foods, Inc.
	4,169,291		3.990		06/27/23	4,198,518

						9,294,545

Health Care - Pharmaceuticals – 0.3%
Valeant Pharmaceuticals International, Inc.
	7,219,406		5.980		04/01/22	7,353,109

Health Care - Services – 0.5%
Sedgwick Claims Management Services, Inc.
	5,695,000		6.984		02/28/22	5,751,950


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(k) – (continued)
Health Care - Services – (continued)
U.S. Renal Care, Inc.
$	4,112,375		0.000	%	12/31/22	$ 4,033,541

						9,785,491

Home Construction – 0.1%
Builders FirstSource, Inc.
	3,217,323		4.296		02/29/24	3,224,852

Media - Broadcasting & Radio – 0.3%
Getty Images, Inc.
	7,952,845		4.796		10/18/19	7,392,170

Media - Cable – 0.1%
CSC Holdings LLC
	1,751,080		3.478		07/17/25	1,747,140

Metals & Mining – 0.1%
Hi Crush Partners LP
	1,319,318		5.046		04/28/21	1,275,622

Noncaptive - Financial – 0.2%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.
	5,425,000		3.978		03/20/22	5,420,769

Packaging – 0.1%
SIG Combibloc U.S. Acquisition, Inc.
	1,917,027		4.234		03/13/22	1,929,603

Restaurants – 0.2%
1011778 B.C. Unlimited Liability Co.
	3,311,192		3.397		02/16/24	3,309,404

Retailers – 0.6%
Neiman Marcus Group Ltd., Inc.
	9,277,452		4.474		10/25/20	6,844,718
PetSmart, Inc.
	6,181,091		4.230		03/11/22	5,838,226
True Religion Apparel, Inc.
	4,197,750		0.000		07/30/19	1,115,888

						13,798,832

Retailers - Food & Drug – 0.3%
BJ’s Wholesale Club, Inc.
	3,940,125		4.968		02/03/24	3,852,378
Rite Aid Corp.
	1,750,000		5.115		06/21/21	1,756,563

						5,608,941

Services Cyclical - Business Services – 0.7%
Equinix, Inc.
	4,087,952		3.734		01/06/23	4,103,282
First Data Corp.
	3,027,912		3.727		04/26/24	3,044,142
	4,306,101		3.477		07/08/22	4,317,642
Global Payments, Inc.
	901,504		3.234		04/22/23	904,244


Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans^(k) – (continued)
Services Cyclical - Business Services – (continued)
Sabre, Inc.
$	2,713,404		3.984	%	02/22/24	$ 2,733,754

						15,103,064

Technology - Software/Services – 1.9%
Ancestry.com Operations, Inc.
	5,247,000		4.480		10/19/23	5,287,979
Aspect Software, Inc.
	5,423,767		11.233		05/25/20	5,240,715
Avast Software BV
	2,194,102		4.546		09/29/23	2,212,905
BMC Software Finance, Inc.
	6,695,443		5.234		09/10/22	6,736,754
Infor (US), Inc.
	3,201,261		4.046		02/01/22	3,201,838
MA FinanceCo. LLC
	5,688,598		3.811		11/19/21	5,687,403
	580,402		3.979		06/21/24	580,582
Micron Technology, Inc.
	3,267,000		3.800		04/26/22	3,295,096
Renaissance Learning, Inc.
	147,048		8.296		04/11/22	146,558
Seattle Spinco, Inc.
	3,919,598		4.030		06/21/24	3,920,813
SS&C Technologies, Inc.
	4,736,718		3.484		07/08/22	4,762,629

						41,073,272

Wireless Telecommunications – 0.1%
Intelsat Jackson Holdings SA
	3,000,000		3.750		06/30/19	2,989,980

TOTAL BANK LOANS (Cost $168,544,758)						$ 162,779,064


U.S. Treasury Obligation^(l) – 2.4%
United States Treasury Note
$	53,230,000		1.375	%	09/30/20	$ 52,941,493
(Cost $53,554,473)



Shares		Distribution Rate	Value
	Investment Companies^(d)(m) – 2.3%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	45,545,321	0.895%	$ 45,545,321
	Goldman Sachs High Yield Fund – Institutional Shares
	495,591	0.030	3,285,767

	TOTAL INVESTMENT COMPANIES (Cost $49,114,145)		$ 48,831,088


Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 0.5%
Certificates of Deposit – 0.4%
Credit Suisse New York
$	2,500,000		1.690	%	09/28/17	$ 2,501,618
Commercial Paper⁽ⁱ⁾ – 0.1%
CBS Corp.
	2,100,000		0.000		09/28/17	2,094,910
VW Cr, Inc.⁽ⁱ⁾
	6,200,000		0.000		08/17/17	6,195,775

TOTAL SHORT-TERM INVESTMENTS (Cost $10,791,139)						$ 10,792,303

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,031,650,623)						$2,160,981,339



Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(d)(m) – 0.2%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	5,198,017	0.895%	$ 5,198,017
	(Cost $5,198,017)

	TOTAL INVESTMENTS — 100.0% (Cost $2,036,848,640)		$2,166,179,356


Principal Amount		Interest Rate			Maturity Date	Value
Reverse Repurchase Agreements – (1.2)%
Barclays Reverse Repurchase Agreement
$	(4,543,750)		1.750	%	06/03/18	$ (4,543,750)
	(1,585,000)		2.000		08/01/18	(1,585,000)
	(3,590,625)		0.750		06/20/19	(3,590,625)
	(3,590,625)		1.125		06/20/18	(3,590,625)
	(4,543,750)		1.500		06/02/18	(4,543,750)
	(3,590,625)		1.500		06/21/18	(3,590,625)
Citigroup Reverse Repurchase Agreement
	(5,325,000)		0.000		07/11/18	(5,325,000)

TOTAL REVERSE REPURCHASE AGREEMENTS (Cost $(26,769,375))						$ (26,769,375)

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%						248,095

NET ASSETS – 100.0%						$2,166,427,451



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		All or a portion of security is on loan.

(b)		Security is currently in default and/or non-income producing.


(c)		Restricted securities are not registered under the Securities Act of 1933and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $2,288,634 which represents approximately 0.1% of net assets as of July 31, 2017. See additional details below :


Restricted Security	Acquisition Date		Cost
Blue Ridge Mountain Resources, Inc.		05/06/16 - 08/18/16	$	2,595,080



(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $401,233,197, which represents approximately 18.5% of net assets as of July 31, 2017.

(g)		Pay-in-kind securities.

(h)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at July 31, 2017.

(i)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(j)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(k)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on July 31, 2017. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(l)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(m)		Represents Affiliated Funds.



Currency Abbreviations:
EUR		— Euro
GBP		— British Pound
USD		— United States Dollar

Investment Abbreviations:
ADR		— American Depositary Receipt
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2017, the Fund had the following forward foreign currency exchange contracts:

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

WRITTEN OPTIONS CONTRACTS — At July 31, 2017, the Fund had the following written options:

OPTIONS ON EQUITIES CONTRACTS — For the period ended July 31, 2017, the Fund had the following written equity options activity:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).



Shares		Description	Value
	Common Stocks – 98.1%
	Aerospace & Defense – 6.1%
	210,000	General Dynamics Corp.	$ 41,229,300
	255,000	Raytheon Co.	43,801,350
	340,000	United Technologies Corp.	40,313,800

			125,344,450

	Banks – 1.7%
	800,000	Bank of the Ozarks, Inc.	34,520,000

	Biotechnology – 2.5%
	305,000	Shire PLC ADR	51,099,700

	Capital Markets – 5.5%
	370,880	Ameriprise Financial, Inc.	53,733,094
	100,000	FactSet Research Systems, Inc.	16,722,000
	770,000	SEI Investments Co.	43,512,700

			113,967,794

	Chemicals – 6.5%
	150,000	Albemarle Corp.	17,370,000
	315,000	Ecolab, Inc.	41,476,050
	290,000	Monsanto Co.	33,877,800
	120,000	The Sherwin-Williams Co.	40,472,400

			133,196,250

	Communications Equipment – 2.1%
	385,000	Harris Corp.	44,070,950

	Energy Equipment & Services^(a) – 0.4%
	160,000	Helmerich & Payne, Inc.	8,099,200

	Equity Real Estate Investment Trusts (REITs) – 0.7%
	135,000	Digital Realty Trust, Inc.	15,570,900

	Food & Staples Retailing – 8.2%
	295,000	Casey’s General Stores, Inc.	31,491,250
	360,000	Costco Wholesale Corp.	57,063,600
	180,000	CVS Health Corp.	14,387,400
	825,000	Wal-Mart Stores, Inc.	65,991,750

			168,934,000

	Food Products – 1.7%
	1,000,000	Hormel Foods Corp.	34,170,000

	Health Care Equipment & Supplies – 3.3%
	260,000	Becton Dickinson & Co.	52,364,000
	197,150	STERIS PLC	16,136,728

			68,500,728

	Health Care Providers & Services – 1.6%
	420,000	Cardinal Health, Inc.	32,449,200

	Industrial Conglomerates – 2.0%
	180,000	Roper Technologies, Inc.	41,842,800

	Insurance – 2.1%
	235,000	Chubb Ltd.	34,418,100



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	100,000	The Hanover Insurance Group, Inc.	$ 9,486,000

			43,904,100

	Internet Software & Services – 2.3%
	1,175,000	Tencent Holdings Ltd. ADR	46,953,000

	IT Services – 2.3%
	405,000	Automatic Data Processing, Inc.	48,158,550

	Leisure Products^(a) – 2.0%
	470,000	Polaris Industries, Inc.	42,140,200

	Machinery – 3.6%
	345,000	Illinois Tool Works, Inc.	48,544,950
	160,000	Parker-Hannifin Corp.	26,556,800

			75,101,750

	Oil, Gas & Consumable Fuels – 22.9%
	485,000	Andeavor Logistics LP	25,283,050
	750,000	Antero Midstream Partners LP	26,017,500
	285,000	Buckeye Partners LP	18,066,150
	825,000	Canadian Natural Resources Ltd.	25,245,000
	210,000	Dominion Energy Midstream Partners LP	5,880,000
	1,025,000	Enable Midstream Partners LP	14,770,250
	100,000	Energy Transfer Equity LP	1,767,000
	1,600,000	Energy Transfer Partners LP	33,104,000
	890,000	EnLink Midstream Partners LP	14,711,700
	1,555,000	Enterprise Products Partners LP	42,296,000
	345,000	EQT Midstream Partners LP	26,816,850
	690,000	Genesis Energy LP	20,838,000
	350,000	Magellan Midstream Partners LP	24,416,000
	125,000	MPLX LP	4,543,750
	470,000	Occidental Petroleum Corp.	29,107,100
	635,000	Phillips 66 Partners LP	31,915,100
	525,000	Spectra Energy Partners LP	23,730,000
	850,000	Suncor Energy, Inc.	27,727,000
	493,800	Tallgrass Energy GP LP	12,814,110
	415,000	Tallgrass Energy Partners LP	21,214,800
	143,500	Valero Energy Partners LP	6,404,405
	225,000	Western Gas Equity Partners LP	9,510,750
	380,000	Western Gas Partners LP	19,733,400
	150,000	Williams Partners LP	6,214,500

			472,126,415

	Pharmaceuticals – 2.4%
	400,000	Novo Nordisk A/S ADR	16,960,000
	1,000,000	Roche Holding AG ADR	31,703,000

			48,663,000



Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.9%
	305,000	Canadian National Railway Co.	$ 24,101,100
	340,000	Union Pacific Corp.	35,006,400

			59,107,500

	Semiconductors & Semiconductor Equipment – 4.0%
	710,000	Texas Instruments, Inc.	57,779,800
	380,000	Xilinx, Inc.	24,038,800

			81,818,600

	Software – 3.9%
	1,100,000	Microsoft Corp.	79,970,000

	Specialty Retail – 4.5%
	100,000	Aaron’s, Inc.	4,628,000
	730,000	Ross Stores, Inc.	40,383,600
	675,000	The TJX Cos., Inc.	47,459,250

			92,470,850

	Textiles, Apparel & Luxury Goods – 2.9%
	1,000,000	NIKE, Inc. Class B	59,050,000

	TOTAL COMMON STOCKS (Cost $1,623,964,437)		$2,021,229,937

Principal
Amount

Interest
Rate

Maturity
Date

Value

Short-term Investment^(b) – 1.3%

Repurchase Agreements – 1.3%

Joint Repurchase Agreement Account II

27,800,000

1.052

08/01/17

$ 27,800,000

(Cost $27,800,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,651,764,437)

$2,049,029,937



Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 2.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	50,048,000	0.895%	$ 50,048,000
	(Cost $50,048,000)

	TOTAL INVESTMENTS – 101.8% (Cost $1,701,812,437)		$2,099,077,937

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%		(38,113,389)

	NET ASSETS – 100.0%		$2,060,964,548



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		All or a portion of security is on loan.

(b)		Joint repurchase agreement was entered into on July 31, 2017. Additional information appears in the Notes to the Schedule of Investments section.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(d)		Represents an Affiliated Fund.

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — The accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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’ portfolio 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 are valued at the last bid price for long positions and at the last 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.

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. 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 of the Institutional Share class 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 Income Builder Fund invests in Underlying Funds that fluctuate in value, the Fund’s 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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued using available market quotations as provided by a third party pricing vendor or broker. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Option Contracts — When a fund writes call or put option contracts, an equal amount to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts. Upon the purchase of a call option or a put option by a Fund, the premium is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

Short Term Investments — Short-term investments having a maturity of 60 days or less are valued using available market quotations as provided by a third party pricing vendor or broker. These investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for both repurchase and reverse repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint

accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Securities Lending — The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. 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 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 0.205% 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, GSAL will 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 GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying an amount equal to the market value of the securities loaned minus the value of the cash collateral received from the borrower for the loan, subject to the exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements collateralized by common stocks which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of July 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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.

GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2017:

For further information regarding security characteristics, see the Schedules of Investments.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At July 31, 2017, the Rising Dividend Growth Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of August 1, 2017, as follows:

REPURCHASE AGREEMENTS — At July 31, 2017 the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:

At July 31, 2017, the Joint Repurchase Agreement Account II was fully collateralized by:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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 the Funds invest. The imposition of exchange controls, confiscations, 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 the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, such 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies — 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 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 and is required to maintain 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 the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk

that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Non-Diversification Risk — Goldman Sachs Rising Dividend Growth Fund is a 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.



Shares		Description	Value
	Common Stocks – 97.3%
	Aerospace & Defense – 3.6%
	64,908	Raytheon Co.	$ 11,149,247
	199,830	Spirit AeroSystems Holdings, Inc. Class A	12,075,727
	144,075	The Boeing Co.	34,932,425

			58,157,399

	Airlines – 1.3%
	73,632	JetBlue Airways Corp.*	1,614,750
	338,544	Southwest Airlines Co.	18,792,577

			20,407,327

	Auto Components – 2.7%
	251,909	BorgWarner, Inc.	11,774,227
	165,653	Delphi Automotive PLC	14,978,344
	113,376	Lear Corp.	16,801,189

			43,553,760

	Banks – 1.0%
	455,453	Citizens Financial Group, Inc.	15,977,291

	Beverages – 1.4%
	181,892	Molson Coors Brewing Co. Class B	16,184,750
	35,130	PepsiCo, Inc.	4,096,510
	47,092	The Coca-Cola Co.	2,158,697

			22,439,957

	Biotechnology – 7.1%
	135,325	Alexion Pharmaceuticals, Inc.*	18,585,535
	118,900	Amgen, Inc.	20,749,239
	82,474	Biogen, Inc.*	23,883,646
	11,136	BioMarin Pharmaceutical, Inc.*	976,961
	126,468	Bioverativ, Inc.*	7,837,222
	210,768	Celgene Corp.*	28,540,095
	195,624	Exelixis, Inc.*	5,303,367
	52,228	Vertex Pharmaceuticals, Inc.*	7,929,255

			113,805,320

	Building Products – 1.4%
	78,221	Allegion PLC	6,354,674
	423,190	Masco Corp.	16,136,235

			22,490,909

	Capital Markets – 0.9%
	2,480	MarketAxess Holdings, Inc.	503,167
	85,894	S&P Global, Inc.	13,192,460

			13,695,627

	Chemicals – 0.6%
	26,584	Celanese Corp. Series A	2,556,583
	187,696	Huntsman Corp.	4,996,468
	58,856	The Chemours Co.	2,802,134

			10,355,185



Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 1.7%
	118,725	ARRIS International PLC*	$ 3,319,551
	130,259	F5 Networks, Inc.*	15,728,774
	69,957	Harris Corp.	8,007,978

			27,056,303

	Containers & Packaging – 1.6%
	444,338	Graphic Packaging Holding Co.	5,860,819
	293,829	Owens-Illinois, Inc.*	7,022,513
	281,071	Sealed Air Corp.	12,229,399

			25,112,731

	Diversified Financial Services – 0.2%
	94,637	Leucadia National Corp.	2,463,401

	Electrical Equipment – 0.4%
	110,385	AMETEK, Inc.	6,797,508

	Electronic Equipment, Instruments & Components – 1.7%
	928,223	Flex Ltd.*	14,842,286
	394,304	Jabil, Inc.	12,026,272

			26,868,558

	Equity Real Estate Investment Trusts (REITs) – 3.6%
	437,166	American Homes 4 Rent Class A	10,059,190
	173,774	American Tower Corp.	23,690,609
	29,537	Equinix, Inc.	13,313,212
	49,892	Host Hotels & Resorts, Inc.	930,985
	77,506	Park Hotels & Resorts, Inc.	2,087,237
	59,530	SBA Communications Corp.*	8,188,351

			58,269,584

	Food & Staples Retailing – 1.0%
	202,337	CVS Health Corp.	16,172,796

	Food Products – 1.0%
	232,626	Kellogg Co.	15,818,568

	Health Care Equipment & Supplies – 2.7%
	261,641	Baxter International, Inc.	15,824,048
	355,522	Boston Scientific Corp.*	9,463,995
	60,189	Hologic, Inc.*	2,660,956
	90,440	IDEXX Laboratories, Inc.*	15,054,642

			43,003,641

	Health Care Providers & Services – 4.5%
	169,547	Centene Corp.*	13,465,423
	90,671	Cigna Corp.	15,736,859
	86,592	Humana, Inc.	20,020,070
	48,589	UnitedHealth Group, Inc.	9,319,856
	74,247	WellCare Health Plans, Inc.*	13,140,977

			71,683,185

	Hotels, Restaurants & Leisure – 2.4%
	17,209	Hilton Grand Vacations, Inc.*	632,603
	162,478	Hilton Worldwide Holdings, Inc.	10,159,749



Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	146,907	International Game Technology PLC	$ 2,797,109
	291,667	Las Vegas Sands Corp.	17,969,604
	7,549	McDonald’s Corp.	1,171,152
	60,540	Wyndham Worldwide Corp.	6,318,560

			39,048,777

	Household Durables – 0.9%
	50,599	Mohawk Industries, Inc.*	12,598,645
	93,484	PulteGroup, Inc.	2,282,879

			14,881,524

	Household Products – 1.1%
	237,431	Colgate-Palmolive Co.	17,142,518

	Independent Power and Renewable Electricity Producers – 0.2%
	336,563	AES Corp.	3,762,774

	Insurance – 1.9%
	273,308	Marsh & McLennan Cos., Inc.	21,309,825
	191,998	XL Group Ltd.	8,524,711

			29,834,536

	Internet & Direct Marketing Retail – 4.8%
	52,811	Amazon.com, Inc.*^(a)	52,165,650
	18,408	Expedia, Inc.	2,880,300
	45,363	Netflix, Inc.*	8,240,643
	6,201	The Priceline Group, Inc.*	12,578,728

			75,865,321

	Internet Software & Services – 9.7%
	41,067	Alphabet, Inc. Class A*^(a)	38,828,849
	41,720	Alphabet, Inc. Class C*	38,820,460
	309,394	Facebook, Inc. Class A*	52,364,935
	121,729	GoDaddy, Inc. Class A*	5,231,912
	37,734	LogMeIn, Inc.	4,394,124
	154,432	VeriSign, Inc.*	15,623,885

