GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.6%
	Aerospace & Defense – 2.1%
	16,305	Northrop Grumman Corp.	$    5,735,610
	10,101	Raytheon Co.	2,196,159
			7,931,769
	Banks – 11.9%
	358,803	Bank of America Corp.	11,955,316
	102,906	BB&T Corp.	5,631,016
	16,984	Cullen/Frost Bankers, Inc.	1,589,023
	114,499	JPMorgan Chase & Co.	15,086,388
	17,387	M&T Bank Corp.	2,864,335
	137,578	Wells Fargo & Co.	7,492,498
			44,618,576
	Biotechnology – 0.6%
	9,766	Amgen, Inc.	2,292,276
	Capital Markets – 5.5%
	5,820	BlackRock, Inc.	2,880,376
	18,651	CME Group, Inc.	3,781,117
	83,120	Morgan Stanley	4,112,778
	54,745	Northern Trust Corp.	5,870,854
	40,783	Singapore Exchange Ltd. ADR (Singapore)	3,999,181
			20,644,306
	Chemicals – 4.0%
	85,473	DuPont de Nemours, Inc.	5,539,505
	17,473	Ecolab, Inc.	3,261,685
	30,994	Linde PLC (United Kingdom)	6,391,273
			15,192,463
	Commercial Services & Supplies – 1.3%
	55,879	Republic Services, Inc.	4,953,673
	Communications Equipment – 1.3%
	64,825	Cisco Systems, Inc.	2,937,221
	75,509	Juniper Networks, Inc.	1,892,255
			4,829,476
	Construction & Engineering – 0.7%
	94,907	Vinci SA ADR (France)	2,584,318

Shares		Description	Value
	Common Stocks – (continued)
	Containers & Packaging – 1.1%
	91,735	International Paper Co.	$    4,251,000
	Diversified Telecommunication Services – 3.1%
	193,535	Verizon Communications, Inc.	11,658,548
	Electric Utilities – 0.9%
	51,883	Xcel Energy, Inc.	3,190,286
	Electronic Equipment, Instruments & Components – 0.8%
	31,477	TE Connectivity Ltd.	2,918,233
	Energy Equipment & Services – 0.5%
	81,384	Baker Hughes Co.	1,824,629
	Entertainment – 2.3%
	56,845	Walt Disney Co. (The)	8,616,565
	Equity Real Estate Investment Trusts (REITs) – 5.0%
	36,151	Crown Castle International Corp. REIT	4,831,943
	54,242	Equity Residential REIT	4,615,994
	109,080	Hudson Pacific Properties, Inc. REIT	3,905,064
	160,446	SITE Centers Corp. REIT	2,324,863
	54,795	Ventas, Inc. REIT	3,195,096
			18,872,960
	Food & Staples Retailing – 2.5%
	71,056	Kroger Co. (The)	1,942,671
	63,968	Walmart, Inc.	7,617,949
			9,560,620
	Food Products – 0.8%
	101,716	Conagra Brands, Inc.	2,936,541
	Health Care Equipment & Supplies – 4.2%
	100,219	Medtronic PLC	11,163,395
	31,354	Zimmer Biomet Holdings, Inc.	4,555,109
			15,718,504
	Health Care Providers & Services – 2.4%
	73,846	CVS Health Corp.	5,558,388
	10,156	Humana, Inc.	3,465,532
			9,023,920

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 3.6%
	61,566	Las Vegas Sands Corp.	$    3,863,267
	33,269	McDonald’s Corp.	6,470,155
	25,823	Royal Caribbean Cruises Ltd.	3,099,276
			13,432,698
	Household Durables – 1.0%
	65,558	D.R. Horton, Inc.	3,628,635
	Household Products – 3.0%
	11,489	Clorox Co. (The)	1,703,014
	79,925	Procter & Gamble Co. (The)	9,755,646
			11,458,660
	Industrial Conglomerates – 1.7%
	36,249	Honeywell International, Inc.	6,472,259
	Insurance – 3.9%
	24,549	Chubb Ltd.	3,718,683
	34,182	Progressive Corp. (The)	2,496,995
	33,709	Travelers Cos., Inc. (The)	4,608,694
	19,938	Willis Towers Watson PLC	3,916,621
			14,740,993
	IT Services – 1.8%
	17,739	Automatic Data Processing, Inc.	3,029,466
	26,732	Fidelity National Information Services, Inc.	3,693,026
			6,722,492
	Machinery – 2.1%
	21,924	Deere & Co.	3,684,328
	25,827	Stanley Black & Decker, Inc.	4,073,951
			7,758,279
	Media – 1.8%
	151,009	Comcast Corp., Class A	6,667,047
	Multi-Utilities – 3.6%
	61,427	Ameren Corp.	4,565,869
	37,216	CMS Energy Corp.	2,281,341
	44,141	Sempra Energy	6,500,645
			13,347,855

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 7.4%
	77,886	BP PLC ADR (United Kingdom)	$    2,914,494
	105,507	Chevron Corp.	12,358,035
	27,473	Marathon Petroleum Corp.	1,665,963
	129,656	Royal Dutch Shell PLC, Class B ADR (Netherlands)	7,469,482
	149,412	Viper Energy Partners LP	3,544,053
			27,952,027
	Personal Products – 1.2%
	74,440	Unilever NV (United Kingdom)	4,432,902
	Pharmaceuticals – 7.3%
	87,532	AstraZeneca PLC ADR (United Kingdom)	4,243,551
	49,069	Eli Lilly & Co.	5,758,247
	93,657	Johnson & Johnson	12,876,901
	122,373	Pfizer, Inc.	4,713,808
			27,592,507
	Road & Rail – 1.5%
	32,050	Union Pacific Corp.	5,640,480
	Semiconductors & Semiconductor Equipment – 2.3%
	147,911	Marvell Technology Group Ltd.	3,900,413
	40,839	Texas Instruments, Inc.	4,909,256
			8,809,669
	Software – 1.9%
	27,745	Citrix Systems, Inc.	3,129,913
	26,946	Microsoft Corp.	4,079,086
			7,208,999
	Specialty Retail – 1.1%
	19,520	Home Depot, Inc. (The)	4,304,355
	Technology Hardware, Storage & Peripherals – 0.8%
	11,753	Apple, Inc.	3,140,989
	Tobacco – 1.0%
	43,463	Philip Morris International, Inc.	3,604,387

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Water Utilities – 1.6%
	48,881	American Water Works Co., Inc.	$    5,916,067
	TOTAL COMMON STOCKS (Cost $316,909,654)		$374,449,963
Shares		Dividend Rate	Value
	Investment Company – 0.1%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	461,472	1.613%	$       461,472
	(Cost $461,472)
	TOTAL INVESTMENTS – 99.7% (Cost $317,371,126)		$374,911,435
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		1,081,775
	NET ASSETS – 100.0%		$375,993,210

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

Investment Abbreviations:
ADR	— American Depositary Receipt
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.3%
	Aerospace & Defense – 3.3%
	236	Boeing Co. (The)	$     86,418
	402	Northrop Grumman Corp.	141,412
			227,830
	Banks – 15.0%
	2,791	Citigroup, Inc.	209,660
	2,521	JPMorgan Chase & Co.	332,167
	1,154	M&T Bank Corp.	190,110
	5,396	Wells Fargo & Co.	293,866
			1,025,803
	Chemicals – 5.5%
	3,155	DuPont de Nemours, Inc.	204,476
	824	Linde PLC (United Kingdom)	169,917
			374,393
	Construction Materials – 1.8%
	455	Martin Marietta Materials, Inc.	122,122
	Consumer Finance – 2.9%
	1,672	American Express Co.	200,841
	Entertainment – 2.5%
	3,076	Activision Blizzard, Inc.	168,657
	Equity Real Estate Investment Trusts (REITs) – 5.1%
	1,091	Alexandria Real Estate Equities, Inc. REIT	177,309
	809	AvalonBay Communities, Inc. REIT	173,458
			350,767
	Food & Staples Retailing – 5.3%
	3,055	Walmart, Inc.	363,820
	Health Care Equipment & Supplies – 6.2%
	5,343	Boston Scientific Corp.*	231,085
	1,311	Zimmer Biomet Holdings, Inc.	190,462
			421,547

