GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Aerospace & Defense – 3.2%
	134,320	HEICO Corp.	$     18,368,260
	83,881	L3Harris Technologies, Inc.	17,413,696
	186,341	Spirit AeroSystems Holdings, Inc. Class A	14,318,442
	47,629	The Boeing Co.	16,250,062
			66,350,460
	Airlines – 1.0%
	350,817	Delta Air Lines, Inc.	21,413,870
	Automobiles – 0.8%
	382,810	General Motors Co.	15,442,555
	Banks – 2.0%
	261,854	Fifth Third Bancorp	7,774,445
	67,904	Popular, Inc.	3,908,554
	47,288	Signature Bank	6,027,328
	49,209	SVB Financial Group*	11,415,012
	25,986	Western Alliance Bancorp*	1,284,748
	253,254	Zions Bancorp NA	11,414,158
			41,824,245
	Beverages – 0.9%
	61,151	Brown-Forman Corp. Class B	3,351,686
	28,426	Coca-Cola European Partners PLC	1,571,389
	203,295	Monster Beverage Corp.*	13,106,429
	10,464	PepsiCo, Inc.	1,337,404
			19,366,908
	Biotechnology – 5.2%
	435,236	AbbVie, Inc.	28,995,422
	181,109	Alexion Pharmaceuticals, Inc.*	20,517,839
	35,271	Biogen, Inc.*	8,388,149
	145,871	BioMarin Pharmaceutical, Inc.*	11,570,488
	219,352	Gilead Sciences, Inc.	14,371,943
	257,729	Incyte Corp.*	21,886,347
	6,989	Vertex Pharmaceuticals, Inc.*	1,164,507
			106,894,695
	Building Products – 0.3%
	55,083	Allegion PLC	5,703,294
	11,546	Armstrong World Industries, Inc.	1,128,159
			6,831,453
	Chemicals – 1.3%
	52,858	The Sherwin-Williams Co.	27,118,268
	Commercial Services & Supplies – 0.9%
	54,365	Cintas Corp.	14,158,821
	31,948	Waste Management, Inc.	3,737,916
			17,896,737
	Communications Equipment – 2.0%
	10,896	Arista Networks, Inc.*	2,979,511

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	277,140	Cisco Systems, Inc.	$     15,353,556
	142,184	Motorola Solutions, Inc.	23,596,857
			41,929,924
	Consumer Finance – 2.0%
	615,765	Ally Financial, Inc.	20,264,826
	596,046	Synchrony Financial	21,386,131
			41,650,957
	Containers & Packaging – 1.0%
	197,011	Berry Global Group, Inc.*	8,875,346
	260,369	Sealed Air Corp.	10,880,820
			19,756,166
	Diversified Financial Services – 1.0%
	368,103	Voya Financial, Inc.	20,676,346
	Electric Utilities – 0.7%
	317,011	Exelon Corp.	14,284,516
	Electrical Equipment – 0.4%
	94,187	AMETEK, Inc.	8,440,097
	Electronic Equipment, Instruments & Components – 1.9%
	177,163	Jabil, Inc.	5,470,794
	256,161	Keysight Technologies, Inc.*	22,931,533
	238,290	National Instruments Corp.	9,950,990
			38,353,317
	Energy Equipment & Services – 0.2%
	149,581	TechnipFMC PLC	4,119,461
	Entertainment – 0.5%
	28,299	Netflix, Inc.*	9,140,294
	17,491	World Wrestling Entertainment, Inc. Class A	1,272,995
			10,413,289
	Equity Real Estate Investment Trusts (REITs) – 3.0%
	12,273	American Tower Corp.	2,597,212
	35,122	Duke Realty Corp.	1,170,616
	176,139	Equity LifeStyle Properties, Inc.	21,885,271
	135,195	Lamar Advertising Co. Class A	10,939,979
	249,994	Prologis, Inc.	20,152,016
	17,973	Public Storage	4,363,126
			61,108,220
	Food & Staples Retailing – 0.5%
	197,722	Walgreens Boots Alliance, Inc.	10,773,872
	Food Products – 0.3%
	82,226	Lamb Weston Holdings, Inc.	5,519,009
	Health Care Equipment & Supplies – 1.5%
	70,351	Align Technology, Inc.*	14,708,987
	97,396	Hill-Rom Holdings, Inc.	10,386,309
	21,448	Hologic, Inc.*	1,099,210

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	5,227	The Cooper Cos., Inc.	$       1,763,590
	21,407	West Pharmaceutical Services, Inc.	2,938,539
			30,896,635
	Health Care Providers & Services – 2.8%
	79,841	Anthem, Inc.	23,521,957
	89,508	Centene Corp.*	4,662,472
	24,870	Encompass Health Corp.	1,587,701
	55,259	McKesson Corp.	7,678,238
	45,913	Molina Healthcare, Inc.*	6,096,328
	59,860	UnitedHealth Group, Inc.	14,905,738
			58,452,434
	Health Care Technology* – 0.3%
	40,482	Veeva Systems, Inc. Class A	6,715,964
	Hotels, Restaurants & Leisure – 4.3%
	14,317	Chipotle Mexican Grill, Inc.*	11,389,603
	208,528	Las Vegas Sands Corp.	12,603,432
	31,370	Planet Fitness, Inc. Class A*	2,467,564
	391,716	Starbucks Corp.	37,091,588
	223,615	Yum! Brands, Inc.	25,161,160
			88,713,347
	Independent Power and Renewable Electricity Producers – 0.5%
	639,880	AES Corp.	10,743,585
	Insurance – 1.1%
	280,040	The Progressive Corp.	22,677,639
	Interactive Media & Services* – 8.5%
	46,076	Alphabet, Inc. Class A	56,129,783
	44,008	Alphabet, Inc. Class C	53,543,654
	330,717	Facebook, Inc. Class A	64,235,163
			173,908,600
	Internet & Direct Marketing Retail – 8.0%
	65,587	Amazon.com, Inc.*	122,436,500
	7,145	Booking Holdings, Inc.*	13,479,828
	629,094	eBay, Inc.	25,912,382
	29,050	Etsy, Inc.*	1,946,931
			163,775,641
	IT Services – 7.9%
	44,867	GoDaddy, Inc. Class A*	3,292,341
	106,197	Mastercard, Inc. Class A	28,914,257
	15,728	MongoDB, Inc.*	2,252,564
	351,646	PayPal Holdings, Inc.*	38,821,718
	106,745	VeriSign, Inc.*	22,532,802
	367,931	Visa, Inc. Class A	65,491,718
			161,305,400
	Life Sciences Tools & Services – 1.3%
	256,995	Agilent Technologies, Inc.	17,838,023
	1,536	Mettler-Toledo International, Inc.*	1,162,368

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – (continued)
	20,163	PRA Health Sciences, Inc.*	$       2,014,485
	20,786	Thermo Fisher Scientific, Inc.	5,771,857
			26,786,733
	Machinery – 1.4%
	368,966	Allison Transmission Holdings, Inc.	16,953,988
	72,058	Caterpillar, Inc.	9,487,877
	24,094	Ingersoll-Rand PLC	2,979,464
			29,421,329
	Metals & Mining* – 0.4%
	359,013	Alcoa Corp.	8,074,202
	Multiline Retail – 1.0%
	239,949	Target Corp.	20,731,594
	Oil, Gas & Consumable Fuels – 0.5%
	126,976	ConocoPhillips	7,501,742
	41,307	Valero Energy Corp.	3,521,422
			11,023,164
	Pharmaceuticals – 0.5%
	116,189	Merck & Co., Inc.	9,642,525
	Professional Services – 1.0%
	30,213	CoStar Group, Inc.*	18,593,080
	8,641	Verisk Analytics, Inc.	1,311,013
			19,904,093
	Road & Rail – 1.9%
	217,873	Union Pacific Corp.	39,206,246
	Semiconductors & Semiconductor Equipment – 3.2%
	38,857	Analog Devices, Inc.	4,564,143
	13,985	Broadcom, Inc.	4,055,510
	116,283	Cree, Inc.*	7,230,477
	196,831	NXP Semiconductors NV	20,350,357
	183,907	Teradyne, Inc.	10,249,137
	40,689	Texas Instruments, Inc.	5,086,532
	121,324	Xilinx, Inc.	13,856,414
			65,392,570
	Software – 13.8%
	3,694	Adobe, Inc.*	1,103,989
	262,294	Cadence Design Systems, Inc.*	19,386,150
	214,868	Citrix Systems, Inc.	20,249,160
	5,230	Coupa Software, Inc.*	709,763
	109,636	HubSpot, Inc.*	19,594,146
	24,706	Intuit, Inc.	6,851,221
	952,787	Microsoft Corp.	129,836,285
	318,780	Oracle Corp.	17,947,314
	106,380	Palo Alto Networks, Inc.*	24,099,325
	27,012	Proofpoint, Inc.*	3,408,914
	28,642	RingCentral, Inc. Class A*	4,066,591
	8,653	salesforce.com, Inc.*	1,336,889
	99,431	ServiceNow, Inc.*	27,581,165
	17,781	VMware, Inc. Class A	3,102,607

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	19,336	Workday, Inc. Class A*	$       3,866,813
			283,140,332
	Specialty Retail – 2.9%
	76,785	Advance Auto Parts, Inc.	11,566,892
	38,690	AutoNation, Inc.*	1,883,429
	1,268	AutoZone, Inc.*	1,424,015
	15,244	CarMax, Inc.*	1,337,813
	319,675	Lowe’s Cos., Inc.	32,415,045
	52,530	The Home Depot, Inc.	11,225,136
			59,852,330
	Technology Hardware, Storage & Peripherals – 7.0%
	677,347	Apple, Inc.	144,302,005
	Trading Companies & Distributors* – 0.1%
	43,468	HD Supply Holdings, Inc.	1,760,889
	TOTAL COMMON STOCKS – 99.0% (Cost $1,653,397,503)		$2,036,591,622
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%		20,325,343
	NET ASSETS – 100.0%		$2,056,916,965

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.

Investment Abbreviations:
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.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.2%
	Aerospace & Defense – 1.9%
	25,487	L3Harris Technologies, Inc.	$    5,291,101
	14,214	Teledyne Technologies, Inc.*	4,140,254
			9,431,355
	Airlines – 1.4%
	99,939	Delta Air Lines, Inc.	6,100,276
	21,713	Southwest Airlines Co.	1,118,871
			7,219,147
	Automobiles – 1.4%
	173,248	General Motors Co.	6,988,824
	Banks – 11.2%
	152,419	Bank of America Corp. (a)	4,676,215
	31,109	CIT Group, Inc.	1,572,560
	14,794	Citigroup, Inc.	1,052,741
	105,336	Citizens Financial Group, Inc.	3,924,819
	15,842	Comerica, Inc.	1,159,634
	199,946	Fifth Third Bancorp	5,936,397
	76,040	JPMorgan Chase & Co.	8,820,640
	84,881	Popular, Inc.	4,885,750
	201,296	Regions Financial Corp.	3,206,645
	23,138	Signature Bank	2,949,170
	17,756	SVB Financial Group*	4,118,859
	73,739	Synovus Financial Corp.	2,814,618
	44,879	Wells Fargo & Co.	2,172,592
	86,531	Western Alliance Bancorp*	4,278,093
	114,035	Zions Bancorp NA	5,139,558
			56,708,291
	Beverages* – 0.2%
	13,402	Monster Beverage Corp.	864,027
	Biotechnology – 3.1%
	35,773	AbbVie, Inc.	2,383,197
	36,603	Alexion Pharmaceuticals, Inc.*	4,146,754
	10,362	Biogen, Inc.*	2,464,291
	91,898	Gilead Sciences, Inc.	6,021,157
	10,661	Incyte Corp.*	905,332
			15,920,731
	Building Products – 1.2%
	91,047	Johnson Controls International PLC	3,864,034
	54,327	Masco Corp.	2,214,912
			6,078,946
	Capital Markets – 0.9%
	22,710	Northern Trust Corp.	2,225,580
	38,156	State Street Corp.	2,216,482
			4,442,062
	Chemicals – 1.9%
	16,467	Air Products & Chemicals, Inc.	3,758,922
	5,501	DuPont de Nemours, Inc.	396,952
	9,593	Olin Corp.	192,532

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	10,020	The Sherwin-Williams Co.	$    5,140,661
			9,489,067
	Communications Equipment – 1.1%
	32,546	Motorola Solutions, Inc.	5,401,334
	Construction & Engineering – 0.4%
	22,246	AECOM*	799,744
	38,547	Fluor Corp.	1,253,163
			2,052,907
	Consumer Finance – 2.2%
	167,262	Ally Financial, Inc.	5,504,592
	162,603	Synchrony Financial	5,834,196
			11,338,788
	Containers & Packaging – 0.6%
	25,840	Berry Global Group, Inc.*	1,164,092
	43,914	Sealed Air Corp.	1,835,166
			2,999,258
	Diversified Financial Services – 4.9%
	96,005	Berkshire Hathaway, Inc. Class B*	19,722,307
	93,358	Voya Financial, Inc.	5,243,919
			24,966,226
	Diversified Telecommunication Services – 2.0%
	122,700	AT&T, Inc.	4,177,935
	111,551	Verizon Communications, Inc.	6,165,424
			10,343,359
	Electric Utilities – 3.2%
	146,763	Exelon Corp.	6,613,141
	94,801	FirstEnergy Corp.	4,168,400
	183,280	PPL Corp.	5,430,586
			16,212,127
	Electrical Equipment – 0.5%
	29,078	AMETEK, Inc.	2,605,680
	Electronic Equipment, Instruments & Components – 1.3%
	21,592	Jabil, Inc.	666,761
	56,676	Keysight Technologies, Inc.*	5,073,636
	25,254	National Instruments Corp.	1,054,607
			6,795,004
	Energy Equipment & Services – 0.4%
	5,313	Apergy Corp.*	172,832
	75,447	TechnipFMC PLC	2,077,810
			2,250,642
	Entertainment – 1.1%
	35,087	Cinemark Holdings, Inc.	1,400,673