			155,264,165

	IT Services – 5.9%
	19,370	Alliance Data Systems Corp.	4,676,499
	43,652	Fidelity National Information Services, Inc.	3,981,936
	94,815	International Business Machines Corp.	13,716,886
	3,776	MasterCard, Inc. Class A	482,573
	215,037	Sabre Corp.	4,758,769
	435,627	The Western Union Co.	8,603,633
	105,992	Total System Services, Inc.	6,726,252
	193,248	Vantiv, Inc. Class A*	12,280,910
	389,749	Visa, Inc. Class A	38,803,411

			94,030,869



Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – 1.1%
	187,725	Agilent Technologies, Inc.	$ 11,224,078
	3,827	Mettler-Toledo International, Inc.*	2,193,177
	21,797	Thermo Fisher Scientific, Inc.	3,826,027

			17,243,282

	Machinery – 2.6%
	361,709	Allison Transmission Holdings, Inc.	13,672,600
	163,758	Caterpillar, Inc.	18,660,224
	30,425	Deere & Co.	3,902,919
	79,396	Fortive Corp.	5,140,097

			41,375,840

	Media – 2.6%
	189,274	Comcast Corp. Class A	7,656,133
	57,428	Live Nation Entertainment, Inc.*	2,140,342
	211,770	Omnicom Group, Inc.	16,674,770
	681,579	The Interpublic Group of Cos., Inc.	14,728,922

			41,200,167

	Multiline Retail – 0.2%
	43,278	Target Corp.	2,452,564

	Oil, Gas & Consumable Fuels – 1.6%
	164,005	Marathon Petroleum Corp.	9,182,640
	237,828	Valero Energy Corp.	16,402,997

			25,585,637

	Personal Products – 0.0%
	3,922	The Estee Lauder Cos., Inc. Class A	388,239

	Pharmaceuticals – 0.7%
	186,038	Bristol-Myers Squibb Co.	10,585,562

	Real Estate Management & Development – 0.4%
	74,444	CBRE Group, Inc. Class A*	2,828,128
	110,302	Realogy Holdings Corp.	3,662,026

			6,490,154

	Semiconductors & Semiconductor Equipment – 2.8%
	305,480	Applied Materials, Inc.	13,535,819
	33,685	Broadcom Ltd.	8,308,742
	376,949	Maxim Integrated Products, Inc.	17,128,562
	112,507	Microsemi Corp.*	5,859,365

			44,832,488

	Software – 10.0%
	245,024	Activision Blizzard, Inc.	15,137,583
	174,764	Adobe Systems, Inc.*	25,601,178
	179,789	Cadence Design Systems, Inc.*	6,634,214
	185,554	Citrix Systems, Inc.*	14,655,055
	113,073	Electronic Arts, Inc.*	13,200,142
	811,419	Microsoft Corp.	58,990,161



Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	149,226	Red Hat, Inc.*	$ 14,753,975
	94,645	ServiceNow, Inc.*	10,453,540

			159,425,848

	Specialty Retail – 2.3%
	21,180	Best Buy Co., Inc.	1,235,641
	152,041	Burlington Stores, Inc.*	13,232,128
	114,872	The Home Depot, Inc.	17,184,851
	167,191	The Michaels Cos., Inc.*	3,367,227
	28,012	The TJX Cos., Inc.	1,969,524

			36,989,371

	Technology Hardware, Storage & Peripherals – 7.3%
	759,602	Apple, Inc.^(a)	112,975,606
	97,843	Seagate Technology PLC	3,224,905

			116,200,511

	Tobacco – 0.2%
	43,808	Altria Group, Inc.	2,846,206

	*Trading Companies & Distributors – 0.2%**
	79,861	AerCap Holdings NV	3,921,175

	TOTAL COMMON STOCKS (Cost $1,401,172,767)		$1,553,496,578


Shares		Distribution Rate	Value
	Investment Company⁽^b)(c) – 1.1%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	17,036,481	0.895%	$ 17,036,481
	(Cost $17,036,481)

	TOTAL INVESTMENTS – 98.4% (Cost $1,418,209,248)		$1,570,533,059

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%		26,074,755

	NET ASSETS – 100.0%		$1,596,607,814



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(c)		Represents an Affiliated Fund.



Investment Abbreviation:
PLC		— Public Limited Company



For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.2%
	Aerospace & Defense – 3.5%
	72,376	Arconic, Inc.	$ 1,794,201
	17,419	Raytheon Co.	2,992,062
	75,040	Spirit AeroSystems Holdings, Inc. Class A	4,534,667
	10,232	The Boeing Co.	2,480,851
	34,079	United Technologies Corp.	4,040,747

			15,842,528

	Airlines – 0.8%
	147,627	JetBlue Airways Corp.*	3,237,460
	3,944	Southwest Airlines Co.	218,932

			3,456,392

	Auto Components – 2.0%
	98,905	BorgWarner, Inc.	4,622,820
	29,923	Lear Corp.	4,434,289

			9,057,109

	Automobiles – 0.8%
	100,324	General Motors Co.	3,609,658

	Banks – 9.5%
	190,657	Bank of America Corp.	4,598,647
	35,893	Citigroup, Inc.	2,456,876
	145,287	Citizens Financial Group, Inc.	5,096,668
	66,335	Comerica, Inc.	4,796,684
	33,733	Fifth Third Bancorp	900,671
	83,536	JPMorgan Chase & Co.^(a)	7,668,605
	352,887	Regions Financial Corp.	5,152,150
	97,792	SunTrust Banks, Inc.	5,602,503
	3,841	SVB Financial Group*	685,388
	96,720	Wells Fargo & Co.	5,217,077

			42,175,269

	Beverages – 1.1%
	56,492	Molson Coors Brewing Co. Class B	5,026,658

	Biotechnology – 3.2%
	25,171	Alexion Pharmaceuticals, Inc.*	3,456,985
	42,552	Amgen, Inc.	7,425,750
	11,392	Biogen, Inc.*	3,299,009

			14,181,744

	Building Products – 1.2%
	118,044	Masco Corp.	4,501,018
	9,953	Owens Corning	667,348

			5,168,366

	Capital Markets – 2.4%
	34,169	ETRADE Financial Corp.	1,400,929
	9,818	Franklin Resources, Inc.	439,650
	65,991	Intercontinental Exchange, Inc.	4,402,260
	16,351	Invesco Ltd.	568,524
	35,395	Raymond James Financial, Inc.	2,944,510



Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	6,333	S&P Global, Inc.	$ 972,685

			10,728,558

	Chemicals – 1.5%
	28,142	Celanese Corp. Series A	2,706,416
	15,091	Eastman Chemical Co.	1,254,968
	93,121	Huntsman Corp.	2,478,881
	5,144	Olin Corp.	151,645

			6,591,910

	Communications Equipment – 2.6%
	107,897	ARRIS International PLC*	3,016,800
	47,172	Cisco Systems, Inc.	1,483,560
	22,658	F5 Networks, Inc.*	2,735,954
	8,126	Harris Corp.	930,183
	117,075	Juniper Networks, Inc.	3,272,246

			11,438,743

	Consumer Finance – 2.3%
	212,105	Ally Financial, Inc.	4,802,057
	175,279	Synchrony Financial	5,314,459

			10,116,516

	Containers & Packaging – 1.2%
	19,259	Graphic Packaging Holding Co.	254,026
	23,121	Owens-Illinois, Inc.*	552,592
	35,389	Sealed Air Corp.	1,539,775
	49,933	WestRock Co.	2,867,153

			5,213,546

	Diversified Financial Services – 2.9%
	45,246	Berkshire Hathaway, Inc. Class B*	7,916,693
	176,982	Leucadia National Corp.	4,606,841
	12,160	Voya Financial, Inc.	477,158

			13,000,692

	Diversified Telecommunication Services – 1.6%
	112,904	AT&T, Inc.	4,403,256
	53,144	Verizon Communications, Inc.	2,572,170

			6,975,426

	Electric Utilities – 0.6%
	39,575	American Electric Power Co., Inc.	2,791,621

	Electrical Equipment – 0.9%
	66,831	AMETEK, Inc.	4,115,453

	Electronic Equipment, Instruments & Components – 2.0%
	265,139	Flex Ltd.*	4,239,573
	151,651	Jabil, Inc.	4,625,355

			8,864,928



Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – 0.5%
	43,261	Baker Hughes a GE Co.	$ 1,595,898
	24,013	Oceaneering International, Inc.	615,934

			2,211,832

	Equity Real Estate Investment Trusts (REITs) – 3.8%
	203,398	American Homes 4 Rent Class A	4,680,188
	32,304	American Tower Corp.	4,404,004
	51,812	Forest City Realty Trust, Inc. Class A	1,263,177
	215,813	Host Hotels & Resorts, Inc.	4,027,071
	96,039	Park Hotels & Resorts, Inc.	2,586,330

			16,960,770

	Food & Staples Retailing – 2.1%
	94,582	CVS Health Corp.	7,559,939
	23,491	Walgreens Boots Alliance, Inc.	1,895,019

			9,454,958

	Food Products – 2.9%
	42,801	Archer-Daniels-Midland Co.	1,805,346
	110,678	Conagra Brands, Inc.	3,789,615
	61,133	Kellogg Co.	4,157,044
	47,134	Tyson Foods, Inc. Class A	2,986,410

			12,738,415

	Health Care Equipment & Supplies – 2.4%
	88,788	Baxter International, Inc.	5,369,898
	29,495	Danaher Corp.	2,403,548
	820	IDEXX Laboratories, Inc.*	136,497
	35,233	Medtronic PLC	2,958,515

			10,868,458

	Health Care Providers & Services – 4.6%
	24,607	Anthem, Inc.	4,582,069
	51,618	Centene Corp.*	4,099,502
	26,886	Cigna Corp.	4,666,334
	19,190	Humana, Inc.	4,436,728
	15,993	WellCare Health Plans, Inc.*	2,830,601

			20,615,234

	Hotels, Restaurants & Leisure – 2.4%
	44,002	Carnival Corp.	2,938,454
	11,332	Hilton Worldwide Holdings, Inc.	708,590
	127,865	International Game Technology PLC	2,434,550
	48,145	Las Vegas Sands Corp.	2,966,213
	13,729	Royal Caribbean Cruises Ltd.	1,552,338

			10,600,145

	*Household Durables – 1.1%**
	19,169	Mohawk Industries, Inc.	4,772,889



Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 2.3%
	88,363	Colgate-Palmolive Co.	$ 6,379,808
	41,046	The Procter & Gamble Co.	3,727,798

			10,107,606

	Independent Power and Renewable Electricity Producers – 1.0%
	413,530	AES Corp.	4,623,265

	Industrial Conglomerates – 0.6%
	107,272	General Electric Co.	2,747,236

	Insurance – 4.4%
	72,947	Assured Guaranty Ltd.	3,283,344
	56,173	Marsh & McLennan Cos., Inc.	4,379,809
	50,547	Torchmark Corp.	3,991,697
	69,316	Unum Group	3,474,811
	103,803	XL Group Ltd.	4,608,853

			19,738,514

	Internet Software & Services – 0.2%
	4,158	LogMeIn, Inc.	484,199
	4,741	VeriSign, Inc.*	479,647

			963,846

	IT Services – 0.9%
	3,010	Fidelity National Information Services, Inc.	274,572
	26,407	International Business Machines Corp.	3,820,301

			4,094,873

	Life Sciences Tools & Services – 1.9%
	55,796	Agilent Technologies, Inc.	3,336,043
	29,464	Thermo Fisher Scientific, Inc.	5,171,816

			8,507,859

	Machinery – 1.8%
	11,250	Allison Transmission Holdings, Inc.	425,250
	40,827	Caterpillar, Inc.	4,652,237
	457	Deere & Co.	58,624
	44,161	Fortive Corp.	2,858,983

			7,995,094

	Media – 0.9%
	2,966	Omnicom Group, Inc.	233,543
	172,789	The Interpublic Group of Cos., Inc.	3,733,970

			3,967,513

	Metals & Mining – 0.2%
	44,726	Freeport-McMoRan, Inc.*	653,894
	11,719	Newmont Mining Corp.	435,595

			1,089,489

	Mortgage Real Estate Investment Trusts (REITs) – 1.0%
	210,353	AGNC Investment Corp.	4,455,277



Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – 2.2%
	35,378	CenterPoint Energy, Inc.	$ 997,306
	102,140	CMS Energy Corp.	4,722,954
	151,509	NiSource, Inc.	3,948,324

			9,668,584

	Multiline Retail – 1.3%
	99,787	Target Corp.	5,654,929

	Oil, Gas & Consumable Fuels – 8.1%
	7,764	Andeavor	772,751
	72,345	Chevron Corp.	7,899,351
	103,611	Exxon Mobil Corp.	8,293,025
	60,525	Marathon Oil Corp.	740,221
	98,232	Marathon Petroleum Corp.	5,500,010
	7,784	Newfield Exploration Co.*	223,634
	48,829	Noble Energy, Inc.	1,411,646
	61,475	Phillips 66	5,148,531
	81,455	Valero Energy Corp.	5,617,951
	17,965	World Fuel Services Corp.	580,988

			36,188,108

	Pharmaceuticals – 4.8%
	107,687	Bristol-Myers Squibb Co.	6,127,390
	52,215	Johnson & Johnson	6,929,975
	88,425	Merck & Co., Inc.	5,648,589
	87,996	Pfizer, Inc.	2,917,947

			21,623,901

	Real Estate Management & Development – 0.8%
	1,203	CBRE Group, Inc. Class A*	45,702
	106,263	Realogy Holdings Corp.	3,527,932

			3,573,634

	Road & Rail – 0.1%
	5,789	Ryder System, Inc.	421,208

	Semiconductors & Semiconductor Equipment – 1.1%
	44,484	Intel Corp.	1,577,848
	39,698	Marvell Technology Group Ltd.	617,701
	63,644	Maxim Integrated Products, Inc.	2,891,983

			5,087,532

	Software – 1.0%
	1,300	Activision Blizzard, Inc.	80,314
	22,466	Adobe Systems, Inc.*	3,291,044
	7,952	Citrix Systems, Inc.*	628,049
	11,586	Oracle Corp.	578,489

			4,577,896

	Specialty Retail – 0.9%
	43,947	Best Buy Co., Inc.	2,563,868
	17,875	Burlington Stores, Inc.*	1,555,661

			4,119,529



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – 0.4%
	3,568	Apple, Inc.	$ 530,669
	34,787	Seagate Technology PLC	1,146,579

			1,677,248

	Tobacco – 1.2%
	45,331	Philip Morris International, Inc.	5,290,581

	*Trading Companies & Distributors – 0.2%**
	17,217	AerCap Holdings NV	845,355

	TOTAL COMMON STOCKS (Cost $417,209,368)		$433,596,895


Shares		Distribution Rate	Value
	Investment Company^(b)(c⁾ – 1.1%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	5,115,535	0.895%	$ 5,115,535
	(Cost $5,115,535)

	TOTAL INVESTMENTS – 98.3% (Cost $422,324,903)		$438,712,430

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%		7,549,226

	NET ASSETS – 100.0%		$446,261,656



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(b)		Represents an Affiliated Fund.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.



Investment Abbreviation:
PLC		— Public Limited Company



For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.3%
	Aerospace & Defense – 1.5%
	15,011	Curtiss-Wright Corp.^(a)	$ 1,447,361
	1,490	Ducommun, Inc.*	43,150
	19,162	Esterline Technologies Corp.*	1,849,133
	26,491	Triumph Group, Inc.	678,170
	1,013	Vectrus, Inc.*	34,452

			4,052,266

	Airlines – 0.8%
	38,574	Hawaiian Holdings, Inc.*	1,596,964
	18,413	SkyWest, Inc.	672,074

			2,269,038

	Auto Components – 1.8%
	16,277	Cooper-Standard Holdings, Inc.*	1,664,486
	2,699	Dorman Products, Inc.*	210,738
	3,176	LCI Industries	339,038
	43,501	Superior Industries International, Inc.	850,444
	29,554	Tenneco, Inc.	1,634,336
	10,181	Tower International, Inc.	251,471

			4,950,513

	Banks – 6.8%
	413	Bancfirst Corp.	44,088
	2,344	Banco Latinoamericano de Comercio Exterior SA Class E	61,671
	6,051	Banner Corp.	349,566
	10,647	CenterState Banks, Inc.	266,069
	45,608	Central Pacific Financial Corp.	1,410,655
	59,209	CVB Financial Corp.	1,275,362
	31,064	FCB Financial Holdings, Inc. Class A*	1,464,668
	2,488	Fidelity Southern Corp.	52,397
	45,365	First Busey Corp.	1,326,473
	5,113	First Citizens BancShares, Inc. Class A	1,881,686
	8,251	First Commonwealth Financial Corp.	107,511
	37,211	Hanmi Financial Corp.	1,066,095
	765	Heartland Financial USA, Inc.	36,032
	29,583	Hilltop Holdings, Inc.	740,462
	4,118	Home BancShares, Inc.	102,126
	7,696	IBERIABANK Corp.	622,222
	40,233	International Bancshares Corp.	1,424,248
	3,915	National Commerce Corp.*	156,991
	69,283	OFG Bancorp^(b)	696,294
	28,305	Sandy Spring Bancorp, Inc.	1,133,332
	13,417	TriCo Bancshares	495,087
	21,038	UMB Financial Corp.	1,465,507
	55,059	United Community Banks, Inc.	1,528,438
	14,047	Wintrust Financial Corp.	1,057,880

			18,764,860



Shares		Description	Value
	Common Stocks – (continued)
	Beverages – 0.7%
	3,140	Coca-Cola Bottling Co. Consolidated	$ 753,883
	10,286	National Beverage Corp.	1,050,406
	821	The Boston Beer Co., Inc. Class A*^(b)	128,733

			1,933,022

	Biotechnology – 7.3%
	68,610	Akebia Therapeutics, Inc.*	904,966
	51,933	AMAG Pharmaceuticals, Inc.*	1,020,483
	58,784	Array BioPharma, Inc.*	441,468
	14,052	BioSpecifics Technologies Corp.*	683,630
	6,972	Bluebird Bio, Inc.*	657,111
	11,287	Calithera Biosciences, Inc.*	172,691
	10,627	ChemoCentryx, Inc.*	107,758
	2,846	Clovis Oncology, Inc.*	241,369
	31,167	Cytokinetics, Inc.*	437,896
	16,042	CytomX Therapeutics, Inc.*	216,407
	4,072	Emergent BioSolutions, Inc.*	148,099
	8,580	Enanta Pharmaceuticals, Inc.*	326,984
	30,688	Exact Sciences Corp.*	1,190,694
	55,362	FibroGen, Inc.*	1,890,612
	1,854	Five Prime Therapeutics, Inc.*	52,172
	55,097	Genomic Health, Inc.*	1,757,594
	39,078	Halozyme Therapeutics, Inc.*	495,509
	14,129	Inovio Pharmaceuticals, Inc.*^(b)	78,557
	8,914	Kite Pharma, Inc.*	966,367
	4,771	Loxo Oncology, Inc.*	344,991
	75,854	MiMedx Group, Inc.*^(b)	1,134,776
	79,391	Momenta Pharmaceuticals, Inc.*	1,313,921
	16,169	Myriad Genetics, Inc.*	392,422
	187,239	PDL BioPharma, Inc.	425,032
	11,301	Pieris Pharmaceuticals, Inc.*	58,765
	13,514	Portola Pharmaceuticals, Inc.*	833,814
	4,731	Progenics Pharmaceuticals, Inc.*	28,528
	16,251	PTC Therapeutics, Inc.*	335,096
	5,626	Puma Biotechnology, Inc.*	534,751
	21,900	Repligen Corp.*	881,913
	15,646	Retrophin, Inc.*	316,675
	5,531	Sage Therapeutics, Inc.*	441,097
	25,408	Sangamo Therapeutics, Inc.*	218,509
	7,872	Sarepta Therapeutics, Inc.*	303,702
	9,604	Ultragenyx Pharmaceutical, Inc.*	636,937
	9,080	Vanda Pharmaceuticals, Inc.*	141,194
	3,082	Versartis, Inc.*	57,017