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 3.2%
	643	Humana, Inc.	$   219,411
	Hotels, Restaurants & Leisure – 1.9%
	1,065	Royal Caribbean Cruises Ltd.	127,821
	Industrial Conglomerates – 6.6%
	14,644	General Electric Co.	165,038
	1,620	Honeywell International, Inc.	289,251
			454,289
	Insurance – 2.3%
	799	Willis Towers Watson PLC	156,956
	Interactive Media & Services – 5.4%
	284	Alphabet, Inc., Class A*	370,362
	Machinery – 2.4%
	1,050	Stanley Black & Decker, Inc.	165,627
	Multi-Utilities – 4.3%
	3,974	Ameren Corp.	295,387
	Oil, Gas & Consumable Fuels – 6.5%
	2,238	Cheniere Energy, Inc.*	135,488
	1,866	Chevron Corp.	218,565
	1,431	Marathon Petroleum Corp.	86,776
			440,829
	Pharmaceuticals – 8.1%
	4,590	AstraZeneca PLC ADR (United Kingdom)	222,523
	3,326	Elanco Animal Health, Inc.*	92,164
	1,764	Johnson & Johnson	242,532
			557,219
	Road & Rail – 2.7%
	1,049	Union Pacific Corp.	184,613
	Semiconductors & Semiconductor Equipment – 2.0%
	5,269	Marvell Technology Group Ltd.	138,943
	Software – 4.3%
	1,283	Citrix Systems, Inc.	144,735

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	1,005	Microsoft Corp.	$   152,137
			296,872
	TOTAL COMMON STOCKS (Cost $6,077,619)		$6,664,109
Shares		Dividend Rate	Value
	Investment Company – 2.1%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	145,651	1.613%	$   145,651
	(Cost $145,651)
	TOTAL INVESTMENTS – 99.4% (Cost $6,223,270)		$6,809,760
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		37,609
	NET ASSETS – 100.0%		$6,847,369

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

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.5%
	Aerospace & Defense – 1.7%
	10,436	Boeing Co. (The)	$    3,821,454
	11,684	Northrop Grumman Corp.	4,110,081
			7,931,535
	Auto Components – 0.7%
	33,452	Aptiv PLC	3,140,474
	Banks – 11.9%
	227,403	Bank of America Corp.	7,577,068
	132,515	Citigroup, Inc.	9,954,527
	144,665	JPMorgan Chase & Co.	19,061,060
	35,585	M&T Bank Corp.	5,862,273
	243,930	Wells Fargo & Co.	13,284,428
			55,739,356
	Beverages – 0.7%
	17,393	Constellation Brands, Inc., Class A	3,236,142
	Capital Markets – 3.5%
	9,454	BlackRock, Inc.	4,678,879
	45,940	Intercontinental Exchange, Inc.	4,326,170
	85,546	Morgan Stanley	4,232,816
	29,348	Northern Trust Corp.	3,147,279
			16,385,144
	Chemicals – 3.2%
	19,001	Celanese Corp.	2,385,956
	87,241	DuPont de Nemours, Inc.	5,654,089
	33,561	Linde PLC (United Kingdom)	6,920,614
			14,960,659
	Commercial Services & Supplies – 0.5%
	26,941	Waste Connections, Inc.	2,439,508
	Communications Equipment – 0.8%
	36,753	Cisco Systems, Inc.	1,665,278
	84,296	Juniper Networks, Inc.	2,112,458
			3,777,736

Shares		Description	Value
	Common Stocks – (continued)
	Construction Materials – 0.6%
	11,149	Martin Marietta Materials, Inc.	$    2,992,392
	Consumer Finance – 1.3%
	52,232	American Express Co.	6,274,108
	Containers & Packaging – 0.6%
	25,780	Packaging Corp. of America	2,884,782
	Diversified Financial Services – 3.9%
	83,848	Berkshire Hathaway, Inc., Class B*	18,471,714
	Diversified Telecommunication Services – 2.6%
	205,968	Verizon Communications, Inc.	12,407,512
	Electric Utilities – 2.6%
	30,010	NextEra Energy, Inc.	7,016,938
	85,546	Xcel Energy, Inc.	5,260,224
			12,277,162
	Energy Equipment & Services – 0.5%
	97,141	Baker Hughes Co.	2,177,901
	Entertainment – 3.5%
	99,460	Activision Blizzard, Inc.	5,453,392
	72,075	Walt Disney Co. (The)	10,925,128
			16,378,520
	Equity Real Estate Investment Trusts (REITs) – 4.2%
	28,130	Alexandria Real Estate Equities, Inc. REIT	4,571,687
	28,863	AvalonBay Communities, Inc. REIT	6,188,516
	34,013	Extra Space Storage, Inc. REIT	3,607,079
	145,438	Hudson Pacific Properties, Inc. REIT	5,206,680
			19,573,962
	Food & Staples Retailing – 2.3%
	88,846	Walmart, Inc.	10,580,670

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 1.3%
	76,982	Conagra Brands, Inc.	$    2,222,470
	76,127	Mondelez International, Inc., Class A	3,999,713
			6,222,183
	Gas Utilities – 0.8%
	34,790	Atmos Energy Corp.	3,721,138
	Health Care Equipment & Supplies – 4.2%
	10,224	ABIOMED, Inc.*	2,005,744
	83,666	Boston Scientific Corp.*	3,618,555
	9,990	Cooper Cos., Inc. (The)	3,127,769
	37,823	Danaher Corp.	5,521,402
	38,447	Zimmer Biomet Holdings, Inc.	5,585,580
			19,859,050
	Health Care Providers & Services – 2.6%
	94,287	CVS Health Corp.	7,096,983
	14,449	Humana, Inc.	4,930,432
			12,027,415
	Hotels, Restaurants & Leisure – 2.5%
	40,853	McDonald’s Corp.	7,945,091
	33,452	Royal Caribbean Cruises Ltd.	4,014,909
			11,960,000
	Household Products – 2.5%
	94,376	Procter & Gamble Co. (The)	11,519,535
	Industrial Conglomerates – 3.0%
	637,791	General Electric Co.	7,187,905
	37,822	Honeywell International, Inc.	6,753,118
			13,941,023
	Insurance – 4.8%
	48,705	Allstate Corp. (The)	5,423,302
	36,395	American Financial Group, Inc.	3,992,895
	69,399	American International Group, Inc.	3,654,551
	39,427	Chubb Ltd.	5,972,402

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	18,575	Willis Towers Watson PLC	$    3,648,873
			22,692,023
	Interactive Media & Services – 1.5%
	3,478	Alphabet, Inc., Class A*	4,535,625
	12,219	Facebook, Inc., Class A*	2,463,839
			6,999,464
	IT Services – 1.5%
	53,968	Cognizant Technology Solutions Corp., Class A	3,459,888
	27,297	Fidelity National Information Services, Inc.	3,771,081
			7,230,969
	Life Sciences Tools & Services – 0.6%
	33,629	Agilent Technologies, Inc.	2,716,214
	Machinery – 3.1%
	24,619	Deere & Co.	4,137,223
	70,826	ITT, Inc.	4,942,238
	34,878	Stanley Black & Decker, Inc.	5,501,656
			14,581,117
	Media – 1.5%
	161,098	Comcast Corp., Class A	7,112,477
	Multi-Utilities – 1.9%
	66,010	Ameren Corp.	4,906,523
	69,043	CMS Energy Corp.	4,232,336
			9,138,859
	Oil, Gas & Consumable Fuels – 6.0%
	53,789	Cheniere Energy, Inc.*	3,256,386
	98,123	Chevron Corp.	11,493,147
	51,291	EOG Resources, Inc.	3,636,532
	96,785	Exxon Mobil Corp.	6,593,962
	52,095	Marathon Petroleum Corp.	3,159,041
			28,139,068
	Pharmaceuticals – 6.2%
	83,672	AstraZeneca PLC ADR (United Kingdom)	4,056,419

