GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.0%
	Aerospace & Defense – 1.5%
	31,147	Boeing Co. (The)	$       6,562,984
	26,777	L3Harris Technologies, Inc.	5,140,916
	11,879	Northrop Grumman Corp.	3,590,547
			15,294,447
	Airlines – 0.1%
	30,606	United Airlines Holdings, Inc.*	1,378,800
	Auto Components – 0.5%
	43,128	Aptiv PLC	5,119,294
	Automobiles – 0.7%
	13,360	Tesla, Inc.*	7,583,136
	Banks – 2.3%
	23,066	First Republic Bank	2,988,431
	56,918	JPMorgan Chase & Co.	6,709,494
	9,063	SVB Financial Group*	3,125,466
	99,412	Truist Financial Corp.	4,614,705
	223,141	Wells Fargo & Co.	6,102,906
			23,541,002
	Beverages – 1.8%
	162,588	Coca-Cola Co. (The)	8,389,541
	45,969	Coca-Cola European Partners PLC (United Kingdom)	2,053,895
	27,827	Constellation Brands, Inc., Class A	5,727,910
	22,549	Monster Beverage Corp.*	1,911,704
			18,083,050
	Biotechnology – 1.9%
	38,877	ACADIA Pharmaceuticals, Inc.*	2,202,771
	17,269	Agios Pharmaceuticals, Inc.*	799,900
	6,168	Biogen, Inc.*	1,481,368
	22,044	BioMarin Pharmaceutical, Inc.*	1,734,863
	106,196	Genmab A/S ADR (Denmark)*	4,100,228
	18,771	Neurocrine Biosciences, Inc.*	1,782,119
	29,664	Sarepta Therapeutics, Inc.*	4,178,471
	15,933	Seagen, Inc.*	2,713,549
			18,993,269
	Building Products – 0.2%
	16,674	Trane Technologies PLC	2,438,406
	Capital Markets – 2.2%
	22,551	Bank of New York Mellon Corp. (The)	882,195
	5,235	BlackRock, Inc.	3,655,862
	35,436	Charles Schwab Corp. (The)	1,728,568
	6,855	CME Group, Inc.	1,199,831
	21,433	Intercontinental Exchange, Inc.	2,261,396
	114,646	Morgan Stanley	7,088,562
	7,330	Northern Trust Corp.	682,570
	11,723	Raymond James Financial, Inc.	1,066,207
	9,141	S&P Global, Inc.	3,215,621
			21,780,812
	Chemicals – 2.4%
	34,048	Ecolab, Inc.	7,563,763
	35,558	Linde PLC (United Kingdom)	9,117,782
	10,141	Sherwin-Williams Co. (The)	7,581,716
			24,263,261
	Commercial Services & Supplies – 0.1%
	5,727	Waste Connections, Inc.	595,493

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 0.7%
	129,108	Cisco Systems, Inc.	$       5,554,226
	74,849	Juniper Networks, Inc.	1,629,463
			7,183,689
	Construction Materials – 0.7%
	26,945	Martin Marietta Materials, Inc.	7,157,400
	Consumer Finance – 2.4%
	52,803	Ally Financial, Inc.	1,565,609
	133,171	American Express Co.	15,792,749
	90,267	Discover Financial Services	6,875,637
			24,233,995
	Containers & Packaging – 0.6%
	63,981	Ball Corp.	6,142,816
	Diversified Consumer Services – 0.1%
	7,296	Bright Horizons Family Solutions, Inc.*	1,241,123
	Diversified Financial Services – 1.3%
	55,376	Berkshire Hathaway, Inc., Class B*	12,676,120
	Diversified Telecommunication Services – 0.3%
	43,008	Verizon Communications, Inc.	2,598,113
	Electric Utilities – 0.9%
	118,859	NextEra Energy, Inc.	8,746,834
	Electrical Equipment – 0.3%
	25,167	Eaton Corp. PLC	3,047,975
	Electronic Equipment, Instruments & Components – 0.9%
	55,664	Amphenol Corp., Class A	7,281,408
	52,719	National Instruments Corp.	1,973,272
			9,254,680
	Entertainment – 2.3%
	21,902	Activision Blizzard, Inc.	1,740,771
	13,900	Electronic Arts, Inc.*	1,775,725
	25,744	Liberty Media Corp.-Liberty Formula One, Class C*	1,075,585
	18,262	Live Nation Entertainment, Inc.*	1,198,900
	11,296	Netflix, Inc.*	5,542,947
	82,693	Walt Disney Co. (The)	12,239,391
			23,573,319
	Equity Real Estate Investment Trusts (REITs) – 2.7%
	23,271	Alexandria Real Estate Equities, Inc. REIT	3,810,161
	16,505	American Tower Corp. REIT	3,815,956
	29,699	CyrusOne, Inc. REIT	2,076,257
	2,145	Equinix, Inc. REIT	1,496,760
	22,098	Equity LifeStyle Properties, Inc. REIT	1,294,722
	25,159	Extra Space Storage, Inc. REIT	2,836,174
	40,433	Healthpeak Properties, Inc. REIT	1,166,896
	89,080	Host Hotels & Resorts, Inc. REIT	1,249,792
	85,169	Invitation Homes, Inc. REIT	2,434,130
	61,538	Prologis, Inc. REIT	6,156,877
	23,565	Welltower, Inc. REIT	1,484,124
			27,821,849
	Food & Staples Retailing – 1.0%
	66,680	Walmart, Inc.	10,188,037