			20,189,507

	Building Products – 1.5%
	3,661	American Woodmark Corp.*	359,327
	9,600	Armstrong Flooring, Inc.*	166,656
	10,788	Caesarstone Ltd.*	378,659
	61,854	Continental Building Products, Inc.*	1,360,788



Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	2,363	Gibraltar Industries, Inc.*	$ 70,536
	15,370	Masonite International Corp.*	1,193,480
	11,173	Simpson Manufacturing Co., Inc.	494,852
	2,083	Universal Forest Products, Inc.	174,660

			4,198,958

	Capital Markets – 2.6%
	26,791	Evercore Partners, Inc. Class A^(a)	2,107,112
	8,554	GAMCO Investors, Inc. Class A	262,693
	51,712	Greenhill & Co., Inc.	956,672
	15,898	Houlihan Lokey, Inc.	591,088
	39,641	Moelis & Co. Class A	1,621,317
	23,508	Piper Jaffray Cos.	1,466,899

			7,005,781

	Chemicals – 2.1%
	21,807	A. Schulman, Inc.	573,524
	4,649	Chase Corp.	502,324
	30,268	Ferro Corp.*	582,356
	35,217	Innophos Holdings, Inc.	1,471,014
	11,246	Koppers Holdings, Inc.*	408,230
	22,370	Minerals Technologies, Inc.	1,583,796
	3,994	PolyOne Corp.	146,101
	8,445	Rayonier Advanced Materials, Inc.	125,915
	5,145	Stepan Co.	422,765
	3,346	Tronox Ltd. Class A	64,845

			5,880,870

	Commercial Services & Supplies – 3.3%
	4,898	ACCO Brands Corp.*	57,062
	48,160	Brady Corp. Class A	1,598,912
	15,646	CECO Environmental Corp.	151,140
	5,632	Ennis, Inc.	108,416
	15,893	Essendant, Inc.	198,345
	6,857	HNI Corp.	258,852
	74,173	Kimball International, Inc. Class B	1,236,464
	15,130	Matthews International Corp. Class A	991,772
	43,678	McGrath RentCorp	1,551,879
	22,283	MSA Safety, Inc.	1,786,205
	29,749	Quad Graphics, Inc.	668,163
	6,093	RR Donnelley & Sons Co.	75,309
	19,762	Steelcase, Inc. Class A	269,751

			8,952,270

	*Communications Equipment – 1.3%**
	4,541	Applied Optoelectronics, Inc.^(b)	442,702
	70,764	Extreme Networks, Inc.	622,016
	22,162	Finisar Corp.	603,250
	52,121	NetScout Systems, Inc.	1,798,174

			3,466,142



Shares		Description	Value
	Common Stocks – (continued)
	Construction & Engineering – 1.2%
	24,139	Argan, Inc.	$ 1,555,759
	12,160	EMCOR Group, Inc.	820,800
	3,927	MasTec, Inc.*	181,427
	6,225	MYR Group, Inc.*	198,017
	25,792	Primoris Services Corp.	642,737

			3,398,740

	*Consumer Finance – 0.4%**
	46,035	Enova International, Inc.	667,507
	2,916	Regional Management Corp.	69,955
	5,126	World Acceptance Corp.^(b)	387,372

			1,124,834

	Diversified Consumer Services – 1.9%
	13,367	Bridgepoint Education, Inc.*	129,793
	12,040	Capella Education Co.	827,148
	27,437	Chegg, Inc.*^(b)	380,002
	24,088	Houghton Mifflin Harcourt Co.*	287,852
	54,411	K12, Inc.*	963,619
	54,754	Regis Corp.*	576,560
	33,761	Sotheby’s*	1,910,535

			5,075,509

	Diversified Telecommunication Services – 0.9%
	1,995	Cincinnati Bell, Inc.*	37,207
	40,367	Cogent Communications Holdings, Inc.	1,685,322
	32,731	Consolidated Communications Holdings, Inc.^(b)	589,158
	34,829	Vonage Holdings Corp.*	230,220

			2,541,907

	Electrical Equipment – 0.3%
	9,446	EnerSys	682,662
	2,357	Generac Holdings, Inc.*	84,781
	3,532	LSI Industries, Inc.	29,563
	1,655	Powell Industries, Inc.	52,712

			849,718

	Electronic Equipment, Instruments & Components – 4.9%
	56,525	AVX Corp.	1,010,102
	1,376	Belden, Inc.	98,989
	53,821	Benchmark Electronics, Inc.*	1,811,077
	10,599	Daktronics, Inc.	103,658
	8,691	Itron, Inc.*	634,443
	35,359	Kimball Electronics, Inc.*	687,733
	7,893	Methode Electronics, Inc.	313,747
	28,757	Plexus Corp.*	1,541,663
	18,031	Rogers Corp.*	2,127,117
	41,658	Sanmina Corp.*	1,493,439
	111,107	TTM Technologies, Inc.*	1,931,040
	101,863	Vishay Intertechnology, Inc.	1,818,254

			13,571,262



Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – 2.3%
	34,846	Archrock, Inc.	$ 381,564
	11,079	C&J Energy Services, Inc.*	358,295
	29,304	Clean Energy Fuels Corp.*	76,776
	16,969	Ensco PLC Class A	89,766
	32,046	Exterran Corp.*	887,354
	77,133	Fairmount Santrol Holdings, Inc.*^(b)	225,228
	251,915	McDermott International, Inc.*	1,705,465
	23,430	Newpark Resources, Inc.*	195,640
	4,632	Oil States International, Inc.*	115,105
	73,524	Pioneer Energy Services Corp.*	161,753
	3,166	RigNet, Inc.*	59,996
	31,304	Rowan Cos. PLC Class A*	365,318
	55,759	Smart Sand, Inc.*	366,894
	22,635	Unit Corp.*	406,977
	32,014	US Silica Holdings, Inc.	932,568

			6,328,699

	Equity Real Estate Investment Trusts (REITs) – 7.5%
	3,022	Ashford Hospitality Prime, Inc.	31,308
	20,342	Chatham Lodging Trust	420,673
	129,634	DiamondRock Hospitality Co.	1,514,125
	67,303	First Industrial Realty Trust, Inc.	2,054,087
	56,167	First Potomac Realty Trust	625,139
	3,259	Hersha Hospitality Trust	61,139
	5,365	National Storage Affiliates Trust	123,180
	14,648	PS Business Parks, Inc.	1,969,570
	34,702	QTS Realty Trust, Inc. Class A	1,855,516
	81,113	Quality Care Properties, Inc.*	1,364,321
	60,721	RAIT Financial Trust	121,442
	59,871	Rexford Industrial Realty, Inc.	1,707,521
	80,572	RLJ Lodging Trust	1,704,903
	53,222	Starwood Waypoint Homes	1,860,641
	122,911	Sunstone Hotel Investors, Inc.	2,000,991
	10,066	Terreno Realty Corp.	348,485
	43,006	Tier REIT, Inc.	794,751
	13,551	Urstadt Biddle Properties Class A	283,758
	90,803	Xenia Hotels & Resorts, Inc.	1,845,117

			20,686,667

	Food & Staples Retailing – 0.0%
	2,439	Village Super Market, Inc. Class A	60,316

	Food Products – 0.9%
	45,686	Darling Ingredients, Inc.*	743,311
	6,935	Dean Foods Co.	104,025
	18,090	Fresh Del Monte Produce, Inc.	931,092
	879	J&J Snack Foods Corp.	115,501



Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	4,251	John B. Sanfilippo & Son, Inc.	$ 273,424
	1,524	Lancaster Colony Corp.	186,873

			2,354,226

	Gas Utilities – 0.1%
	3,357	Northwest Natural Gas Co.	211,827

	Health Care Equipment & Supplies – 2.4%
	65,296	AngioDynamics, Inc.*	1,061,060
	1,949	Anika Therapeutics, Inc.*	99,711
	8,033	Cantel Medical Corp.	596,049
	13,564	Halyard Health, Inc.*	545,544
	5,242	Heska Corp.*	574,209
	10,695	K2M Group Holdings, Inc.*	260,209
	4,122	Lantheus Holdings, Inc.*	76,051
	1,386	LeMaitre Vascular, Inc.	49,993
	22,566	Masimo Corp.*^(a)	2,134,743
	10,242	Orthofix International NV*	444,298
	32,372	Wright Medical Group NV*	850,412

			6,692,279

	Health Care Providers & Services – 1.1%
	46,922	Community Health Systems, Inc.*	335,492
	2,327	HealthEquity, Inc.*	106,739
	7,595	Landauer, Inc.	413,548
	4,899	LHC Group, Inc.*	283,652
	20,027	Molina Healthcare, Inc.*	1,337,804
	34,136	Triple-S Management Corp. Class B*	528,425

			3,005,660

	*Health Care Technology – 0.4%**
	5,838	Medidata Solutions, Inc.	448,417
	27,936	Quality Systems, Inc.	477,705
	1,995	Vocera Communications, Inc.	54,404

			980,526

	Hotels, Restaurants & Leisure – 2.0%
	17,902	Belmond Ltd. Class A*	233,621
	34,915	International Speedway Corp. Class A	1,249,957
	6,660	Marriott Vacations Worldwide Corp.	778,221
	6,614	Monarch Casino & Resort, Inc.*	218,857
	79,677	Penn National Gaming, Inc.*	1,606,288
	18,752	Red Rock Resorts, Inc. Class A	448,173
	25,119	Scientific Games Corp. Class A*	930,659
	5,362	SeaWorld Entertainment, Inc.	82,468

			5,548,244

	Household Durables – 2.0%
	58,192	Beazer Homes USA, Inc.*	771,626
	12,192	Installed Building Products, Inc.*	655,929



Shares		Description	Value
	Common Stocks – (continued)
	Household Durables – (continued)
	32,513	KB Home	$ 745,198
	13,365	Libbey, Inc.	120,285
	45,516	MDC Holdings, Inc.	1,560,744
	4,731	PICO Holdings, Inc.*	76,879
	66,114	Taylor Morrison Home Corp. Class A*	1,495,499
	1,458	TopBuild Corp.*	76,953

			5,503,113

	*Household Products – 0.4%**
	35,034	Central Garden & Pet Co. Class A	1,077,646

	Independent Power and Renewable Electricity Producers – 0.7%
	29,645	Ormat Technologies, Inc.	1,757,948
	2,185	Pattern Energy Group, Inc.	54,844

			1,812,792

	Insurance – 3.3%
	75,878	American Equity Investment Life Holding Co.	2,032,013
	25,952	Argo Group International Holdings Ltd.	1,555,823
	80,341	CNO Financial Group, Inc.	1,838,202
	11,148	FBL Financial Group, Inc. Class A	756,949
	155,965	Genworth Financial, Inc. Class A*	534,960
	11,682	James River Group Holdings Ltd.	469,149
	89,833	Maiden Holdings Ltd.	997,146
	17,679	Stewart Information Services Corp.	694,785
	6,471	Trupanion, Inc.*^(b)	154,139

			9,033,166

	Internet & Direct Marketing Retail – 1.0%
	19,840	FTD Cos., Inc.*	389,856
	65,376	Liberty TripAdvisor Holdings, Inc. Class A*	768,168
	20,846	Nutrisystem, Inc.	1,162,164
	10,020	Shutterfly, Inc.*	491,381

			2,811,569

	Internet Software & Services – 3.5%
	4,037	Actua Corp.*	54,499
	55,180	Blucora, Inc.*	1,236,032
	74,289	Box, Inc. Class A*	1,400,348
	45,018	Cornerstone OnDemand, Inc.*	1,814,676
	24,718	Five9, Inc.*	545,279
	4,539	Hortonworks, Inc.*	60,823
	5,795	LivePerson, Inc.*	78,522
	36,222	MINDBODY, Inc. Class A*	939,961
	35,965	New Relic, Inc.*	1,688,916
	50,753	NIC, Inc.	824,736
	8,424	TrueCar, Inc.*^(b)	159,466
	23,589	Web.com Group, Inc.*	517,779



Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	12,798	Yelp, Inc.*	$ 416,319

			9,737,356

	IT Services – 2.0%
	9,310	Acxiom Corp.*	251,091
	28,160	Convergys Corp.	674,995
	38,195	CSG Systems International, Inc.	1,579,363
	49,123	EVERTEC, Inc.	876,846
	15,844	Perficient, Inc.*	297,867
	5,839	Sykes Enterprises, Inc.*	198,526
	116,730	Travelport Worldwide Ltd.	1,669,239

			5,547,927

	Leisure Products – 0.8%
	122,525	Callaway Golf Co.	1,559,743
	2,344	Malibu Boats, Inc. Class A*	67,062
	22,032	MCBC Holdings, Inc.*	407,592

			2,034,397

	*Life Sciences Tools & Services – 0.1%**
	7,451	Enzo Biochem, Inc.	80,843
	1,859	INC Research Holdings, Inc. Class A	102,245

			183,088

	Machinery – 1.7%
	17,521	Briggs & Stratton Corp.	410,342
	11,183	Harsco Corp.*	172,777
	46,808	Hillenbrand, Inc.	1,685,088
	1,663	Hurco Cos., Inc.	54,796
	11,451	Kennametal, Inc.	422,542
	4,386	Milacron Holdings Corp.*	78,860
	8,127	Miller Industries, Inc.	212,115
	1,901	SPX FLOW, Inc.*	67,409
	4,748	TriMas Corp.*	115,614
	69,994	Wabash National Corp.	1,335,486

			4,555,029

	Media – 0.8%
	71,874	MSG Networks, Inc. Class A*	1,538,104
	5,136	New Media Investment Group, Inc.	71,596
	38,928	Time, Inc.	546,938
	3,408	tronc, Inc.*	43,520

			2,200,158

	Metals & Mining – 1.5%
	30,660	Carpenter Technology Corp.	1,239,584
	4,659	Haynes International, Inc.	145,733
	13,222	Materion Corp.	508,386
	57,685	Schnitzer Steel Industries, Inc. Class A	1,488,273
	13,843	Worthington Industries, Inc.	701,425

			4,083,401



Shares		Description	Value
	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – 1.5%
	39,083	AG Mortgage Investment Trust, Inc.	$ 719,518
	97,137	Anworth Mortgage Asset Corp.	584,765
	8,675	ARMOUR Residential REIT, Inc.	219,130
	6,085	Cherry Hill Mortgage Investment Corp.	116,771
	110,022	Invesco Mortgage Capital, Inc.	1,829,666
	29,446	MTGE Investment Corp.	547,696
	3,606	PennyMac Mortgage Investment Trust	63,466
	12,603	Western Asset Mortgage Capital Corp.	130,945

			4,211,957

	Multi-Utilities – 0.0%
	1,082	Unitil Corp.	54,911

	*Multiline Retail – 0.1%**
	7,081	Ollie’s Bargain Outlet Holdings, Inc.	316,521

	Oil, Gas & Consumable Fuels – 2.3%
	38,389	CVR Energy, Inc.^(b)	725,936
	230,199	Denbury Resources, Inc.*	336,091
	39,402	DHT Holdings, Inc.	163,912
	17,153	Energy XXI Gulf Coast, Inc.*	339,458
	12,380	EP Energy Corp. Class A*^(b)	41,844
	34,383	Green Plains, Inc.	679,064
	81,697	Oasis Petroleum, Inc.*	635,603
	23,631	Pacific Ethanol, Inc.*	147,694
	52,795	Peabody Energy Corp.*^(b)	1,480,372
	9,085	REX American Resources Corp.*	908,318
	93,288	Scorpio Tankers, Inc.	346,099
	21,468	Teekay Tankers Ltd. Class A	38,642
	51,155	Ultra Petroleum Corp.*	526,385

			6,369,418

	Paper & Forest Products – 1.0%
	27,624	KapStone Paper & Packaging Corp.	631,485
	80,719	Louisiana-Pacific Corp.*	2,026,854

			2,658,339

	Personal Products – 0.1%
	3,500	Medifast, Inc.	149,415
	2,341	USANA Health Sciences, Inc.*	133,671

			283,086

	Pharmaceuticals – 1.6%
	54,030	Catalent, Inc.*	1,874,841
	5,690	Corcept Therapeutics, Inc.*	70,954
	43,769	Innoviva, Inc.*	600,511
	2,849	Intersect ENT, Inc.*	78,063
	1,195	Pacira Pharmaceuticals, Inc.*	47,202



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	38,674	Phibro Animal Health Corp. Class A	$ 1,477,347
	29,934	SciClone Pharmaceuticals, Inc.*	327,777

			4,476,695

	Professional Services – 2.3%
	7,311	Acacia Research Corp.*	25,223
	6,599	Barrett Business Services, Inc.	363,143
	44,223	CBIZ, Inc.*	656,711
	5,480	CRA International, Inc.	212,679
	20,097	FTI Consulting, Inc.*	659,383
	7,300	ICF International, Inc.*	330,325
	8,485	Kelly Services, Inc. Class A	188,961
	35,074	Navigant Consulting, Inc.*	593,803
	13,553	On Assignment, Inc.*	667,485
	68,272	RPX Corp.*	933,278
	29,138	TriNet Group, Inc.*	1,019,830
	3,053	TrueBlue, Inc.*	78,004
	8,173	WageWorks, Inc.*	532,880

			6,261,705

	Real Estate Management & Development – 0.2%
	32,444	Kennedy-Wilson Holdings, Inc.	652,124

	Road & Rail – 0.6%
	4,591	Heartland Express, Inc.	97,008
	38,738	Marten Transport Ltd.	617,871
	34,853	Werner Enterprises, Inc.	1,033,391

			1,748,270

	Semiconductors & Semiconductor Equipment – 3.7%
	56,984	Amkor Technology, Inc.*	590,924
	21,037	Cabot Microelectronics Corp.	1,559,894
	22,983	Cirrus Logic, Inc.*	1,412,075
	58,194	Diodes, Inc.*	1,543,887
	88,683	Entegris, Inc.*	2,314,626
	129,981	Photronics, Inc.*	1,306,309
	12,976	Rudolph Technologies, Inc.*	321,156
	12,338	Silicon Laboratories, Inc.*	926,584
	6,546	Ultra Clean Holdings, Inc.*	153,504
	2,186	Veeco Instruments, Inc.*	67,329

			10,196,288

	Software – 2.4%
	4,727	American Software, Inc. Class A	45,852
	34,571	Aspen Technology, Inc.*	1,966,053
	1,646	CommVault Systems, Inc.*	98,019
	826	Fair Isaac Corp.	117,746
	25,996	HubSpot, Inc.*	1,880,811
	31,361	Imperva, Inc.*	1,412,813
	2,445	MicroStrategy, Inc. Class A*	328,877
	14,231	Paylocity Holding Corp.*	647,084
	28,486	The Rubicon Project, Inc.*	133,884

			6,631,139



Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 2.9%
	26,294	Aaron’s, Inc.	$ 1,216,886
	45,979	American Eagle Outfitters, Inc.	544,391
	27,241	Asbury Automotive Group, Inc.*	1,471,014
	23,712	Big 5 Sporting Goods Corp.^(b)	254,904
	5,866	Camping World Holdings, Inc. Class A	187,477
	127,973	Chico’s FAS, Inc.	1,170,953
	17,869	Francesca’s Holdings Corp.*	173,866
	13,387	Group 1 Automotive, Inc.	797,196
	7,031	Haverty Furniture Cos., Inc.	156,440
	15,221	Office Depot, Inc.	89,347
	30,701	Pier 1 Imports, Inc.	141,532
	52,064	Select Comfort Corp.*	1,760,284

			7,964,290

	Textiles, Apparel & Luxury Goods – 1.5%
	20,898	Deckers Outdoor Corp.*	1,355,444
	52,598	Fossil Group, Inc.*^(b)	591,728
	968	Oxford Industries, Inc.	61,110
	27,550	Steven Madden Ltd.*	1,129,550
	38,736	Wolverine World Wide, Inc.	1,092,355

			4,230,187

	Thrifts & Mortgage Finance – 1.7%
	61,749	Beneficial Bancorp, Inc.	963,284
	22,213	BofI Holding, Inc.*^(b)	619,076
	21,951	Dime Community Bancshares, Inc.	456,581
	2,796	Federal Agricultural Mortgage Corp. Class C	191,694
	4,807	First Defiance Financial Corp.	248,762
	10,615	HomeStreet, Inc.*	278,644
	34,793	Meridian Bancorp, Inc.	614,097
	6,791	Radian Group, Inc.^(a)	118,299
	8,178	TrustCo Bank Corp. NY	67,877
	22,802	Walker & Dunlop, Inc.*	1,145,801

			4,704,115

	Trading Companies & Distributors – 1.3%
	28,380	BMC Stock Holdings, Inc.*	624,360
	43,906	H&E Equipment Services, Inc.	990,958
	47,033	Rush Enterprises, Inc. Class A*	2,028,533
	2,381	Titan Machinery, Inc.*	42,501

			3,686,352

	Water Utilities – 0.1%
	6,215	SJW Group	328,587



Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.2%
	17,952	Boingo Wireless, Inc.*	$ 266,228
	22,931	Spok Holdings, Inc.	376,069

			642,297

	TOTAL COMMON STOCKS (Cost $255,525,755)		$268,089,564


Shares		Distribution Rate	Value
	Investment Companies^(c)(d⁾ – 1.3%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	3,683,394	0.895%	$ 3,683,394
	(Cost $3,683,394)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $259,209,149)		$271,772,958


	Securities Lending Reinvestment Vehicle^(c)(d) – 1.9%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	5,062,425	0.895%	$ 5,062,425
	(Cost $5,062,425)

	TOTAL INVESTMENTS – 100.5% (Cost $264,271,574)		$276,835,383

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%		(1,285,950)

	NET ASSETS – 100.0%		$275,549,433



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(b)		All or a portion of security is on loan.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(d)		Represents an Affiliated Fund.