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	155,658	Elanco Animal Health, Inc.*	$    4,313,283
	41,747	Eli Lilly & Co.	4,899,010
	99,104	Johnson & Johnson	13,625,809
	62,977	Pfizer, Inc.	2,425,874
			29,320,395
	Road & Rail – 2.0%
	25,064	Norfolk Southern Corp.	4,849,884
	25,422	Union Pacific Corp.	4,474,018
			9,323,902
	Semiconductors & Semiconductor Equipment – 3.2%
	146,827	Intel Corp.	8,523,307
	114,089	Marvell Technology Group Ltd.	3,008,527
	19,268	NXP Semiconductors NV (Netherlands)	2,226,995
	12,579	Texas Instruments, Inc.	1,512,122
			15,270,951
	Software – 1.4%
	35,860	Citrix Systems, Inc.	4,045,367
	18,108	Microsoft Corp.	2,741,189
			6,786,556
	Specialty Retail – 0.6%
	24,888	Ross Stores, Inc.	2,890,741
	Textiles, Apparel & Luxury Goods – 1.0%
	46,564	PVH Corp.	4,514,845
	Tobacco – 1.4%
	77,963	Philip Morris International, Inc.	6,465,472
	Water Utilities – 0.8%
	32,471	American Water Works Co., Inc.	3,929,965
	TOTAL COMMON STOCKS (Cost $395,940,816)		$467,992,639

Shares	Dividend Rate	Value
Investment Company – 0.3%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,521,637	1.613%	$    1,521,637
(Cost $1,521,637)
TOTAL INVESTMENTS – 99.8% (Cost $397,462,453)		$469,514,276
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		856,885
NET ASSETS – 100.0%		$470,371,161

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

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.3%
	Aerospace & Defense – 1.6%
	94,402	L3Harris Technologies, Inc.	$     18,983,298
	Auto Components – 0.9%
	115,411	Aptiv PLC	10,834,785
	Banks – 5.5%
	316,591	Citizens Financial Group, Inc.	12,176,090
	227,359	Fifth Third Bancorp	6,863,968
	85,961	First Republic Bank	9,447,114
	145,133	M&T Bank Corp.	23,909,211
	97,105	SunTrust Banks, Inc.	6,878,918
	190,858	Synovus Financial Corp.	7,269,781
			66,545,082
	Beverages – 1.4%
	175,400	Coca-Cola European Partners PLC (United Kingdom)	8,850,684
	43,830	Constellation Brands, Inc., Class A	8,155,010
			17,005,694
	Biotechnology – 0.4%
	118,688	Agios Pharmaceuticals, Inc.*	4,616,963
	Capital Markets – 3.6%
	50,039	Cboe Global Markets, Inc.	5,949,637
	62,801	Evercore, Inc., Class A	4,859,541
	105,315	Northern Trust Corp.	11,293,981
	136,070	Raymond James Financial, Inc.	12,221,807
	69,250	T. Rowe Price Group, Inc.	8,556,530
			42,881,496
	Chemicals – 2.6%
	99,134	Celanese Corp.	12,448,257
	430,011	Corteva, Inc.	11,188,886
	118,787	W.R. Grace & Co.	7,938,535
			31,575,678
	Communications Equipment – 2.6%
	32,995	F5 Networks, Inc.*	4,807,701
	254,255	Juniper Networks, Inc.	6,371,630

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	66,399	Motorola Solutions, Inc.	$     11,108,553
	611,634	Viavi Solutions, Inc.*	9,186,743
			31,474,627
	Construction Materials – 1.2%
	55,832	Martin Marietta Materials, Inc.	14,985,309
	Consumer Finance – 0.6%
	86,080	Discover Financial Services	7,305,610
	Containers & Packaging – 2.5%
	180,975	Ball Corp.	11,955,208
	163,215	Packaging Corp. of America	18,263,759
			30,218,967
	Electric Utilities – 2.0%
	388,043	Xcel Energy, Inc.	23,860,764
	Electrical Equipment – 1.4%
	54,599	AMETEK, Inc.	5,405,847
	56,406	Rockwell Automation, Inc.	11,046,551
			16,452,398
	Electronic Equipment, Instruments & Components – 0.6%
	184,430	National Instruments Corp.	7,768,192
	Energy Equipment & Services – 1.5%
	490,895	Baker Hughes Co.	11,005,866
	371,526	TechnipFMC PLC (United Kingdom)	6,999,550
			18,005,416
	Entertainment – 0.8%
	145,709	World Wrestling Entertainment, Inc., Class A	9,036,872
	Equity Real Estate Investment Trusts (REITs) – 11.7%
	100,759	Alexandria Real Estate Equities, Inc. REIT	16,375,353
	94,113	AvalonBay Communities, Inc. REIT	20,178,768

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	85,661	Boston Properties, Inc. REIT	$     11,867,475
	124,372	Camden Property Trust REIT	13,873,697
	178,268	Equity LifeStyle Properties, Inc. REIT	13,206,093
	41,759	Essex Property Trust, Inc. REIT	13,036,325
	56,891	Extra Space Storage, Inc. REIT	6,033,290
	446,130	Healthpeak Properties, Inc. REIT	15,561,014
	189,226	Hudson Pacific Properties, Inc. REIT	6,774,291
	273,417	Invitation Homes, Inc. REIT	8,347,421
	97,341	Prologis, Inc. REIT	8,911,569
	77,079	Ryman Hospitality Properties, Inc. REIT	6,877,759
			141,043,055
	Food & Staples Retailing – 1.7%
	208,243	Grocery Outlet Holding Corp.*	6,899,091
	333,068	US Foods Holding Corp.*	13,246,114
			20,145,205
	Food Products – 2.0%
	100,348	Lamb Weston Holdings, Inc.	8,427,225
	230,616	Nomad Foods Ltd. (United Kingdom)*	4,842,936
	123,160	Tyson Foods, Inc., Class A	11,070,852
			24,341,013
	Gas Utilities – 1.3%
	141,953	Atmos Energy Corp.	15,183,293
	Health Care Equipment & Supplies – 4.0%
	44,057	Cooper Cos., Inc. (The)	13,793,806
	105,489	DENTSPLY SIRONA, Inc.	5,964,348
	192,218	Zimmer Biomet Holdings, Inc.	27,925,431
			47,683,585

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 0.5%
	37,787	Laboratory Corp. of America Holdings*	$       6,510,322
	Health Care Technology – 0.5%
	434,572	Change Healthcare, Inc.*	5,814,573
	Hotels, Restaurants & Leisure – 3.5%
	426,440	MGM Resorts International	13,624,758
	45,214	Restaurant Brands International, Inc. (Canada)	2,967,395
	155,081	Royal Caribbean Cruises Ltd.	18,612,822
	56,637	Wynn Resorts Ltd.	6,844,581
			42,049,556
	Household Durables – 0.9%
	199,952	D.R. Horton, Inc.	11,067,343
	Industrial Conglomerates – 0.8%
	58,275	Carlisle Cos., Inc.	9,089,734
	Insurance – 7.5%
	99,686	American Financial Group, Inc.	10,936,551
	212,977	Arch Capital Group Ltd.*	8,938,645
	97,184	Globe Life, Inc.	9,986,628
	39,051	Hanover Insurance Group, Inc. (The)	5,308,202
	179,175	Hartford Financial Services Group, Inc. (The)	11,083,765
	126,050	Lincoln National Corp.	7,443,253
	10,749	Markel Corp.*	12,206,027
	56,320	Reinsurance Group of America, Inc.	9,318,707
	74,862	Willis Towers Watson PLC	14,705,891
			89,927,669
	Interactive Media & Services – 0.5%
	368,734	Snap, Inc., Class A*	5,623,194
	IT Services – 1.6%
	97,011	Fidelity National Information Services, Inc.	13,402,069