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 1.2%
	29,719	McCormick & Co., Inc.	$       5,556,859
	119,592	Mondelez International, Inc., Class A	6,870,560
			12,427,419
	Gas Utilities – 0.2%
	22,689	Atmos Energy Corp.	2,175,648
	Health Care Equipment & Supplies – 4.1%
	219,229	Boston Scientific Corp.*	7,267,441
	25,555	Danaher Corp.	5,740,420
	46,073	Hologic, Inc.*	3,185,026
	3,000	IDEXX Laboratories, Inc.*	1,382,940
	19,728	Insulet Corp.*	5,084,103
	10,277	Intuitive Surgical, Inc.*	7,461,616
	12,036	West Pharmaceutical Services, Inc.	3,311,826
	55,371	Zimmer Biomet Holdings, Inc.	8,256,923
			41,690,295
	Health Care Providers & Services – 2.5%
	24,807	Centene Corp.*	1,529,351
	128,692	CVS Health Corp.	8,724,031
	24,250	Guardant Health, Inc.*	2,937,160
	12,567	Humana, Inc.	5,033,335
	21,239	UnitedHealth Group, Inc.	7,143,525
			25,367,402
	Health Care Technology – 0.8%
	137,622	American Well Corp., Class A*(a)	3,652,488
	15,800	Veeva Systems, Inc., Class A*	4,374,546
			8,027,034
	Hotels, Restaurants & Leisure – 2.3%
	79,557	Aramark	2,784,495
	33,682	Las Vegas Sands Corp.	1,876,424
	42,215	McDonald’s Corp.	9,179,230
	19,467	Wyndham Hotels & Resorts, Inc.	1,119,352
	32,651	Wynn Resorts Ltd.	3,281,426
	46,074	Yum! Brands, Inc.	4,874,629
			23,115,556
	Household Durables – 0.2%
	24,293	Lennar Corp., Class A	1,842,867
	Household Products – 1.4%
	101,337	Procter & Gamble Co. (The)	14,072,669
	Industrial Conglomerates – 1.8%
	678,338	General Electric Co.	6,905,481
	58,040	Honeywell International, Inc.	11,835,517
			18,740,998
	Insurance – 1.5%
	12,911	Allstate Corp. (The)	1,321,441
	15,486	American International Group, Inc.	595,282
	32,809	Chubb Ltd.	4,850,155
	25,340	Globe Life, Inc.	2,359,154
	2,427	Markel Corp.*	2,363,485
	24,635	Marsh & McLennan Cos., Inc.	2,824,156
	3,497	Progressive Corp. (The)	304,624
	7,383	Reinsurance Group of America, Inc.	851,112
			15,469,409
	Interactive Media & Services – 6.0%
	11,348	Alphabet, Inc., Class A*	19,908,931
	9,164	Alphabet, Inc., Class C*	16,135,422