Investment Abbreviations:
PLC		— Public Limited Company
REIT		— Real Estate Investment Trust


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.7%
	Aerospace & Defense – 0.8%
	27,087	Curtiss-Wright Corp.	$ 2,611,729
	12,574	Esterline Technologies Corp.*	1,213,391
	14,864	Triumph Group, Inc.	380,518

			4,205,638

	Air Freight & Logistics – 0.1%
	14,513	Forward Air Corp.	752,209

	Airlines – 0.8%
	87,818	Hawaiian Holdings, Inc.*	3,635,665
	9,528	SkyWest, Inc.	347,772

			3,983,437

	Auto Components – 2.0%
	27,957	Cooper-Standard Holdings, Inc.*	2,858,883
	25,224	Dorman Products, Inc.*	1,969,490
	19,700	LCI Industries	2,102,975
	7,127	Superior Industries International, Inc.	139,333
	65,992	Tenneco, Inc.	3,649,357

			10,720,038

	Banks – 1.0%
	5,076	CenterState Banks, Inc.	126,849
	24,062	Central Pacific Financial Corp.	744,238
	2,909	CU Bancorp*	107,342
	48,053	First Busey Corp.	1,405,070
	1,071	First Citizens BancShares, Inc. Class A	394,150
	8,379	Hanmi Financial Corp.	240,058
	6,759	Hilltop Holdings, Inc.	169,178
	15,125	Home BancShares, Inc.	375,100
	27,040	International Bancshares Corp.	957,216
	21,419	OFG Bancorp	215,261
	1,906	Texas Capital Bancshares, Inc.*	149,335
	1,916	TriCo Bancshares	70,700
	5,870	United Community Banks, Inc.	162,951

			5,117,448

	Beverages – 1.4%
	11,569	Coca-Cola Bottling Co. Consolidated	2,777,601
	30,510	National Beverage Corp.	3,115,681
	8,271	The Boston Beer Co., Inc. Class A*^(a)	1,296,893

			7,190,175

	Biotechnology – 10.5%
	2,606	Acceleron Pharma, Inc.*	83,783
	170,956	Akebia Therapeutics, Inc.*	2,254,910
	61,597	AMAG Pharmaceuticals, Inc.*	1,210,381
	37,077	Amicus Therapeutics, Inc.*	480,147



Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	26,343	Arena Pharmaceuticals, Inc.*	$ 625,910
	100,310	Array BioPharma, Inc.*	753,328
	14,318	Axovant Sciences Ltd.*^(a)	328,169
	9,463	Bellicum Pharmaceuticals, Inc.*^(a)	100,119
	28,914	BioCryst Pharmaceuticals, Inc.*	147,751
	22,823	BioSpecifics Technologies Corp.*	1,110,339
	14,443	Bluebird Bio, Inc.*	1,361,253
	17,423	Blueprint Medicines Corp.*	911,746
	53,876	Calithera Biosciences, Inc.*	824,303
	64,110	ChemoCentryx, Inc.*	650,075
	17,178	Clovis Oncology, Inc.*	1,456,866
	76,787	Cytokinetics, Inc.*	1,078,857
	74,624	CytomX Therapeutics, Inc.*	1,006,678
	29,876	Dyax Corp.	89,628
	19,083	Editas Medicine, Inc.*^(a)	322,884
	32,806	Emergent BioSolutions, Inc.*	1,193,154
	63,669	Exact Sciences Corp.*	2,470,357
	106,986	FibroGen, Inc.*	3,653,572
	8,788	Five Prime Therapeutics, Inc.*	247,294
	90,799	Genomic Health, Inc.*	2,896,488
	138,933	Halozyme Therapeutics, Inc.*^(b)	1,761,670
	30,286	Ignyta, Inc.*	287,717
	64,798	Inovio Pharmaceuticals, Inc.*^(a)	360,277
	38,991	Ironwood Pharmaceuticals, Inc.*	692,090
	38,943	Kite Pharma, Inc.*^(a)	4,221,811
	17,825	Loxo Oncology, Inc.*	1,288,926
	17,424	MacroGenics, Inc.*	287,844
	184,973	MiMedx Group, Inc.*^(a)	2,767,196
	140,848	Momenta Pharmaceuticals, Inc.*	2,331,034
	35,056	Pieris Pharmaceuticals, Inc.*	182,291
	45,080	Portola Pharmaceuticals, Inc.*	2,781,436
	60,828	Progenics Pharmaceuticals, Inc.*	366,793
	46,185	PTC Therapeutics, Inc.*	952,335
	21,337	Puma Biotechnology, Inc.*	2,028,082
	2,505	Radius Health, Inc.*^(a)	110,295
	61,462	Repligen Corp.*	2,475,075
	23,302	Sage Therapeutics, Inc.*	1,858,334
	119,442	Sangamo Therapeutics, Inc.*	1,027,201
	29,556	Sarepta Therapeutics, Inc.*	1,140,270
	34,780	Ultragenyx Pharmaceutical, Inc.*	2,306,610
	24,672	Vanda Pharmaceuticals, Inc.*	383,650
	12,528	Versartis, Inc.*	231,768
	3,740	Xencor, Inc.*	87,329

			55,188,026

	Building Products – 2.4%
	13,247	American Woodmark Corp.*	1,300,193
	25,834	Armstrong Flooring, Inc.*	448,478
	27,619	Caesarstone Ltd.*	969,427
	142,000	Continental Building Products, Inc.*	3,124,000
	48,805	Masonite International Corp.*	3,789,708
	5,684	Ply Gem Holdings, Inc.*	99,470



Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	40,375	Simpson Manufacturing Co., Inc.	$ 1,788,209
	8,254	Trex Co., Inc.*	620,783
	4,023	Universal Forest Products, Inc.	337,329

			12,477,597

	Capital Markets – 2.8%
	4,060	Artisan Partners Asset Management, Inc. Class A	134,995
	57,235	Evercore Partners, Inc. Class A	4,501,533
	74,288	Greenhill & Co., Inc.	1,374,328
	74,944	Houlihan Lokey, Inc.	2,786,418
	77,515	Moelis & Co. Class A	3,170,363
	41,779	Piper Jaffray Cos.	2,607,010

			14,574,647

	Chemicals – 2.7%
	38,746	A. Schulman, Inc.	1,019,020
	2,636	AdvanSix, Inc.*	88,253
	5,994	Balchem Corp.	465,134
	16,127	Chase Corp.	1,742,522
	87,681	Ferro Corp.*	1,686,983
	63,087	Innophos Holdings, Inc.	2,635,144
	1,484	KMG Chemicals, Inc.	75,120
	25,873	Koppers Holdings, Inc.*	939,190
	31,108	Minerals Technologies, Inc.	2,202,447
	6,046	OMNOVA Solutions, Inc.*	56,832
	62,036	PolyOne Corp.	2,269,277
	31,667	Rayonier Advanced Materials, Inc.	472,155
	7,953	Stepan Co.	653,498

			14,305,575

	Commercial Services & Supplies – 4.0%
	98,140	Brady Corp. Class A	3,258,248
	40,236	HNI Corp.	1,518,909
	10,623	Interface, Inc.	201,306
	146,657	Kimball International, Inc. Class B	2,444,772
	49,903	Matthews International Corp. Class A	3,271,142
	74,471	McGrath RentCorp	2,645,954
	49,657	MSA Safety, Inc.	3,980,505
	49,793	Quad Graphics, Inc.	1,118,351
	54,825	RR Donnelley & Sons Co.	677,637
	59,836	Steelcase, Inc. Class A	816,761
	11,832	The Brink’s Co.	924,671

			20,858,256

	Communications Equipment – 1.7%
	16,235	Applied Optoelectronics, Inc.*^(a)	1,582,750
	225,407	Extreme Networks, Inc.*	1,981,328
	69,523	Finisar Corp.*	1,892,416
	13,596	InterDigital, Inc.	990,469
	1,153	Lumentum Holdings, Inc.*	72,178
	60,095	NetScout Systems, Inc.*	2,073,277



Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	38,141	Oclaro, Inc.*^(a)	$ 373,019

			8,965,437

	Construction & Engineering – 1.6%
	48,122	Argan, Inc.	3,101,463
	20,327	Comfort Systems USA, Inc.	676,889
	9,485	EMCOR Group, Inc.	640,238
	43,918	MasTec, Inc.*	2,029,012
	2,246	MYR Group, Inc.*	71,445
	82,707	Primoris Services Corp.	2,061,058

			8,580,105

	*Consumer Finance – 0.3%**
	83,633	Enova International, Inc.	1,212,678
	6,465	Green Dot Corp. Class A	260,152
	20,781	LendingClub Corp.	105,360
	7,323	Regional Management Corp.	175,679

			1,753,869

	Diversified Consumer Services – 1.7%
	8,608	Bridgepoint Education, Inc.*	83,584
	18,573	Capella Education Co.	1,275,965
	106,396	Chegg, Inc.*^(a)	1,473,585
	6,522	Collectors Universe, Inc.	162,267
	140,248	Houghton Mifflin Harcourt Co.*	1,675,964
	20,098	K12, Inc.*	355,935
	65,911	Sotheby’s*	3,729,903
	3,489	Weight Watchers International, Inc.*	124,976

			8,882,179

	Diversified Telecommunication Services – 1.3%
	82,805	Cogent Communications Holdings, Inc.	3,457,109
	132,053	Consolidated Communications Holdings, Inc.	2,376,954
	163,090	Vonage Holdings Corp.*	1,078,025

			6,912,088

	Electrical Equipment – 0.4%
	3,525	Allied Motion Technologies, Inc.	104,305
	11,297	EnerSys	816,434
	35,322	Generac Holdings, Inc.*	1,270,532

			2,191,271

	Electronic Equipment, Instruments & Components – 3.3%
	77,033	Benchmark Electronics, Inc.*	2,592,160
	11,769	Control4 Corp.*	268,922
	8,640	Fabrinet*	388,886
	11,891	II-VI, Inc.*	453,047
	32,171	Itron, Inc.*	2,348,483
	4,272	Kimball Electronics, Inc.*	83,090
	40,086	Methode Electronics, Inc.	1,593,418
	16,088	Plexus Corp.*	862,478
	31,839	Rogers Corp.*	3,756,047



Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	33,990	Sanmina Corp.*	$ 1,218,542
	158,470	TTM Technologies, Inc.*	2,754,209
	71,399	Vishay Intertechnology, Inc.	1,274,472

			17,593,754

	Energy Equipment & Services – 1.2%
	5,899	C&J Energy Services, Inc.*	190,774
	19,982	Exterran Corp.*	553,302
	150,953	Fairmount Santrol Holdings, Inc.*^(a)	440,783
	370,598	McDermott International, Inc.*	2,508,948
	5,512	RigNet, Inc.*	104,452
	102,126	Smart Sand, Inc.*	671,989
	69,512	US Silica Holdings, Inc.	2,024,884

			6,495,132

	Equity Real Estate Investment Trusts (REITs) – 4.4%
	99,736	First Industrial Realty Trust, Inc.	3,043,943
	50,293	National Storage Affiliates Trust	1,154,727
	2,279	NexPoint Residential Trust, Inc.	57,180
	30,024	PS Business Parks, Inc.	4,037,027
	74,226	QTS Realty Trust, Inc. Class A	3,968,864
	144,694	Quality Care Properties, Inc.*	2,433,753
	3,105	Retail Opportunity Investments Corp.	62,969
	107,696	Rexford Industrial Realty, Inc.	3,071,490
	15,735	Starwood Waypoint Homes	550,096
	33,447	Sunstone Hotel Investors, Inc.	544,517
	30,548	Terreno Realty Corp.	1,057,572
	36,605	Tier REIT, Inc.	676,461
	116,394	Xenia Hotels & Resorts, Inc.	2,365,126

			23,023,725

	Food Products – 0.4%
	21,688	Darling Ingredients, Inc.*	352,864
	10,684	Fresh Del Monte Produce, Inc.	549,905
	5,114	J&J Snack Foods Corp.	671,979
	4,580	John B. Sanfilippo & Son, Inc.	294,586
	1,956	Lancaster Colony Corp.	239,845

			2,109,179

	Health Care Equipment & Supplies – 3.8%
	30,286	AngioDynamics, Inc.*	492,148
	15,330	Anika Therapeutics, Inc.*	784,283
	10,741	AtriCure, Inc.*	260,254
	28,929	Cantel Medical Corp.	2,146,532
	30,700	Cardiovascular Systems, Inc.*	968,585
	13,229	Cutera, Inc.*	344,615
	16,845	Heska Corp.*	1,845,201
	6,489	Inogen, Inc.*	612,432
	62,678	K2M Group Holdings, Inc.*	1,524,956
	27,018	Lantheus Holdings, Inc.*	498,482



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	17,823	LeMaitre Vascular, Inc.	$ 642,876
	50,369	Masimo Corp.*	4,764,907
	21,522	Meridian Bioscience, Inc.	291,623
	33,760	OraSure Technologies, Inc.*	592,150
	25,976	Orthofix International NV*	1,126,839
	16,577	Quidel Corp.*	530,298
	11,472	STAAR Surgical Co.*	117,588
	12,812	Varex Imaging Corp.*	395,250
	67,391	Wright Medical Group NV*	1,770,362

			19,709,381

	Health Care Providers & Services – 1.9%
	16,166	Amedisys, Inc.*	765,622
	2,773	BioTelemetry, Inc.*	94,837
	69,015	Community Health Systems, Inc.*	493,457
	2,539	CorVel Corp.*	120,730
	28,543	HealthEquity, Inc.*	1,309,267
	19,173	Landauer, Inc.	1,043,970
	37,566	LHC Group, Inc.*	2,175,071
	4,703	Magellan Health, Inc.*	350,609
	48,314	Molina Healthcare, Inc.*	3,227,375
	39,886	Triple-S Management Corp. Class B*	617,435

			10,198,373

	*Health Care Technology – 0.9%**
	3,443	HMS Holdings Corp.	69,136
	29,346	Medidata Solutions, Inc.	2,254,066
	81,194	Quality Systems, Inc.	1,388,417
	28,572	Vocera Communications, Inc.	779,159

			4,490,778

	Hotels, Restaurants & Leisure – 2.0%
	19,406	Boyd Gaming Corp.	486,314
	3,211	Buffalo Wild Wings, Inc.*	345,183
	609	Churchill Downs, Inc.	113,913
	7,848	Marriott Vacations Worldwide Corp.	917,039
	98,381	Penn National Gaming, Inc.*	1,983,361
	101,675	Red Rock Resorts, Inc. Class A	2,430,033
	85,287	Scientific Games Corp. Class A*	3,159,883
	81,617	SeaWorld Entertainment, Inc.^(a)	1,255,269

			10,690,995

	Household Durables – 2.4%
	64,336	Beazer Homes USA, Inc.*	853,095
	22,757	Installed Building Products, Inc.*	1,224,326
	121,601	KB Home	2,787,095
	31,905	M/I Homes, Inc.*	827,616
	82,104	MDC Holdings, Inc.	2,815,346
	144,753	Taylor Morrison Home Corp. Class A*	3,274,313
	14,460	TopBuild Corp.*	763,199

			12,544,990



Shares		Description	Value
	Common Stocks – (continued)
	*Household Products – 0.3%**
	55,771	Central Garden & Pet Co. Class A	$ 1,715,516

	Independent Power and Renewable Electricity Producers – 0.7%
	54,338	Ormat Technologies, Inc.	3,222,243
	12,108	Pattern Energy Group, Inc.	303,911

			3,526,154

	Industrial Conglomerates – 0.1%
	8,132	Raven Industries, Inc.	279,741

	Insurance – 1.4%
	95,704	American Equity Investment Life Holding Co.	2,562,953
	8,969	Argo Group International Holdings Ltd.^(b)	537,692
	2,545	FBL Financial Group, Inc. Class A	172,806
	87,138	Genworth Financial, Inc. Class A*	298,883
	4,565	Health Insurance Innovations, Inc. Class A*	128,048
	2,327	James River Group Holdings Ltd.	93,452
	93,819	Maiden Holdings Ltd.	1,041,391
	4,444	Primerica, Inc.	360,186
	21,370	Stewart Information Services Corp.	839,841
	55,850	Trupanion, Inc.*^(a)	1,330,347

			7,365,599

	Internet & Direct Marketing Retail – 1.2%
	53,324	Etsy, Inc.*	766,266
	85,002	Groupon, Inc.*	319,607
	83,669	Liberty TripAdvisor Holdings, Inc. Class A*	983,111
	55,247	Nutrisystem, Inc.	3,080,020
	26,692	Shutterfly, Inc.*	1,308,976

			6,457,980

	Internet Software & Services – 5.2%
	19,758	Appfolio, Inc. Class A*	690,542
	132,964	Blucora, Inc.*	2,978,394
	177,684	Box, Inc. Class A*	3,349,343
	9,836	Care.com, Inc.*	142,917
	13,993	ChannelAdvisor Corp.*	146,926
	98,828	Cornerstone OnDemand, Inc.*	3,983,757
	4,835	Envestnet, Inc.*	188,807
	88,640	Five9, Inc.*	1,955,398
	62,895	Hortonworks, Inc.*	842,793
	13,618	LivePerson, Inc.*	184,524
	121,542	MINDBODY, Inc. Class A*	3,154,015
	71,871	New Relic, Inc.*	3,375,062
	130,331	NIC, Inc.	2,117,879
	54,590	TrueCar, Inc.*^(a)	1,033,389
	91,050	Web.com Group, Inc.*	1,998,547



Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	44,103	Yelp, Inc.*	$ 1,434,671

			27,576,964

	IT Services – 2.7%
	35,642	Acxiom Corp.*	961,265
	77,555	CSG Systems International, Inc.	3,206,899
	9,373	EPAM Systems, Inc.*	805,422
	104,087	EVERTEC, Inc.	1,857,953
	7,373	Forrester Research, Inc.	300,818
	15,886	MAXIMUS, Inc.	958,879
	76,601	Perficient, Inc.*	1,440,099
	5,887	Science Applications International Corp.	414,504
	13,891	Sykes Enterprises, Inc.*	472,294
	9,607	TeleTech Holdings, Inc.	401,573
	22,007	The Hackett Group, Inc.	361,355
	221,855	Travelport Worldwide Ltd.	3,172,526