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Entertainment – (continued)
	29,588	The Walt Disney Co.	$    4,231,380
			5,632,053
	Equity Real Estate Investment Trusts (REITs) – 6.4%
	51,411	Camden Property Trust	5,331,835
	44,388	CubeSmart	1,506,973
	166,629	Duke Realty Corp.	5,553,744
	23,991	Healthcare Trust of America, Inc. Class A	646,078
	178,302	Invitation Homes, Inc.	4,897,956
	85,261	Prologis, Inc.	6,872,889
	5,678	Public Storage	1,378,391
	130,266	STORE Capital Corp.	4,456,400
	13,383	Sun Communities, Inc.	1,777,396
			32,421,662
	Food & Staples Retailing – 1.6%
	30,982	The Kroger Co.	655,579
	119,429	Walgreens Boots Alliance, Inc.	6,507,686
	6,698	Walmart, Inc.	739,326
			7,902,591
	Food Products – 1.0%
	23,356	Lamb Weston Holdings, Inc.	1,567,655
	69,548	Mondelez International, Inc. Class A	3,720,122
			5,287,777
	Health Care Equipment & Supplies* – 0.4%
	10,291	Align Technology, Inc.	2,151,642
	Health Care Providers & Services – 3.6%
	23,500	Anthem, Inc.	6,923,335
	22,475	Centene Corp.*	1,170,723
	15,636	Cigna Corp.	2,656,869
	31,213	McKesson Corp.	4,337,047
	22,255	Universal Health Services, Inc. Class B	3,357,389
			18,445,363
	Hotels, Restaurants & Leisure – 3.8%
	81,785	Carnival Corp.	3,862,705
	53,645	Las Vegas Sands Corp.	3,242,304
	26,790	McDonald’s Corp.	5,645,189
	53,142	Starbucks Corp.	5,032,016
	11,565	Yum! Brands, Inc.	1,301,294
			19,083,508
	Household Durables – 0.1%
	10,479	D.R. Horton, Inc.	481,300
	Household Products – 1.7%
	50,623	Colgate-Palmolive Co.	3,631,694
	44,403	The Procter & Gamble Co.	5,241,330
			8,873,024

Shares		Description	Value
	Common Stocks – (continued)
	Independent Power and Renewable Electricity Producers – 1.5%
	321,748	AES Corp.	$    5,402,149
	67,688	NRG Energy, Inc.	2,310,868
			7,713,017
	Insurance – 3.5%
	117,758	Athene Holding Ltd. Class A*	4,811,592
	54,636	Brighthouse Financial, Inc.*	2,140,092
	78,297	The Progressive Corp.	6,340,491
	140,444	Unum Group	4,487,186
	55	White Mountains Insurance Group Ltd.	59,180
			17,838,541
	Interactive Media & Services* – 0.2%
	989	Alphabet, Inc. Class A	1,204,800
	Internet & Direct Marketing Retail – 1.1%
	201	Amazon.com, Inc.*	375,223
	126,183	eBay, Inc.	5,197,478
			5,572,701
	IT Services – 2.7%
	16,218	Fidelity National Information Services, Inc.	2,161,048
	18,515	Leidos Holdings, Inc.	1,520,082
	45,843	PayPal Holdings, Inc.*	5,061,067
	24,376	VeriSign, Inc.*	5,145,530
			13,887,727
	Life Sciences Tools & Services – 1.5%
	59,128	Agilent Technologies, Inc.	4,104,074
	12,104	Thermo Fisher Scientific, Inc.	3,361,039
			7,465,113
	Machinery – 1.9%
	34,555	Caterpillar, Inc.	4,549,857
	4,071	Cummins, Inc.	667,644
	24,478	Parker-Hannifin Corp.	4,285,608
			9,503,109
	Media – 1.4%
	4,329	Liberty Broadband Corp. Class C*	430,779
	388,738	News Corp. Class A	5,115,792
	13,139	Nexstar Media Group, Inc. Class A	1,337,156
			6,883,727
	Metals & Mining* – 1.0%
	229,857	Alcoa Corp.	5,169,484
	Multi-Utilities – 2.3%
	74,001	Ameren Corp.	5,601,136
	13,814	CMS Energy Corp.	804,251

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – (continued)
	42,155	DTE Energy Co.	$    5,358,322
			11,763,709
	Multiline Retail – 1.3%
	76,760	Target Corp.	6,632,064
	Oil, Gas & Consumable Fuels – 8.4%
	29,809	Chevron Corp. (a)	3,669,786
	128,598	ConocoPhillips	7,597,570
	91,476	Exxon Mobil Corp.	6,802,155
	55,207	Kinder Morgan, Inc.	1,138,368
	71,330	Marathon Oil Corp.	1,003,613
	40,151	Marathon Petroleum Corp.	2,264,115
	104,257	Occidental Petroleum Corp.	5,354,640
	66,269	Phillips 66	6,796,549
	3,725	Pioneer Natural Resources Co.	514,199
	40,238	The Williams Cos., Inc.	991,464
	76,252	Valero Energy Corp.	6,500,483
			42,632,942
	Pharmaceuticals – 2.9%
	89,484	Bristol-Myers Squibb Co.	3,973,984
	55,964	Johnson & Johnson (a)	7,287,632
	23,464	Mylan NV*	490,398
	75,602	Pfizer, Inc.	2,936,382
			14,688,396
	Road & Rail – 0.7%
	19,384	Union Pacific Corp.	3,488,151
	Semiconductors & Semiconductor Equipment – 2.6%
	14,944	Analog Devices, Inc.	1,755,322
	2,639	Cree, Inc.*	164,093
	116,729	Intel Corp.	5,900,651
	11,398	Micron Technology, Inc.*	511,656
	48,551	NXP Semiconductors NV	5,019,688
			13,351,410
	Software – 1.3%
	25,094	Citrix Systems, Inc.	2,364,858
	4,768	Palo Alto Networks, Inc.*	1,080,143
	9,618	ServiceNow, Inc.*	2,667,937
	23,091	Symantec Corp.	497,842
			6,610,780
	Specialty Retail – 1.3%
	4,438	Advance Auto Parts, Inc.	668,540
	16,225	AutoNation, Inc.*	789,833
	49,357	Lowe’s Cos., Inc.	5,004,800
	1,411	The Home Depot, Inc.	301,517
			6,764,690
	Tobacco – 1.4%
	85,177	Philip Morris International, Inc.	7,121,649
	Trading Companies & Distributors* – 0.4%
	46,943	HD Supply Holdings, Inc.	1,901,661

Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.3%
	48,044	Telephone & Data Systems, Inc.	$    1,553,743
	TOTAL COMMON STOCKS (Cost $466,055,886)		$494,134,109
Shares		Dividend Rate	Value
	Investment Company(b) – 1.2%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	5,899,202	2.272%	$    5,899,202
	(Cost $5,899,202)
	TOTAL INVESTMENTS – 98.4% (Cost $471,955,088)		$500,033,311
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%		8,263,408
	NET ASSETS – 100.0%		$508,296,719

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 issuer.

Investment Abbreviations:
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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	28	09/20/19	$	4,175,220	$	122,301

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.1%
	Aerospace & Defense – 1.8%
	88,826	Aerojet Rocketdyne Holdings, Inc.*	$    3,794,647
	58,872	Astronics Corp.*	2,168,844
	7,451	Ducommun, Inc.*	314,060
	88,086	Kratos Defense & Security Solutions, Inc.*	2,171,320
	12,584	Mercury Systems, Inc.*	1,025,848
	21,940	Moog, Inc. Class A	1,787,232
	59,315	Wesco Aircraft Holdings, Inc.*	624,587
			11,886,538
	Air Freight & Logistics* – 0.4%
	9,233	Atlas Air Worldwide Holdings, Inc.	421,487
	92,864	Echo Global Logistics, Inc.	1,955,716
	47,374	Radiant Logistics, Inc.	260,083
			2,637,286
	Airlines – 0.3%
	11,247	Mesa Air Group, Inc.*	115,169
	19,928	SkyWest, Inc.	1,209,829
	9,273	Spirit Airlines, Inc.*	393,454
			1,718,452
	Auto Components – 0.1%
	8,137	Standard Motor Products, Inc.	374,383
	Banks – 10.0%
	69,777	1st Source Corp.	3,276,030
	13,882	Allegiance Bancshares, Inc.*	465,880
	47,786	Amalgamated Bank Class A	820,008
	32,768	Atlantic Capital Bancshares, Inc.*	602,603
	6,051	Banner Corp.	358,582
	99,849	Boston Private Financial Holdings, Inc.	1,152,257
	2,911	Bridge Bancorp, Inc.	85,030
	37,642	Cadence BanCorp.	645,184
	3,869	Capital City Bank Group, Inc.	99,898
	33,192	Cathay General Bancorp	1,235,406
	2,302	CBTX, Inc.	69,382
	127,529	Central Pacific Financial Corp.	3,758,280
	1,302	Century Bancorp, Inc. Class A	109,042
	52,044	Columbia Banking System, Inc.	1,962,579
	170,262	CVB Financial Corp.	3,747,467
	12,774	Equity Bancshares, Inc. Class A*	338,383
	122,999	First Bancorp	3,920,683
	259,704	First Commonwealth Financial Corp.	3,576,124
	28,577	First Financial Corp.	1,240,528
	137,995	First Foundation, Inc.	2,075,445
	48,787	First Internet Bancorp	1,028,430
	67,331	Heartland Financial USA, Inc.	3,237,948
	36,947	Heritage Commerce Corp.	457,034

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	5,423	Heritage Financial Corp.	$       154,664
	175,490	Hilltop Holdings, Inc.	3,980,113
	5,623	Independent Bank Group, Inc.	319,443
	106,382	International Bancshares Corp.	4,003,155
	363,506	Investors Bancorp, Inc.	4,129,428
	8,441	Lakeland Bancorp, Inc.	138,264
	7,332	Mercantile Bank Corp.	246,355
	12,469	Metropolitan Bank Holding Corp.*	523,324
	91,881	National Bank Holdings Corp. Class A	3,333,443
	13,313	NBT Bancorp, Inc.	515,213
	5,851	Northeast Bank	128,429
	22,920	OFG Bancorp	518,680
	35,478	Opus Bank	795,062
	37,808	Pacific Premier Bancorp, Inc.	1,195,867
	12,163	Peapack Gladstone Financial Corp.	345,794
	13,367	Preferred Bank	724,358
	24,840	Sandy Spring Bancorp, Inc.	905,170
	21,936	Seacoast Banking Corp. of Florida*	593,149
	20,768	Sierra Bancorp	541,422
	2,541	Southern First Bancshares, Inc.*	103,622
	51,705	Southern National Bancorp of Virginia, Inc.	823,144
	90,848	The Bancorp, Inc.*	879,409
	12,524	Towne Bank	352,425
	65,919	TriCo Bancshares	2,488,442
	31,389	Triumph Bancorp, Inc.*	979,651
	28,771	UMB Financial Corp.	1,963,908
	9,557	Univest Financial Corp.	262,435
	30,307	WesBanco, Inc.	1,108,630
			66,315,202
	Beverages – 0.7%
	10,905	Coca-Cola Consolidated, Inc.	3,200,945
	14,292	National Beverage Corp.(a)	622,131
	2,382	The Boston Beer Co., Inc. Class A*	934,506
			4,757,582
	Biotechnology* – 8.0%
	36,411	ACADIA Pharmaceuticals, Inc.	894,982
	27,742	Acceleron Pharma, Inc.	1,211,216
	38,831	Amicus Therapeutics, Inc.	481,504
	37,586	Anika Therapeutics, Inc.	2,070,613
	22,122	Arena Pharmaceuticals, Inc.	1,386,607
	71,721	Arrowhead Pharmaceuticals, Inc.	2,084,212
	16,447	Audentes Therapeutics, Inc.	640,117
	22,265	Avid Bioservices, Inc.	144,277
	14,052	BioSpecifics Technologies Corp.	816,421
	40,460	Blueprint Medicines Corp.	4,052,069
	74,981	CareDx, Inc.	2,457,127
	21,396	Coherus Biosciences, Inc.	359,881
	12,076	Dicerna Pharmaceuticals, Inc.	164,596
	35,889	Editas Medicine, Inc.	906,197

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology* – (continued)
	15,307	Enanta Pharmaceuticals, Inc.	$    1,148,331
	33,812	Esperion Therapeutics, Inc.	1,341,998
	5,672	FibroGen, Inc.	268,059
	7,141	G1 Therapeutics, Inc.	177,168
	65,322	Genomic Health, Inc.	4,766,546
	37,551	Global Blood Therapeutics, Inc.	2,057,795
	227,787	Halozyme Therapeutics, Inc.	3,870,101
	9,234	Insmed, Inc.	202,686
	4,519	Intercept Pharmaceuticals, Inc.	284,019
	41,103	Invitae Corp.	1,105,260
	21,276	Kura Oncology, Inc.	406,797
	14,389	Mirati Therapeutics, Inc.	1,522,356
	56,788	Myriad Genetics, Inc.	1,654,802
	59,236	Natera, Inc.	1,633,729
	103,586	PDL BioPharma, Inc.	298,328
	73,058	Pieris Pharmaceuticals, Inc.	401,819
	86,332	Prothena Corp. PLC	808,068
	19,700	PTC Therapeutics, Inc.	948,949
	18,810	Ra Pharmaceuticals, Inc.	640,292
	24,788	Radius Health, Inc.	531,951
	59,741	Repligen Corp. (b)	5,638,953
	23,966	Vanda Pharmaceuticals, Inc.	298,377
	132,080	Veracyte, Inc.	3,747,110
	63,701	Voyager Therapeutics, Inc.	1,402,059
	9,022	Xencor, Inc.	397,149
			53,222,521
	Building Products – 2.2%
	2,292	American Woodmark Corp.*	194,476
	150,281	Builders FirstSource, Inc.*	2,581,828
	141,450	Continental Building Products, Inc.*	3,476,841
	18,938	CSW Industrials, Inc.	1,337,212
	6,575	Griffon Corp.	107,501
	104,703	JELD-WEN Holding, Inc.*	2,294,043
	60,186	Quanex Building Products Corp.	1,120,663
	62,565	Simpson Manufacturing Co., Inc.	3,864,015
			14,976,579
	Capital Markets – 1.5%
	69,536	Artisan Partners Asset Management, Inc. Class A	2,057,570
	207,825	Brightsphere Investment Group, Inc.	2,223,728
	33,432	Greenhill & Co., Inc.	554,971
	25,490	Houlihan Lokey, Inc.	1,172,540
	60,162	Oppenheimer Holdings, Inc. Class A	1,753,121
	23,234	Piper Jaffray Cos.	1,795,988
	5,690	Safeguard Scientifics, Inc.*	66,459
	2,411	Virtus Investment Partners, Inc.	258,363
	9,764	Westwood Holdings Group, Inc.	305,613
			10,188,353