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	80,274	Facebook, Inc., Class A*	$     22,233,490
	45,846	Snap, Inc., Class A*	2,036,479
			60,314,322
	Internet & Direct Marketing Retail – 4.6%
	13,127	Amazon.com, Inc.*	41,586,861
	22,393	Etsy, Inc.*	3,598,555
	705	MercadoLibre, Inc. (Argentina)*	1,095,098
			46,280,514
	IT Services – 6.7%
	36,078	Accenture PLC, Class A	8,986,669
	15,264	Booz Allen Hamilton Holding Corp.	1,324,762
	38,679	Cognizant Technology Solutions Corp., Class A	3,021,990
	67,538	Fidelity National Information Services, Inc.	10,023,315
	18,612	Fiserv, Inc.*	2,143,730
	19,543	International Business Machines Corp.	2,413,951
	21,700	Mastercard, Inc., Class A	7,302,267
	65,326	PayPal Holdings, Inc.*	13,987,603
	3,059	Snowflake, Inc., Class A*	996,745
	85,054	Visa, Inc., Class A	17,891,109
			68,092,141
	Leisure Products – 0.2%
	25,095	Brunswick Corp.	1,873,091
	Life Sciences Tools & Services – 1.0%
	7,762	Illumina, Inc.*	2,500,062
	3,217	Mettler-Toledo International, Inc.*	3,699,679
	16,245	PerkinElmer, Inc.	2,160,585
	3,345	Thermo Fisher Scientific, Inc.	1,555,358
			9,915,684
	Machinery – 1.5%
	24,026	Deere & Co.	6,285,682
	39,903	Illinois Tool Works, Inc.	8,423,125
	4,878	Stanley Black & Decker, Inc.	899,064
			15,607,871
	Media – 1.0%
	192,145	Comcast Corp., Class A	9,653,365
	Multiline Retail – 0.3%
	11,850	Dollar General Corp.	2,590,173
	Multi-Utilities – 1.1%
	58,766	Ameren Corp.	4,570,819
	84,617	CMS Energy Corp.	5,207,330
	14,904	WEC Energy Group, Inc.	1,415,135
			11,193,284
	Oil, Gas & Consumable Fuels – 2.1%
	189,144	Cheniere Energy, Inc.*	10,722,573
	96,425	Chevron Corp.	8,406,332
	49,840	ConocoPhillips	1,971,670
			21,100,575
	Personal Products – 0.7%
	30,521	Estee Lauder Cos., Inc. (The), Class A	7,487,412
	Pharmaceuticals – 2.9%
	80,869	AstraZeneca PLC ADR (United Kingdom)	4,281,205
	172,400	Bristol-Myers Squibb Co.	10,757,760

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	40,341	Catalent, Inc.*	$       3,878,384
	73,973	Eli Lilly and Co.	10,774,167
			29,691,516
	Professional Services – 0.6%
	62,649	TransUnion	5,706,697
	3,853	Verisk Analytics, Inc.	764,089
			6,470,786
	Road & Rail – 2.0%
	25,154	Norfolk Southern Corp.	5,962,001
	22,536	Old Dominion Freight Line, Inc.	4,582,921
	48,034	Union Pacific Corp.	9,802,779
			20,347,701
	Semiconductors & Semiconductor Equipment – 4.2%
	48,359	Advanced Micro Devices, Inc.*	4,480,945
	178,352	Marvell Technology Group Ltd.	8,255,914
	11,937	Micron Technology, Inc.*	765,042
	11,988	NVIDIA Corp.	6,426,287
	49,391	NXP Semiconductors NV (Netherlands)	7,824,522
	21,699	QUALCOMM, Inc.	3,193,442
	19,278	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	1,870,352
	61,356	Texas Instruments, Inc.	9,893,655
			42,710,159
	Software – 9.5%
	22,678	Adobe, Inc.*	10,850,743
	14,711	Atlassian Corp. PLC, Class A*	3,310,710
	15,281	HubSpot, Inc.*	6,025,757
	15,990	Intuit, Inc.	5,628,800
	239,292	Microsoft Corp.	51,225,238
	9,018	Palo Alto Networks, Inc.*	2,650,571
	4,810	Paycom Software, Inc.*	2,006,155
	10,062	ServiceNow, Inc.*	5,378,642
	17,474	Splunk, Inc.*	3,567,841
	23,521	Workday, Inc., Class A*	5,287,286
			95,931,743
	Specialty Retail – 2.1%
	12,897	Advance Auto Parts, Inc.	1,904,887
	27,748	Lowe’s Cos., Inc.	4,323,693
	5,575	O’Reilly Automotive, Inc.*	2,466,603
	8,242	RH*	3,734,945
	34,958	Ross Stores, Inc.	3,758,684
	17,279	Ulta Beauty, Inc.*	4,758,637
			20,947,449
	Technology Hardware, Storage & Peripherals – 5.3%
	449,799	Apple, Inc.	53,548,571
	Textiles, Apparel & Luxury Goods – 1.6%
	11,928	Lululemon Athletica, Inc.*	4,415,984
	66,988	NIKE, Inc., Class B	9,023,284
	34,402	PVH Corp.	2,734,615
			16,173,883
	Water Utilities – 0.4%
	29,082	American Water Works Co., Inc.	4,460,597

Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.3%
	21,345	T-Mobile US, Inc.*	$       2,837,604
	TOTAL COMMON STOCKS (Cost $590,619,892)		$   993,094,658
Shares		Dividend Rate	Value
	Investment Company – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,839,534	0.016%	$       3,839,534
	(Cost $3,839,534)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $594,459,426)		$   996,934,192
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,497,295	0.016%	$       3,497,295
	(Cost $3,497,295)
	TOTAL INVESTMENTS – 98.7% (Cost $597,956,721)		$1,000,431,487
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%		12,604,760
	NET ASSETS – 100.0%		$1,013,036,247

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 1.3%
	11,924	Boeing Co. (The)	$    2,512,506
	Auto Components – 1.8%
	28,716	Aptiv PLC	3,408,589
	Beverages – 1.5%
	32,220	Monster Beverage Corp.*	2,731,612
	Biotechnology – 3.4%
	25,820	BioMarin Pharmaceutical, Inc.*	2,032,034
	62,793	Genmab A/S ADR (Denmark)*	2,424,438
	13,345	Sarepta Therapeutics, Inc.*	1,879,776
			6,336,248
	Chemicals – 1.7%
	14,465	Ecolab, Inc.	3,213,400
	Entertainment – 3.7%
	39,556	Live Nation Entertainment, Inc.*	2,596,851
	9,125	Netflix, Inc.*	4,477,638
			7,074,489
	Equity Real Estate Investment Trusts (REITs) – 3.0%
	10,951	American Tower Corp. REIT	2,531,871
	4,368	Equinix, Inc. REIT	3,047,947
			5,579,818
	Food & Staples Retailing – 1.4%
	17,261	Walmart, Inc.	2,637,308
	Food Products – 1.3%
	13,290	McCormick & Co., Inc.	2,484,964
	Health Care Equipment & Supplies – 5.0%
	119,670	Boston Scientific Corp.*	3,967,060
	12,681	Danaher Corp.	2,848,533
	10,514	Insulet Corp.*	2,709,563
			9,525,156
	Health Care Providers & Services – 1.4%
	6,611	Humana, Inc.	2,647,838
	Health Care Technology – 1.2%
	8,430	Veeva Systems, Inc., Class A*	2,334,014
	Hotels, Restaurants & Leisure – 1.6%
	14,090	McDonald’s Corp.	3,063,730
	Interactive Media & Services – 12.7%
	6,210	Alphabet, Inc., Class A*	10,894,824
	2,100	Alphabet, Inc., Class C*	3,697,554
	33,794	Facebook, Inc., Class A*	9,359,924
			23,952,302
	Internet & Direct Marketing Retail – 4.5%
	2,696	Amazon.com, Inc.*	8,541,036
	IT Services – 12.2%
	23,728	Fidelity National Information Services, Inc.	3,521,473
	33,246	PayPal Holdings, Inc.*	7,118,633
	9,177	Snowflake, Inc., Class A*	2,990,234
	44,387	Visa, Inc., Class A	9,336,805
			22,967,145
	Life Sciences Tools & Services – 1.7%
	10,046	Illumina, Inc.*	3,235,716

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 2.3%
	30,308	Eli Lilly and Co.	$    4,414,360
	Road & Rail – 1.8%
	37,486	CSX Corp.	3,375,614
	Semiconductors & Semiconductor Equipment – 9.6%
	136,053	Marvell Technology Group Ltd.	6,297,893
	11,227	NVIDIA Corp.	6,018,346
	36,252	NXP Semiconductors NV (Netherlands)	5,743,042
			18,059,281
	Software – 14.1%
	13,909	Adobe, Inc.*	6,655,039
	69,885	Microsoft Corp.	14,960,282
	21,984	Workday, Inc., Class A*	4,941,784
			26,557,105
	Technology Hardware, Storage & Peripherals – 7.6%
	121,252	Apple, Inc.	14,435,051
	Textiles, Apparel & Luxury Goods – 4.3%
	6,811	Lululemon Athletica, Inc.*	2,521,569
	41,952	NIKE, Inc., Class B	5,650,934
			8,172,503
	TOTAL COMMON STOCKS (Cost $94,222,001)		$187,259,785
Shares		Dividend Rate	Value
	Investment Company – 0.7%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,366,702	0.016%	$    1,366,702
	(Cost $1,366,702)
	TOTAL INVESTMENTS – 99.8% (Cost $95,588,703)		$188,626,487
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		413,133
	NET ASSETS – 100.0%		$189,039,620