			14,353,587

	Leisure Products – 0.8%
	205,085	Callaway Golf Co.	2,610,732
	15,798	Malibu Boats, Inc. Class A*	451,981
	55,471	MCBC Holdings, Inc.*	1,026,213

			4,088,926

	Life Sciences Tools & Services – 0.7%
	22,806	Cambrex Corp.*	1,391,166
	31,934	Enzo Biochem, Inc.*	346,484
	33,511	INC Research Holdings, Inc. Class A*	1,843,105
	13,925	Luminex Corp.	284,488

			3,865,243

	Machinery – 2.3%
	3,386	Alamo Group, Inc.	314,932
	2,922	Briggs & Stratton Corp.	68,433
	18,663	Franklin Electric Co., Inc.	753,985
	104,739	Hillenbrand, Inc.	3,770,604
	3,474	Kadant, Inc.	271,146
	52,732	Kennametal, Inc.	1,945,811
	39,883	Milacron Holdings Corp.*	717,096
	680	RBC Bearings, Inc.*	70,271
	14,704	SPX FLOW, Inc.*	521,404
	141,577	Wabash National Corp.	2,701,289
	11,434	Watts Water Technologies, Inc. Class A	736,350

			11,871,321

	Media – 0.6%
	6,034	Hemisphere Media Group, Inc.*	75,425
	121,820	MSG Networks, Inc. Class A*	2,606,948
	2,992	Sinclair Broadcast Group, Inc. Class A	107,862
	6,385	Time, Inc.	89,709
	4,396	tronc, Inc.*	56,137

			2,936,081



Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 0.7%
	19,669	Carpenter Technology Corp.	$ 795,218
	57,607	Schnitzer Steel Industries, Inc. Class A	1,486,261
	29,502	Worthington Industries, Inc.	1,494,866

			3,776,345

	Mortgage Real Estate Investment Trusts (REITs) – 0.1%
	18,296	AG Mortgage Investment Trust, Inc.	336,829

	*Multiline Retail – 0.3%**
	34,731	Ollie’s Bargain Outlet Holdings, Inc.	1,552,476

	Oil, Gas & Consumable Fuels – 1.0%
	64,728	CVR Energy, Inc.^(a)	1,224,007
	53,352	Denbury Resources, Inc.*	77,894
	10,965	Energy XXI Gulf Coast, Inc.*	216,997
	22,267	Green Plains, Inc.	439,773
	10,102	Pacific Ethanol, Inc.*	63,138
	55,953	Peabody Energy Corp.*	1,568,922
	10,501	REX American Resources Corp.*	1,049,890
	62,514	Ultra Petroleum Corp.*	643,269

			5,283,890

	Paper & Forest Products – 1.2%
	88,929	KapStone Paper & Packaging Corp.	2,032,917
	176,951	Louisiana-Pacific Corp.*	4,443,240

			6,476,157

	Personal Products – 0.2%
	11,620	Medifast, Inc.	496,058
	7,735	USANA Health Sciences, Inc.*	441,668

			937,726

	Pharmaceuticals – 2.9%
	2,070	Aerie Pharmaceuticals, Inc.*	112,401
	134,974	Catalent, Inc.*^(b)	4,683,598
	58,406	Corcept Therapeutics, Inc.*	728,323
	69,693	Depomed, Inc.*	718,535
	147,921	Innoviva, Inc.*	2,029,476
	22,593	Intersect ENT, Inc.*	619,048
	10,457	Nektar Therapeutics*	228,276
	28,949	Pacira Pharmaceuticals, Inc.*	1,143,486
	77,645	Phibro Animal Health Corp. Class A	2,966,039
	99,703	SciClone Pharmaceuticals, Inc.*	1,091,748
	22,221	Supernus Pharmaceuticals, Inc.*	898,839

			15,219,769



Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 2.2%
	13,369	Barrett Business Services, Inc.	$ 735,696
	18,279	CBIZ, Inc.*	271,443
	17,479	Exponent, Inc.	1,139,631
	16,618	FTI Consulting, Inc.*	545,237
	1,482	ICF International, Inc.*	67,060
	71,213	On Assignment, Inc.*	3,507,240
	52,081	RPX Corp.*	711,947
	76,878	TriNet Group, Inc.*	2,690,730
	25,403	WageWorks, Inc.*	1,656,276

			11,325,260

	Real Estate Management & Development – 0.1%
	28,960	Kennedy-Wilson Holdings, Inc.	582,096
	2,173	The RMR Group, Inc. Class A	106,151

			688,247

	Road & Rail – 0.8%
	7,645	Avis Budget Group, Inc.*	235,313
	90,004	Heartland Express, Inc.	1,901,785
	14,751	Marten Transport Ltd.	235,278
	56,798	Werner Enterprises, Inc.	1,684,061

			4,056,437

	Semiconductors & Semiconductor Equipment – 4.5%
	14,405	Advanced Energy Industries, Inc.*	1,045,083
	130,629	Amkor Technology, Inc.*	1,354,623
	45,511	Cabot Microelectronics Corp.	3,374,640
	70,505	Cirrus Logic, Inc.*	4,331,827
	75,232	Diodes, Inc.*	1,995,905
	135,157	Entegris, Inc.*	3,527,598
	13,712	FormFactor, Inc.*	179,627
	20,003	MKS Instruments, Inc.	1,673,251
	101,443	Photronics, Inc.*	1,019,502
	8,383	Rambus, Inc.*	108,057
	68,225	Rudolph Technologies, Inc.*	1,688,569
	43,082	Silicon Laboratories, Inc.*	3,235,458
	15,166	Ultra Clean Holdings, Inc.*	355,643

			23,889,783

	Software – 5.0%
	52,965	American Software, Inc. Class A	513,761
	84,714	Aspen Technology, Inc.*^(b)	4,817,685
	15,027	Blackbaud, Inc.	1,387,593
	29,379	Bottomline Technologies de, Inc.*	836,714
	23,439	CommVault Systems, Inc.*	1,395,793
	22,348	Fair Isaac Corp.	3,185,707
	55,562	HubSpot, Inc.*	4,019,911
	69,835	Imperva, Inc.*	3,146,067
	5,395	MicroStrategy, Inc. Class A*	725,681
	57,085	Paylocity Holding Corp.*	2,595,655
	6,272	Progress Software Corp.	200,767
	14,489	Proofpoint, Inc.*	1,235,042
	15,598	Rapid7, Inc.*	236,934
	27,404	RingCentral, Inc. Class A*	953,659
	22,512	The Rubicon Project, Inc.*	105,806
	18,809	Varonis Systems, Inc.*	700,635



Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	9,934	Zix Corp.*	$ 52,948

			26,110,358

	Specialty Retail – 2.0%
	28,517	American Eagle Outfitters, Inc.	337,641
	56,236	Asbury Automotive Group, Inc.*	3,036,744
	24,312	Big 5 Sporting Goods Corp.^(a)	261,354
	45,429	Camping World Holdings, Inc. Class A	1,451,911
	68,716	Chico’s FAS, Inc.	628,751
	76,573	Francesca’s Holdings Corp.*	745,055
	3,619	Haverty Furniture Cos., Inc.	80,523
	34,027	Pier 1 Imports, Inc.	156,865
	103,462	Select Comfort Corp.*	3,498,050
	3,920	Tile Shop Holdings, Inc.	57,232

			10,254,126

	Textiles, Apparel & Luxury Goods – 1.9%
	37,013	Deckers Outdoor Corp.*	2,400,663
	78,951	Fossil Group, Inc.*	888,199
	5,409	Oxford Industries, Inc.	341,470
	80,956	Steven Madden Ltd.*	3,319,196
	105,789	Wolverine World Wide, Inc.	2,983,250

			9,932,778

	Thrifts & Mortgage Finance – 0.8%
	41,171	BofI Holding, Inc.*^(a)	1,147,436
	77,030	Meridian Bancorp, Inc.	1,359,579
	5,430	Meta Financial Group, Inc.	387,159
	27,856	Walker & Dunlop, Inc.*	1,399,764
	4,802	Waterstone Financial, Inc.	90,518

			4,384,456

	Trading Companies & Distributors – 1.0%
	28,118	BMC Stock Holdings, Inc.*	618,596
	2,292	DXP Enterprises, Inc.*	65,528
	59,848	H&E Equipment Services, Inc.	1,350,769
	77,721	Rush Enterprises, Inc. Class A*	3,352,107

			5,387,000

	*Wireless Telecommunication Services – 0.2%**
	86,524	Boingo Wireless, Inc.	1,283,151

	TOTAL COMMON STOCKS (Cost $475,789,371)		$508,446,202



Shares		Distribution Rate	Value
	Investment Companies^(c)(d) – 1.5%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	7,668,853	0.895%	$ 7,668,853
	(Cost $7,668,853)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $483,458,224)		$516,115,055


	Securities Lending Reinvestment Vehicle^(c)(d⁾ – 3.1%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	16,213,301	0.895%	$ 16,213,301
	(Cost $16,213,301)

	TOTAL INVESTMENTS – 101.3% (Cost $499,671,525)		$532,328,356

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%		(6,690,703)

	NET ASSETS – 100.0%		$525,637,653



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(d)		Represents an Affiliated Fund.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 1.6%
	4,264	Curtiss-Wright Corp.	$ 411,135
	5,819	Ducommun, Inc.*	168,518
	17,249	Esterline Technologies Corp.*	1,664,529
	22,580	Triumph Group, Inc.	578,048

			2,822,230

	Airlines – 0.8%
	21,268	Hawaiian Holdings, Inc.*	880,495
	16,842	SkyWest, Inc.	614,733

			1,495,228

	Auto Components – 1.1%
	12,017	Cooper-Standard Holdings, Inc.*	1,228,858
	29,202	Superior Industries International, Inc.	570,899
	8,535	Tower International, Inc.	210,815

			2,010,572

	Banks – 14.7%
	2,280	Arrow Financial Corp.	74,328
	3,471	Bancfirst Corp.	370,529
	15,300	Banner Corp.	883,881
	1,910	Camden National Corp.	80,220
	26,706	CenterState Banks, Inc.	667,383
	37,516	Central Pacific Financial Corp.	1,160,370
	2,326	CU Bancorp*	85,829
	10,585	Customers Bancorp, Inc.*	315,962
	62,717	CVB Financial Corp.	1,350,924
	18,383	Enterprise Financial Services Corp.	727,048
	6,719	Farmers Capital Bank Corp.	252,299
	25,579	FCB Financial Holdings, Inc. Class A*	1,206,050
	17,480	Fidelity Southern Corp.	368,129
	4,919	Financial Institutions, Inc.	144,619
	39,447	First Busey Corp.	1,153,430
	4,294	First Citizens BancShares, Inc. Class A	1,580,278
	19,673	First Commonwealth Financial Corp.	256,339
	5,758	First Financial Bancorp	147,405
	2,464	First Financial Corp.	113,467
	5,598	First Interstate BancSystem, Inc. Class A	204,607
	28,518	First Merchants Corp.	1,153,268
	1,320	Flushing Financial Corp.	37,660
	528	Great Southern Bancorp, Inc.	27,430
	40,059	Hanmi Financial Corp.	1,147,690
	11,682	Heartland Financial USA, Inc.	550,222
	46,072	Hilltop Holdings, Inc.	1,153,182
	12,234	Home BancShares, Inc.	303,403
	16,404	IBERIABANK Corp.	1,326,263
	37,101	International Bancshares Corp.	1,313,375
	10,615	Lakeland Bancorp, Inc.	205,400
	2,006	National Commerce Corp.*	80,441
	1,866	Northrim BanCorp, Inc.	54,394



Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	57,321	OFG Bancorp	$ 576,076
	16,796	Peapack Gladstone Financial Corp.	525,211
	993	People’s Utah Bancorp	27,605
	7,938	Republic Bancorp, Inc. Class A	284,974
	28,832	Sandy Spring Bancorp, Inc.	1,154,433
	4,095	Towne Bank	128,174
	29,967	TriCo Bancshares	1,105,782
	17,737	UMB Financial Corp.	1,235,560
	33,069	Umpqua Holdings Corp.	613,099
	43,254	United Community Banks, Inc.	1,200,731
	3,384	WesBanco, Inc.	129,370
	12,657	Wintrust Financial Corp.	953,199

			26,430,039

	Beverages – 0.0%
	620	National Beverage Corp.	63,314

	Biotechnology – 2.8%
	22,957	Akebia Therapeutics, Inc.*	302,803
	24,099	AMAG Pharmaceuticals, Inc.*	473,545
	4,389	Array BioPharma, Inc.*	32,961
	4,234	Bluebird Bio, Inc.*	399,055
	1,363	Emergent BioSolutions, Inc.*	49,572
	1,617	Enanta Pharmaceuticals, Inc.*	61,624
	15,930	FibroGen, Inc.*	544,009
	30,778	Genomic Health, Inc.*	981,818
	9,663	MiMedx Group, Inc.*^(a)	144,558
	42,941	Momenta Pharmaceuticals, Inc.*	710,674
	7,050	Myriad Genetics, Inc.*	171,104
	199,739	PDL BioPharma, Inc.	453,408
	3,341	Portola Pharmaceuticals, Inc.*	206,140
	6,904	PTC Therapeutics, Inc.*	142,360
	11,011	Retrophin, Inc.*	222,863
	2,179	Sarepta Therapeutics, Inc.*	84,066

			4,980,560

	*Building Products – 0.5%**
	5,178	Armstrong Flooring, Inc.	89,890
	4,880	Caesarstone Ltd.	171,288
	22,917	Continental Building Products, Inc.	504,174
	3,102	Gibraltar Industries, Inc.	92,595
	1,001	Masonite International Corp.	77,727

			935,674

	Capital Markets – 1.9%
	13,879	Evercore Partners, Inc. Class A	1,091,583
	40,139	Greenhill & Co., Inc.	742,572
	2,659	INTL FCStone, Inc.*	104,047
	12,937	Moelis & Co. Class A	529,123
	16,437	Piper Jaffray Cos.	1,025,669

			3,492,994



Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 1.8%
	19,150	A. Schulman, Inc.	$ 503,645
	24,767	Innophos Holdings, Inc.	1,034,518
	2,253	Koppers Holdings, Inc.*	81,784
	15,229	Minerals Technologies, Inc.	1,078,213
	5,602	Rayonier Advanced Materials, Inc.	83,526
	4,307	Stepan Co.	353,906
	7,301	Tronox Ltd. Class A	141,493

			3,277,085

	Commercial Services & Supplies – 3.0%
	13,518	ACCO Brands Corp.*	157,485
	29,358	Brady Corp. Class A	974,686
	19,443	CECO Environmental Corp.	187,819
	12,209	Ennis, Inc.	235,023
	20,284	Essendant, Inc.	253,144
	47,710	Kimball International, Inc. Class B	795,326
	33,716	McGrath RentCorp	1,197,929
	14,080	MSA Safety, Inc.	1,128,653
	15,245	Quad Graphics, Inc.	342,403
	9,103	RR Donnelley & Sons Co.	112,513

			5,384,981

	*Communications Equipment – 1.1%**
	13,921	Finisar Corp.	378,930
	44,487	NetScout Systems, Inc.	1,534,801

			1,913,731

	Construction & Engineering – 1.0%
	15,459	Argan, Inc.	996,333
	7,175	EMCOR Group, Inc.	484,312
	9,706	MYR Group, Inc.*	308,748

			1,789,393

	*Consumer Finance – 0.5%**
	32,516	Enova International, Inc.	471,482
	6,355	Regional Management Corp.	152,456
	2,885	World Acceptance Corp.	218,020

			841,958

	Diversified Consumer Services – 1.4%
	1,561	American Public Education, Inc.*	33,249
	6,776	Bridgepoint Education, Inc.*	65,795
	5,337	Capella Education Co.	366,652
	3,283	Houghton Mifflin Harcourt Co.*	39,232
	37,415	K12, Inc.*	662,620
	21,384	Regis Corp.*	225,173
	20,636	Sotheby’s*	1,167,791

			2,560,512

	Diversified Telecommunication Services – 0.7%
	20,708	Cogent Communications Holdings, Inc.	864,559
	26,268	Consolidated Communications Holdings, Inc.	472,824

			1,337,383



Shares		Description	Value
	Common Stocks – (continued)
	Electric Utilities – 0.1%
	2,130	MGE Energy, Inc.	$ 141,751
	2,035	PNM Resources, Inc.	81,095

			222,846

	Electrical Equipment – 0.1%
	6,773	Powell Industries, Inc.	215,720

	Electronic Equipment, Instruments & Components – 5.3%
	59,912	AVX Corp.	1,070,628
	40,294	Benchmark Electronics, Inc.*	1,355,893
	5,109	CTS Corp.	112,398
	10,668	Daktronics, Inc.	104,333
	23,778	Kimball Electronics, Inc.*	462,482
	22,953	Plexus Corp.*	1,230,510
	9,920	Rogers Corp.*	1,170,262
	36,256	Sanmina Corp.*	1,299,778
	74,908	TTM Technologies, Inc.*	1,301,901
	83,698	Vishay Intertechnology, Inc.	1,494,009

			9,602,194

	Energy Equipment & Services – 3.5%
	30,284	Archrock, Inc.	331,610
	18,030	C&J Energy Services, Inc.*	583,090
	72,079	Ensco PLC Class A	381,298
	23,314	Exterran Corp.*	645,565
	74,694	Fairmount Santrol Holdings, Inc.*^(a)	218,106
	187,658	McDermott International, Inc.*	1,270,445
	6,149	Natural Gas Services Group, Inc.*	153,417
	48,051	Newpark Resources, Inc.*	401,226
	15,479	Oil States International, Inc.*	384,653
	54,459	Pioneer Energy Services Corp.*	119,810
	55,970	Rowan Cos. PLC Class A*	653,170
	29,461	Smart Sand, Inc.*	193,853
	26,952	Unit Corp.*	484,597
	18,829	US Silica Holdings, Inc.	548,489

			6,369,329

	Equity Real Estate Investment Trusts (REITs) – 10.3%
	5,926	Ashford Hospitality Prime, Inc.	61,393
	15,739	Chatham Lodging Trust	325,482
	4,671	Chesapeake Lodging Trust	117,849
	72,785	DiamondRock Hospitality Co.	850,129
	27,787	FelCor Lodging Trust, Inc.	205,068
	46,925	First Industrial Realty Trust, Inc.	1,432,151
	101,633	First Potomac Realty Trust	1,131,175
	32,358	Kite Realty Group Trust	664,310



Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	18,661	National Storage Affiliates Trust	$ 428,457
	3,879	NexPoint Residential Trust, Inc.	97,324
	6,896	PS Business Parks, Inc.	927,236
	19,891	QTS Realty Trust, Inc. Class A	1,063,572
	69,489	Quality Care Properties, Inc.*	1,168,805
	84,254	RAIT Financial Trust	168,508
	17,945	Ramco-Gershenson Properties Trust	252,845
	23,771	Retail Opportunity Investments Corp.	482,076
	50,107	Rexford Industrial Realty, Inc.	1,429,052
	53,967	RLJ Lodging Trust	1,141,942
	46,028	Starwood Waypoint Homes	1,609,139
	103,549	Sunstone Hotel Investors, Inc.	1,685,778
	13,513	Terreno Realty Corp.	467,820
	58,810	Tier REIT, Inc.	1,086,809
	8,419	Urstadt Biddle Properties Class A	176,294
	74,892	Xenia Hotels & Resorts, Inc.	1,521,805

			18,495,019

	Food & Staples Retailing – 0.0%
	1,504	Village Super Market, Inc. Class A	37,194

	Food Products – 1.3%
	78,467	Darling Ingredients, Inc.*	1,276,658
	3,029	Dean Foods Co.	45,435
	19,353	Fresh Del Monte Produce, Inc.	996,099

			2,318,192

	Gas Utilities – 0.8%
	20,422	Northwest Natural Gas Co.	1,288,628
	1,964	ONE Gas, Inc.	142,940

			1,431,568

	*Health Care Equipment & Supplies – 1.0%**
	34,438	AngioDynamics, Inc.	559,618
	3,924	Halyard Health, Inc.	157,823
	11,887	Masimo Corp.	1,124,510