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 2.7%
	12,801	Chase Corp.	$    1,325,928
	230,240	Ferro Corp.*	3,391,435
	1,489	H.B. Fuller Co.	71,189
	29,516	Innophos Holdings, Inc.	801,950
	17,945	Innospec, Inc.	1,675,704
	6,508	Kraton Corp.*	199,600
	57,184	Minerals Technologies, Inc.	3,045,048
	91,382	PolyOne Corp.	2,994,588
	1,031	Quaker Chemical Corp.	193,199
	94,836	Trinseo SA	3,680,585
	28,150	Tronox Holdings PLC Class A	311,339
			17,690,565
	Commercial Services & Supplies – 1.3%
	57,371	Covanta Holding Corp.	987,929
	6,896	HNI Corp.	236,119
	13,871	Kimball International, Inc. Class B	240,523
	7,468	Matthews International Corp. Class A	255,032
	42,287	McGrath RentCorp	2,880,168
	55,502	Tetra Tech, Inc.	4,395,758
			8,995,529
	Communications Equipment – 0.6%
	30,295	Comtech Telecommunications Corp.	901,579
	144,727	Extreme Networks, Inc.*	1,178,078
	67,655	Harmonic, Inc.*	505,383
	42,173	NetScout Systems, Inc.*	1,098,185
	20,043	Viavi Solutions, Inc.*	294,031
			3,977,256
	Construction & Engineering – 0.5%
	66,608	Aegion Corp.*	1,255,561
	9,851	Comfort Systems USA, Inc.	413,742
	128,560	Great Lakes Dredge & Dock Corp.*	1,379,449
			3,048,752
	Consumer Finance* – 0.6%
	111,080	Enova International, Inc.	2,993,606
	6,819	Green Dot Corp. Class A	345,655
	27,201	Regional Management Corp.	656,360
			3,995,621
	Distributors – 0.4%
	67,126	Core-Mark Holding Co., Inc.	2,512,526
	Diversified Consumer Services – 1.0%
	15,640	American Public Education, Inc.*	516,433
	56,017	Chegg, Inc.*	2,516,283
	7,856	Collectors Universe, Inc.	186,266
	66,986	K12, Inc.*	1,999,532

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Consumer Services – (continued)
	101,741	Laureate Education, Inc. Class A*	$    1,667,535
			6,886,049
	Diversified Financial Services – 0.5%
	17,148	Banco Latinoamericano de Comercio Exterior SA Class E	360,451
	48,608	Cannae Holdings, Inc.*	1,407,202
	146,995	FGL Holdings	1,198,009
	112,468	On Deck Capital, Inc.*	402,635
			3,368,297
	Diversified Telecommunication Services – 1.1%
	75,361	Cogent Communications Holdings, Inc.	4,748,497
	54,499	Iridium Communications, Inc.*	1,386,455
	246,976	ORBCOMM, Inc.*	1,447,279
			7,582,231
	Electric Utilities – 1.1%
	31,650	El Paso Electric Co.	2,097,129
	3,749	Otter Tail Corp.	200,122
	90,411	Portland General Electric Co.	4,959,043
			7,256,294
	Electrical Equipment – 0.1%
	2,502	Encore Wire Corp.	137,410
	29,334	Thermon Group Holdings, Inc.*	743,323
			880,733
	Electronic Equipment, Instruments & Components – 3.7%
	31,946	AVX Corp.	486,538
	68,433	Belden, Inc.	3,110,964
	7,616	Benchmark Electronics, Inc.	206,089
	14,984	CTS Corp.	472,296
	15,134	ePlus, Inc.*	1,148,671
	37,893	Fabrinet*	2,034,096
	59,602	Insight Enterprises, Inc.*	3,279,302
	15,045	Itron, Inc.*	932,790
	5,149	Napco Security Technologies, Inc.*	149,064
	1,766	Novanta, Inc.*	148,503
	9,103	OSI Systems, Inc.*	1,024,634
	38,414	PC Connection, Inc.	1,256,522
	5,726	Rogers Corp.*	908,487
	28,606	Sanmina Corp.*	908,240
	31,206	Tech Data Corp.*	3,162,416
	208,202	Vishay Intertechnology, Inc.	3,539,434
	48,079	Vishay Precision Group, Inc.*	1,958,738
			24,726,784
	Energy Equipment & Services* – 1.3%
	15,080	C&J Energy Services, Inc.	164,975
	9,893	Exterran Corp.	135,039

Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services* – (continued)
	34,986	Forum Energy Technologies, Inc.	$         91,663
	150,925	Helix Energy Solutions Group, Inc.	1,322,103
	85,991	Matrix Service Co.	1,579,655
	89,048	Newpark Resources, Inc.	679,436
	37,648	Oceaneering International, Inc.	581,662
	79,829	SEACOR Holdings, Inc.	3,803,054
	186,329	Superior Energy Services, Inc.	169,038
			8,526,625
	Entertainment* – 0.2%
	127,848	Glu Mobile, Inc.	953,746
	24,583	IMAX Corp.	539,597
			1,493,343
	Equity Real Estate Investment Trusts (REITs) – 6.4%
	31,299	Alexander & Baldwin, Inc.	735,839
	173,825	Cedar Realty Trust, Inc.	483,234
	3,021	EastGroup Properties, Inc.	363,970
	4,936	Essential Properties Realty Trust, Inc.	104,248
	140,024	First Industrial Realty Trust, Inc.	5,347,517
	69,649	Gladstone Commercial Corp.	1,480,738
	11,975	Independence Realty Trust, Inc.	147,891
	2,108	Investors Real Estate Trust	134,385
	414,202	Lexington Realty Trust	4,088,174
	127,100	National Storage Affiliates Trust	3,849,859
	71,511	NexPoint Residential Trust, Inc.	3,086,415
	206,211	Physicians Realty Trust	3,548,891
	178,930	Piedmont Office Realty Trust, Inc. Class A	3,723,533
	4,992	PS Business Parks, Inc.	873,600
	29,163	Retail Value, Inc.	1,097,695
	122,793	Rexford Industrial Realty, Inc.	5,083,630
	201,134	RLJ Lodging Trust	3,475,596
	97,048	Terreno Realty Corp.	4,741,765
			42,366,980
	Food & Staples Retailing – 0.3%
	19,397	Ingles Markets, Inc. Class A	610,617
	23,153	Village Super Market, Inc. Class A	579,520
	25,180	Weis Markets, Inc.	917,811
			2,107,948
	Food Products – 1.9%
	168,210	Darling Ingredients, Inc.*	3,419,709
	10,845	Fresh Del Monte Produce, Inc.	328,929
	69,808	Freshpet, Inc.*	3,151,831
	30,404	Hostess Brands, Inc.*	429,304
	24,602	J&J Snack Foods Corp.	4,572,036

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	9,024	John B. Sanfilippo & Son, Inc.	$       784,276
			12,686,085
	Gas Utilities – 0.1%
	3,983	Northwest Natural Holding Co.	284,466
	4,523	Southwest Gas Holdings, Inc.	402,140
			686,606
	Health Care Equipment & Supplies – 1.6%
	57,515	GenMark Diagnostics, Inc.*	360,044
	13,493	Glaukos Corp.*	1,102,108
	7,485	Haemonetics Corp.*	913,769
	6,419	Mesa Laboratories, Inc.	1,615,534
	25,078	Novocure Ltd.*	2,086,991
	42,686	STAAR Surgical Co.*	1,251,127
	6,573	SurModics, Inc.*	274,094
	38,645	Tandem Diabetes Care, Inc.*	2,451,252
	13,955	Varex Imaging Corp.*	443,630
			10,498,549
	Health Care Providers & Services – 1.4%
	8,415	BioTelemetry, Inc.*	395,084
	52,661	Cross Country Healthcare, Inc.*	499,753
	34,561	HealthEquity, Inc.*	2,833,311
	12,216	R1 RCM, Inc.*	153,677
	100,590	Tenet Healthcare Corp.*	2,370,906
	26,112	The Ensign Group, Inc.	1,573,509
	7,936	The Providence Service Corp.*	442,353
	47,223	Triple-S Management Corp. Class B*	1,132,410
			9,401,003
	Health Care Technology – 1.6%
	280,053	Allscripts Healthcare Solutions, Inc.*	2,884,546
	19,188	Computer Programs & Systems, Inc.	495,242
	74,273	HMS Holdings Corp.*	2,592,128
	41,333	NextGen Healthcare, Inc.*	676,208
	56,922	Omnicell, Inc.*	4,281,103
			10,929,227
	Hotels, Restaurants & Leisure – 2.2%
	1,805	Cracker Barrel Old Country Store, Inc.	313,547
	20,709	Dave & Buster’s Entertainment, Inc.	841,821
	115,567	Denny’s Corp.*	2,610,658
	9,403	Everi Holdings, Inc.*	112,930
	46,352	Fiesta Restaurant Group, Inc.*	442,662
	8,551	PlayAGS, Inc.*	160,417
	116,972	Scientific Games Corp. Class A*	2,392,077
	91,251	SeaWorld Entertainment, Inc.*	2,789,543

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	49,532	Wingstop, Inc.	$    4,734,764
			14,398,419
	Household Durables – 1.6%
	24,287	Bassett Furniture Industries, Inc.	310,388
	21,028	Installed Building Products, Inc.*	1,120,372
	115,120	KB Home	3,024,202
	68,052	Meritage Homes Corp.*	4,274,346
	46,602	Taylor Morrison Home Corp.*	1,049,477
	11,066	TRI Pointe Group, Inc.*	151,493
	14,280	Universal Electronics, Inc.*	611,470
			10,541,748
	Household Products* – 0.0%
	8,426	Central Garden & Pet Co. Class A	232,136
	Independent Power and Renewable Electricity Producers – 0.1%
	35,883	Atlantic Power Corp.*	85,760
	4,922	Ormat Technologies, Inc.	322,637
			408,397
	Industrial Conglomerates – 0.0%
	6,661	Raven Industries, Inc.	241,395
	Insurance – 2.2%
	154,797	American Equity Investment Life Holding Co.	3,993,763
	41,074	Amerisafe, Inc.	2,672,275
	58,423	Argo Group International Holdings Ltd.	3,998,470
	18,908	FBL Financial Group, Inc. Class A	1,185,532
	3,207	Goosehead Insurance, Inc. Class A	144,347
	18,025	National General Holdings Corp.	445,758
	1,889	National Western Life Group, Inc. Class A	508,141
	1,187	Safety Insurance Group, Inc.	117,109
	8,140	Stewart Information Services Corp.	307,936
	42,070	Trupanion, Inc.*(a)	1,352,971
			14,726,302
	Interactive Media & Services* – 0.4%
	60,020	Cars.com, Inc.	1,140,380
	84,828	Liberty TripAdvisor Holdings, Inc. Class A	979,763
	21,411	Yelp, Inc.	750,456
			2,870,599
	Internet & Direct Marketing Retail – 0.4%
	11,856	Expedia Group, Inc.	1,573,765
	38,363	Groupon, Inc.*	120,843
	20,389	Shutterstock, Inc.	782,326

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – (continued)
	4,010	Stamps.com, Inc.*	$       191,478
			2,668,412
	IT Services – 0.9%
	7,247	I3 Verticals, Inc. Class A*	207,047
	156,870	Perspecta, Inc.	3,659,777
	9,152	Presidio, Inc.	128,128
	63,703	Sykes Enterprises, Inc.*	1,802,158
			5,797,110
	Leisure Products – 0.6%
	166,171	American Outdoor Brands Corp.*	1,601,889
	6,293	Johnson Outdoors, Inc. Class A	427,861
	4,406	Malibu Boats, Inc. Class A*	132,753
	39,775	MasterCraft Boat Holdings, Inc.*	660,265
	124,887	Vista Outdoor, Inc.*	899,186
			3,721,954
	Life Sciences Tools & Services* – 0.1%
	31,590	Fluidigm Corp.	371,182
	Machinery – 4.3%
	51,871	Albany International Corp. Class A	4,460,387
	16,378	Barnes Group, Inc.	852,311
	37,846	Columbus McKinnon Corp.	1,454,800
	29,436	EnPro Industries, Inc.	2,091,133
	11,180	ESCO Technologies, Inc.	934,201
	6,604	Federal Signal Corp.	205,715
	58,198	Franklin Electric Co., Inc.	2,727,158
	23,545	Hillenbrand, Inc.	793,231
	10,938	Hurco Cos., Inc.	373,970
	58,582	Kennametal, Inc.	2,025,766
	6,301	Miller Industries, Inc.	196,717
	3,089	Proto Labs, Inc.*	321,565
	9,691	RBC Bearings, Inc.*	1,576,629
	14,616	Rexnord Corp.*	428,103
	71,586	SPX FLOW, Inc.*	2,903,528
	4,466	Tennant Co.	339,907
	93,701	TriMas Corp.*	2,810,093
	44,971	Watts Water Technologies, Inc. Class A	4,174,658
			28,669,872
	Media – 1.2%
	48,343	Central European Media Enterprises Ltd. Class A*	227,212
	12,990	Liberty Latin America Ltd. Class A*	212,906
	6,853	Loral Space & Communications, Inc.*	252,122
	27,146	Meredith Corp.	1,489,230
	91,204	MSG Networks, Inc. Class A*	1,731,964
	151,801	New Media Investment Group, Inc.	1,634,897
	24,025	TechTarget Inc.*	553,055

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	109,574	The E.W. Scripps Co. Class A	$    1,679,769
			7,781,155
	Metals & Mining – 1.5%
	50,368	Carpenter Technology Corp.	2,267,064
	4,257	Haynes International, Inc.	126,688
	22,064	Kaiser Aluminum Corp.	2,124,101
	51,000	Materion Corp.	3,168,630
	46,004	Schnitzer Steel Industries, Inc. Class A	1,225,087
	22,813	Worthington Industries, Inc.	917,539
			9,829,109
	Mortgage Real Estate Investment Trusts (REITs) – 0.2%
	373,321	Anworth Mortgage Asset Corp. (b)	1,437,286
	11,172	Great Ajax Corp.	155,402
			1,592,688
	Multi-Utilities – 1.0%
	89,247	Avista Corp.	4,108,039
	43,421	Unitil Corp.	2,543,168
			6,651,207
	Oil, Gas & Consumable Fuels – 4.2%
	33,078	Arch Coal, Inc. Class A	2,949,234
	74,038	Clean Energy Fuels Corp.*	197,681
	52,698	CONSOL Energy, Inc.*	1,132,480
	68,996	CVR Energy, Inc.	3,661,618
	121,732	Delek US Holdings, Inc.	5,244,214
	567,513	Denbury Resources, Inc.*	641,290
	181,903	DHT Holdings, Inc.	1,027,752
	152,844	GasLog Ltd.	2,176,499
	136,955	Golar LNG Ltd.	2,320,018
	90,035	Green Plains, Inc.	908,453
	33,045	International Seaways, Inc.*	562,095
	67,012	Peabody Energy Corp.	1,411,273
	66,944	Renewable Energy Group, Inc.*	909,769
	59,170	Scorpio Tankers, Inc.	1,550,846
	27,421	Teekay Corp.(a)	125,040
	13,485	Whiting Petroleum Corp.*	238,415
	68,459	World Fuel Services Corp.	2,672,639
			27,729,316
	Paper & Forest Products – 0.9%
	73,071	Boise Cascade Co.	1,972,917
	127,382	Louisiana-Pacific Corp.	3,329,766
	28,801	PH Glatfelter Co.	470,032
			5,772,715
	Pharmaceuticals – 0.7%
	1,445	ANI Pharmaceuticals, Inc.*	122,233
	52,885	Assertio Therapeutics, Inc.*	181,396
	81,794	Mallinckrodt PLC*	557,017
	9,606	Pacira BioSciences, Inc.*	421,607