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 FLEXIBLE CAP FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Aerospace & Defense – 0.4%
	605	Huntington Ingalls Industries, Inc.	$       96,915
	Auto Components – 0.6%
	1,329	Aptiv PLC	157,752
	Banks – 4.2%
	1,521	Bank of America Corp.	42,831
	2,647	East West Bancorp, Inc.	113,080
	3,410	JPMorgan Chase & Co.	401,971
	1,092	M&T Bank Corp.	127,207
	368	SVB Financial Group*	126,909
	7,947	Wells Fargo & Co.	217,350
			1,029,348
	Beverages – 2.0%
	3,082	Coca-Cola Co. (The)	159,031
	1,965	Coca-Cola European Partners PLC (United Kingdom)	87,796
	542	Constellation Brands, Inc., Class A	111,565
	1,398	Monster Beverage Corp.*	118,523
			476,915
	Biotechnology – 2.4%
	589	Biogen, Inc.*	141,460
	1,377	BioMarin Pharmaceutical, Inc.*	108,370
	3,030	Genmab A/S ADR (Denmark)*	116,988
	1,182	Neurocrine Biosciences, Inc.*	112,219
	795	Sarepta Therapeutics, Inc.*	111,984
			591,021
	Building Products – 0.6%
	997	Trane Technologies PLC	145,801
	Capital Markets – 1.7%
	1,333	Cboe Global Markets, Inc.	121,730
	1,393	Raymond James Financial, Inc.	126,693
	466	S&P Global, Inc.	163,929
			412,352
	Chemicals – 1.2%
	662	Ecolab, Inc.	147,064
	202	Sherwin-Williams Co. (The)	151,021
			298,085

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 1.0%
	4,729	Juniper Networks, Inc.	$     102,950
	752	Motorola Solutions, Inc.	128,991
			231,941
	Construction Materials – 0.5%
	473	Martin Marietta Materials, Inc.	125,643
	Consumer Finance – 1.4%
	1,516	American Express Co.	179,782
	1,994	Discover Financial Services	151,883
			331,665
	Containers & Packaging – 1.0%
	1,364	Ball Corp.	130,958
	928	Packaging Corp. of America	120,640
			251,598
	Diversified Financial Services – 1.0%
	1,013	Berkshire Hathaway, Inc., Class B*	231,886
	Diversified Telecommunication Services – 1.1%
	2,118	AT&T, Inc.	60,892
	3,397	Verizon Communications, Inc.	205,213
			266,105
	Electrical Equipment – 1.2%
	1,288	Eaton Corp. PLC	155,990
	517	Rockwell Automation, Inc.	132,124
			288,114
	Electronic Equipment, Instruments & Components – 0.5%
	3,530	Vontier Corp.*	117,090
	Energy Equipment & Services – 0.4%
	5,704	Baker Hughes Co.	106,779
	Entertainment – 1.8%
	740	Electronic Arts, Inc.*	94,535
	142	Netflix, Inc.*	69,679
	1,907	Walt Disney Co. (The)	282,255
			446,469
	Equity Real Estate Investment Trusts (REITs) – 2.5%
	716	AvalonBay Communities, Inc. REIT	119,279