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	63,943	InterXion Holding NV (Netherlands)*	$       5,437,713
			18,839,782
	Life Sciences Tools & Services – 1.3%
	194,202	Agilent Technologies, Inc.	15,685,696
	Machinery – 5.8%
	200,956	Flowserve Corp.	9,786,557
	152,001	Fortive Corp.	10,969,912
	51,129	Ingersoll-Rand PLC	6,703,523
	309,201	ITT, Inc.	21,576,046
	133,878	Stanley Black & Decker, Inc.	21,117,916
			70,153,954
	Media – 1.9%
	88,212	Liberty Broadband Corp., Class C*	10,540,452
	253,450	Liberty Media Corp.-Liberty SiriusXM, Class A*	12,343,015
			22,883,467
	Metals & Mining – 1.8%
	790,434	Freeport-McMoRan, Inc.	8,995,139
	375,619	Steel Dynamics, Inc.	12,669,629
			21,664,768
	Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	285,966	Starwood Property Trust, Inc. REIT	7,006,167
	Multiline Retail – 0.6%
	44,936	Dollar General Corp.	7,071,129
	Multi-Utilities – 6.2%
	193,065	Ameren Corp.	14,350,522
	333,299	CMS Energy Corp.	20,431,229
	245,011	Public Service Enterprise Group, Inc.	14,531,602
	172,211	Sempra Energy	25,361,514
			74,674,867

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 3.4%
	243,194	Cheniere Energy, Inc.*	$     14,722,965
	65,770	Diamondback Energy, Inc.	5,086,652
	82,403	Marathon Petroleum Corp.	4,996,918
	466,531	Parsley Energy, Inc., Class A	6,988,634
	365,779	Viper Energy Partners LP	8,676,278
			40,471,447
	Pharmaceuticals – 1.2%
	153,853	Catalent, Inc.*	7,998,817
	213,976	Elanco Animal Health, Inc.*	5,929,275
			13,928,092
	Road & Rail – 1.9%
	231,179	Knight-Swift Transportation Holdings, Inc.	8,551,311
	74,157	Old Dominion Freight Line, Inc.	14,207,740
			22,759,051
	Semiconductors & Semiconductor Equipment – 3.2%
	50,122	Analog Devices, Inc.	5,661,280
	667,647	Marvell Technology Group Ltd.	17,605,851
	71,331	MKS Instruments, Inc.	7,581,059
	77,865	Skyworks Solutions, Inc.	7,654,129
			38,502,319
	Software – 0.9%
	96,884	Citrix Systems, Inc.	10,929,484
	Specialty Retail – 0.6%
	31,777	Burlington Stores, Inc.*	7,149,825
	Technology Hardware, Storage & Peripherals – 0.6%
	131,147	Western Digital Corp.	6,600,629
	Textiles, Apparel & Luxury Goods – 1.4%
	160,536	Capri Holdings Ltd.*	5,962,307

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	114,776	PVH Corp.	$     11,128,681
			17,090,988
	Water Utilities – 1.2%
	116,311	American Water Works Co., Inc.	14,077,120
	TOTAL COMMON STOCKS (Cost $1,006,437,101)		$1,179,518,478
Shares		Dividend Rate	Value
	Investment Company – 1.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	15,332,543	1.613%	$     15,332,543
	(Cost $15,332,543)
	TOTAL INVESTMENTS – 99.6% (Cost $1,021,769,644)		$1,194,851,021
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%		5,579,457
	NET ASSETS – 100.0%		$1,200,430,478

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

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Aerospace & Defense – 1.0%
	364,925	Aerojet Rocketdyne Holdings, Inc.*	$     16,129,685
	42,147	Curtiss-Wright Corp.	5,787,205
	251,654	Ducommun, Inc.*	12,300,847
	990,468	Triumph Group, Inc.	27,445,868
			61,663,605
	Air Freight & Logistics – 0.4%
	758,363	Air Transport Services Group, Inc.*	18,663,313
	179,212	Atlas Air Worldwide Holdings, Inc.*	4,675,641
			23,338,954
	Airlines – 1.0%
	968,627	SkyWest, Inc.	60,674,795
	Auto Components – 1.3%
	495,608	Adient PLC*	10,833,991
	664,418	American Axle & Manufacturing Holdings, Inc.*	6,551,161
	1,918,608	Dana, Inc.	32,520,406
	166,378	Dorman Products, Inc.*	12,365,213
	124,223	Visteon Corp.*	11,618,577
			73,889,348
	Banks – 18.7%
	370,465	Amalgamated Bank, Class A	7,083,291
	685,908	Ameris Bancorp	29,939,884
	1,190,926	Atlantic Union Bankshares Corp.	45,017,003
	1,264,177	BancorpSouth Bank	39,315,905
	169,066	Bank of Hawaii Corp.	15,234,537
	947,311	Banner Corp.	51,751,600
	1,408,801	Brookline Bancorp, Inc.	22,611,256
	371,781	Bryn Mawr Bank Corp.	14,599,840
	2,171,402	CenterState Bank Corp.	55,218,753
	1,248,843	Columbia Banking System, Inc.	48,804,784
	691,771	Community Bank System, Inc.	46,936,662
	937,082	ConnectOne Bancorp, Inc.	23,605,096
	2,198,081	CVB Financial Corp.	46,951,010
	627,866	FB Financial Corp.	24,172,841
	986,885	First Financial Bankshares, Inc.	34,116,614
	1,162,796	First Merchants Corp.	47,081,610
	1,239,167	First Midwest Bancorp, Inc.	26,716,441
	246,907	First of Long Island Corp. (The)	5,982,557
	357,535	Flushing Financial Corp.	7,579,742

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	309,339	German American Bancorp, Inc.	$      10,424,724
	1,268,230	Glacier Bancorp, Inc.	55,611,885
	1,065,299	Great Western Bancorp, Inc.	36,614,327
	680,449	Heritage Financial Corp.	18,766,783
	1,082,604	Home BancShares, Inc.	20,374,607
	613,075	Independent Bank Corp.	51,620,915
	585,006	Independent Bank Group, Inc.	33,713,896
	659,171	Lakeland Financial Corp.	31,060,138
	640,984	Pacific Premier Bancorp, Inc.	20,537,127
	409,195	Pinnacle Financial Partners, Inc.	25,132,757
	170,767	Prosperity Bancshares, Inc.	11,996,382
	1,258,545	Renasant Corp.	44,552,493
	428,575	Sandy Spring Bancorp, Inc.	15,154,412
	433,052	South State Corp.	36,064,571
	212,531	TCF Financial Corp.	9,030,442
	683,093	Towne Bank/Portsmouth VA	19,229,068
	547,430	TriCo Bancshares	21,158,169
	1,619,942	United Community Banks, Inc.	50,218,202
			1,103,980,324
	Biotechnology – 0.7%
	319,762	Emergent BioSolutions, Inc.*	17,542,143
	294,083	Medicines Co. (The)*	24,761,789
			42,303,932
	Building Products – 0.5%
	122,468	American Woodmark Corp.*	12,601,957
	338,523	Patrick Industries, Inc.*	16,763,659
			29,365,616
	Capital Markets – 1.8%
	512,973	Brightsphere Investment Group, Inc.	4,939,930
	586,571	Houlihan Lokey, Inc.	27,961,840
	277,975	PJT Partners, Inc., Class A	11,847,294
	799,012	Stifel Financial Corp.	49,954,230
	557,553	Virtu Financial, Inc., Class A	9,255,380
			103,958,674
	Chemicals – 1.6%
	470,113	HB Fuller Co.	23,449,236
	234,373	Ingevity Corp.*	21,166,226
	115,031	Innospec, Inc.	11,319,050
	238,194	Kraton Corp.*	5,366,511