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	23,154	Phibro Animal Health Corp. Class A	$       720,784
	67,850	Prestige Consumer Healthcare, Inc.*	2,347,610
			4,350,647
	Professional Services – 3.3%
	11,405	Barrett Business Services, Inc.	997,938
	15,722	CRA International, Inc.	682,649
	25,931	Heidrick & Struggles International, Inc.	770,151
	20,867	Huron Consulting Group, Inc.*	1,272,261
	38,738	Insperity, Inc.	4,119,786
	24,706	Kelly Services, Inc. Class A	687,568
	87,701	Kforce, Inc.	2,989,727
	94,996	Korn Ferry	3,731,443
	49,676	Navigant Consulting, Inc.	1,210,107
	26,088	Resources Connection, Inc.	459,149
	45,782	TriNet Group, Inc.*	3,366,808
	77,324	TrueBlue, Inc.*	1,528,696
			21,816,283
	Real Estate Management & Development – 0.3%
	88,344	Kennedy-Wilson Holdings, Inc.	1,901,163
	14,173	Newmark Group, Inc. Class A	139,746
			2,040,909
	Road & Rail – 0.6%
	27,741	Avis Budget Group, Inc.*	1,009,495
	30,105	Covenant Transportation Group, Inc. Class A*	507,269
	35,730	Heartland Express, Inc.	708,883
	90,515	Marten Transport Ltd.	1,816,636
			4,042,283
	Semiconductors & Semiconductor Equipment – 3.2%
	15,733	Ambarella, Inc.*	785,863
	58,925	Amkor Technology, Inc.*	543,878
	6,019	Axcelis Technologies, Inc.*	96,605
	32,328	Cirrus Logic, Inc.*	1,585,688
	86,790	Diodes, Inc.*	3,697,254
	38,129	Enphase Energy, Inc.*	1,073,331
	84,173	Inphi Corp.*	5,068,056
	23,388	Lattice Semiconductor Corp.*	452,324
	46,079	MaxLinear, Inc.*	1,012,816
	75,467	NeoPhotonics Corp.*	346,394
	280,025	Rambus, Inc.*	3,489,112
	29,148	Semtech Corp.*	1,541,055
	68,234	Xperi Corp.	1,456,796
			21,149,172
	Software – 3.0%
	22,074	ACI Worldwide, Inc.*	740,803
	39,412	Avaya Holdings Corp.*	474,521

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	85,832	Bottomline Technologies DE, Inc.*	$    3,612,669
	97,814	Box, Inc. Class A*	1,617,844
	22,293	CommVault Systems, Inc.*	1,012,994
	74,520	Cornerstone OnDemand, Inc.*	4,411,584
	6,263	Everbridge, Inc.*	640,705
	7,287	Five9, Inc.*	359,759
	1,195	MicroStrategy, Inc. Class A*	163,392
	20,080	Mitek Systems, Inc.*	201,603
	95,657	MobileIron, Inc.*	660,033
	47,368	Progress Software Corp.	2,050,561
	8,683	SPS Commerce, Inc.*	971,020
	62,653	SVMK, Inc.*	1,063,221
	3,413	Upland Software, Inc.*	150,138
	5,845	Varonis Systems, Inc.*	420,314
	29,864	Workiva, Inc.*	1,716,881
			20,268,042
	Specialty Retail – 4.5%
	9,744	Aaron’s, Inc.	614,359
	78,963	Abercrombie & Fitch Co. Class A	1,494,770
	20,534	America’s Car-Mart, Inc.*	1,851,345
	11,252	American Eagle Outfitters, Inc.	199,048
	33,980	Asbury Automotive Group, Inc.*	3,128,878
	20,817	Barnes & Noble Education, Inc.*	72,860
	42,913	Boot Barn Holdings, Inc.*	1,342,748
	62,384	Citi Trends, Inc.	957,594
	22,359	Genesco, Inc.*	880,497
	46,527	Group 1 Automotive, Inc.	3,906,407
	18,127	Hudson Ltd. Class A*	231,663
	50,992	Monro, Inc.	4,294,036
	47,862	Murphy USA, Inc.*	4,229,086
	139,831	Office Depot, Inc.	285,255
	32,986	Rent-A-Center, Inc.*	891,612
	149,351	Sally Beauty Holdings, Inc.*	2,052,083
	28,066	Sleep Number Corp.*	1,380,005
	46,947	Sonic Automotive, Inc. Class A	1,294,329
	22,475	The Cato Corp. Class A	322,966
	15,813	The Container Store Group, Inc.*	96,617
	41,866	Tilly’s, Inc. Class A	342,883
			29,869,041
	Textiles, Apparel & Luxury Goods* – 0.3%
	11,977	Deckers Outdoor Corp.	1,871,766
	9,384	Kontoor Brands, Inc.	275,233
	10,222	Vera Bradley, Inc.	120,108
			2,267,107
	Thrifts & Mortgage Finance – 2.2%
	21,020	Federal Agricultural Mortgage Corp. Class C	1,624,215
	5,712	First Defiance Financial Corp.	164,049
	135,893	NMI Holdings, Inc. Class A*	3,381,018

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	11,474	Provident Financial Services, Inc.	$       277,441
	181,264	Radian Group, Inc.	4,132,819
	135,788	TrustCo Bank Corp. NY	1,099,883
	52,598	United Community Financial Corp.	535,448
	74,279	WSFS Financial Corp.	3,147,201
			14,362,074
	Tobacco – 0.5%
	18,377	Universal Corp.	1,093,432
	192,377	Vector Group Ltd.	2,221,954
			3,315,386
	Trading Companies & Distributors – 1.1%
	102,640	BMC Stock Holdings, Inc.*	2,170,836
	11,933	DXP Enterprises, Inc.*	405,125
	52,296	GMS, Inc.*	1,177,183
	7,286	Herc Holdings, Inc.*	328,890
	35,530	Kaman Corp.	2,252,602
	20,359	MRC Global, Inc.*	318,415
	8,129	Rush Enterprises, Inc. Class A	306,138
	15,454	Titan Machinery, Inc.*	320,516
			7,279,705
	Wireless Telecommunication Services – 0.2%
	21,947	Shenandoah Telecommunications Co.	863,834
	44,528	Spok Holdings, Inc.	578,419
			1,442,253
	TOTAL COMMON STOCKS (Cost $596,422,101)		$631,900,517
Shares		Dividend Rate	Value
	Investment Company(b) – 3.5%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	23,299,012	2.272%	$  23,299,012
	(Cost $23,299,012)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $619,721,113)		$655,199,529
	Securities Lending Reinvestment Vehicle(b) – 0.3%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,843,384	2.272%	$    1,843,384
	(Cost $1,843,384)
	TOTAL INVESTMENTS – 98.9% (Cost $621,564,497)		$657,042,913
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%		7,603,012
	NET ASSETS – 100.0%		$664,645,925

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)	Represents an affiliated issuer.

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.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	283	09/20/19	$	22,310,305	$	441,732

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.2%
	Aerospace & Defense – 2.6%
	189,723	Aerojet Rocketdyne Holdings, Inc.*	$       8,104,967
	5,842	Aerovironment, Inc.*	320,434
	132,948	Astronics Corp.*	4,897,804
	179,733	Kratos Defense & Security Solutions, Inc.*	4,430,418
	88,205	Mercury Systems, Inc.*	7,190,472
	59,093	Moog, Inc. Class A	4,813,716
	78,155	Wesco Aircraft Holdings, Inc.*	822,972
			30,580,783
	Air Freight & Logistics* – 0.3%
	180,299	Echo Global Logistics, Inc.	3,797,097
	46,016	Radiant Logistics, Inc.	252,628
			4,049,725
	Airlines – 0.2%
	33,076	Mesa Air Group, Inc.*	338,698
	3,873	SkyWest, Inc.	235,130
	42,129	Spirit Airlines, Inc.*	1,787,533
			2,361,361
	Auto Components* – 0.0%
	5,384	Stoneridge, Inc.	175,357
	Banks – 3.2%
	19,069	1st Source Corp.	895,290
	61,171	Amalgamated Bank Class A	1,049,694
	28,797	Atlantic Capital Bancshares, Inc.*	529,577
	196,630	Central Pacific Financial Corp.	5,794,686
	17,624	Columbia Banking System, Inc.	664,601
	73,061	CVB Financial Corp.	1,608,073
	4,181	First Bancorp	154,446
	21,990	First Commonwealth Financial Corp.	302,802
	134,736	First Foundation, Inc.	2,026,429
	14,618	First Internet Bancorp	308,147
	75,253	Heritage Commerce Corp.	930,880
	272,046	Hilltop Holdings, Inc.	6,170,003
	7,304	Independent Bank Corp.	158,789
	12,462	Independent Bank Group, Inc.	707,966
	157,835	International Bancshares Corp.	5,939,331
	12,230	Investors Bancorp, Inc.	138,933
	132,016	National Bank Holdings Corp. Class A	4,789,541
	15,753	Preferred Bank	853,655
	35,239	Seacoast Banking Corp. of Florida*	952,863
	23,024	The Bancorp, Inc.*	222,872
	65,544	TriCo Bancshares	2,474,286
	30,766	Triumph Bancorp, Inc.*	960,207
			37,633,071

Shares		Description	Value
	Common Stocks – (continued)
	Beverages – 1.1%
	25,629	Coca-Cola Consolidated, Inc.	$       7,522,880
	49,167	National Beverage Corp.(a)	2,140,240
	8,626	The Boston Beer Co., Inc. Class A*	3,384,152
			13,047,272
	Biotechnology* – 12.9%
	160,555	ACADIA Pharmaceuticals, Inc.	3,946,442
	90,417	Acceleron Pharma, Inc.	3,947,606
	41,914	Adverum Biotechnologies, Inc.	562,067
	69,689	Affimed NV(a)	209,067
	288,314	Amicus Therapeutics, Inc.	3,575,094
	27,748	Anika Therapeutics, Inc.	1,528,637
	68,315	Arena Pharmaceuticals, Inc.	4,281,984
	18,517	ArQule, Inc.	186,837
	191,426	Arrowhead Pharmaceuticals, Inc.(a)	5,562,840
	22,805	Atara Biotherapeutics, Inc.	325,427
	75,266	Audentes Therapeutics, Inc.	2,929,353
	72,163	Avid Bioservices, Inc.	467,616
	22,823	BioSpecifics Technologies Corp.	1,326,016
	108,271	Blueprint Medicines Corp.	10,843,341
	173,150	CareDx, Inc.	5,674,125
	73,061	Coherus Biosciences, Inc.	1,228,886
	34,402	Cyclerion Therapeutics, Inc.	319,595
	119,785	Dicerna Pharmaceuticals, Inc.	1,632,670
	120,907	Editas Medicine, Inc.(a)	3,052,902
	36,953	Emergent BioSolutions, Inc.	1,631,105
	53,840	Enanta Pharmaceuticals, Inc.	4,039,077
	76,756	Epizyme, Inc.	1,017,785
	84,010	Esperion Therapeutics, Inc.	3,334,357
	49,876	Fate Therapeutics, Inc.	1,099,766
	75,085	FibroGen, Inc.	3,548,517
	26,656	G1 Therapeutics, Inc.	661,335
	20,606	Genomic Health, Inc.	1,503,620
	109,709	Global Blood Therapeutics, Inc.	6,012,053
	15,679	GlycoMimetics, Inc.	144,717
	502,109	Halozyme Therapeutics, Inc.(b)	8,530,832
	75,370	Insmed, Inc.	1,654,372
	29,544	Intercept Pharmaceuticals, Inc.	1,856,840
	138,196	Invitae Corp.	3,716,090
	69,453	Iovance Biotherapeutics, Inc.	1,707,849
	13,760	Kodiak Sciences, Inc.	169,386
	92,500	Kura Oncology, Inc.	1,768,600
	42,645	Minerva Neurosciences, Inc.	283,163
	50,098	Mirati Therapeutics, Inc.	5,300,368
	98,579	Myriad Genetics, Inc.	2,872,592
	159,016	Natera, Inc.	4,385,661
	226,195	Pieris Pharmaceuticals, Inc.	1,244,073
	54,522	Portola Pharmaceuticals, Inc.	1,454,647
	18,748	Precision BioSciences, Inc.	241,287
	67,401	Prothena Corp. PLC	630,873
	83,485	PTC Therapeutics, Inc.	4,021,472
	67,959	Ra Pharmaceuticals, Inc.	2,313,324
	95,579	Radius Health, Inc.	2,051,125
	43,087	REGENXBIO, Inc.	1,913,494

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology* – (continued)
	132,317	Repligen Corp.	$     12,489,402
	43,378	Stemline Therapeutics, Inc.	575,626
	23,767	Twist Bioscience Corp.	801,423
	44,424	Ultragenyx Pharmaceutical, Inc.	2,676,990
	160,055	Vanda Pharmaceuticals, Inc.	1,992,685
	265,233	Veracyte, Inc.	7,524,660
	164,288	Voyager Therapeutics, Inc.	3,615,979
	70,044	Xencor, Inc.	3,083,337
			153,468,987
	Building Products – 2.4%
	8,451	American Woodmark Corp.*	717,067
	321,714	Builders FirstSource, Inc.*	5,527,046
	269,575	Continental Building Products, Inc.*	6,626,153
	40,118	CSW Industrials, Inc.	2,832,732
	204,493	JELD-WEN Holding, Inc.*	4,480,442
	9,072	Quanex Building Products Corp.	168,921
	137,847	Simpson Manufacturing Co., Inc.	8,513,431
			28,865,792
	Capital Markets – 1.4%
	149,561	Artisan Partners Asset Management, Inc. Class A	4,425,510
	306,466	Brightsphere Investment Group, Inc.	3,279,186
	50,463	Greenhill & Co., Inc.	837,686
	71,350	Houlihan Lokey, Inc.	3,282,100
	32,098	Oppenheimer Holdings, Inc. Class A	935,336
	43,095	Piper Jaffray Cos.	3,331,243
			16,091,061
	Chemicals – 2.6%
	28,733	Chase Corp.	2,976,164
	477,253	Ferro Corp.*	7,029,937
	28,241	H.B. Fuller Co.	1,350,202
	18,070	Innophos Holdings, Inc.	490,962
	50,303	Kraton Corp.*	1,542,793
	29,349	Minerals Technologies, Inc.	1,562,834
	237,795	PolyOne Corp.	7,792,542
	12,278	Quaker Chemical Corp.	2,300,774
	6,047	Stepan Co.	599,560
	125,539	Trinseo SA	4,872,169
	65,845	Tronox Holdings PLC Class A	728,246
			31,246,183
	Commercial Services & Supplies – 2.1%
	20,737	Brady Corp. Class A	1,072,725
	222,406	Covanta Holding Corp.	3,829,831
	32,582	HNI Corp.	1,115,608
	113,674	Kimball International, Inc. Class B	1,971,107
	87,613	McGrath RentCorp	5,967,321
	16,489	Mobile Mini, Inc.	559,967
	132,753	Tetra Tech, Inc.	10,514,038
			25,030,597