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	1,381	Equity LifeStyle Properties, Inc. REIT	$       80,913
	474	Essex Property Trust, Inc. REIT	116,547
	897	Extra Space Storage, Inc. REIT	101,119
	3,147	Invitation Homes, Inc. REIT	89,941
	395	SBA Communications Corp. REIT	113,436
			621,235
	Food & Staples Retailing – 1.1%
	1,691	Walmart, Inc.	258,368
	Food Products – 1.4%
	1,315	Lamb Weston Holdings, Inc.	95,180
	508	McCormick & Co., Inc.	94,986
	2,531	Mondelez International, Inc., Class A	145,406
			335,572
	Health Care Equipment & Supplies – 3.5%
	4,328	Boston Scientific Corp.*	143,473
	357	Cooper Cos., Inc. (The)	119,674
	1,022	Danaher Corp.	229,572
	1,700	Hologic, Inc.*	117,521
	440	West Pharmaceutical Services, Inc.	121,070
	895	Zimmer Biomet Holdings, Inc.	133,462
			864,772
	Health Care Providers & Services – 2.9%
	2,104	Centene Corp.*	129,712
	2,595	CVS Health Corp.	175,915
	358	Humana, Inc.	143,386
	946	Quest Diagnostics, Inc.	117,285
	396	UnitedHealth Group, Inc.	133,191
			699,489
	Hotels, Restaurants & Leisure – 2.1%
	4,358	Aramark	152,530
	1,078	McDonald’s Corp.	234,400
	1,291	Yum! Brands, Inc.	136,588
			523,518
	Household Durables – 0.5%
	1,504	Lennar Corp., Class A	114,093
	Household Products – 1.9%
	1,199	Church & Dwight Co., Inc.	105,236

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – (continued)
	2,536	Procter & Gamble Co. (The)	$     352,175
			457,411
	Independent Power and Renewable Electricity Producers – 0.5%
	5,427	AES Corp. (The)	110,928
	Industrial Conglomerates – 1.0%
	1,175	Honeywell International, Inc.	239,606
	Insurance – 2.0%
	1,259	Allstate Corp. (The)	128,859
	1,491	American Financial Group, Inc.	133,310
	1,261	Globe Life, Inc.	117,399
	967	Reinsurance Group of America, Inc.	111,476
			491,044
	Interactive Media & Services – 6.6%
	293	Alphabet, Inc., Class A*	514,039
	235	Alphabet, Inc., Class C*	413,774
	2,155	Facebook, Inc., Class A*	596,870
	640	Match Group, Inc.*	89,095
			1,613,778
	Internet & Direct Marketing Retail – 4.0%
	304	Amazon.com, Inc.*	963,084
	IT Services – 5.7%
	966	Accenture PLC, Class A	240,621
	1,075	Akamai Technologies, Inc.*	111,273
	1,233	Booz Allen Hamilton Holding Corp.	107,012
	1,986	Cognizant Technology Solutions Corp., Class A	155,166
	1,214	Fidelity National Information Services, Inc.	180,170
	350	Mastercard, Inc., Class A	117,779
	382	PayPal Holdings, Inc.*	81,794
	1,881	Visa, Inc., Class A	395,668
			1,389,483
	Life Sciences Tools & Services – 1.7%
	1,326	Agilent Technologies, Inc.	155,010
	117	Mettler-Toledo International, Inc.*	134,555
	1,012	PRA Health Sciences, Inc.*	113,546
			403,111

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – 3.1%
	580	Cummins, Inc.	$     134,078
	1,568	Fortive Corp.	109,964
	1,747	Graco, Inc.	118,342
	627	IDEX Corp.	121,105
	731	Illinois Tool Works, Inc.	154,307
	1,590	ITT, Inc.	115,482
			753,278
	Media – 1.5%
	5,527	Comcast Corp., Class A	277,676
	2,070	Liberty Media Corp.-Liberty SiriusXM, Class A*	84,746
			362,422
	Multiline Retail – 0.6%
	705	Dollar General Corp.	154,099
	Multi-Utilities – 1.9%
	1,334	Ameren Corp.	103,758
	1,750	CMS Energy Corp.	107,695
	2,124	Public Service Enterprise Group, Inc.	123,787
	939	Sempra Energy	119,704
			454,944
	Oil, Gas & Consumable Fuels – 1.9%
	1,766	Cheniere Energy, Inc.*	100,114
	2,692	Chevron Corp.	234,689
	2,051	Phillips 66	124,250
			459,053
	Personal Products – 0.6%
	549	Estee Lauder Cos., Inc. (The), Class A	134,681
	Pharmaceuticals – 3.1%
	3,647	Bristol-Myers Squibb Co.	227,573
	1,499	Eli Lilly and Co.	218,329
	1,338	Johnson & Johnson	193,582
	694	Merck & Co., Inc.	55,791
	1,643	Pfizer, Inc.	62,943
			758,218
	Professional Services – 0.5%
	637	Verisk Analytics, Inc.	126,323