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	634,732	PolyOne Corp.	$     20,013,100
	54,642	Quaker Chemical Corp.	8,154,226
	281,074	Tronox Holdings PLC, Class A	3,254,837
			92,723,186
	Commercial Services & Supplies – 0.4%
	586,183	ABM Industries, Inc.	22,269,092
	Communications Equipment – 2.0%
	727,681	Lumentum Holdings, Inc.*	53,600,983
	1,177,447	NetScout Systems, Inc.*	29,671,664
	295,474	Plantronics, Inc.	7,487,311
	1,766,721	Viavi Solutions, Inc.*	26,536,149
			117,296,107
	Construction & Engineering – 0.8%
	375,915	EMCOR Group, Inc.	33,430,121
	511,372	Granite Construction, Inc.	13,172,943
			46,603,064
	Construction Materials – 0.4%
	948,802	Summit Materials, Inc., Class A*	22,647,904
	Consumer Finance – 0.1%
	296,924	Oportun Financial Corp.*	6,291,820
	Diversified Consumer Services – 0.7%
	88,497	Chegg, Inc.*	3,431,029
	351,804	Laureate Education, Inc., Class A*	6,103,799
	917,605	OneSpaWorld Holdings Ltd. (Bahamas)*(a)	14,984,490
	371,153	WW International, Inc.*	16,067,213
			40,586,531
	Diversified Financial Services – 0.1%
	197,763	Alerus Financial Corp.	4,325,077
	Electric Utilities – 3.4%
	596,623	ALLETE, Inc.	47,795,469
	281,690	IDACORP, Inc.	29,591,534
	964,928	PNM Resources, Inc.	46,750,762
	1,334,173	Portland General Electric Co.	74,059,943
			198,197,708

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 0.4%
	907,005	nVent Electric PLC	$     22,412,094
	Electronic Equipment, Instruments & Components – 2.9%
	277,642	Anixter International, Inc.*	23,832,789
	743,023	CTS Corp.	20,343,970
	242,073	FARO Technologies, Inc.*	11,793,797
	431,000	II-VI, Inc.*	12,580,890
	841,341	KEMET Corp.	22,480,631
	1,173,146	Knowles Corp.*	25,691,897
	44,983	Rogers Corp.*	5,848,690
	308,917	SYNNEX Corp.	37,938,097
	876,564	TTM Technologies, Inc.*	11,754,723
			172,265,484
	Energy Equipment & Services – 1.2%
	1,388,879	Apergy Corp.*	35,471,970
	1,165,189	Cactus, Inc., Class A	35,177,056
			70,649,026
	Entertainment – 0.1%
	92,589	Live Nation Entertainment, Inc.*	6,463,638
	Equity Real Estate Investment Trusts (REITs) – 10.3%
	1,819,700	Acadia Realty Trust REIT	48,913,536
	666,010	Chatham Lodging Trust REIT	12,187,983
	1,843,942	Columbia Property Trust, Inc. REIT	38,280,236
	757,867	CyrusOne, Inc. REIT	47,215,114
	1,645,635	Healthcare Realty Trust, Inc. REIT	54,618,626
	928,151	Hudson Pacific Properties, Inc. REIT	33,227,806
	235,637	Life Storage, Inc. REIT	25,806,964
	558,398	National Health Investors, Inc. REIT	45,224,654
	1,492,466	Park Hotels & Resorts, Inc. REIT	35,296,821
	2,008,468	Pebblebrook Hotel Trust REIT	52,621,862
	887,880	Preferred Apartment Communities, Inc., Class A REIT	12,226,108
	306,848	PS Business Parks, Inc. REIT	54,186,288
	2,681,658	RLJ Lodging Trust REIT	45,829,535
	554,498	Safehold, Inc. REIT	22,651,243
	1,715,799	STAG Industrial, Inc. REIT	53,172,611
	1,370,069	Urban Edge Properties REIT	28,401,530
			609,860,917

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 0.4%
	553,440	BJ’s Wholesale Club Holdings, Inc.*	$     13,116,528
	111,652	Grocery Outlet Holding Corp.*	3,699,031
	208,490	Performance Food Group Co.*	9,811,539
			26,627,098
	Food Products – 1.6%
	1,187,392	Darling Ingredients, Inc.*	28,259,930
	1,906,096	Hostess Brands, Inc.*	25,636,991
	1,119,274	Nomad Foods Ltd. (United Kingdom)*	23,504,754
	607,814	Simply Good Foods Co. (The)*	16,793,901
			94,195,576
	Gas Utilities – 1.3%
	508,483	Chesapeake Utilities Corp.	46,343,140
	696,572	New Jersey Resources Corp.	29,632,173
			75,975,313
	Health Care Equipment & Supplies – 1.8%
	782,838	Avanos Medical, Inc.*	27,133,165
	238,924	CONMED Corp.	27,062,921
	261,111	Integra LifeSciences Holdings Corp.*	15,925,160
	263,132	Orthofix Medical, Inc.*	11,946,193
	762,058	Wright Medical Group NV*	22,686,467
			104,753,906
	Health Care Providers & Services – 0.7%
	621,866	Acadia Healthcare Co., Inc.*	19,999,210
	346,974	AMN Healthcare Services, Inc.*	20,634,544
			40,633,754
	Health Care Technology – 0.9%
	3,058,578	Allscripts Healthcare Solutions, Inc.*	32,971,471
	476,720	HMS Holdings Corp.*	14,396,944
	358,479	Vocera Communications, Inc.*	7,778,994
			55,147,409
	Hotels, Restaurants & Leisure – 2.3%
	1,192,421	Boyd Gaming Corp.	35,069,102
	136,687	Eldorado Resorts, Inc.*	7,314,121
	249,465	Jack in the Box, Inc.	19,780,080
	566,649	Marriott Vacations Worldwide Corp.	69,607,163

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	277,959	Wendy’s Co. (The)	$     5,959,441
			137,729,907
	Household Durables – 1.5%
	994,838	KB Home	34,401,498
	349,727	Meritage Homes Corp.*	23,270,835
	273,690	TopBuild Corp.*	30,182,533
			87,854,866
	Household Products – 0.1%
	267,284	Central Garden & Pet Co., Class A*	6,684,773
	Insurance – 4.1%
	283,509	AMERISAFE, Inc.	19,165,208
	332,765	BRP Group, Inc., Class A*	5,730,213
	440,106	CNO Financial Group, Inc.	7,974,721
	137,333	Enstar Group Ltd. (Bermuda)*	28,044,772
	334,502	Kemper Corp.	24,726,388
	387,682	Kinsale Capital Group, Inc.	39,256,679
	219,866	Primerica, Inc.	29,426,866
	214,553	ProAssurance Corp.	8,067,193
	397,074	RLI Corp.	36,280,651
	683,813	Selective Insurance Group, Inc.	45,282,097
			243,954,788
	Interactive Media & Services – 0.3%
	1,136,893	Cars.com, Inc.*	15,109,308
	IT Services – 1.8%
	76,279	CACI International, Inc., Class A*	18,255,091
	1,884,999	KBR, Inc.	56,116,420
	663,636	LiveRamp Holdings, Inc.*	33,241,527
			107,613,038
	Leisure Products – 0.6%
	1,605,633	Callaway Golf Co.	33,365,054
	Life Sciences Tools & Services – 0.7%
	731,074	Syneos Health, Inc.*	40,143,273
	Machinery – 4.8%
	134,809	Alamo Group, Inc.	15,476,073
	478,731	CIRCOR International, Inc.*	21,236,507
	279,754	Columbus McKinnon Corp.	11,492,294