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment* – 0.6%
	398,285	Extreme Networks, Inc.	$       3,242,040
	245,924	Viavi Solutions, Inc.	3,607,705
			6,849,745
	Construction & Engineering – 0.5%
	32,013	Comfort Systems USA, Inc.	1,344,546
	17,849	EMCOR Group, Inc.	1,506,277
	278,781	Great Lakes Dredge & Dock Corp.*	2,991,320
			5,842,143
	Consumer Finance* – 0.8%
	230,001	Enova International, Inc.	6,198,527
	69,146	Green Dot Corp. Class A	3,505,011
			9,703,538
	Distributors – 0.3%
	102,833	Core-Mark Holding Co., Inc.	3,849,039
	Diversified Consumer Services – 1.4%
	24,222	American Public Education, Inc.*	799,810
	210,004	Chegg, Inc.*	9,433,380
	31,853	Collectors Universe, Inc.	755,235
	110,368	K12, Inc.*	3,294,485
	10,156	Strategic Education, Inc.	1,807,666
			16,090,576
	Diversified Financial Services – 0.1%
	11,446	Cannae Holdings, Inc.*	331,362
	16,424	FGL Holdings	133,855
	57,357	On Deck Capital, Inc.*	205,338
			670,555
	Diversified Telecommunication Services – 1.1%
	151,019	Cogent Communications Holdings, Inc.	9,515,707
	14,809	Ooma, Inc.*	192,962
	501,120	ORBCOMM, Inc.*	2,936,563
			12,645,232
	Electric Utilities – 0.6%
	19,387	Otter Tail Corp.	1,034,878
	106,991	Portland General Electric Co.	5,868,456
			6,903,334
	Electrical Equipment* – 0.1%
	43,183	Thermon Group Holdings, Inc.	1,094,257
	10,253	Vicor Corp.	303,079
			1,397,336

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 3.5%
	51,786	Belden, Inc.	$       2,354,191
	24,254	Benchmark Electronics, Inc.	656,313
	7,958	CTS Corp.	250,836
	27,782	ePlus, Inc.*	2,108,654
	52,811	Fabrinet*	2,834,894
	5,976	II-VI, Inc.*	237,247
	115,682	Insight Enterprises, Inc.*	6,364,824
	31,160	Iteris, Inc.*	168,576
	63,073	Itron, Inc.*	3,910,526
	20,096	Napco Security Technologies, Inc.*	581,779
	49,047	Novanta, Inc.*	4,124,362
	39,757	OSI Systems, Inc.*	4,475,048
	19,815	PC Connection, Inc.	648,149
	27,583	Rogers Corp.*	4,376,319
	80,308	Sanmina Corp.*	2,549,779
	15,652	Tech Data Corp.*	1,586,174
	49,779	Vishay Intertechnology, Inc.	846,243
	84,955	Vishay Precision Group, Inc.*	3,461,067
			41,534,981
	Energy Equipment & Services* – 0.6%
	108,986	Matrix Service Co.	2,002,073
	100,199	SEACOR Holdings, Inc.	4,773,480
			6,775,553
	Entertainment* – 0.4%
	449,960	Glu Mobile, Inc.(b)	3,356,702
	80,294	IMAX Corp.	1,762,453
			5,119,155
	Equity Real Estate Investment Trusts (REITs) – 3.4%
	34,532	EastGroup Properties, Inc.	4,160,416
	58,351	Essential Properties Realty Trust, Inc.	1,232,373
	190,411	First Industrial Realty Trust, Inc.	7,271,796
	27,755	Gladstone Commercial Corp.	590,071
	261,556	National Storage Affiliates Trust	7,922,531
	116,205	NexPoint Residential Trust, Inc.	5,015,408
	7,245	PS Business Parks, Inc.	1,267,875
	6,439	Retail Value, Inc.	242,364
	160,152	Rexford Industrial Realty, Inc.	6,630,293
	125,913	Terreno Realty Corp.	6,152,109
			40,485,236
	Food Products – 1.3%
	49,354	Darling Ingredients, Inc.*	1,003,367
	141,089	Freshpet, Inc.*	6,370,168
	42,366	J&J Snack Foods Corp.	7,873,298
	8,729	John B. Sanfilippo & Son, Inc.	758,637
			16,005,470

Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – 0.3%
	25,861	Northwest Natural Holding Co.	$       1,846,993
	22,710	Southwest Gas Holdings, Inc.*	2,019,146
			3,866,139
	Health Care Equipment & Supplies – 4.9%
	33,659	AtriCure, Inc.*	1,079,781
	36,745	CryoLife, Inc.*	1,058,991
	218,212	GenMark Diagnostics, Inc.*	1,366,007
	60,402	Glaukos Corp.*	4,933,635
	70,041	Haemonetics Corp.*	8,550,605
	16,463	Integer Holdings Corp.*	1,441,006
	36,976	LivaNova PLC*	2,849,001
	99,973	Meridian Bioscience, Inc.	1,194,677
	19,596	Mesa Laboratories, Inc.	4,931,921
	124,534	Novocure Ltd.*	10,363,720
	57,238	NuVasive, Inc.*	3,812,051
	27,524	Quidel Corp.*	1,624,742
	128,067	STAAR Surgical Co.*	3,753,644
	49,082	SurModics, Inc.*	2,046,719
	106,703	Tandem Diabetes Care, Inc.*	6,768,171
	1,635	Utah Medical Products, Inc.	148,769
	77,798	Varex Imaging Corp.*	2,473,199
			58,396,639
	Health Care Providers & Services – 3.0%
	66,361	BioTelemetry, Inc.*	3,115,649
	29,293	CorVel Corp.*	2,495,764
	131,418	HealthEquity, Inc.*	10,773,648
	2,164	Magellan Health, Inc.*	152,216
	9,388	National Research Corp.	632,939
	232,257	R1 RCM, Inc.*	2,921,793
	275,748	Tenet Healthcare Corp.*	6,499,380
	101,784	The Ensign Group, Inc.	6,133,504
	22,364	The Providence Service Corp.*	1,246,569
	76,185	Triple-S Management Corp. Class B*	1,826,923
			35,798,385
	Health Care Technology – 2.3%
	453,233	Allscripts Healthcare Solutions, Inc.*	4,668,300
	75,142	Castlight Health, Inc. Class B*	120,979
	45,271	Computer Programs & Systems, Inc.	1,168,444
	249,358	HMS Holdings Corp.*	8,702,594
	43,940	Inovalon Holdings, Inc. Class A*	659,100
	125,230	NextGen Healthcare, Inc.*	2,048,763
	132,015	Omnicell, Inc.*	9,928,848
	14,923	Simulations Plus, Inc.	579,311
			27,876,339

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 3.2%
	31,051	Cracker Barrel Old Country Store, Inc.	$       5,393,869
	8,218	Dave & Buster’s Entertainment, Inc.	$334,062
	289,481	Denny’s Corp.*	6,539,376
	131,156	Everi Holdings, Inc.*	1,575,183
	42,198	Fiesta Restaurant Group, Inc.*	402,991
	48,810	PlayAGS, Inc.*	915,676
	269,622	Scientific Games Corp. Class A*	5,513,770
	249,892	SeaWorld Entertainment, Inc.*	7,639,198
	26,152	The Habit Restaurants, Inc. Class A*	261,520
	102,234	Wingstop, Inc.	9,772,548
			38,348,193
	Household Durables – 1.4%
	23,127	GoPro, Inc. Class A*	122,342
	1,840	Helen of Troy Ltd.*	272,835
	72,410	Installed Building Products, Inc.*	3,858,005
	183,172	KB Home	4,811,928
	54,437	Meritage Homes Corp.*	3,419,188
	17,376	Skyline Champion Corp.*	495,216
	8,815	Taylor Morrison Home Corp.*	198,514
	24,682	TopBuild Corp.*	2,002,451
	25,411	TRI Pointe Group, Inc.*	347,877
	14,681	Universal Electronics, Inc.*	628,640
			16,156,996
	Independent Power and Renewable Electricity Producers – 0.1%
	20,686	Ormat Technologies, Inc.	1,355,967
	Industrial Conglomerates – 0.1%
	21,840	Raven Industries, Inc.	791,482
	Insurance – 1.5%
	229,329	American Equity Investment Life Holding Co.	5,916,688
	6,786	AMERISAFE, Inc.	441,497
	80,280	Argo Group International Holdings Ltd.	5,494,363
	14,209	Goosehead Insurance, Inc. Class A	639,547
	86,205	National General Holdings Corp.	2,131,850
	91,053	Trupanion, Inc.*(a)	2,928,265
			17,552,210
	Interactive Media & Services* – 0.6%
	48,428	Cars.com, Inc.	920,132
	244,433	Liberty TripAdvisor Holdings, Inc. Class A	2,823,201
	35,659	QuinStreet, Inc.	580,885
	79,647	Yelp, Inc.	2,791,628
			7,115,846

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 0.5%
	13,320	Expedia Group, Inc.	$       1,768,097
	214,961	Groupon, Inc.*	677,127
	29,385	Quotient Technology, Inc.*	$309,130
	67,520	Shutterstock, Inc.	2,590,742
			5,345,096
	IT Services – 1.2%
	19,122	EVERTEC, Inc.	612,286
	39,977	I3 Verticals, Inc. Class A*	1,142,143
	25,857	MAXIMUS, Inc.	1,900,748
	247,694	Perspecta, Inc.	5,778,701
	41,057	Science Applications International Corp.	3,505,036
	33,123	Sykes Enterprises, Inc.*	937,050
			13,875,964
	Leisure Products – 0.3%
	107,892	American Outdoor Brands Corp.*	1,040,079
	4,072	Johnson Outdoors, Inc. Class A	276,855
	30,871	Malibu Boats, Inc. Class A*	930,143
	85,852	MasterCraft Boat Holdings, Inc.*	1,425,143
	52,718	Vista Outdoor, Inc.*	379,570
			4,051,790
	Life Sciences Tools & Services* – 0.3%
	154,457	Fluidigm Corp.	1,814,870
	28,524	Medpace Holdings, Inc.	2,246,550
			4,061,420
	Machinery – 4.4%
	106,856	Albany International Corp. Class A	9,188,547
	62,982	Barnes Group, Inc.	3,277,583
	81,597	Columbus McKinnon Corp.	3,136,589
	58,782	EnPro Industries, Inc.	4,175,873
	65,371	Federal Signal Corp.	2,036,307
	91,396	Franklin Electric Co., Inc.	4,282,817
	53,581	Hillenbrand, Inc.	1,805,144
	52,370	Kennametal, Inc.	1,810,955
	24,702	Mueller Industries, Inc.	745,753
	23,024	Proto Labs, Inc.*	2,396,798
	35,870	RBC Bearings, Inc.*	5,835,690
	24,928	Rexnord Corp.*	730,141
	32,275	SPX FLOW, Inc.*	1,309,074
	27,426	Tennant Co.	2,087,393
	45,061	TriMas Corp.*	1,351,379
	80,461	Watts Water Technologies, Inc. Class A	7,469,195
			51,639,238

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – 0.5%
	114,206	Central European Media Enterprises Ltd. Class A*	$          536,768
	17,863	Loral Space & Communications, Inc.*	657,180
	40,739	Meredith Corp.	2,234,941
	74,248	TechTarget Inc.*	1,709,189
	61,602	The E.W. Scripps Co. Class A	944,359
			6,082,437
	Metals & Mining – 1.2%
	29,159	Carpenter Technology Corp.	1,312,447
	15,892	Compass Minerals International, Inc.	887,568
	67,014	Kaiser Aluminum Corp.	6,451,438
	68,196	Materion Corp.	4,237,017
	46,113	Worthington Industries, Inc.	1,854,665
			14,743,135
	Oil, Gas & Consumable Fuels – 2.1%
	6,384	Arch Coal, Inc. Class A	569,197
	66,773	CONSOL Energy, Inc.*	1,434,952
	127,221	CVR Energy, Inc.	6,751,618
	178,588	Delek US Holdings, Inc.	7,693,571
	236,366	GasLog Ltd.	3,365,852
	152,344	Golar LNG Ltd.	2,580,707
	12,454	Green Plains, Inc.	125,661
	133,350	Renewable Energy Group, Inc.*	1,812,227
	24,539	Scorpio Tankers, Inc.	643,167
			24,976,952
	Paper & Forest Products – 0.7%
	97,636	Boise Cascade Co.	2,636,172
	201,348	Louisiana-Pacific Corp.	5,263,237
			7,899,409
	Pharmaceuticals – 1.3%
	27,558	Aerie Pharmaceuticals, Inc.*	597,182
	72,715	Amneal Pharmaceuticals, Inc.*	266,137
	28,681	ANI Pharmaceuticals, Inc.*	2,426,126
	24,114	Chiasma, Inc.*	132,386
	36,290	Collegium Pharmaceutical, Inc.*	398,101
	35,303	Intersect ENT, Inc.*	697,940
	59,528	Mallinckrodt PLC*	405,386
	36,395	MyoKardia, Inc.*	1,980,980
	63,712	Pacira BioSciences, Inc.*	2,796,319
	129,294	Phibro Animal Health Corp. Class A	4,024,922
	62,148	Prestige Consumer Healthcare, Inc.*	2,150,321
			15,875,800
	Professional Services – 3.3%
	23,044	Barrett Business Services, Inc.	2,016,350
	13,734	CRA International, Inc.	596,330
	23,329	Heidrick & Struggles International, Inc.	692,871

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	16,877	Huron Consulting Group, Inc.*	$       1,028,991
	84,458	Insperity, Inc.	8,982,108
	11,299	Kelly Services, Inc. Class A	314,451
	155,341	Kforce, Inc.	5,295,575
	208,326	Korn Ferry	8,183,045
	28,104	Resources Connection, Inc.	494,631
	126,536	TriNet Group, Inc.*	9,305,458
	125,565	TrueBlue, Inc.*	2,482,420
			39,392,230
	Real Estate Management & Development – 0.5%
	223,156	Kennedy-Wilson Holdings, Inc.	4,802,317
	88,728	Newmark Group, Inc. Class A	874,858
			5,677,175
	Road & Rail – 0.6%
	84,129	Avis Budget Group, Inc.*	3,061,454
	109,195	Heartland Express, Inc.	2,166,429
	97,756	Marten Transport Ltd.	1,961,963
			7,189,846
	Semiconductors & Semiconductor Equipment – 3.9%
	43,609	Ambarella, Inc.*	2,178,270
	25,141	Cirrus Logic, Inc.*	1,233,166
	169,930	Diodes, Inc.*	7,239,018
	131,709	Enphase Energy, Inc.*	3,707,608
	17,525	FormFactor, Inc.*	294,069
	172,961	Inphi Corp.*	10,413,982
	196,826	Lattice Semiconductor Corp.*	3,806,615
	102,453	MaxLinear, Inc.*	2,251,917
	274,680	Rambus, Inc.*	3,422,513
	83,127	Semtech Corp.*	4,394,924
	35,161	Silicon Laboratories, Inc.*	3,945,416
	131,626	Xperi Corp.	2,810,215
			45,697,713
	Software – 7.5%
	214,343	ACI Worldwide, Inc.*	7,193,351
	10,017	Agilysys, Inc.*	245,717
	23,718	Alarm.com Holdings, Inc.*	1,183,765
	52,965	American Software, Inc. Class A	705,494
	28,642	Blackbaud, Inc.	2,606,422
	19,743	Blackline, Inc.*	880,538
	186,408	Bottomline Technologies DE, Inc.*	7,845,913
	278,320	Box, Inc. Class A*	4,603,413
	96,793	CommVault Systems, Inc.*	4,398,274
	163,038	Cornerstone OnDemand, Inc.*	9,651,850
	49,341	Everbridge, Inc.*	5,047,584
	70,907	Five9, Inc.*	3,500,679
	14,969	MicroStrategy, Inc. Class A*	2,046,711
	110,856	Mitek Systems, Inc.*	1,112,994
	280,618	MobileIron, Inc.*	1,936,264
	33,241	Model N, Inc.*	726,648
	145,596	Progress Software Corp.	6,302,851