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 1.2%
	1,904	CSX Corp.	$     171,455
	580	Old Dominion Freight Line, Inc.	117,949
			289,404
	Semiconductors & Semiconductor Equipment – 3.5%
	1,215	Intel Corp.	58,745
	396	Lam Research Corp.	179,253
	829	MKS Instruments, Inc.	114,386
	255	NVIDIA Corp.	136,695
	857	NXP Semiconductors NV (Netherlands)	135,766
	1,423	Texas Instruments, Inc.	229,459
			854,304
	Software – 9.7%
	582	Adobe, Inc.*	278,469
	1,173	Cadence Design Systems, Inc.*	136,420
	541	Intuit, Inc.	190,443
	6,580	Microsoft Corp.	1,408,581
	395	Palo Alto Networks, Inc.*	116,098
	943	Proofpoint, Inc.*	97,591
	175	salesforce.com, Inc.*	43,015
	444	Workday, Inc., Class A*	99,807
			2,370,424
	Specialty Retail – 2.8%
	682	Advance Auto Parts, Inc.	100,731
	460	Home Depot, Inc. (The)	127,609
	1,243	Lowe’s Cos., Inc.	193,684
	261	O’Reilly Automotive, Inc.*	115,477
	508	Ulta Beauty, Inc.*	139,903
			677,404
	Technology Hardware, Storage & Peripherals – 6.9%
	13,045	Apple, Inc.	1,553,007
	2,598	NetApp, Inc.	138,500
			1,691,507
	Textiles, Apparel & Luxury Goods – 0.6%
	1,907	PVH Corp.	151,587
	Trading Companies & Distributors – 0.6%
	2,816	Fastenal Co.	139,251

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Water Utilities – 0.5%
	787	American Water Works Co., Inc.	$     120,710
	TOTAL COMMON STOCKS (Cost $16,288,708)		$24,188,580
Shares		Dividend Rate	Value
	Investment Company – 0.4%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	102,069	0.016%	$     102,069
	(Cost $102,069)
	TOTAL INVESTMENTS – 99.8% (Cost $16,390,777)		$24,290,649
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		52,747
	NET ASSETS – 100.0%		$24,343,396

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 GROWTH OPPORTUNITIES FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Aerospace & Defense – 0.5%
	58,729	HEICO Corp.	$       7,257,730
	Banks – 0.7%
	78,571	First Republic Bank	10,179,659
	Beverages – 0.7%
	224,941	Coca-Cola European Partners PLC (United Kingdom)	10,050,364
	Biotechnology – 4.9%
	172,662	Agios Pharmaceuticals, Inc.*	7,997,704
	88,163	BioMarin Pharmaceutical, Inc.*	6,938,428
	118,767	Exact Sciences Corp.*	14,377,933
	145,859	Genmab A/S ADR (Denmark)*	5,631,616
	116,640	Neurocrine Biosciences, Inc.*	11,073,802
	65,153	Sarepta Therapeutics, Inc.*	9,177,451
	73,649	Seagen, Inc.*	12,543,161
			67,740,095
	Building Products – 1.8%
	386,387	AZEK Co., Inc. (The)*	13,801,744
	79,510	Trane Technologies PLC	11,627,542
			25,429,286
	Capital Markets – 2.2%
	39,553	MarketAxess Holdings, Inc.	21,326,186
	21,688	MSCI, Inc.	8,879,501
			30,205,687
	Communications Equipment – 0.9%
	70,879	Motorola Solutions, Inc.	12,157,875
	Construction Materials – 1.2%
	61,849	Martin Marietta Materials, Inc.	16,428,950
	Consumer Finance – 1.2%
	219,334	Discover Financial Services	16,706,671
	Containers & Packaging – 2.1%
	310,195	Ball Corp.	29,781,822
	Diversified Consumer Services – 0.8%
	136,630	Chegg, Inc.*	10,647,576
	Electrical Equipment – 2.9%
	114,727	AMETEK, Inc.	13,598,591
	103,825	Rockwell Automation, Inc.	26,533,517
			40,132,108
	Electronic Equipment, Instruments & Components – 2.7%
	225,363	Amphenol Corp., Class A	29,479,734
	207,826	National Instruments Corp.	7,778,927
			37,258,661
	Entertainment – 1.5%
	158,060	Live Nation Entertainment, Inc.*	10,376,639
	34,597	Spotify Technology SA*	10,080,528
			20,457,167
	Equity Real Estate Investment Trusts (REITs) – 0.6%
	143,228	Equity LifeStyle Properties, Inc. REIT	8,391,729
	Food Products – 2.0%
	100,749	McCormick & Co., Inc.	18,838,048
	488,022	Utz Brands, Inc.	9,848,284
			28,686,332