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	772,232	Federal Signal Corp.	$     25,437,322
	1,031,446	Kennametal, Inc.	35,925,264
	367,551	Navistar International Corp.*	12,000,540
	72,497	RBC Bearings, Inc.*	12,025,803
	1,890,441	Rexnord Corp.*	59,719,031
	626,150	Terex Corp.	17,576,031
	1,198,919	TriMas Corp.*	37,142,511
	339,370	Watts Water Technologies, Inc., Class A	32,905,315
			280,936,691
	Media – 1.5%
	1,042,906	Gray Television, Inc.*	21,108,417
	1,422,152	Liberty Latin America Ltd., Class C (Chile)*	25,513,407
	297,843	Nexstar Media Group, Inc., Class A	32,080,669
	703,396	TEGNA, Inc.	10,797,129
			89,499,622
	Metals & Mining – 2.1%
	1,099,254	Allegheny Technologies, Inc.*	25,348,797
	274,081	Carpenter Technology Corp.	14,408,438
	1,608,462	Commercial Metals Co.	34,356,748
	2,342,007	Constellium SE*	33,115,979
	167,179	Kaiser Aluminum Corp.	18,319,475
	10,598	Royal Gold, Inc.	1,242,828
			126,792,265
	Mortgage Real Estate Investment Trusts (REITs) – 2.5%
	635,829	Granite Point Mortgage Trust, Inc. REIT	11,553,013
	5,273,876	MFA Financial, Inc. REIT	40,397,890
	1,115,747	PennyMac Mortgage Investment Trust REIT	25,762,598
	2,122,365	Redwood Trust, Inc. REIT	34,339,866
	2,448,504	Two Harbors Investment Corp. REIT	35,601,248
			147,654,615
	Oil, Gas & Consumable Fuels – 4.0%
	460,916	Brigham Minerals, Inc., Class A	8,923,334
	788,406	Callon Petroleum Co.*(a)	2,877,682
	989,369	Centennial Resource Development, Inc., Class A*	3,057,150
	683,890	Delek US Holdings, Inc.	23,464,266

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	488,921	Euronav NV (Belgium)	$     5,309,682
	1,837,278	Falcon Minerals Corp.	11,850,443
	2,312,065	Golar LNG Ltd. (Bermuda)	30,103,086
	1,489,803	Matador Resources Co.*	20,976,426
	265,982	PBF Energy, Inc., Class A	8,325,237
	777,822	PDC Energy, Inc.*	17,679,894
	977,124	Rattler Midstream LP	15,546,043
	2,142,609	Viper Energy Partners LP	50,822,685
	3,777,384	WPX Energy, Inc.*	37,169,459
			236,105,387
	Paper & Forest Products – 0.1%
	165,626	Boise Cascade Co.	6,280,538
	Personal Products – 0.4%
	1,051,180	BellRing Brands, Inc., Class A*	21,055,135
	Pharmaceuticals – 0.5%
	762,630	Prestige Consumer Healthcare, Inc.*	28,804,535
	Professional Services – 0.5%
	432,028	ASGN, Inc.*	28,950,197
	27,062	ICF International, Inc.	2,428,273
			31,378,470
	Real Estate Management & Development – 0.5%
	1,380,398	Kennedy-Wilson Holdings, Inc.	31,210,799
	Road & Rail – 1.2%
	546,613	Saia, Inc.*	51,873,574
	573,036	Werner Enterprises, Inc.	21,064,803
			72,938,377
	Semiconductors & Semiconductor Equipment – 2.2%
	111,671	Cohu, Inc.	1,981,044
	436,773	Entegris, Inc.	20,668,098
	1,022,426	MACOM Technology Solutions Holdings, Inc.*	25,223,249
	732,808	Onto Innovation, Inc.*	24,593,037
	401,117	Semtech Corp.*	19,438,130
	148,182	Silicon Laboratories, Inc.*	15,696,919

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	372,313	Synaptics, Inc.*	$     21,281,411
			128,881,888
	Software – 1.5%
	674,250	Avaya Holdings Corp.*	8,610,173
	276,143	Bottomline Technologies DE, Inc.*	13,666,317
	248,292	CommVault Systems, Inc.*	12,568,541
	424,854	Cornerstone OnDemand, Inc.*	26,200,746
	507,236	Verint Systems, Inc.*	24,656,742
			85,702,519
	Specialty Retail – 2.8%
	215,870	Aaron’s, Inc.	12,606,808
	132,681	Asbury Automotive Group, Inc.*	14,706,362
	444,363	Bed Bath & Beyond, Inc.(a)	6,478,813
	86,819	Burlington Stores, Inc.*	19,534,275
	61,235	Designer Brands, Inc., Class A	1,010,377
	284,378	Dick’s Sporting Goods, Inc.	13,027,356
	111,857	Genesco, Inc.*	4,154,369
	290,665	Group 1 Automotive, Inc.	29,964,655
	346,379	Guess?, Inc.	6,667,796
	1,302,785	Michaels Cos., Inc. (The)*	10,656,781
	125,966	Rent-A-Center, Inc.	3,278,895
	145,790	RH*	29,972,966
	384,905	Sally Beauty Holdings, Inc.*	7,093,799
	207,807	Shoe Carnival, Inc.(a)	7,377,149
			166,530,401
	Textiles, Apparel & Luxury Goods – 0.8%
	62,722	Columbia Sportswear Co.	5,801,785
	341,880	Crocs, Inc.*	11,931,612
	128,889	Deckers Outdoor Corp.*	21,676,552
	313,236	G-III Apparel Group Ltd.*	9,271,786
			48,681,735
	Thrifts & Mortgage Finance – 2.6%
	3,698,731	MGIC Investment Corp.	53,298,714
	1,302,481	OceanFirst Financial Corp.	31,233,494
	1,016,261	Provident Financial Services, Inc.	24,715,468
	1,152,104	Washington Federal, Inc.	42,408,948
			151,656,624

Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 2.4%
	1,216,935	Beacon Roofing Supply, Inc.*	$     36,082,123
	537,321	Foundation Building Materials, Inc.*	10,982,841
	699,441	H&E Equipment Services, Inc.	23,081,553
	445,311	Herc Holdings, Inc.*	20,822,742
	479,489	Kaman Corp.	30,495,500
	948,985	Univar Solutions, Inc.*	22,225,229
			143,689,988
	Water Utilities – 0.3%
	241,518	SJW Group	17,104,305
	TOTAL COMMON STOCKS (Cost $4,741,022,818)		$5,816,458,853
	Exchange-Traded Fund – 0.3%
	146,808	iShares Russell 2000 Value ETF
	(Cost $16,835,699)		$     18,368,617
Shares		Dividend Rate	Value
	Investment Company – 1.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	64,949,001	1.613%	$     64,949,001
	(Cost $64,949,001)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $4,822,807,518)		$5,899,776,471

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,233,898	1.613%	$     12,233,898
(Cost $12,233,898)
TOTAL INVESTMENTS – 100.2% (Cost $4,835,041,416)		$5,912,010,369
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(11,997,335)
NET ASSETS – 100.0%		$5,900,013,034