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	43,268	PROS Holdings, Inc.*	$       3,130,873
	14,426	QAD, Inc. Class A	622,338
	13,852	Qualys, Inc.*	1,199,029
	10,430	Rapid7, Inc.*	632,580
	23,383	SailPoint Technologies Holding, Inc.*	$494,317
	31,057	SPS Commerce, Inc.*	3,473,104
	246,666	SVMK, Inc.*	4,185,922
	36,805	Tenable Holdings, Inc.*	922,333
	50,357	Upland Software, Inc.*	2,215,204
	39,021	Varonis Systems, Inc.*	2,806,000
	49,552	Verint Systems, Inc.*	2,867,574
	104,080	Workiva, Inc.*	5,983,559
			88,521,301
	Specialty Retail – 4.0%
	14,490	Aaron’s, Inc.	913,595
	40,498	America’s Car-Mart, Inc.*	3,651,300
	97,191	American Eagle Outfitters, Inc.	1,719,309
	77,332	Asbury Automotive Group, Inc.*	7,120,731
	95,211	Boot Barn Holdings, Inc.*	2,979,152
	52,175	Citi Trends, Inc.	800,886
	71,122	Group 1 Automotive, Inc.	5,971,403
	114,432	Hudson Ltd. Class A*	1,462,441
	111,427	Monro, Inc.	9,383,268
	74,590	Murphy USA, Inc.*	6,590,772
	44,480	Rent-A-Center, Inc.*	1,202,294
	75,266	Sally Beauty Holdings, Inc.*	1,034,155
	84,682	Sleep Number Corp.*	4,163,814
	21,388	Sonic Automotive, Inc. Class A	589,667
	42,912	Tilly’s, Inc. Class A	351,449
			47,934,236
	Textiles, Apparel & Luxury Goods – 0.8%
	36,865	Crocs, Inc.*	842,365
	48,174	Deckers Outdoor Corp.*	7,528,633
	15,401	Kontoor Brands, Inc.*	451,711
	16,967	Wolverine World Wide, Inc.	460,654
			9,283,363
	Thrifts & Mortgage Finance – 0.8%
	4,482	Federal Agricultural Mortgage Corp. Class C	346,324
	289,218	NMI Holdings, Inc. Class A*	7,195,744
	6,562	PCSB Financial Corp.	127,565
	45,337	WSFS Financial Corp.	1,920,929
			9,590,562
	Tobacco – 0.3%
	298,176	Vector Group Ltd.	3,443,933
	Trading Companies & Distributors – 0.9%
	131,678	BMC Stock Holdings, Inc.*	2,784,989
	82,351	GMS, Inc.*	1,853,721
	25,898	Herc Holdings, Inc.*	1,169,036
	76,022	Kaman Corp.	4,819,795
			10,627,541

Shares		Description	Value
	Common Stocks – (continued)
	Water Utilities – 0.0%
	4,066	The York Water Co.	$          146,254
	Wireless Telecommunication Services – 0.2%
	50,717	Shenandoah Telecommunications Co.	1,996,221
	TOTAL COMMON STOCKS (Cost $1,051,959,528)		$1,141,731,894
Shares		Dividend Rate	Value
	Investment Company(c) – 2.7%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	31,603,050	2.272%	$     31,603,050
	(Cost $31,603,050)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,083,562,578)		$1,173,334,944
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) – 0.6%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	7,091,465	2.272%	$       7,091,465
	(Cost $7,091,465)
	TOTAL INVESTMENTS – 99.5% (Cost $1,090,654,043)		$1,180,426,409
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%		6,040,084
	NET ASSETS – 100.0%		$1,186,466,493

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)	Represents an affiliated issuer.

Investment Abbreviations:
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.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index	483	09/20/19	$	38,077,305	$	295,633

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.2%
	Aerospace & Defense – 0.7%
	4,620	AAR Corp.	$       193,393
	25,258	Aerojet Rocketdyne Holdings, Inc.*	1,079,022
	9,634	Astronics Corp.*	354,917
	10,370	Ducommun, Inc.*	437,096
	10,331	Moog, Inc. Class A	841,563
	70,076	Wesco Aircraft Holdings, Inc.*	737,900
			3,643,891
	Air Freight & Logistics* – 0.6%
	19,667	Atlas Air Worldwide Holdings, Inc.	897,799
	75,089	Echo Global Logistics, Inc.	1,581,374
	44,769	Radiant Logistics, Inc.	245,782
			2,724,955
	Airlines – 0.4%
	15,379	Mesa Air Group, Inc.*	157,481
	31,644	SkyWest, Inc.	1,921,107
			2,078,588
	Auto Components* – 0.1%
	9,955	Cooper-Standard Holdings, Inc.	492,573
	Banks – 19.0%
	60,825	1st Source Corp.	2,855,734
	26,906	Allegiance Bancshares, Inc.*	902,965
	47,955	Amalgamated Bank Class A	822,908
	8,381	Ameris Bancorp	333,312
	6,346	Arrow Financial Corp.	211,068
	62,297	Atlantic Capital Bancshares, Inc.*	1,145,642
	15,300	Banner Corp.	906,678
	169,047	Boston Private Financial Holdings, Inc.	1,950,802
	20,045	Bridge Bancorp, Inc.	585,514
	37,209	Cadence BanCorp.	637,762
	10,571	Capital City Bank Group, Inc.	272,943
	37,181	Cathay General Bancorp	1,383,877
	6,981	CBTX, Inc.	210,407
	15,790	CenterState Bank Corp.	384,013
	92,683	Central Pacific Financial Corp.	2,731,368
	4,071	Civista Bancshares, Inc.	90,254
	91,197	Columbia Banking System, Inc.	3,439,039
	182,542	CVB Financial Corp.	4,017,749
	3,855	Eagle Bancorp, Inc.	155,395
	25,125	Equity Bancshares, Inc. Class A*	665,561
	2,471	Esquire Financial Holdings, Inc.*	63,381
	27,578	Financial Institutions, Inc.	849,127
	186,369	First Bancorp	4,181,674
	177,671	First Commonwealth Financial Corp.	2,446,530
	29,831	First Financial Corp.	1,294,964
	186,807	First Foundation, Inc.	2,809,577

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	25,551	First Internet Bancorp	$       538,615
	28,518	First Merchants Corp.	1,123,894
	1,612	First Mid Bancshares, Inc.	54,937
	40,507	First Midwest Bancorp, Inc.	876,166
	2,492	German American Bancorp, Inc.	78,623
	6,271	Great Southern Bancorp, Inc.	376,009
	63,308	Heartland Financial USA, Inc.	3,044,482
	87,688	Heritage Commerce Corp.	1,084,701
	34,324	Heritage Financial Corp.	978,920
	147,964	Hilltop Holdings, Inc.	3,355,824
	65,732	Hope Bancorp, Inc.	969,547
	32,452	Horizon Bancorp, Inc.	565,314
	21,933	Independent Bank Corp.	476,823
	21,186	Independent Bank Group, Inc.	1,203,577
	93,685	International Bancshares Corp.	3,525,367
	332,542	Investors Bancorp, Inc. (a)	3,777,677
	65,878	Lakeland Bancorp, Inc.	1,079,082
	12,772	Macatawa Bank Corp.	131,296
	24,949	Mercantile Bank Corp.	838,286
	9,660	Metropolitan Bank Holding Corp.*	405,430
	79,066	National Bank Holdings Corp. Class A	2,868,515
	18,640	NBT Bancorp, Inc.	721,368
	12,115	Northeast Bank	265,924
	7,059	Northrim BanCorp, Inc.	275,089
	28,588	OFG Bancorp	646,946
	30,603	Opus Bank	685,813
	78,409	Pacific Premier Bancorp, Inc.	2,480,077
	2,728	Parke Bancorp, Inc.	65,390
	51,848	Peapack Gladstone Financial Corp.	1,474,039
	15,386	Preferred Bank	833,767
	5,852	QCR Holdings, Inc.	223,898
	7,938	Republic Bancorp, Inc. Class A	379,198
	51,517	Sandy Spring Bancorp, Inc.	1,877,280
	4,680	SB One Bancorp	107,219
	49,546	Seacoast Banking Corp. of Florida*	1,339,724
	31,359	Sierra Bancorp	817,529
	36,070	Simmons First National Corp. Class A	928,803
	74,535	Southern National Bancorp of Virginia, Inc.	1,186,597
	4,569	Stock Yards Bancorp, Inc.	174,764
	148,564	The Bancorp, Inc.*	1,438,100
	8,158	The First Bancshares, Inc.	270,927
	55,717	Towne Bank	1,567,876
	72,224	TriCo Bancshares	2,726,456
	38,037	Triumph Bancorp, Inc.*	1,187,135
	55,842	UMB Financial Corp.	3,811,775
	48,813	Univest Financial Corp.	1,340,405
	116,903	Valley National Bancorp	1,304,638
	6,062	Washington Trust Bancorp, Inc.	304,494
	81,835	WesBanco, Inc.	2,993,524
			94,130,084

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Beverages – 0.2%
	3,044	Coca-Cola Consolidated, Inc.	$       893,505
	Biotechnology* – 1.9%
	29,767	Anika Therapeutics, Inc.	1,639,864
	5,575	Arrowhead Pharmaceuticals, Inc.	162,010
	12,665	Avid Bioservices, Inc.	82,069
	1,642	Blueprint Medicines Corp.	164,446
	31,709	CareDx, Inc.	1,039,104
	5,978	Coherus Biosciences, Inc.	100,550
	4,385	Esperion Therapeutics, Inc.	174,041
	38,916	Genomic Health, Inc.	2,839,701
	22,474	Halozyme Therapeutics, Inc.	381,833
	32,984	Myriad Genetics, Inc.	961,154
	68,393	PDL BioPharma, Inc.	196,972
	39,268	Prothena Corp. PLC	367,548
	30,659	Veracyte, Inc.	869,796
	10,628	Voyager Therapeutics, Inc.	233,922
			9,213,010
	Building Products – 1.7%
	11,255	Armstrong Flooring, Inc.*	94,092
	86,849	Builders FirstSource, Inc.*	1,492,066
	105,865	Continental Building Products, Inc.*	2,602,162
	14,367	Griffon Corp.	234,900
	57,705	JELD-WEN Holding, Inc.*	1,264,317
	80,993	Quanex Building Products Corp.	1,508,090
	17,727	Simpson Manufacturing Co., Inc.	1,094,819
			8,290,446
	Capital Markets – 1.1%
	10,126	Artisan Partners Asset Management, Inc. Class A	299,628
	112,719	Brightsphere Investment Group, Inc.	1,206,093
	4,187	GAMCO Investors, Inc. Class A	84,996
	48,180	Oppenheimer Holdings, Inc. Class A	1,403,965
	23,249	Piper Jaffray Cos.	1,797,148
	2,987	Virtus Investment Partners, Inc.	320,087
	5,867	Waddell & Reed Financial, Inc. Class A	102,673
			5,214,590
	Chemicals – 2.6%
	170,111	Ferro Corp.*	2,505,735
	24,279	Innophos Holdings, Inc.	659,660
	3,591	Innospec, Inc.	335,328
	6,334	Kraton Corp.*	194,264
	58,245	Minerals Technologies, Inc.	3,101,546
	71,556	PolyOne Corp.	2,344,890
	3,768	Stepan Co.	373,597
	84,349	Trinseo SA	3,273,585
	23,542	Tronox Holdings PLC Class A	260,375
			13,048,980

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.8%
	12,889	HNI Corp.	$       441,320
	31,349	Matthews International Corp. Class A	1,070,568
	10,402	McGrath RentCorp	708,480
	19,323	Tetra Tech, Inc.	1,530,382
			3,750,750
	Communications Equipment – 0.6%
	27,824	Comtech Telecommunications Corp.	828,042
	97,056	Harmonic, Inc.*	725,008
	56,833	NetScout Systems, Inc.*	1,479,932
			3,032,982
	Construction & Engineering* – 0.5%
	54,922	Aegion Corp.	1,035,280
	122,956	Great Lakes Dredge & Dock Corp.	1,319,318
			2,354,598
	Consumer Finance* – 0.4%
	58,608	Enova International, Inc.	1,579,486
	4,728	Green Dot Corp. Class A	239,662
	2,721	Regional Management Corp.	65,658
			1,884,806
	Distributors – 0.2%
	24,344	Core-Mark Holding Co., Inc.	911,196
	Diversified Consumer Services – 0.9%
	6,019	American Public Education, Inc.*	198,747
	5,893	Carriage Services, Inc.	112,674
	22,665	Collectors Universe, Inc.	537,387
	58,810	K12, Inc.*	1,755,479
	122,423	Laureate Education, Inc. Class A*	2,006,513
			4,610,800
	Diversified Financial Services – 1.3%
	34,032	Banco Latinoamericano de Comercio Exterior SA Class E	715,353
	95,854	Cannae Holdings, Inc.*	2,774,973
	270,021	FGL Holdings	2,200,671
	139,388	On Deck Capital, Inc.*	499,009
			6,190,006
	Diversified Telecommunication Services – 1.1%
	2,898	ATN International, Inc.	163,070
	40,262	Cogent Communications Holdings, Inc.	2,536,909