			1,841,951

	*Health Care Providers & Services – 0.3%**
	40,381	Community Health Systems, Inc.	288,724
	615	LHC Group, Inc.	35,609
	18,579	Triple-S Management Corp. Class B	287,603

			611,936



Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 1.0%
	28,493	International Speedway Corp. Class A	$ 1,020,050
	1,335	Monarch Casino & Resort, Inc.*	44,175
	35,257	Penn National Gaming, Inc.*	710,781

			1,775,006

	Household Durables – 2.1%
	46,153	Beazer Homes USA, Inc.*	611,989
	2,057	CSS Industries, Inc.	55,066
	33,081	KB Home	758,217
	4,735	M/I Homes, Inc.*	122,826
	32,553	MDC Holdings, Inc.	1,116,242
	44,327	Taylor Morrison Home Corp. Class A*	1,002,677
	3,671	The New Home Co, Inc.*	39,683
	1,581	TopBuild Corp.*	83,445

			3,790,145

	*Household Products – 0.4%**
	25,125	Central Garden & Pet Co. Class A	772,845

	Independent Power and Renewable Electricity Producers – 1.2%
	20,379	Ormat Technologies, Inc.	1,208,475
	36,444	Pattern Energy Group, Inc.	914,744

			2,123,219

	Insurance – 5.1%
	58,135	American Equity Investment Life Holding Co.	1,556,855
	21,006	Argo Group International Holdings Ltd.	1,259,310
	82,545	CNO Financial Group, Inc.	1,888,630
	17,126	FBL Financial Group, Inc. Class A	1,162,855
	180,724	Genworth Financial, Inc. Class A*	619,883
	19,778	James River Group Holdings Ltd.	794,285
	71,549	Maiden Holdings Ltd.	794,194
	25,511	Stewart Information Services Corp.	1,002,582

			9,078,594

	Internet & Direct Marketing Retail – 0.2%
	8,349	Liberty TripAdvisor Holdings, Inc. Class A*	98,101
	3,844	Nutrisystem, Inc.	214,303

			312,404

	*Internet Software & Services – 1.5%**
	40,332	Blucora, Inc.	903,437
	10,532	Box, Inc. Class A	198,528
	11,096	Cornerstone OnDemand, Inc.	447,280
	4,614	MINDBODY, Inc. Class A	119,733
	21,532	New Relic, Inc.	1,011,143

			2,680,121



Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 1.6%
	6,310	Convergys Corp.	$ 151,251
	23,811	CSG Systems International, Inc.	984,585
	20,678	EVERTEC, Inc.	369,102
	5,352	Perficient, Inc.*	100,617
	1,509	Sykes Enterprises, Inc.*	51,306
	87,669	Travelport Worldwide Ltd.	1,253,667

			2,910,528

	Leisure Products – 0.7%
	92,095	Callaway Golf Co.	1,172,369

	Machinery – 1.9%
	3,751	Alamo Group, Inc.	348,881
	19,575	Briggs & Stratton Corp.	458,447
	841	Franklin Electric Co., Inc.	33,976
	2,464	FreightCar America, Inc.	40,508
	26,064	Hillenbrand, Inc.	938,304
	5,562	Kennametal, Inc.	205,238
	4,176	Milacron Holdings Corp.*	75,084
	855	Park-Ohio Holdings Corp.	33,986
	3,106	SPX FLOW, Inc.*	110,139
	8,548	TriMas Corp.*	208,144
	49,878	Wabash National Corp.	951,672

			3,404,379

	Media – 1.0%
	54,219	MSG Networks, Inc. Class A*	1,160,287
	4,696	National CineMedia, Inc.	33,576
	42,798	Time, Inc.	601,312

			1,795,175

	Metals & Mining – 1.9%
	33,564	Carpenter Technology Corp.	1,356,993
	11,442	Haynes International, Inc.	357,906
	16,707	Materion Corp.	642,384
	42,694	Schnitzer Steel Industries, Inc. Class A	1,101,505

			3,458,788

	Mortgage Real Estate Investment Trusts (REITs) – 2.3%
	31,509	AG Mortgage Investment Trust, Inc.	580,081
	24,311	ARMOUR Residential REIT, Inc.	614,096
	15,136	Cherry Hill Mortgage Investment Corp.	290,460
	44,946	Invesco Mortgage Capital, Inc.^(b)	747,452
	69,425	MTGE Investment Corp.	1,291,305
	4,185	PennyMac Mortgage Investment Trust	73,656
	46,535	Western Asset Mortgage Capital Corp.	483,498

			4,080,548



Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – 1.1%
	20,104	NorthWestern Corp.	$ 1,161,810
	15,834	Unitil Corp.	803,576

			1,965,386

	Oil, Gas & Consumable Fuels – 3.4%
	34,641	Bill Barrett Corp.*	117,086
	51,031	Clean Energy Fuels Corp.*	133,701
	17,296	Contango Oil & Gas Co.*	103,776
	25,370	CVR Energy, Inc.^(a)	479,747
	182,904	Denbury Resources, Inc.*	267,040
	62,721	DHT Holdings, Inc.	260,919
	15,449	Eclipse Resources Corp.*	43,412
	4,911	Energy XXI Gulf Coast, Inc.*	97,189
	4,339	Golar LNG Ltd.^(a)	103,312
	31,725	Green Plains, Inc.	626,569
	1,325	International Seaways, Inc.*	30,223
	95,963	Oasis Petroleum, Inc.*	746,592
	36,313	Overseas Shipholding Group, Inc. Class A*	111,844
	25,974	Pacific Ethanol, Inc.*	162,337
	39,822	Peabody Energy Corp.*^(a)	1,116,609
	9,079	REX American Resources Corp.*	907,718
	73,177	Scorpio Tankers, Inc.	271,487
	44,878	Ultra Petroleum Corp.*	461,795
	31,634	W&T Offshore, Inc.*^(a)	62,003

			6,103,359

	Paper & Forest Products – 0.9%
	21,447	KapStone Paper & Packaging Corp.	490,278
	42,418	Louisiana-Pacific Corp.*	1,065,116

			1,555,394

	Pharmaceuticals – 0.7%
	5,384	Catalent, Inc.*	186,825
	20,566	Phibro Animal Health Corp. Class A	785,621
	19,194	SciClone Pharmaceuticals, Inc.*	210,174

			1,182,620

	Professional Services – 2.4%
	46,262	CBIZ, Inc.*	686,991
	7,619	CRA International, Inc.	295,693
	20,399	FTI Consulting, Inc.*	669,291
	5,136	Heidrick & Struggles International, Inc.	92,962
	11,558	ICF International, Inc.*	522,999
	16,569	Kelly Services, Inc. Class A	368,992
	38,444	Navigant Consulting, Inc.*	650,857
	64,242	RPX Corp.*	878,188
	3,368	TriNet Group, Inc.*	117,880
	882	TrueBlue, Inc.*	22,535

			4,306,388



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Management & Development – 0.1%
	10,165	Kennedy-Wilson Holdings, Inc.	$ 204,316

	Road & Rail – 0.5%
	13,140	Marten Transport Ltd.	209,583
	25,450	Werner Enterprises, Inc.	754,592

			964,175

	Semiconductors & Semiconductor Equipment – 1.2%
	23,116	Amkor Technology, Inc.*	239,713
	3,512	Cabot Microelectronics Corp.	260,415
	31,175	Diodes, Inc.*	827,073
	69,414	Photronics, Inc.*	697,610
	2,057	Rudolph Technologies, Inc.*	50,911

			2,075,722

	*Software – 0.9%**
	1,849	Aspen Technology, Inc.	105,153
	13,274	HubSpot, Inc.	960,374
	9,132	Imperva, Inc.	411,396
	594	MicroStrategy, Inc. Class A	79,899

			1,556,822

	Specialty Retail – 3.0%
	14,290	Aaron’s, Inc.	661,341
	70,269	American Eagle Outfitters, Inc.	831,985
	9,093	Asbury Automotive Group, Inc.*	491,022
	19,166	Barnes & Noble, Inc.	156,203
	21,839	Big 5 Sporting Goods Corp.^(a)	234,769
	59,803	Chico’s FAS, Inc.	547,197
	11,137	Group 1 Automotive, Inc.	663,208
	11,379	Haverty Furniture Cos., Inc.	253,183
	89,802	Office Depot, Inc.	527,138
	51,587	Pier 1 Imports, Inc.	237,816
	19,796	Select Comfort Corp.*	669,303
	6,572	Tilly’s, Inc. Class A	65,589
	11,080	Zumiez, Inc.*	140,716

			5,479,470

	Textiles, Apparel & Luxury Goods – 1.5%
	18,337	Deckers Outdoor Corp.*	1,189,338
	57,627	Fossil Group, Inc.*^(a)	648,304
	2,511	Movado Group, Inc.	61,770
	2,497	Oxford Industries, Inc.	157,636
	20,594	Wolverine World Wide, Inc.	580,751

			2,637,799

	Thrifts & Mortgage Finance – 3.4%
	70,126	Beneficial Bancorp, Inc.	1,093,965
	14,670	BofI Holding, Inc.*^(a)	408,853
	8,632	Federal Agricultural Mortgage Corp. Class C	591,810
	7,655	First Defiance Financial Corp.	396,146
	790	Home Bancorp, Inc.	32,011
	24,725	HomeStreet, Inc.*	649,031



Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	59,361	Meridian Bancorp, Inc.	$ 1,047,722
	2,614	Meta Financial Group, Inc.	186,378
	1,537	Provident Financial Holdings, Inc.	29,203
	32,267	Radian Group, Inc.	562,091
	5,674	Riverview Bancorp, Inc.	43,066
	59,017	TrustCo Bank Corp. NY	489,841
	9,533	Walker & Dunlop, Inc.*	479,033
	2,176	Waterstone Financial, Inc.	41,018

			6,050,168

	Trading Companies & Distributors – 1.2%
	16,300	BMC Stock Holdings, Inc.*	358,600
	7,447	H&E Equipment Services, Inc.	168,079
	1,536	MRC Global, Inc.*	25,098
	31,166	Rush Enterprises, Inc. Class A*	1,344,190
	12,340	Titan Machinery, Inc.*	220,269

			2,116,236

	Water Utilities – 0.6%
	4,034	Artesian Resources Corp. Class A	156,882
	3,404	Middlesex Water Co	133,573
	16,082	SJW Group	850,256

			1,140,711

	Wireless Telecommunication Services – 0.2%
	16,551	Spok Holdings, Inc.	271,436

	TOTAL COMMON STOCKS (Cost $163,789,394)		$175,445,726


Shares		Distribution Rate	Value
	Investment Companies^(c)(d) – 0.0%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	969	0.895%	$ 969
	(Cost $969)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $163,790,363)		$175,446,695


	Securities Lending Reinvestment Vehicle^(c)(d) – 1.6%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,800,625	0.895%	$ 2,800,625
	(Cost $2,800,625)

	TOTAL INVESTMENTS – 99.2% (Cost $166,590,988)		$178,247,320

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%		1,513,584

	NET ASSETS – 100.0%		$179,760,904

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 4.3%
	29,912	Arconic, Inc.	$ 741,519
	29,522	Raytheon Co.	5,070,994
	55,933	Spirit AeroSystems Holdings, Inc. Class A	3,380,031
	42,368	The Boeing Co.	10,272,545
	62,404	United Technologies Corp.	7,399,242

			26,864,331

	Airlines – 1.5%
	119,389	JetBlue Airways Corp.*	2,618,201
	117,191	Southwest Airlines Co.	6,505,272

			9,123,473

	Auto Components – 2.6%
	65,699	BorgWarner, Inc.	3,070,771
	77,190	Delphi Automotive PLC	6,979,520
	42,333	Lear Corp.	6,273,327

			16,323,618

	Automobiles – 0.3%
	46,896	General Motors Co.	1,687,318

	Banks – 4.6%
	41,844	Bank of America Corp.	1,009,277
	193,327	Citizens Financial Group, Inc.	6,781,911
	14,300	Comerica, Inc.	1,034,033
	110,734	JPMorgan Chase & Co.	10,165,381
	82,858	Regions Financial Corp.	1,209,727
	121,503	SunTrust Banks, Inc.	6,960,907
	22,891	Wells Fargo & Co.	1,234,741

			28,395,977

	Beverages – 1.1%
	76,001	Molson Coors Brewing Co. Class B	6,762,569

	Biotechnology – 5.0%
	31,757	Alexion Pharmaceuticals, Inc.*	4,361,506
	56,592	Amgen, Inc.	9,875,870
	27,420	Biogen, Inc.*	7,940,558
	64,932	Celgene Corp.*	8,792,442
	7,999	Exelixis, Inc.*	216,853

			31,187,229

	Building Products – 1.1%
	163,668	Masco Corp.	6,240,661
	5,531	Owens Corning	370,853

			6,611,514

	Capital Markets – 1.6%
	41,499	Intercontinental Exchange, Inc.	2,768,398
	47,451	S&P Global, Inc.	7,287,999

			10,056,397



Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 0.6%
	19,301	Celanese Corp. Series A	$ 1,856,177
	4,270	Eastman Chemical Co.	355,094
	49,868	Huntsman Corp.	1,327,486

			3,538,757

	Communications Equipment – 1.4%
	28,875	ARRIS International PLC*	807,345
	38,192	F5 Networks, Inc.*	4,611,684
	13,256	Harris Corp.	1,517,414
	73,889	Juniper Networks, Inc.	2,065,198

			9,001,641

	Consumer Finance – 1.6%
	166,711	Ally Financial, Inc.	3,774,337
	209,932	Synchrony Financial	6,365,138

			10,139,475

	Containers & Packaging – 0.8%
	35,263	Owens-Illinois, Inc.*	842,786
	52,936	Sealed Air Corp.	2,303,245
	33,973	WestRock Co.	1,950,730

			5,096,761

	Diversified Financial Services – 0.8%
	19,757	Berkshire Hathaway, Inc. Class B*	3,456,882
	56,915	Leucadia National Corp.	1,481,498

			4,938,380

	Diversified Telecommunication Services – 0.3%
	21,223	AT&T, Inc.	827,697
	15,535	Verizon Communications, Inc.	751,894

			1,579,591

	Electrical Equipment – 0.6%
	58,064	AMETEK, Inc.	3,575,581

	Electronic Equipment, Instruments & Components – 2.0%
	371,844	Flex Ltd.*	5,945,786
	203,686	Jabil, Inc.	6,212,423

			12,158,209

	Energy Equipment & Services – 0.2%
	32,221	Baker Hughes a GE Co.	1,188,633

	Equity Real Estate Investment Trusts (REITs) – 4.1%
	183,513	American Homes 4 Rent Class A	4,222,634
	58,840	American Tower Corp.	8,021,657
	16,257	Equinix, Inc.	7,327,518
	114,637	Host Hotels & Resorts, Inc.	2,139,127
	18,805	Kimco Realty Corp.	379,485
	70,241	Park Hotels & Resorts, Inc.	1,891,590
	11,528	SBA Communications Corp.*	1,585,676

			25,567,687



Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 1.7%
	109,675	CVS Health Corp.	$ 8,766,323
	22,891	Walgreens Boots Alliance, Inc.	1,846,617

			10,612,940

	Food Products – 2.1%
	92,775	Conagra Brands, Inc.	3,176,616
	90,242	Kellogg Co.	6,136,456
	59,940	Tyson Foods, Inc. Class A	3,797,798

			13,110,870

	Health Care Equipment & Supplies – 2.6%
	116,452	Baxter International, Inc.	7,043,017
	85,325	Danaher Corp.	6,953,134
	14,039	IDEXX Laboratories, Inc.*	2,336,932

			16,333,083

	Health Care Providers & Services – 5.8%
	28,388	Anthem, Inc.	5,286,130
	45,875	Centene Corp.*	3,643,393
	42,295	Cigna Corp.	7,340,720
	30,431	Humana, Inc.	7,035,647
	60,758	UnitedHealth Group, Inc.	11,653,992
	7,862	WellCare Health Plans, Inc.*	1,391,495

			36,351,377

	Hotels, Restaurants & Leisure – 2.6%
	76,584	Carnival Corp.	5,114,280
	42,066	Hilton Worldwide Holdings, Inc.	2,630,387
	93,351	International Game Technology PLC	1,777,403
	99,877	Las Vegas Sands Corp.	6,153,422
	5,403	Royal Caribbean Cruises Ltd.	610,917

			16,286,409

	*Household Durables – 0.8%**
	20,813	Mohawk Industries, Inc.	5,182,229

	Household Products – 1.4%
	111,718	Colgate-Palmolive Co.	8,066,040
	5,488	The Procter & Gamble Co.	498,420

			8,564,460

	Independent Power and Renewable Electricity Producers – 1.0%
	550,317	AES Corp.	6,152,544

	Industrial Conglomerates – 0.2%
	44,039	General Electric Co.	1,127,839

	Insurance – 2.5%
	45,345	Aon PLC	6,265,319
	93,577	Marsh & McLennan Cos., Inc.	7,296,199
	49,181	XL Group Ltd.	2,183,636

			15,745,154



Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 2.6%
	11,057	Amazon.com, Inc.*	$ 10,921,883
	4,362	Expedia, Inc.	682,522
	9,836	Netflix, Inc.*	1,786,808
	1,464	The Priceline Group, Inc.*	2,969,724

			16,360,937

	*Internet Software & Services – 5.3%**
	8,757	Alphabet, Inc. Class A	8,279,743
	8,924	Alphabet, Inc. Class C	8,303,782
	26,049	eBay, Inc.	930,731
	65,237	Facebook, Inc. Class A	11,041,362
	46,004	VeriSign, Inc.	4,654,225

			33,209,843

	IT Services – 3.0%
	3,821	Alliance Data Systems Corp.	922,504
	24,194	International Business Machines Corp.	3,500,146
	51,774	The Western Union Co.	1,022,537
	11,774	Total System Services, Inc.	747,178
	18,937	Vantiv, Inc. Class A*	1,203,446
	113,336	Visa, Inc. Class A	11,283,732

			18,679,543

	Life Sciences Tools & Services – 1.1%
	14,758	Agilent Technologies, Inc.	882,381
	2,745	Mettler-Toledo International, Inc.*	1,573,104
	23,264	Thermo Fisher Scientific, Inc.	4,083,530

			6,539,015

	Machinery – 1.9%
	77,924	Allison Transmission Holdings, Inc.	2,945,527
	42,593	Caterpillar, Inc.	4,853,472
	12,862	Deere & Co.	1,649,938
	33,094	Fortive Corp.	2,142,506

			11,591,443

	Media – 2.5%
	76,071	Comcast Corp. Class A	3,077,072
	83,588	Omnicom Group, Inc.	6,581,719
	257,569	The Interpublic Group of Cos., Inc.	5,566,066

			15,224,857

	*Metals & Mining – 0.1%**
	21,807	Freeport-McMoRan, Inc.	318,818

	Mortgage Real Estate Investment Trusts (REITs) – 0.3%
	92,546	AGNC Investment Corp.	1,960,124



Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – 0.0%
	5,743	CMS Energy Corp.	$ 265,556

	Multiline Retail – 0.8%
	89,120	Target Corp.	5,050,430

	Oil, Gas & Consumable Fuels – 5.4%
	100,387	Chevron Corp.	10,961,257
	49,826	Exxon Mobil Corp.	3,988,073
	98,703	Marathon Petroleum Corp.	5,526,381
	26,003	Newfield Exploration Co.*	747,066
	63,414	Phillips 66	5,310,922
	105,405	Valero Energy Corp.	7,269,783

			33,803,482

	Personal Products – 0.1%
	3,923	The Estee Lauder Cos., Inc. Class A	388,338

	Pharmaceuticals – 2.4%
	88,977	Bristol-Myers Squibb Co.	5,062,791
	11,370	Eli Lilly & Co.	939,844
	31,957	Johnson & Johnson	4,241,333
	73,130	Merck & Co., Inc.	4,671,545

			14,915,513

	Real Estate Management & Development – 0.7%
	49,614	CBRE Group, Inc. Class A*	1,884,836
	73,092	Realogy Holdings Corp.	2,426,654

			4,311,490

	Semiconductors & Semiconductor Equipment – 2.8%
	141,486	Applied Materials, Inc.	6,269,245
	20,134	Broadcom Ltd.	4,966,252
	132,457	Maxim Integrated Products, Inc.	6,018,846

			17,254,343

	Software – 5.3%
	61,014	Activision Blizzard, Inc.	3,769,445
	57,517	Adobe Systems, Inc.*	8,425,665
	5,365	Cadence Design Systems, Inc.*	197,969
	60,255	Citrix Systems, Inc.*	4,758,940
	25,311	Electronic Arts, Inc.*	2,954,806
	143,617	Microsoft Corp.	10,440,956
	12,641	Red Hat, Inc.*	1,249,816
	12,298	ServiceNow, Inc.*	1,358,314

			33,155,911

	Specialty Retail – 1.2%
	54,955	Best Buy Co., Inc.	3,206,075
	21,971	Burlington Stores, Inc.*	1,912,136
	15,674	The Home Depot, Inc.	2,344,830

			7,463,041



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – 4.9%
	187,166	Apple, Inc.^(a)	$ 27,837,199
	75,562	Seagate Technology PLC	2,490,524

			30,327,723

	Textiles, Apparel & Luxury Goods – 0.3%
	32,874	NIKE, Inc. Class B	1,941,210
	1,860	PVH Corp.	221,879

			2,163,089

	Tobacco – 1.2%
	65,181	Philip Morris International, Inc.	7,607,275

	*Trading Companies & Distributors – 0.5%**
	60,904	AerCap Holdings NV	2,990,386

	TOTAL COMMON STOCKS (Cost $537,906,077)		$606,845,203


Shares		Distribution Rate	Value
	Investment Company^(b)(c) – 1.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	8,754,491	0.895%	$ 8,754,491
	(Cost $8,754,491)

	TOTAL INVESTMENTS – 99.0% (Cost $546,660,568)		$615,599,694

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%		6,318,360

	NET ASSETS – 100.0%		$621,918,054



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.