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

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Aerospace & Defense – 1.3%
	4,348	Curtiss-Wright Corp.	$       597,024
	5,287	Hexcel Corp.	421,004
	21,025	Triumph Group, Inc.	582,602
			1,600,630
	Air Freight & Logistics – 0.5%
	13,495	Air Transport Services Group, Inc.*	332,112
	4,315	XPO Logistics, Inc.*	356,807
			688,919
	Airlines – 1.2%
	24,942	JetBlue Airways Corp.*	480,633
	17,113	SkyWest, Inc.	1,071,958
			1,552,591
	Auto Components – 0.9%
	22,018	BorgWarner, Inc.	925,857
	12,570	Dana, Inc.	213,061
			1,138,918
	Banks – 11.4%
	9,256	Bank of Hawaii Corp.	834,058
	9,632	BOK Financial Corp.	802,731
	22,597	Columbia Banking System, Inc.	883,091
	14,289	Commerce Bancshares, Inc.	957,792
	11,897	Community Bank System, Inc.	807,211
	5,266	Cullen/Frost Bankers, Inc.	492,687
	20,347	East West Bancorp, Inc.	932,300
	21,176	First Financial Bankshares, Inc.	732,054
	21,759	Glacier Bancorp, Inc.	954,132
	22,128	PacWest Bancorp	824,047
	16,101	Pinnacle Financial Partners, Inc.	988,923
	12,972	Prosperity Bancshares, Inc.	911,283
	4,469	Signature Bank	551,296
	6,538	South State Corp.	544,485
	30,294	Synovus Financial Corp.	1,153,898
	13,164	TCF Financial Corp.	559,338
	10,427	Webster Financial Corp.	507,691
	13,157	Wintrust Financial Corp.	893,492
			14,330,509

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – 0.2%
	2,373	Medicines Co. (The)*	$       199,807
	Building Products – 0.8%
	8,821	AO Smith Corp.	426,936
	1,922	Armstrong World Industries, Inc.	184,551
	5,461	Fortune Brands Home & Security, Inc.	345,463
			956,950
	Capital Markets – 1.5%
	8,897	Evercore, Inc., Class A	688,450
	3,925	LPL Financial Holdings, Inc.	362,474
	10,956	Stifel Financial Corp.	684,969
	11,026	Virtu Financial, Inc., Class A	183,031
			1,918,924
	Chemicals – 2.9%
	12,800	Ashland Global Holdings, Inc.	917,760
	18,680	Axalta Coating Systems Ltd.*	531,820
	4,000	Celanese Corp.	502,280
	2,296	CF Industries Holdings, Inc.	106,098
	10,934	HB Fuller Co.	545,388
	19,530	Huntsman Corp.	441,769
	5,269	Ingevity Corp.*	475,843
	1,830	W.R. Grace & Co.	122,299
			3,643,257
	Communications Equipment – 1.7%
	13,183	Ciena Corp.*	500,427
	8,084	Lumentum Holdings, Inc.*	595,467
	11,079	NetScout Systems, Inc.*	279,191
	53,503	Viavi Solutions, Inc.*	803,615
			2,178,700
	Construction & Engineering – 1.9%
	19,068	AECOM*	826,216
	10,861	Jacobs Engineering Group, Inc.	1,000,190
	3,896	Valmont Industries, Inc.	557,673
			2,384,079
	Construction Materials – 0.4%
	3,452	Vulcan Materials Co.	489,735

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – 0.6%
	8,643	FirstCash, Inc.	$       698,700
	Containers & Packaging – 1.6%
	5,113	Avery Dennison Corp.	666,582
	10,165	Crown Holdings, Inc.*	771,523
	37,273	Graphic Packaging Holding Co.	606,432
			2,044,537
	Diversified Consumer Services – 1.0%
	3,548	Bright Horizons Family Solutions, Inc.*	534,045
	9,600	frontdoor, Inc.*	434,496
	18,131	OneSpaWorld Holdings Ltd. (Bahamas)*	296,079
			1,264,620
	Diversified Financial Services – 0.6%
	12,540	Voya Financial, Inc.	730,831
	Diversified Telecommunication Services – 0.6%
	10,713	GCI Liberty, Inc., Class A*	760,516
	Electric Utilities – 3.2%
	11,217	ALLETE, Inc.	898,594
	28,416	Alliant Energy Corp.	1,506,048
	10,156	IDACORP, Inc.	1,066,888
	10,458	Portland General Electric Co.	580,523
			4,052,053
	Electrical Equipment – 1.7%
	7,513	Hubbell, Inc.	1,104,561
	43,583	nVent Electric PLC	1,076,936
			2,181,497
	Electronic Equipment, Instruments & Components – 2.3%
	3,436	Coherent, Inc.*	518,355
	3,520	Littelfuse, Inc.	638,563
	6,712	SYNNEX Corp.	824,301
	22,990	Trimble, Inc.*	931,785
			2,913,004
	Energy Equipment & Services – 0.9%
	25,599	Apergy Corp.*	653,798

Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – (continued)
	27,070	TechnipFMC PLC (United Kingdom)	$       509,999
			1,163,797
	Entertainment – 0.6%
	9,876	Live Nation Entertainment, Inc.*	689,444
	366	World Wrestling Entertainment, Inc., Class A	22,699
			712,143
	Equity Real Estate Investment Trusts (REITs) – 13.3%
	12,417	Camden Property Trust REIT	1,385,116
	37,077	Columbia Property Trust, Inc. REIT	769,718
	15,269	CyrusOne, Inc. REIT	951,259
	31,060	Duke Realty Corp. REIT	1,092,691
	55,302	Empire State Realty Trust, Inc., Class A REIT	772,016
	19,548	Equity LifeStyle Properties, Inc. REIT	1,448,116
	7,200	Federal Realty Investment Trust REIT	950,904
	31,442	Healthcare Realty Trust, Inc. REIT	1,043,560
	10,713	Highwoods Properties, Inc. REIT	520,116
	21,738	Hudson Pacific Properties, Inc. REIT	778,220
	3,861	Life Storage, Inc. REIT	422,857
	7,026	Mid-America Apartment Communities, Inc. REIT	956,309
	11,235	National Health Investors, Inc. REIT	909,923
	38,642	Pebblebrook Hotel Trust REIT	1,012,420
	3,479	PS Business Parks, Inc. REIT	614,357
	54,780	RLJ Lodging Trust REIT	936,190
	47,615	SITE Centers Corp. REIT	689,941
	28,727	STAG Industrial, Inc. REIT	890,250
	28,926	Urban Edge Properties REIT	599,636
			16,743,599
	Food & Staples Retailing – 0.7%
	4,502	Grocery Outlet Holding Corp.*	149,152
	19,825	US Foods Holding Corp.*	788,440
			937,592
	Food Products – 1.7%
	6,717	Lamb Weston Holdings, Inc.	564,094
	47,984	Nomad Foods Ltd. (United Kingdom)*	1,007,664

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	5,998	Post Holdings, Inc.*	$       633,389
			2,205,147
	Gas Utilities – 1.5%
	14,222	Atmos Energy Corp.	1,521,185
	8,339	New Jersey Resources Corp.	354,741
			1,875,926
	Health Care Equipment & Supplies – 1.2%
	9,739	Avanos Medical, Inc.*	337,554
	5,214	Hill-Rom Holdings, Inc.	558,993
	10,310	Integra LifeSciences Holdings Corp.*	628,807
			1,525,354
	Health Care Providers & Services – 0.4%
	15,227	Acadia Healthcare Co., Inc.*	489,700
	Hotels, Restaurants & Leisure – 3.0%
	22,364	Aramark	975,965
	24,983	Boyd Gaming Corp.	734,750
	2,868	Eldorado Resorts, Inc.*	153,467
	11,548	Marriott Vacations Worldwide Corp.	1,418,556
	1,322	Vail Resorts, Inc.	320,810
	5,873	Wendy’s Co. (The)	125,917
			3,729,465
	Household Durables – 1.3%
	627	Helen of Troy Ltd.*	101,210
	20,436	KB Home	706,677
	3,050	Lennar Corp., Class A	181,932
	6,388	TopBuild Corp.*	704,469
			1,694,288
	Industrial Conglomerates – 0.4%
	3,582	Carlisle Cos., Inc.	558,720
	Insurance – 6.1%
	9,356	American Financial Group, Inc.	1,026,447
	25,994	Brown & Brown, Inc.	981,013
	10,748	Globe Life, Inc.	1,104,464
	7,206	Hanover Insurance Group, Inc. (The)	979,512
	11,443	Kemper Corp.	845,867
	4,765	Primerica, Inc.	637,748