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – (continued)
	58,760	Iridium Communications, Inc.*	$    1,494,854
	234,631	ORBCOMM, Inc.*	1,374,938
			5,569,771
	Electric Utilities – 1.8%
	49,703	El Paso Electric Co.	3,293,321
	14,436	Otter Tail Corp.	770,594
	87,383	Portland General Electric Co. (a)	4,792,957
			8,856,872
	Electrical Equipment – 0.1%
	3,355	Encore Wire Corp.	184,257
	3,203	Powell Industries, Inc.	118,479
	13,304	Thermon Group Holdings, Inc.*	337,123
			639,859
	Electronic Equipment, Instruments & Components – 4.0%
	56,670	AVX Corp.	863,084
	60,183	Belden, Inc.	2,735,919
	36,899	Benchmark Electronics, Inc.	998,487
	34,614	CTS Corp.	1,091,034
	13,389	Fabrinet*	718,722
	45,763	Insight Enterprises, Inc.*	2,517,880
	30,469	PC Connection, Inc.	996,641
	46,283	Sanmina Corp.*	1,469,485
	36,786	Tech Data Corp.*	3,727,893
	189,163	Vishay Intertechnology, Inc.	3,215,771
	31,203	Vishay Precision Group, Inc.*	1,271,210
			19,606,126
	Energy Equipment & Services – 2.2%
	57,776	C&J Energy Services, Inc.*	632,070
	19,228	Era Group, Inc.*	198,433
	28,877	Exterran Corp.*	394,171
	136,727	Forum Energy Technologies, Inc.*	358,225
	79,168	FTS International, Inc.*	314,297
	157,104	Helix Energy Solutions Group, Inc.*	1,376,231
	75,276	Matrix Service Co.*	1,382,820
	98,092	Nabors Industries Ltd.	290,352
	69,483	Newpark Resources, Inc.*	530,155
	121,791	Oceaneering International, Inc.*	1,881,671
	4,268	Oil States International, Inc.*	63,679
	57,211	SEACOR Holdings, Inc.*	2,725,532
	367,651	Superior Energy Services, Inc.*	333,533
	21,266	Tidewater, Inc.*	488,905
			10,970,074
	Equity Real Estate Investment Trusts (REITs) – 8.6%
	61,272	Alexander & Baldwin, Inc.	1,440,505
	20,698	Ashford Hospitality Trust, Inc.	56,092
	180,473	Cedar Realty Trust, Inc.	501,715
	51,363	CorePoint Lodging, Inc.	602,488

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	19,259	Essential Properties Realty Trust, Inc.	$       406,750
	113,830	First Industrial Realty Trust, Inc.	4,347,168
	15,425	Franklin Street Properties Corp.	124,325
	110,461	Gladstone Commercial Corp.	2,348,401
	18,737	Healthcare Realty Trust, Inc.	599,209
	35,903	Independence Realty Trust, Inc.	443,402
	14,221	Investors Real Estate Trust	906,589
	362,861	Lexington Realty Trust	3,581,438
	101,765	National Storage Affiliates Trust	3,082,462
	64,363	NexPoint Residential Trust, Inc.	2,777,907
	226,336	Physicians Realty Trust	3,895,242
	179,984	Piedmont Office Realty Trust, Inc. Class A	3,745,467
	39,605	Retail Value, Inc.	1,490,732
	111,834	Rexford Industrial Realty, Inc.	4,629,928
	205,891	RLJ Lodging Trust	3,557,796
	78,846	Terreno Realty Corp.	3,852,416
			42,390,032
	Food & Staples Retailing – 0.4%
	23,708	Ingles Markets, Inc. Class A	746,328
	13,925	Village Super Market, Inc. Class A	348,543
	24,819	Weis Markets, Inc.	904,652
			1,999,523
	Food Products – 1.4%
	173,345	Darling Ingredients, Inc.*	3,524,104
	192,401	Dean Foods Co.(b)	278,981
	50,787	Fresh Del Monte Produce, Inc.	1,540,370
	13,505	Freshpet, Inc.*	609,751
	75,760	Hostess Brands, Inc.*	1,069,731
			7,022,937
	Gas Utilities – 0.7%
	24,536	Northwest Natural Holding Co.	1,752,361
	16,653	Southwest Gas Holdings, Inc.	1,480,618
			3,232,979
	Health Care Equipment & Supplies – 0.1%
	391	Mesa Laboratories, Inc.	98,407
	5,374	Tandem Diabetes Care, Inc.*	340,873
			439,280
	Health Care Providers & Services – 0.2%
	1,010	National Research Corp.	68,094
	13,494	Tenet Healthcare Corp.*	318,053
	22,826	Triple-S Management Corp. Class B*	547,364
			933,511

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Technology – 0.8%
	186,272	Allscripts Healthcare Solutions, Inc.*	$    1,918,602
	26,397	Computer Programs & Systems, Inc.	681,306
	19,618	HMS Holdings Corp.*	684,668
	6,837	Omnicell, Inc.*	514,211
			3,798,787
	Hotels, Restaurants & Leisure – 1.7%
	115,257	Denny’s Corp.*	2,603,656
	69,366	Fiesta Restaurant Group, Inc.*	662,445
	42,265	Scientific Games Corp. Class A*	864,319
	27,706	SeaWorld Entertainment, Inc.*	846,972
	18,900	The Habit Restaurants, Inc. Class A*	189,000
	31,547	Wingstop, Inc.	3,015,578
			8,181,970
	Household Durables – 1.6%
	9,080	Bassett Furniture Industries, Inc.	116,042
	24,561	Ethan Allen Interiors, Inc.	505,465
	1,581	Installed Building Products, Inc.*	84,236
	59,371	KB Home	1,559,676
	9,336	MDC Holdings, Inc.	337,403
	53,838	Meritage Homes Corp.*	3,381,565
	24,268	Taylor Morrison Home Corp.*	546,515
	47,624	TRI Pointe Group, Inc.*	651,973
	20,270	Universal Electronics, Inc.*	867,962
			8,050,837
	Household Products* – 0.1%
	18,221	Central Garden & Pet Co. Class A	501,989
	Independent Power and Renewable Electricity Producers – 0.2%
	69,401	Atlantic Power Corp.*	165,868
	8,920	Ormat Technologies, Inc.	584,706
	20,342	Pattern Energy Group, Inc. Class A	466,442
			1,217,016
	Insurance – 3.2%
	142,290	American Equity Investment Life Holding Co.	3,671,082
	47,170	AMERISAFE, Inc.	3,068,880
	52,566	Argo Group International Holdings Ltd.	3,597,617
	22,196	FBL Financial Group, Inc. Class A	1,391,689

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	143,168	Genworth Financial, Inc. Class A*	$       571,240
	6,797	Goosehead Insurance, Inc. Class A	305,933
	4,501	National General Holdings Corp.	111,310
	4,694	National Western Life Group, Inc. Class A	1,262,686
	4,171	Protective Insurance Corp. Class B	69,030
	9,680	Safety Insurance Group, Inc.	955,029
	27,795	Stewart Information Services Corp.	1,051,485
			16,055,981
	Interactive Media & Services* – 0.1%
	27,782	Cars.com, Inc.	527,858
	21,296	The Meet Group, Inc.	73,258
			601,116
	Internet & Direct Marketing Retail – 0.3%
	5,875	Expedia Group, Inc.	779,847
	16,048	Quotient Technology, Inc.*	168,825
	12,645	Stamps.com, Inc.*	603,799
			1,552,471
	IT Services – 1.2%
	22,390	KBR, Inc.	590,648
	136,881	Perspecta, Inc.	3,193,434
	79,825	Sykes Enterprises, Inc.*	2,258,249
			6,042,331
	Leisure Products – 0.7%
	158,507	American Outdoor Brands Corp.*	1,528,008
	31,242	Clarus Corp.	448,948
	2,662	Johnson Outdoors, Inc. Class A	180,989
	157,011	Vista Outdoor, Inc.*	1,130,479
			3,288,424
	Machinery – 4.4%
	30,199	Albany International Corp. Class A	2,596,812
	19,289	Barnes Group, Inc.	1,003,799
	2,811	CIRCOR International, Inc.*	106,818
	32,448	Columbus McKinnon Corp.	1,247,301
	33,315	EnPro Industries, Inc.	2,366,698
	24,794	Federal Signal Corp.	772,333
	29,344	Franklin Electric Co., Inc.	1,375,060
	8,087	Hillenbrand, Inc.	272,451
	6,584	Hurco Cos., Inc.	225,107
	82,485	Kennametal, Inc.	2,852,331
	14,027	Miller Industries, Inc.	437,923
	10,684	Mueller Industries, Inc.	322,550
	32,660	Rexnord Corp.*	956,611
	65,016	SPX FLOW, Inc.*	2,637,049
	60,424	TriMas Corp.*	1,812,116
	32,514	Watts Water Technologies, Inc. Class A	3,018,275
			22,003,234

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Marine – 0.0%
	20,415	Costamare, Inc.	$       123,102
	Media – 1.1%
	13,670	Emerald Expositions Events, Inc.	145,722
	25,056	Entravision Communications Corp. Class A	81,683
	28,879	Liberty Latin America Ltd. Class A*	473,327
	6,117	Meredith Corp.	335,579
	61,069	MSG Networks, Inc. Class A*	1,159,700
	10,456	National CineMedia, Inc.	74,447
	111,276	New Media Investment Group, Inc.	1,198,442
	10,858	Scholastic Corp.	371,018
	119,755	The E.W. Scripps Co. Class A	1,835,844
			5,675,762
	Metals & Mining – 2.2%
	52,410	Carpenter Technology Corp.	2,358,974
	26,778	Commercial Metals Co.	468,883
	9,433	Haynes International, Inc.	280,726
	29,508	Kaiser Aluminum Corp.	2,840,735
	43,675	Materion Corp.	2,713,528
	48,384	Schnitzer Steel Industries, Inc. Class A	1,288,466
	26,709	Worthington Industries, Inc.	1,074,236
			11,025,548
	Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	356,195	Anworth Mortgage Asset Corp.	1,371,351
	24,697	Exantas Capital Corp.	276,360
	79,551	Great Ajax Corp.	1,106,554
			2,754,265
	Multi-Utilities – 1.4%
	85,316	Avista Corp.	3,927,095
	49,891	Unitil Corp.	2,922,116
			6,849,211
	Oil, Gas & Consumable Fuels – 6.3%
	33,694	Arch Coal, Inc. Class A	3,004,157
	11,148	Ardmore Shipping Corp.*	81,826
	129,436	Clean Energy Fuels Corp.*	345,594
	47,373	CONSOL Energy, Inc.*	1,018,046
	54,860	CVR Energy, Inc.	2,911,420
	100,382	Delek US Holdings, Inc.	4,324,457
	366,722	Denbury Resources, Inc.*	414,396
	212,750	DHT Holdings, Inc.	1,202,037
	16,002	Diamond S Shipping, Inc.*	191,224
	6,797	Dorian LPG Ltd.*	62,193
	107,867	GasLog Ltd.	1,536,026

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	131,456	Golar LNG Ltd.	$    2,226,865
	135,554	Green Plains, Inc.	1,367,740
	25,857	International Seaways, Inc.*	439,828
	1,440	NACCO Industries, Inc. Class A	76,536
	31,690	PDC Energy, Inc.*	910,454
	100,941	Peabody Energy Corp.	2,125,817
	85,205	Renewable Energy Group, Inc.*	1,157,936
	3,995	REX American Resources Corp.*	298,027
	67,729	Scorpio Tankers, Inc.	1,775,177
	115,448	SRC Energy, Inc.*	471,028
	87,499	Teekay Corp.(b)	398,995
	77,028	Teekay Tankers Ltd. Class A*	94,744
	44,725	W&T Offshore, Inc.*	200,815
	42,815	Whiting Petroleum Corp.*	756,969
	95,190	World Fuel Services Corp.	3,716,218
			31,108,525
	Paper & Forest Products – 1.0%
	32,029	Boise Cascade Co.	864,783
	129,685	Louisiana-Pacific Corp.	3,389,966
	55,767	PH Glatfelter Co.	910,117
			5,164,866
	Pharmaceuticals – 0.5%
	47,308	Mallinckrodt PLC*	322,167
	12,472	Phibro Animal Health Corp. Class A	388,253
	55,021	Prestige Consumer Healthcare, Inc.*	1,903,727
			2,614,147
	Professional Services – 2.0%
	1,404	Barrett Business Services, Inc.	122,850
	7,286	CBIZ, Inc.*	170,274
	11,891	CRA International, Inc.	516,307
	20,311	Huron Consulting Group, Inc.*	1,238,362
	14,593	Insperity, Inc.	1,551,965
	41,884	Kelly Services, Inc. Class A	1,165,632
	25,473	Kforce, Inc.	868,375
	46,471	Korn Ferry	1,825,381
	8,640	Navigant Consulting, Inc.	210,470
	44,059	Resources Connection, Inc.	775,438
	3,802	TriNet Group, Inc.*	279,599
	54,113	TrueBlue, Inc.*	1,069,814
			9,794,467
	Real Estate Management & Development – 0.7%
	137,545	Kennedy-Wilson Holdings, Inc.	2,959,968
	21,217	Newmark Group, Inc. Class A	209,200
	14,244	Tejon Ranch Co.*	263,941
			3,433,109

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 0.5%
	29,710	Covenant Transportation Group, Inc. Class A*	$       500,613
	5,948	Heartland Express, Inc.	118,008
	22,013	Hertz Global Holdings, Inc.*	341,642
	78,609	Marten Transport Ltd.	1,577,683
			2,537,946
	Semiconductors & Semiconductor Equipment – 2.5%
	11,332	Ambarella, Inc.*	566,033
	77,454	Amkor Technology, Inc.*	714,901
	22,511	Cirrus Logic, Inc.*	1,104,165
	65,864	Diodes, Inc.*	2,805,806
	3,265	FormFactor, Inc.*	54,787
	46,395	Inphi Corp.*	2,793,443
	52,785	NeoPhotonics Corp.*	242,283
	224,903	Rambus, Inc.*	2,802,291
	4,770	SMART Global Holdings, Inc.*	145,199
	49,309	Xperi Corp.	1,052,747
			12,281,655
	Software* – 0.5%
	32,643	Avaya Holdings Corp.	393,022
	14,368	Bottomline Technologies DE, Inc.	604,749
	23,577	Cornerstone OnDemand, Inc.	1,395,758
			2,393,529
	Specialty Retail – 4.7%
	69,131	Abercrombie & Fitch Co. Class A	1,308,650
	14,476	America’s Car-Mart, Inc.*	1,305,156
	8,916	Asbury Automotive Group, Inc.*	820,985
	51,707	Barnes & Noble Education, Inc.*	180,975
	14,631	Boot Barn Holdings, Inc.*	457,804
	37,627	Citi Trends, Inc.	577,574
	26,884	Genesco, Inc.*	1,058,692
	38,517	Group 1 Automotive, Inc.	3,233,887
	7,128	MarineMax, Inc.*	110,056
	31,512	Monro, Inc.	2,653,626
	41,300	Murphy USA, Inc.*	3,649,268
	375,216	Office Depot, Inc.	765,441
	201,526	Sally Beauty Holdings, Inc.*	2,768,967
	25,254	Sleep Number Corp.*	1,241,739
	66,462	Sonic Automotive, Inc. Class A	1,832,357
	53,118	The Cato Corp. Class A	763,306
	31,378	The Container Store Group, Inc.*	191,720
	65,356	Tilly’s, Inc. Class A	535,266
			23,455,469