(c)		Represents an Affiliated Fund.



Investment Abbreviation:
PLC		— Public Limited Company


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

FUTURES CONTRACTS — At July 31, 2017, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Securities Lending — Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. 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.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2017:

For further information regarding security characteristics, see the Schedules of Investments.

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 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 and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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 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.



Shares		Description	Value
	Common Stocks – 98.4%
	China – 32.5%
	18,479	Alibaba Group Holding Ltd. ADR (Software & Services)*	$ 2,863,321
	516,000	Angang Steel Co. Ltd. Class H (Materials)	418,194
	133,800	Anhui Conch Cement Co. Ltd. Class H (Materials)	494,298
	284,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)	718,525
	248,000	China Communications Construction Co. Ltd. Class H (Capital Goods)	330,307
	504,500	China Merchants Bank Co. Ltd. Class H (Banks)	1,656,545
	708,000	China Petroleum & Chemical Corp. Class H (Energy)	536,712
	20,996	Ctrip.com International Ltd. ADR (Retailing)*	1,254,091
	100,000	Geely Automobile Holdings Ltd. (Automobiles & Components)	230,913
	1,467,000	Hilong Holding Ltd. (Energy)	247,271
	1,208,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)	844,542
	115,186	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)	876,447
	20,540	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)	1,469,284
	210,000	Minth Group Ltd. (Automobiles & Components)	966,949
	15,115	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*	1,204,061
	312,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)	2,309,459
	89,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	594,533
	34,752	Silergy Corp. (Semiconductors & Semiconductor Equipment)	679,492
	121,100	Tencent Holdings Ltd. (Software & Services)	4,833,583
	72,500	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)	324,871

			22,853,398

	Hong Kong – 8.7%
	347,836	AIA Group Ltd. (Insurance)	2,735,907
	44,500	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)	575,107
	203,000	Chow Tai Fook Jewellery Group Ltd. (Retailing)	210,914
	96,000	Galaxy Entertainment Group Ltd. (Consumer Services)	592,714



Shares		Description	Value
	Common Stocks – (continued)
	Hong Kong – (continued)
	44,650	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	$ 1,271,999
	92,600	IMAX China Holding, Inc. (Media)*^(a)	244,566
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*	—
	571,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	504,097

			6,135,304

	India – 14.3%
	2,555	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	177,045
	20,768	AIA Engineering Ltd. (Capital Goods)	469,513
	98,399	Ambuja Cements Ltd. (Materials)	403,582
	8,839	Bajaj Finance Ltd. (Diversified Financials)	234,514
	3,687	Bayer CropScience Ltd. (Materials)	269,827
	21,381	Bharat Financial Inclusion Ltd. (Diversified Financials)*	281,301
	12,304	Care Ratings Ltd. (Diversified Financials)	310,593
	24,926	Castrol India Ltd. (Materials)	155,784
	140,444	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)	478,916
	29,444	Dewan Housing Finance Corp. Ltd. (Banks)	209,504
	183,862	Edelweiss Financial Services Ltd. (Diversified Financials)	586,711
	847	Eicher Motors Ltd. (Capital Goods)	396,924
	185,514	Hindalco Industries Ltd. (Materials)	635,045
	118,874	Hindustan Zinc Ltd. (Materials)	524,104
	113,491	ICICI Bank Ltd. (Banks)	534,048
	379,125	Idea Cellular Ltd. (Telecommunication Services)	545,686
	7,871	Info Edge India Ltd. (Software & Services)	121,910
	22,248	Laurus Labs Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	201,390
	5,952	Maruti Suzuki India Ltd. (Automobiles & Components)	718,909
	431	MRF Ltd. (Automobiles & Components)	464,866
	17,894	Multi Commodity Exchange of India Ltd. (Diversified Financials)	312,375
	80,786	Muthoot Finance Ltd. (Diversified Financials)	596,672



Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	32,495	Navin Fluorine International Ltd. (Materials)	$ 354,974
	68,259	Prestige Estates Projects Ltd. (Real Estate)*	286,017
	1,399	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)	175,579
	16,674	TeamLease Services Ltd. (Commercial & Professional Services)*	358,877
	9,104	Thermax Ltd. (Capital Goods)	123,559
	22,732	VRL Logistics Ltd. (Transportation)	115,937

			10,044,162

	Indonesia – 2.2%
	810,700	Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)	507,909
	1,727,400	Surya Citra Media Tbk. PT (Media)	305,942
	2,009,400	Telekomunikasi Indonesia Persero Tbk. PT (Telecommunication Services)	706,242

			1,520,093

	Italy – 0.5%
	94,400	PRADA SpA (Consumer Durables & Apparel)	334,571

	Malaysia – 0.9%
	533,200	Gamuda Bhd. (Capital Goods)	660,040

	Philippines – 0.9%
	88,820	Jollibee Foods Corp. (Consumer Services)	395,776
	693,200	Megawide Construction Corp. (Consumer Durables & Apparel)*	240,958

			636,734

	Singapore – 2.6%
	114,121	DBS Group Holdings Ltd. (Banks)	1,820,644

	South Korea – 22.0%
	421	Amorepacific Corp. (Household & Personal Products)	106,666
	12,488	Celltrion Healthcare Co. Ltd. (Health Care Equipment & Services)*	555,183
	2,008	CJ CGV Co. Ltd. (Media)	124,367
	80,134	DGB Financial Group, Inc. (Banks)	856,042
	2,027	Hanssem Co. Ltd. (Consumer Durables & Apparel)	318,762
	622	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	323,082
	861	Hyundai Mobis Co. Ltd. (Automobiles & Components)	189,220
	33,840	ING Life Insurance Korea Ltd. (Insurance)*^(a)	1,141,558



Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	7,029	Korea Kolmar Co. Ltd. (Household & Personal Products)	$ 445,923
	345	Korea Zinc Co. Ltd. (Materials)	152,096
	1,359	LG Chem Ltd. (Materials)	398,426
	2,359	LG Innotek Co. Ltd. (Technology Hardware & Equipment)	315,906
	28,505	Modetour Network, Inc. (Consumer Services)	733,608
	651	NAVER Corp. (Software & Services)	467,435
	5,816	NCSoft Corp. (Software & Services)	1,875,924
	1,136	NongShim Co. Ltd. (Food, Beverage & Tobacco)	324,241
	5,200	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*	279,471
	99,729	Pan Ocean Co. Ltd. (Transportation)*	519,261
	8,474	Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)	707,690
	2,068	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	4,447,193
	1,362	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)	355,338
	14,412	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)	847,315

			15,484,707

	Taiwan – 9.4%
	6,000	Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment)	281,575
	551,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)*^(a)	274,414
	143,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)	222,144
	2,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)	364,919
	85,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)	1,037,252
	42,255	PChome Online, Inc. (Software & Services)	296,519
	29,062	Poya International Co. Ltd. (Retailing)	370,548
	408,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	2,886,502
	86,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)	503,244
	96,000	Yageo Corp. (Technology Hardware & Equipment)	365,598

			6,602,715



Shares		Description	Value
	Common Stocks – (continued)
	Thailand – 3.0%
	708,400	Airports of Thailand PCL (Transportation)	$ 1,096,882
	148,300	Bumrungrad Hospital PCL (Health Care Equipment & Services)	779,670
	312,100	Thai Beverage PCL (Food, Beverage & Tobacco)	219,848

			2,096,400

	United States – 0.3%
	3,052	Cognizant Technology Solutions Corp. Class A (Software & Services)	211,565

	Vietnam – 1.1%
	112,950	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)	758,230

	TOTAL COMMON STOCKS (Cost $58,519,713)		$69,158,563



Units		Description	Expiration Month	Value
	*Participation Notes – 0.4%**
	China – 0.4%
	34,317	Hangzhou Robam Appliances Co. Ltd. (Consumer Durables & Apparel)	10/17	$ 205,559
	7,930	Hangzhou Robam Appliances Co. Ltd. (Consumer Durables & Apparel)^(a)	03/18	47,501

	TOTAL PARTICIPATION NOTES (Cost $191,934)			$ 253,060



Shares	Distribution Rate	Value
Investment Company^(b)(c) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
10	0.895%	$ 10
(Cost $10)

TOTAL INVESTMENTS – 98.8% (Cost $58,711,657)		$69,411,633

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%		846,857

NET ASSETS – 100.0%		$70,258,490

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.1%
	Argentina – 1.8%
	331,346	Grupo Supervielle SA ADR (Banks)	$ 5,937,720
	30,485	MercadoLibre, Inc. (Software & Services)	8,792,484

			14,730,204

	Australia – 0.5%
	290,241	SEEK Ltd. (Commercial & Professional Services)	3,968,736

	Austria – 0.3%
	30,319	DO & CO AG (Consumer Services)^(a)	2,221,692

	Brazil – 6.0%
	1,194,655	B3 SA - Brasil Bolsa Balcao (Diversified Financials)*	7,849,818
	895,367	Banco Bradesco SA (Preference) (Banks)*^(b)	8,668,408
	648,341	BB Seguridade Participacoes SA (Insurance)	5,707,172
	448,700	Bradespar SA (Preference) (Materials)^(b)	3,320,986
	450,000	CVC Brasil Operadora e Agencia de Viagens SA (Consumer Services)	5,144,548
	534,000	Fleury SA (Health Care Equipment & Services)	5,142,470
	856,509	Odontoprev SA (Health Care Equipment & Services)	3,573,422
	1,306,700	Wiz Solucoes e Corretagem de Seguros SA (Insurance)	8,296,907

			47,703,731

	Chile – 0.0%
	942	Banco de Chile ADR (Banks)^(a)	80,504

	China – 19.9%
	48,671	58.com, Inc. ADR (Software & Services)*	2,484,655
	146,420	Alibaba Group Holding Ltd. ADR (Software & Services)*	22,687,779
	25,120	Baidu, Inc. ADR (Software & Services)*	5,685,912
	148,958	Ctrip.com International Ltd. ADR (Retailing)*	8,897,261
	2,275,000	Geely Automobile Holdings Ltd. (Automobiles & Components)	5,253,269
	655,980	Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)	4,991,332
	267,800	Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)	19,156,483
	972,000	Minth Group Ltd. (Automobiles & Components)	4,475,592
	163,681	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*	13,038,829
	3,137,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)	23,224,130



Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	136,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)	$ 2,668,873
	1,139,700	Tencent Holdings Ltd. (Software & Services)	45,490,501
	431,000	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^(c)	1,931,300

			159,985,916

	Colombia – 0.5%
	91,174	Banco de Bogota SA (Banks)	2,079,259
	106,850	Grupo Aval Acciones y Valores SA ADR (Banks)^(a)	945,623
	3,026,080	Grupo Aval Acciones y Valores SA (Preference) (Banks)^(b)	1,337,657

			4,362,539

	Czech Republic – 0.8%
	1,836,574	Moneta Money Bank A/S (Banks)^(c)	6,618,345

	Egypt – 0.2%
	319,281	Commercial International Bank Egypt SAE (Registered) GDR (Banks)	1,475,078

	Georgia – 0.8%
	44,784	BGEO Group plc (Banks)	2,038,127
	205,317	TBC Bank Group plc (Banks)	4,537,496

			6,575,623

	Germany – 1.3%
	337,736	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	7,334,366
	32,460	Stabilus SA (Capital Goods)	2,700,589

			10,034,955

	Greece – 1.2%
	497,959	Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials)*	3,135,415
	198,886	JUMBO SA (Retailing)	3,331,494
	229,393	Sarantis SA (Household & Personal Products)	3,340,132

			9,807,041

	Hong Kong – 5.7%
	2,306,200	AIA Group Ltd. (Insurance)	18,139,435
	1,725,000	Galaxy Entertainment Group Ltd. (Consumer Services)	10,650,328
	553,296	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	15,762,419
	426,500	IMAX China Holding, Inc. (Media)*^(c)	1,126,431

			45,678,613

	India – 15.2%
	25,285	Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,752,091



Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	208,486	AIA Engineering Ltd. (Capital Goods)	$ 4,713,349
	1,118,318	Ambuja Cements Ltd. (Materials)	4,586,770
	982,857	Ashiana Housing Ltd. (Real Estate)*	2,810,726
	127,910	Bajaj Finance Ltd. (Diversified Financials)	3,393,679
	44,573	Bayer CropScience Ltd. (Materials)	3,261,999
	215,065	Bharat Financial Inclusion Ltd. (Diversified Financials)*	2,829,521
	100,826	Care Ratings Ltd. (Diversified Financials)	2,545,173
	262,477	Castrol India Ltd. (Materials)	1,640,444
	1,712,981	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)	5,841,293
	462,602	Dewan Housing Finance Corp. Ltd. (Banks)	3,291,568
	1,923,791	Edelweiss Financial Services Ltd. (Diversified Financials)	6,138,897
	10,760	Eicher Motors Ltd. (Capital Goods)	5,042,384
	2,512,967	Hindalco Industries Ltd. (Materials)	8,602,296
	1,772,708	Hindustan Zinc Ltd. (Materials)	7,815,701
	1,308,677	ICICI Bank Ltd. (Banks)	6,158,163
	4,250,690	Idea Cellular Ltd. (Telecommunication Services)	6,118,145
	249,132	Info Edge India Ltd. (Software & Services)	3,858,694
	216,442	Laurus Labs Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)^(c)	1,959,243
	71,778	Maruti Suzuki India Ltd. (Automobiles & Components)	8,669,664
	4,520	MRF Ltd. (Automobiles & Components)	4,875,162
	173,274	Multi Commodity Exchange of India Ltd. (Diversified Financials)	3,024,842
	878,565	Muthoot Finance Ltd. (Diversified Financials)	6,488,939
	321,100	Navin Fluorine International Ltd. (Materials)	3,507,684
	684,355	Prestige Estates Projects Ltd. (Real Estate)*	2,867,560
	18,315	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)	2,298,595
	199,436	TeamLease Services Ltd. (Commercial & Professional Services)*	4,292,492
	165,445	Thermax Ltd. (Capital Goods)	2,245,404
	323,501	VRL Logistics Ltd. (Transportation)	1,649,908

			122,280,386

	Indonesia – 1.8%
	7,844,100	Bank Central Asia Tbk. PT (Banks)	11,013,482



Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	3,293,300	Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)	$ 2,063,274
	16,722,471	Summarecon Agung Tbk. PT (Real Estate)	1,229,480

			14,306,236

	Luxembourg – 0.2%
	189,658	Biotoscana Investments SA BDR (Pharmaceuticals, Biotechnology & Life Sciences)*	1,657,345

	Malaysia – 1.0%
	3,319,800	Bursa Malaysia Bhd. (Diversified Financials)	8,032,962

	Mexico – 3.8%
	1,327,685	Alsea SAB de CV (Consumer Services)	5,168,295
	2,351,782	Becle SAB de CV (Food, Beverage & Tobacco)*	3,964,442
	4,042,410	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)	6,959,689
	1,427,720	Gentera SAB de CV (Diversified Financials)	2,170,952
	788,900	Grupo Cementos de Chihuahua SAB de CV (Materials)*	4,119,429
	2,509,368	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)	8,174,035

			30,556,842

	Peru – 1.9%
	2,865,009	BBVA Banco Continental SA (Banks)	3,492,296
	46,819	Credicorp Ltd. (Banks)	8,668,070
	91,353	Intercorp Financial Services, Inc. (Banks)	3,151,678

			15,312,044

	Poland – 2.2%
	253,152	Dino Polska SA (Food & Staples Retailing)*^(c)	3,751,347
	85,685	KRUK SA (Diversified Financials)	8,195,739
	408,293	Warsaw Stock Exchange (Diversified Financials)	5,332,409

			17,279,495

	Russia – 2.5%
	4,039,557	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)	7,237,479
	3,431,303	Sberbank of Russia PJSC (Banks)	9,451,628
	94,789	X5 Retail Group NV GDR (Food & Staples Retailing)*	3,666,438

			20,355,545

	Singapore – 0.3%
	444,800	Singapore Exchange Ltd. (Diversified Financials)	2,482,569



Shares		Description	Value
	Common Stocks – (continued)
	South Africa – 2.8%
	7,930,825	Alexander Forbes Group Holdings Ltd. (Diversified Financials)	$ 4,080,128
	147,905	Bid Corp. Ltd. (Food & Staples Retailing)	3,552,072
	565,030	Dis-Chem Pharmacies Ltd. (Food & Staples Retailing)^(c)	1,217,631
	331,029	JSE Ltd. (Diversified Financials)	3,315,628
	2,067,680	Petra Diamonds Ltd. (Materials)*	2,605,333
	225,996	Santam Ltd. (Insurance)	4,156,800
	3,026,770	Transaction Capital Ltd. (Diversified Financials)	3,399,123

			22,326,715

	South Korea – 11.4%
	9,688	Amorepacific Corp. (Household & Personal Products)	2,454,584
	140,559	Celltrion Healthcare Co. Ltd. (Health Care Equipment & Services)*	6,248,881
	28,485	CJ CGV Co. Ltd. (Media)	1,764,245
	35,267	Hanssem Co. Ltd. (Consumer Durables & Apparel)	5,546,023
	7,859	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	4,082,152
	382,291	ING Life Insurance Korea Ltd. (Insurance)*^(c)	12,896,193
	40,510	Korea Kolmar Co. Ltd. (Household & Personal Products)	2,569,975
	151,166	Korean Air Lines Co. Ltd. (Transportation)*	4,800,361
	13,625	LG Chem Ltd. (Materials)	3,994,523
	8,204	NAVER Corp. (Software & Services)	5,890,690
	21,199	NCSoft Corp. (Software & Services)	6,837,639
	8,382	NongShim Co. Ltd. (Food, Beverage & Tobacco)	2,392,422
	46,468	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*	2,497,396
	12,047	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	25,906,833
	12,161	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)	3,172,731

			91,054,648

	Spain – 0.8%
	2,244,115	Prosegur Cash SA (Commercial & Professional Services)*^(c)	6,110,142

	Switzerland – 0.7%
	1,891,755	Ferrexpo plc (Materials)	5,942,353

	Taiwan – 8.3%
	134,000	Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment)	6,288,519



Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	8,119,000	FIT Hon Teng Ltd. (Technology Hardware & Equipment)*^(c)	$ 4,043,492
	26,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)	4,743,942
	414,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)	5,052,030
	1,437,180	PChome Online, Inc. (Software & Services)	10,085,210
	183,600	Poya International Co. Ltd. (Retailing)	2,340,945
	217,000	President Chain Store Corp. (Food & Staples Retailing)	1,838,798
	508,891	Superalloy Industrial Co. Ltd. (Automobiles & Components)	2,190,917
	4,220,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	29,837,021

			66,420,874

	Thailand – 1.8%
	3,903,300	Airports of Thailand PCL (Transportation)	6,043,845
	8,400,600	Beauty Community PCL (Retailing)	3,002,686
	536,000	Kasikornbank PCL (Banks)	3,188,657
	3,638,400	Thai Beverage PCL (Food, Beverage & Tobacco)	2,562,941

			14,798,129

	Turkey – 0.9%
	129,467	BIM Birlesik Magazalar A/S (Food & Staples Retailing)	2,525,021
	326,830	Cimsa Cimento Sanayi VE Ticaret A/S (Materials)	1,398,762
	1,446,947	Eregli Demir ve Celik Fabrikalari TAS (Materials)	3,226,018

			7,149,801

	United Arab Emirates – 0.9%
	237,172	NMC Health plc (Health Care Equipment & Services)	7,068,322

	United Kingdom – 0.5%
	164,832	Weir Group plc (The) (Capital Goods)	3,989,683

	United States – 1.3%
	75,401	Cognizant Technology Solutions Corp. Class A (Software & Services)	5,226,797
	1,263,000	Samsonite International SA (Consumer Durables & Apparel)	5,289,115

			10,515,912

	Vietnam – 0.8%
	955,788	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)	6,416,178

	TOTAL COMMON STOCKS (Cost $610,743,778)		$787,299,158



Shares		Description	Value
	Exchange Traded Funds – 1.6%
	United States – 1.6%
	101,224	iShares MSCI South Korea Capped Fund	$ 7,055,313
	153,035	iShares MSCI Taiwan Capped Fund	5,601,081

	TOTAL EXCHANGE TRADED FUNDS (Cost $12,057,647)		$ 12,656,394


Units		Description	Expiration Month	Value
	*Participation Notes – 0.3%**
	China – 0.3%
	270,905	Hangzhou Robam Appliances Co. Ltd. (Consumer Durables & Apparel)	10/17	$ 1,622,723
	133,380	Hangzhou Robam Appliances Co. Ltd. (Consumer Durables & Apparel)^(c)	03/18	798,947

	TOTAL PARTICIPATION NOTES (Cost $1,854,664)			$ 2,421,670

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $624,656,089)			$802,377,222


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 0.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
3,218,572	0.895%	$ 3,218,572
(Cost $3,218,572)

TOTAL INVESTMENTS – 100.4% (Cost $627,874,661)		$805,595,794

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%		(3,417,561)

NET ASSETS – 100.0%		$802,178,233



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.