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	5,531	Reinsurance Group of America, Inc.	$       915,159
	17,808	WR Berkley Corp.	1,210,944
			7,701,154
	IT Services – 1.7%
	4,332	CACI International, Inc., Class A*	1,036,734
	12,080	Leidos Holdings, Inc.	1,097,347
			2,134,081
	Leisure Equipment & Products – 0.5%
	6,045	Polaris, Inc.	590,597
	Leisure Products – 0.3%
	7,201	Brunswick Corp.	423,203
	Life Sciences Tools & Services – 3.1%
	3,501	Bio-Rad Laboratories, Inc., Class A*	1,293,199
	6,783	PerkinElmer, Inc.	630,141
	5,320	PRA Health Sciences, Inc.*	578,869
	20,625	QIAGEN NV.*	882,750
	8,532	Syneos Health, Inc.*	468,492
			3,853,451
	Machinery – 3.6%
	22,782	Gardner Denver Holdings, Inc.*	771,626
	3,792	IDEX Corp.	617,110
	12,726	ITT, Inc.	888,020
	10,876	Kennametal, Inc.	378,811
	22,643	Rexnord Corp.*	715,293
	21,356	Timken Co. (The)	1,123,112
			4,493,972
	Media – 1.1%
	22,046	Gray Television, Inc.*	446,211
	7,315	Nexstar Media Group, Inc., Class A	787,899
	7,397	TEGNA, Inc.	113,544
			1,347,654
	Metals & Mining – 1.7%
	2,323	Carpenter Technology Corp.	122,120
	24,633	Commercial Metals Co.	526,161
	53,144	Constellium SE*	751,456
	226	Royal Gold, Inc.	26,503

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – (continued)
	21,992	Steel Dynamics, Inc.	$       741,790
			2,168,030
	Mortgage Real Estate Investment Trusts (REITs) – 2.4%
	114,081	MFA Financial, Inc. REIT	873,860
	16,313	PennyMac Mortgage Investment Trust REIT	376,667
	52,990	Redwood Trust, Inc. REIT	857,378
	59,301	Two Harbors Investment Corp. REIT	862,237
			2,970,142
	Oil, Gas & Consumable Fuels – 2.6%
	9,113	Brigham Minerals, Inc., Class A	176,427
	26,852	Cabot Oil & Gas Corp.	428,021
	4,147	Diamondback Energy, Inc.	320,729
	55,659	Parsley Energy, Inc., Class A	833,772
	30,021	Viper Energy Partners LP	712,098
	86,883	WPX Energy, Inc.*	854,929
			3,325,976
	Personal Products – 0.3%
	22,283	BellRing Brands, Inc., Class A*	446,329
	Pharmaceuticals – 0.8%
	19,888	Catalent, Inc.*	1,033,977
	Professional Services – 0.5%
	9,252	ASGN, Inc.*	619,977
	Real Estate Management & Development – 0.9%
	38,503	Cushman & Wakefield PLC*	746,573
	15,930	Kennedy-Wilson Holdings, Inc.	360,178
			1,106,751
	Road & Rail – 2.1%
	20,637	Knight-Swift Transportation Holdings, Inc.	763,363
	6,018	Old Dominion Freight Line, Inc.	1,152,989
	7,906	Saia, Inc.*	750,279
			2,666,631
	Semiconductors & Semiconductor Equipment – 1.6%
	7,705	Cree, Inc.*	340,638

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	14,044	Entegris, Inc.	$       664,562
	13,760	Marvell Technology Group Ltd.	362,851
	6,299	MKS Instruments, Inc.	669,458
			2,037,509
	Software – 1.6%
	8,730	Cornerstone OnDemand, Inc.*	538,379
	4,749	LogMeIn, Inc.	370,327
	43,471	Nuance Communications, Inc.*	779,435
	14,017	Teradata Corp.*	372,292
			2,060,433
	Specialty Retail – 2.8%
	3,124	Aaron’s, Inc.	182,442
	2,260	Asbury Automotive Group, Inc.*	250,498
	2,450	Burlington Stores, Inc.*	551,250
	7,568	Dick’s Sporting Goods, Inc.	346,690
	6,075	Five Below, Inc.*	751,538
	3,095	Group 1 Automotive, Inc.	319,064
	17,241	Michaels Cos., Inc. (The)*	141,031
	2,359	RH*	484,987
	6,470	Williams-Sonoma, Inc.	449,018
			3,476,518
	Textiles, Apparel & Luxury Goods – 0.8%
	1,903	Columbia Sportswear Co.	176,027
	3,123	Deckers Outdoor Corp.*	525,226
	3,545	Levi Strauss & Co., Class A(a)	59,485
	2,810	PVH Corp.	272,458
			1,033,196
	Thrifts & Mortgage Finance – 1.0%
	49,319	MGIC Investment Corp.	710,687
	14,087	Washington Federal, Inc.	518,542
			1,229,229
	Trading Companies & Distributors – 1.8%
	19,446	Beacon Roofing Supply, Inc.*	576,574
	3,380	United Rentals, Inc.*	517,309
	25,495	Univar Solutions, Inc.*	597,093

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – (continued)
	3,270	Watsco, Inc.	$       581,962
			2,272,938
	TOTAL COMMON STOCKS (Cost $111,176,782)		$124,356,256
Shares		Dividend Rate	Value
	Investment Company – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,039,494	1.613%	$    1,039,494
	(Cost $1,039,494)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $112,216,276)		$125,395,750
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,223	1.613%	$           2,223
	(Cost $2,223)
	TOTAL INVESTMENTS – 99.4% (Cost $112,218,499)		$125,397,973
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		694,569
	NET ASSETS – 100.0%		$126,092,542

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Goldman Sachs Asset Management, L.P. (“GSAM”), 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.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Securities Lending — The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

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

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of November 30, 2019:

EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,999,181	$	—	$	—
Europe		28,036,020		—		—
North America		342,414,762		—		—
Investment Company		461,472		—		—
Total	$	374,911,435	$	—	$	—
FOCUSED VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	392,440	$	—	$	—
North America		6,271,669		—		—
Investment Company		145,651		—		—
Total	$	6,809,760	$	—	$	—
LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	13,204,028	$	—	$	—
North America		454,788,611		—		—
Investment Company		1,521,637		—		—
Total	$	469,514,276	$	—	$	—
MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	26,130,883	$	—	$	—
North America		1,153,387,595		—		—
Investment Company		15,332,543		—		—
Total	$	1,194,851,021	$	—	$	—
SMALL CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	28,814,436	$	—	$	—
North America		5,780,499,627		—		—
South America		25,513,407		—		—
Investment Company		64,949,001		—		—
Securities Lending Reinvestment Vehicle		12,233,898		—		—
Total	$	5,912,010,369	$	—	$	—
SMALL/MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,517,663	$	—	$	—
North America		122,838,593		—		—
Investment Company		1,039,494		—		—
Securities Lending Reinvestment Vehicle		2,223		—		—
Total	$	125,397,973	$	—	$	—

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

November 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

November 30, 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 enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.