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods* – 0.1%
	14,911	Kontoor Brands, Inc.	$       437,340
	17,808	Vera Bradley, Inc.	209,244
			646,584
	Thrifts & Mortgage Finance – 3.1%
	16,932	Federal Agricultural Mortgage Corp. Class C	1,308,336
	28,672	First Defiance Financial Corp.	823,460
	20,705	Luther Burbank Corp.	231,068
	10,033	Merchants Bancorp	179,490
	31,938	Meridian Bancorp, Inc.	585,743
	79,063	NMI Holdings, Inc. Class A*	1,967,087
	39,297	Provident Financial Services, Inc.	950,202
	192,718	Radian Group, Inc.(a)	4,393,970
	8,398	Riverview Bancorp, Inc.	71,383
	12,927	Sterling Bancorp, Inc.	126,943
	1,996	Territorial Bancorp, Inc.	57,385
	102,677	TrustCo Bank Corp. NY	831,684
	27,745	United Community Financial Corp.	282,444
	83,187	WSFS Financial Corp.	3,524,633
			15,333,828
	Tobacco – 0.7%
	27,452	Universal Corp.	1,633,394
	167,739	Vector Group Ltd.	1,937,385
			3,570,779
	Trading Companies & Distributors – 1.3%
	19,980	Beacon Roofing Supply, Inc.*	723,875
	112,084	BMC Stock Holdings, Inc.*	2,370,577
	4,663	DXP Enterprises, Inc.*	158,309
	49,111	GMS, Inc.*	1,105,489
	18,489	Herc Holdings, Inc.*	834,594
	37,947	MRC Global, Inc.*	593,491
	11,484	Rush Enterprises, Inc. Class A	432,487
	21,560	Titan Machinery, Inc.*	447,154
			6,665,976
	Water Utilities – 0.0%
	2,151	Artesian Resources Corp. Class A	77,393
	3,173	The York Water Co.	114,133
			191,526
	Wireless Telecommunication Services – 0.1%
	35,092	Spok Holdings, Inc.	455,845
	TOTAL COMMON STOCKS (Cost $463,002,991)		$481,497,019

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company(b) – 1.6%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	7,925,252	2.272%	$    7,925,252
	(Cost $7,925,252)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $470,928,243)		$489,422,271
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) – 0.1%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	445,950	2.272%	$       445,950
	(Cost $445,950)
	TOTAL INVESTMENTS – 98.9% (Cost $471,374,193)		$489,868,221
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%		5,530,866
	NET ASSETS – 100.0%		$495,399,087

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)	Represents an affiliated issuer.

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.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	113	09/20/19	$	8,908,355	$	275,580

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 2.7%
	27,914	HEICO Corp.	$       3,817,239
	55,950	L3Harris Technologies, Inc.	11,615,220
	4,033	Teledyne Technologies, Inc.*	1,174,732
	33,870	The Boeing Co.	11,555,767
			28,162,958
	Airlines – 1.1%
	195,555	Delta Air Lines, Inc.	11,936,677
	Automobiles – 1.2%
	319,414	General Motors Co.	12,885,161
	Banks – 5.0%
	31,573	Bank of America Corp.	968,660
	5,938	CIT Group, Inc.	300,166
	81,945	Citizens Financial Group, Inc.	3,053,271
	35,911	Comerica, Inc.	2,628,685
	389,299	Fifth Third Bancorp	11,558,287
	46,201	JPMorgan Chase & Co.	5,359,316
	150,799	Popular, Inc.	8,679,990
	38,148	Regions Financial Corp.	607,698
	32,097	Signature Bank	4,091,084
	27,404	SVB Financial Group*	6,356,906
	61,012	Western Alliance Bancorp*	3,016,433
	128,020	Zions Bancorp NA	5,769,861
			52,390,357
	Beverages* – 0.6%
	97,099	Monster Beverage Corp.	6,259,973
	Biotechnology – 4.0%
	212,422	AbbVie, Inc.	14,151,554
	44,670	Alexion Pharmaceuticals, Inc.*	5,060,664
	17,906	Biogen, Inc.*	4,258,405
	209,092	Gilead Sciences, Inc.	13,699,708
	63,035	Incyte Corp.*	5,352,932
			42,523,263
	Building Products – 0.7%
	166,476	Johnson Controls International PLC	7,065,241
	Capital Markets – 0.6%
	18,481	Northern Trust Corp.	1,811,138
	17,442	S&P Global, Inc.	4,272,418
			6,083,556
	Chemicals – 1.7%
	23,532	Air Products & Chemicals, Inc.	5,371,650
	24,253	The Sherwin-Williams Co.	12,442,759
			17,814,409
	Commercial Services & Supplies – 0.8%
	16,029	Cintas Corp.	4,174,593

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – (continued)
	33,130	Waste Management, Inc.	$       3,876,210
			8,050,803
	Communications Equipment – 1.3%
	28,725	Cisco Systems, Inc.	1,591,365
	71,137	Motorola Solutions, Inc.	11,805,896
			13,397,261
	Consumer Finance – 2.1%
	314,100	Ally Financial, Inc.	10,337,031
	317,123	Synchrony Financial	11,378,373
			21,715,404
	Diversified Financial Services – 3.3%
	128,091	Berkshire Hathaway, Inc. Class B*	26,313,734
	145,761	Voya Financial, Inc.	8,187,395
			34,501,129
	Diversified Telecommunication Services – 0.3%
	58,154	Verizon Communications, Inc.	3,214,172
	Electric Utilities – 2.5%
	272,470	Exelon Corp.	12,277,498
	73,696	FirstEnergy Corp.	3,240,413
	364,667	PPL Corp.	10,805,083
			26,322,994
	Electrical Equipment – 0.3%
	39,287	AMETEK, Inc.	3,520,508
	Electronic Equipment, Instruments & Components – 1.2%
	124,738	Keysight Technologies, Inc.*	11,166,546
	35,919	National Instruments Corp.	1,499,977
			12,666,523
	Energy Equipment & Services – 0.9%
	364,602	TechnipFMC PLC	10,041,139
	Entertainment – 0.1%
	2,346	Netflix, Inc.*	757,735
	817	The Walt Disney Co.	116,839
			874,574
	Equity Real Estate Investment Trusts (REITs) – 4.4%
	16,828	American Tower Corp.	3,561,141
	80,607	Camden Property Trust	8,359,752
	331,356	Duke Realty Corp.	11,044,096
	33,219	Equity LifeStyle Properties, Inc.	4,127,461
	50,244	Invitation Homes, Inc.	1,380,203
	155,828	Prologis, Inc.	12,561,295
	4,724	Public Storage	1,146,798
	86,905	STORE Capital Corp.	2,973,020
	12,320	Sun Communities, Inc.	1,636,219
			46,789,985

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 1.2%
	225,088	Walgreens Boots Alliance, Inc.	$     12,265,045
	Food Products – 1.5%
	38,523	Lamb Weston Holdings, Inc.	2,585,664
	253,918	Mondelez International, Inc. Class A	13,582,074
			16,167,738
	Health Care Equipment & Supplies* – 0.6%
	31,215	Align Technology, Inc.	6,526,432
	Health Care Providers & Services – 3.7%
	46,468	Anthem, Inc.	13,689,937
	20,121	Centene Corp.*	1,048,103
	24,215	Cigna Corp.	4,114,613
	47,951	HCA Healthcare, Inc.	6,401,938
	42,303	McKesson Corp.	5,878,002
	4,214	UnitedHealth Group, Inc.	1,049,328
	46,264	Universal Health Services, Inc. Class B	6,979,387
			39,161,308
	Hotels, Restaurants & Leisure – 3.2%
	1,613	Chipotle Mexican Grill, Inc.*	1,283,190
	112,398	Las Vegas Sands Corp.	6,793,335
	21,531	McDonald’s Corp.	4,537,012
	161,667	Starbucks Corp.	15,308,248
	52,724	Yum! Brands, Inc.	5,932,505
			33,854,290
	Household Durables – 0.1%
	23,346	D.R. Horton, Inc.	1,072,282
	Household Products – 0.5%
	40,718	Colgate-Palmolive Co.	2,921,109
	18,303	The Procter & Gamble Co.	2,160,486
			5,081,595
	Independent Power and Renewable Electricity Producers – 1.1%
	647,416	AES Corp.	10,870,115
	30,074	NRG Energy, Inc.	1,026,726
			11,896,841
	Insurance – 2.0%
	105,996	Athene Holding Ltd. Class A*	4,330,997
	156,737	The Progressive Corp.	12,692,562
	122,581	Unum Group	3,916,463
			20,940,022
	Interactive Media & Services – 6.1%
	17,484	Alphabet, Inc. Class A*	21,299,009
	16,970	Alphabet, Inc. Class C*	20,647,060
	110,866	Facebook, Inc. Class A*	21,533,503

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	4,057	Match Group, Inc.	$          305,451
			63,785,023
	Internet & Direct Marketing Retail – 5.2%
	20,358	Amazon.com, Inc.*	38,003,907
	2,717	Booking Holdings, Inc.*	5,125,919
	292,104	eBay, Inc.	12,031,764
			55,161,590
	IT Services – 5.4%
	23,678	Mastercard, Inc. Class A	6,446,809
	144,996	PayPal Holdings, Inc.*	16,007,558
	53,221	VeriSign, Inc.*	11,234,421
	132,215	Visa, Inc. Class A	23,534,270
			57,223,058
	Life Sciences Tools & Services – 1.5%
	96,099	Agilent Technologies, Inc.	6,670,232
	31,668	Thermo Fisher Scientific, Inc.	8,793,570
			15,463,802
	Machinery – 2.0%
	22,781	Allison Transmission Holdings, Inc.	1,046,787
	78,395	Caterpillar, Inc.	10,322,270
	11,757	Ingersoll-Rand PLC	1,453,871
	46,420	Parker-Hannifin Corp.	8,127,213
			20,950,141
	Media – 1.0%
	792,704	News Corp. Class A	10,431,985
	3,048	Nexstar Media Group, Inc. Class A	310,195
			10,742,180
	Metals & Mining* – 0.5%
	253,373	Alcoa Corp.	5,698,359
	Multi-Utilities – 1.7%
	133,688	Ameren Corp.	10,118,845
	60,155	DTE Energy Co.	7,646,302
			17,765,147
	Multiline Retail – 1.2%
	143,160	Target Corp.	12,369,024
	Oil, Gas & Consumable Fuels – 4.2%
	227,457	ConocoPhillips	13,438,159
	43,891	Exxon Mobil Corp.	3,263,735
	14,894	Marathon Petroleum Corp.	839,873
	66,719	Occidental Petroleum Corp.	3,426,688
	98,669	Phillips 66	10,119,493
	21,835	The Williams Cos., Inc.	538,014
	143,536	Valero Energy Corp.	12,236,444
			43,862,406

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 3.0%
	117,120	Bristol-Myers Squibb Co.	$       5,201,299
	67,149	Johnson & Johnson	8,744,143
	210,170	Merck & Co., Inc.	17,442,008
			31,387,450
	Professional Services* – 0.2%
	3,619	CoStar Group, Inc.	2,227,133
	Road & Rail – 1.6%
	5,071	Norfolk Southern Corp.	969,169
	89,483	Union Pacific Corp.	16,102,466
			17,071,635
	Semiconductors & Semiconductor Equipment – 2.6%
	34,162	Analog Devices, Inc.	4,012,668
	2,414	Broadcom, Inc.	700,036
	10,537	Cree, Inc.*	655,191
	92,867	Intel Corp.	4,694,427
	5,603	Micron Technology, Inc.*	251,519
	100,625	NXP Semiconductors NV	10,403,619
	19,149	Texas Instruments, Inc.	2,393,816
	33,975	Xilinx, Inc.	3,880,285
			26,991,561
	Software – 6.8%
	1,479	Cadence Design Systems, Inc.*	109,313
	41,297	Citrix Systems, Inc.	3,891,829
	8,370	HubSpot, Inc.*	1,495,886
	252,436	Microsoft Corp.	34,399,454
	245,014	Oracle Corp.	13,794,288
	35,846	Palo Alto Networks, Inc.*	8,120,553
	36,084	ServiceNow, Inc.*	10,009,341
			71,820,664
	Specialty Retail – 2.2%
	3,893	Advance Auto Parts, Inc.	586,441
	2,760	AutoNation, Inc.*	134,357
	352	AutoZone, Inc.*	395,310
	136,869	Lowe’s Cos., Inc.	13,878,517
	36,577	The Home Depot, Inc.	7,816,139
			22,810,764
	Technology Hardware, Storage & Peripherals – 4.5%
	220,343	Apple, Inc.	46,941,873
	Tobacco – 0.6%
	72,462	Philip Morris International, Inc.	6,058,548
	Trading Companies & Distributors* – 0.1%
	12,673	AerCap Holdings NV	691,059
	TOTAL COMMON STOCKS (Cost $893,916,799)		$1,042,203,057
	TOTAL INVESTMENTS – 99.1% (Cost $893,916,799)		$1,042,203,057
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%		9,814,763
	NET ASSETS – 100.0%		$1,052,017,820

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.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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. 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 Statements 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. 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.

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.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, 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 may enter into master netting agreement with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure t the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of July 31, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities where applicable. The Large Cap Growth Insights, Large Cap Value Insights and U.S. Equity Insights Funds did not have securities on loan as of July 31, 2019.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investment are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2019:

LARGE CAP GROWTH INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	31,744,501	$	—	$	—
North America		2,004,847,121		—		—
Total	$	2,036,591,622	$	—	$	—
LARGE CAP VALUE INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Europe	$	7,097,498	$	—	$	—
North America		487,036,611		—		—
Investment Company		5,899,202		—		—
Total	$	500,033,311	$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	122,301	$	—	$	—
SMALL CAP EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	2,034,096	$	—	$	—
Europe		7,160,955		—		—
North America		622,705,466		—		—
Investment Company		23,299,012		—		—
Securities Lending Reinvestment Vehicle		1,843,384		—		—
Total	$	657,042,913	$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	441,732	$	—	$	—
SMALL CAP GROWTH INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	2,834,894	$	—	$	—
Europe		19,326,694		—		—
North America		1,119,570,306		—		—
Investment Company		31,603,050		—		—
Securities Lending Reinvestment Vehicle		7,091,465		—		—
Total	$	1,180,426,409	$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	295,633	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SMALL CAP VALUE INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(b)
Asia	$	718,722	$	—	$	—
Europe		4,144,054		—		—
North America		476,634,243		—		—
Investment Company		7,925,252		—		—
Securities Lending Reinvestment Vehicle		445,950		—		—
Total	$	489,868,221	$	—	$	—
Derivative Type
Assets
Futures Contracts(a)	$	275,580	$	—	$	—
U.S. EQUITY INSIGHTS
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	21,135,817	$	—	$	—
North America		1,021,067,240		—		—
Total	$	1,042,203,057	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

(b) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

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

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 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 Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect Fund’s NAV and dilute remaining investors’ interests.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enter 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.