(c)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $40,453,071, which represents approximately 5.0% of net assets as of July 31, 2017.

(d)		Represents an affiliated issuer.

(e)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.



Investment Abbreviations:
ADR		— American Depositary Receipt
BDR		— Brazilian Depositary Receipt
GDR		— Global Depositary Receipt


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 94.3%
	Bangladesh – 3.8%
	1,392,800	BRAC Bank Ltd. (Banks)	$ 1,502,769
	107,600	GrameenPhone Ltd. (Telecommunication Services)	501,803
	179,585	Olympic Industries Ltd. (Food, Beverage & Tobacco)	633,543
	115,928	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	402,881

			3,040,996

	Egypt – 5.7%
	905,509	Commercial International Bank Egypt SAE (Banks)	4,240,704
	283,924	Egyptian Financial Group-Hermes Holding Co. (Diversified Financials)	355,060

			4,595,764

	Indonesia – 16.1%
	1,824,200	Astra International Tbk. PT (Automobiles & Components)	1,091,504
	2,692,600	Bank Central Asia Tbk. PT (Banks)	3,780,536
	823,200	Bank Rakyat Indonesia Persero Tbk. PT (Banks)	912,082
	677,200	Indocement Tunggal Prakarsa Tbk. PT (Materials)	888,922
	1,005,500	Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)	629,952
	7,981,100	Kalbe Farma Tbk. PT (Pharmaceuticals, Biotechnology & Life Sciences)	1,038,696
	989,000	Matahari Department Store Tbk. PT (Retailing)	940,248
	785,500	Semen Indonesia Persero Tbk. PT (Materials)	586,291
	5,747,754	Summarecon Agung Tbk. PT (Real Estate)	422,590
	7,706,100	Telekomunikasi Indonesia Persero Tbk. PT (Telecommunication Services)	2,708,455

			12,999,276

	Mexico – 19.3%
	223,627	Alsea SAB de CV (Consumer Services)	870,515
	48,821	America Movil SAB de CV Class L ADR (Telecommunication Services)	863,155
	214,700	Banregio Grupo Financiero SAB de CV (Banks)	1,410,429
	239,717	Becle SAB de CV (Food, Beverage & Tobacco)*	404,095
	813,700	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)	1,400,922
	48,000	El Puerto de Liverpool SAB de CV Class C1 (Retailing)	431,643
	18,348	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)	1,850,946



Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	467,482	Gentera SAB de CV (Diversified Financials)	$ 710,841
	27,731	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)	592,316
	136,200	Grupo Cementos de Chihuahua SAB de CV (Materials)*	711,201
	314,433	Grupo Financiero Banorte SAB de CV Class O (Banks)	2,084,504
	259,708	Grupo Mexico SAB de CVSeries B (Materials)	845,975
	633,385	Unifin Financiera SAB de CV SOFOM ENR (Diversified Financials)	2,063,193
	605,124	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)	1,396,349

			15,636,084

	Pakistan – 5.3%
	297,533	Engro Corp. Ltd. (Materials)	918,046
	300,600	Habib Bank Ltd. (Banks)	673,812
	342,500	MCB Bank Ltd. (Banks)	671,287
	462,800	Oil & Gas Development Co. Ltd. (Energy)	687,130
	685,800	United Bank Ltd. (Banks)	1,353,772

			4,304,047

	Philippines – 5.1%
	46,790	Ayala Corp. (Diversified Financials)	801,601
	1,690,700	Ayala Land, Inc. (Real Estate)	1,407,097
	116,750	Jollibee Foods Corp. (Consumer Services)	520,231
	462,598	Metropolitan Bank & Trust Co. (Banks)	797,771
	352,110	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)	604,722

			4,131,422

	South Korea – 21.6%
	1,223	Amorepacific Corp. (Household & Personal Products)	309,863
	9,085	Celltrion Healthcare Co. Ltd. (Health Care Equipment & Services)*	403,895
	3,053	CJ CGV Co. Ltd. (Media)	189,090
	9,315	Hana Financial Group, Inc. (Banks)	425,017
	4,133	Hanssem Co. Ltd. (Consumer Durables & Apparel)	649,948
	1,280	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	664,863
	42,140	ING Life Insurance Korea Ltd. (Insurance)*^(a)	1,421,550
	23,958	Korean Air Lines Co. Ltd. (Transportation)*	760,800
	11,635	KT Corp. (Telecommunication Services)	410,442
	4,985	LG Chem Ltd. (Materials)	1,461,483
	836	NAVER Corp. (Software & Services)	600,270



Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	2,320	NCSoft Corp. (Software & Services)	$ 748,305
	1,542	NongShim Co. Ltd. (Food, Beverage & Tobacco)	440,124
	8,467	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*	455,054
	3,225	POSCO (Materials)	963,678
	2,775	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	5,967,582
	2,344	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)	611,535
	15,983	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)	939,678

			17,423,177

	Turkey – 12.9%
	349,092	Akbank TAS (Banks)	1,038,511
	187,306	Aygaz A/S (Utilities)	858,298
	98,362	BIM Birlesik Magazalar A/S (Food & Staples Retailing)	1,918,374
	70,140	Cimsa Cimento Sanayi VE Ticaret A/S (Materials)	300,184
	409,292	Enka Insaat ve Sanayi A/S (Capital Goods)	642,249
	459,473	Eregli Demir ve Celik Fabrikalari TAS (Materials)	1,024,411
	306,969	Haci Omer Sabanci Holding A/S (Diversified Financials)	943,555
	589,791	Soda Sanayii A/S (Materials)	955,371
	384,844	Turkiye Garanti Bankasi A/S (Banks)	1,152,487
	2,020,260	Turkiye Sinai Kalkinma Bankasi AS (Banks)	879,016
	122,503	Ulker Biskuvi Sanayi A/S (Food, Beverage & Tobacco)	739,687

			10,452,143

	Vietnam – 4.5%
	743,508	Bank for Foreign Trade of Vietnam JSC (Banks)	1,235,009
	252,120	Masan Group Corp. (Food, Beverage & Tobacco)	474,808
	63,556	Saigon Thuong Tin Commercial JSB (Banks)*	36,635
	285,670	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)	1,917,695

			3,664,147

	TOTAL COMMON STOCKS (Cost $59,266,640)		$76,247,056



Shares		Description	Value
	Exchange Traded Funds – 4.8%
	United States – 4.8%
	15,167	iShares MSCI Indonesia Fund	$ 407,537
	28,725	iShares MSCI South Korea Capped Fund	2,002,132
	32,423	iShares MSCI Turkey Fund^(b)	1,437,312

	TOTAL EXCHANGE TRADED FUNDS (Cost $3,729,755)		$ 3,846,981

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $62,996,395)		$80,094,037


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,244,375	0.895%	$ 1,244,375
	(Cost $1,244,375)

	TOTAL INVESTMENTS – 100.6% (Cost $64,240,770)		$81,338,412

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%		(461,173)

	NET ASSETS – 100.0%		$80,877,239



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,421,550, which represents approximately 1.8% of net assets as of July 31, 2017.

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.



Investment Abbreviation:
ADR		— American Depositary Receipt


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — Accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management International (“GSAMI”)’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 GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAMI 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.

A. 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 GSAMI to not represent fair value, equity securities are valued at the last bid price for long positions and at the last 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.

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 net asset value (“NAV”) per share of the Institutional Share class 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.

(i) Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments.

B. 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 GSAMI 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. GSAMI, 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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of July 31, 2017:

For further information regarding security characteristics, see the Schedules of Investments.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. 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 Statement 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 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 Goldman Sachs Asset Management, L.P. (“GSAM”), for which GSAM may receive a management fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

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

Foreign and Emerging Countries Risk —Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. 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, confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in 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. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, it will subject the Fund, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies — As a shareholder of another investment company, including an 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.

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). 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 N-11 Equity 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.



Shares		Description	Value
	Common Stocks – 96.2%
	Australia – 2.1%
	300,230	Computershare Ltd. (Software & Services)	$ 3,378,042

	Denmark – 3.3%
	126,293	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	5,371,172

	France – 17.6%
	64,152	BNP Paribas SA (Banks)	4,971,503
	160,148	Klepierre (REIT)	6,517,627
	72,316	Publicis Groupe SA (Media)^(a)	5,468,280
	306,828	Rexel SA (Capital Goods)	4,858,762
	34,376	Safran SA (Capital Goods)	3,252,338
	43,885	Vinci SA (Capital Goods)	3,929,741

			28,998,251

	Germany – 12.9%
	48,138	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	6,097,215
	55,021	Beiersdorf AG (Household & Personal Products)	6,037,944
	111,385	GEA Group AG (Capital Goods)	4,526,814
	46,069	HeidelbergCement AG (Materials)	4,561,842

			21,223,815

	Ireland – 1.9%
	379,798	Bank of Ireland Group plc (Banks)*	3,169,714

	Italy – 4.6%
	540,672	Davide Campari-Milano SpA (Food, Beverage & Tobacco)	3,996,847
	182,345	UniCredit SpA (Banks)*	3,583,797

			7,580,644

	Japan – 22.3%
	92,600	Dentsu, Inc. (Media)	4,329,767
	108,600	Hoya Corp. (Health Care Equipment & Services)	6,123,623
	270,200	Isuzu Motors Ltd. (Automobiles & Components)	3,705,036
	138,400	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	4,809,280
	234,800	Mitsubishi Estate Co. Ltd. (Real Estate)	4,269,360
	34,300	Nidec Corp. (Capital Goods)	3,779,494
	199,100	ORIX Corp. (Diversified Financials)	3,159,403
	58,800	Pola Orbis Holdings, Inc. (Household & Personal Products)	1,631,308
	127,100	Sumitomo Mitsui Financial Group, Inc. (Banks)	4,904,256

			36,711,527

	Netherlands – 6.9%
	80,849	Aalberts Industries NV (Capital Goods)	3,530,000



Shares		Description	Value
	Common Stocks – (continued)
	Netherlands – (continued)
	277,117	Royal Dutch Shell plc Class A (Energy)	$ 7,826,177

			11,356,177

	Singapore – 2.1%
	213,680	DBS Group Holdings Ltd. (Banks)	3,408,971

	Spain – 2.1%
	149,764	Cellnex Telecom SA (Telecommunication Services)^(b)	3,368,548

	Switzerland – 4.8%
	316,222	Credit Suisse Group AG (Registered) (Diversified Financials)*	4,860,867
	50,207	Ferguson plc (Capital Goods)	2,997,754

			7,858,621

	United Kingdom – 12.5%
	380,948	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*	3,311,685
	70,575	Reckitt Benckiser Group plc (Household & Personal Products)	6,861,820
	904,735	Rentokil Initial plc (Commercial & Professional Services)	3,467,411
	347,225	UBM plc (Media)	3,315,449
	1,209,248	Vodafone Group plc (Telecommunication Services)	3,544,734

			20,501,099

	United States – 3.1%
	90,353	Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)	5,050,951

	TOTAL COMMON STOCKS (Cost $158,475,391)		$157,977,532


Shares		Distribution Rate	Value
	Investment Company^(c)(d) – 2.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,642,383	0.895%	$ 3,642,383
	(Cost $3,642,383)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $162,117,774)		$161,619,915



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
160,999	0.895%	$ 160,999
(Cost $160,999)

TOTAL INVESTMENTS – 98.5% (Cost $162,278,773)		$161,780,914

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%		2,525,985

NET ASSETS – 100.0%		$164,306,899



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,368,548, which represents approximately 2.1% of net assets as of July 31, 2017.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.



Investment Abbreviations:
REIT		— Real Estate Investment Trust


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

TAX INFORMATION — At July 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.7%
	Australia – 3.2%
	45,035	Australia & New Zealand Banking Group Ltd. (Banks)	$ 1,067,742
	25,425	BHP Billiton plc (Materials)	463,600
	45,775	Computershare Ltd. (Software & Services)	515,038

			2,046,380

	Belgium – 2.7%
	14,444	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	1,742,416

	China – 0.6%
	188,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*	365,887

	Denmark – 2.7%
	26,893	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,143,744
	11,732	Novozymes A/S Class B (Materials)	541,731

			1,685,475

	Finland – 1.4%
	142,720	Nokia OYJ (Technology Hardware & Equipment)	910,722

	France – 11.7%
	8,097	Air Liquide SA (Materials)	992,803
	12,290	BNP Paribas SA (Banks)	952,422
	2,963	Iliad SA (Telecommunication Services)	735,045
	29,317	Klepierre (REIT)	1,193,129
	15,853	Publicis Groupe SA (Media)^(a)	1,198,748
	21,167	Rexel SA (Capital Goods)	335,189
	10,475	Safran SA (Capital Goods)	991,047
	11,931	Vinci SA (Capital Goods)	1,068,377

			7,466,760

	Germany – 8.4%
	13,261	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	1,679,654
	15,358	Beiersdorf AG (Household & Personal Products)	1,685,370
	17,826	GEA Group AG (Capital Goods)	724,469
	4,707	HeidelbergCement AG (Materials)	466,096
	7,675	SAP SE (Software & Services)	812,669

			5,368,258

	Hong Kong – 0.8%
	511,000	HKBN Ltd. (Telecommunication Services)	505,103

	Ireland – 3.6%
	100,678	Bank of Ireland Group plc (Banks)*	840,237



Shares		Description	Value
	Common Stocks – (continued)
	Ireland – (continued)
	15,993	Kerry Group plc Class A (Food, Beverage & Tobacco)	$ 1,445,124

			2,285,361

	Italy – 8.8%
	128,730	Davide Campari-Milano SpA (Food, Beverage & Tobacco)	951,620
	146,247	Enav SpA (Transportation)^(b)	670,726
	233,525	Enel SpA (Utilities)	1,332,097
	27,990	Moncler SpA (Consumer Durables & Apparel)	751,652
	893,700	Telecom Italia SpA (Telecommunication Services)*	919,448
	50,099	UniCredit SpA (Banks)*	984,643

			5,610,186

	Japan – 19.3%
	5,800	Dentsu, Inc. (Media)	271,195
	6,600	East Japan Railway Co. (Transportation)	618,963
	8,000	Hoshizaki Corp. (Capital Goods)	774,373
	25,900	Hoya Corp. (Health Care Equipment & Services)	1,460,422
	40,300	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	1,400,390
	22,300	Kao Corp. (Household & Personal Products)	1,357,725
	24,500	KDDI Corp. (Telecommunication Services)	649,176
	51,000	Mitsubishi Estate Co. Ltd. (Real Estate)	927,331
	9,500	Nidec Corp. (Capital Goods)	1,046,799
	2,600	Nintendo Co. Ltd. (Software & Services)	882,998
	49,600	ORIX Corp. (Diversified Financials)	787,074
	23,200	Pola Orbis Holdings, Inc. (Household & Personal Products)	643,645
	24,600	Sumitomo Mitsui Financial Group, Inc. (Banks)	949,211
	11,200	Suzuki Motor Corp. (Automobiles & Components)	530,895

			12,300,197

	Netherlands – 7.4%
	15,992	Aalberts Industries NV (Capital Goods)	698,237
	37,928	ING Groep NV (Banks)	708,641
	116,360	Royal Dutch Shell plc Class A (Energy)	3,286,171

			4,693,049

	Singapore – 1.7%
	69,596	DBS Group Holdings Ltd. (Banks)	1,110,309

	Spain – 1.2%
	91,341	EDP Renovaveis SA (Utilities)	729,983



Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – 8.7%
	77,525	Credit Suisse Group AG (Registered) (Diversified Financials)*	$ 1,191,690
	15,349	Ferguson plc (Capital Goods)	916,457
	22,391	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	1,907,216
	89,351	UBS Group AG (Registered) (Diversified Financials)*	1,553,856

			5,569,219

	United Kingdom – 15.1%
	106,879	Aviva plc (Insurance)	759,699
	51,293	BTG plc (Pharmaceuticals, Biotechnology & Life Sciences)*	445,904
	47,546	Compass Group plc (Consumer Services)	1,014,496
	21,156	InterContinental Hotels Group plc (Consumer Services)	1,197,099
	167,023	Melrose Industries plc (Capital Goods)	512,140
	151,481	Merlin Entertainments plc (Consumer Services)^(b)	937,970
	67,059	Pennon Group plc (Utilities)	712,772
	10,688	Reckitt Benckiser Group plc (Household & Personal Products)	1,039,166
	184,189	Rentokil Initial plc (Commercial & Professional Services)	705,907
	13,511	Rio Tinto plc (Materials)	633,220
	93,738	UBM plc (Media)	895,049
	103,914	Virgin Money Holdings UK plc (Banks)	390,986
	117,034	Vodafone Group plc (Telecommunication Services)	343,068

			9,587,476

	United States – 1.4%
	16,466	Shire plc (Pharmaceuticals, Biotechnology & Life Sciences)	920,489

	TOTAL COMMON STOCKS (Cost $58,534,980)		$62,897,270

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $58,534,980)		$62,897,270



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
35,316	0.895%	$ 35,316
(Cost $35,316)

TOTAL INVESTMENTS – 98.8% (Cost $58,570,296)		$62,932,586

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%		793,445

NET ASSETS – 100.0%		$63,726,031



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,608,696, which represents approximately 2.5% of net assets as of July 31, 2017.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2017.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.