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 9.9%
	34,628	Align Technology, Inc.*	$     16,666,110
	410,141	Boston Scientific Corp.*	13,596,174
	16,587	Cooper Cos., Inc. (The)	5,560,294
	292,645	Hologic, Inc.*	20,230,549
	43,651	IDEXX Laboratories, Inc.*	20,122,238
	83,867	Insulet Corp.*	21,613,365
	370,087	OraSure Technologies, Inc.*	4,441,044
	71,403	West Pharmaceutical Services, Inc.	19,647,250
	111,769	Zimmer Biomet Holdings, Inc.	16,666,993
			138,544,017
	Health Care Providers & Services – 1.7%
	104,960	Centene Corp.*	6,470,784
	140,901	Guardant Health, Inc.*	17,065,929
			23,536,713
	Health Care Technology – 3.1%
	338,715	American Well Corp., Class A*(a)	8,989,496
	124,179	Veeva Systems, Inc., Class A*	34,381,440
			43,370,936
	Hotels, Restaurants & Leisure – 2.0%
	49,123	Wingstop, Inc.	6,253,849
	141,653	Wynn Resorts Ltd.	14,236,127
	68,088	Yum! Brands, Inc.	7,203,710
			27,693,686
	Household Products – 1.3%
	212,453	Church & Dwight Co., Inc.	18,647,000
	Interactive Media & Services – 3.4%
	208,750	Match Group, Inc.*	29,060,087
	265,137	Pinterest, Inc., Class A*	18,564,893
			47,624,980
	Internet & Direct Marketing Retail – 3.0%
	120,666	Etsy, Inc.*	19,391,026
	75,526	Expedia Group, Inc.	9,402,232
	8,030	MercadoLibre, Inc. (Argentina)*	12,473,240
			41,266,498
	IT Services – 4.2%
	190,820	Akamai Technologies, Inc.*	19,751,778
	145,450	Booz Allen Hamilton Holding Corp.	12,623,605
	28,138	Okta, Inc.*	6,894,936
	62,384	Twilio, Inc., Class A*	19,968,495
			59,238,814
	Life Sciences Tools & Services – 1.6%
	19,485	Mettler-Toledo International, Inc.*	22,408,529
	Machinery – 1.6%
	28,988	Cummins, Inc.	6,701,156
	97,942	Graco, Inc.	6,634,591
	122,275	ITT, Inc.	8,880,833
			22,216,580
	Oil, Gas & Consumable Fuels – 1.4%
	351,464	Cheniere Energy, Inc.*	19,924,494
	Pharmaceuticals – 1.4%
	197,859	Catalent, Inc.*	19,022,164
	Professional Services – 5.3%
	27,489	CoStar Group, Inc.*	25,030,659
	197,191	TransUnion	17,962,128

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	153,847	Verisk Analytics, Inc.	$     30,509,398
			73,502,185
	Road & Rail – 1.2%
	82,313	Old Dominion Freight Line, Inc.	16,739,172
	Semiconductors & Semiconductor Equipment – 6.3%
	52,726	Cree, Inc.*	4,765,903
	237,686	Marvell Technology Group Ltd.	11,002,485
	110,724	Microchip Technology, Inc.	14,880,198
	174,382	MKS Instruments, Inc.	24,061,228
	50,761	NXP Semiconductors NV (Netherlands)	8,041,558
	86,472	Teradyne, Inc.	9,541,321
	106,217	Xilinx, Inc.	15,459,884
			87,752,577
	Software – 18.0%
	182,587	Anaplan, Inc.*	12,779,264
	49,193	ANSYS, Inc.*	16,630,186
	63,293	Avalara, Inc.*	10,870,573
	236,265	Cadence Design Systems, Inc.*	27,477,619
	49,629	Coupa Software, Inc.*	16,323,474
	126,420	DocuSign, Inc.*	28,808,590
	275,237	Dynatrace, Inc.*	10,464,511
	74,990	HubSpot, Inc.*	29,570,807
	91,637	Palo Alto Networks, Inc.*	26,933,947
	25,531	Paycom Software, Inc.*	10,648,469
	52,811	Proofpoint, Inc.*	5,465,410
	100,056	RingCentral, Inc., Class A*	29,721,635
	126,225	Splunk, Inc.*	25,772,621
			251,467,106
	Specialty Retail – 4.8%
	84,841	Burlington Stores, Inc.*	18,541,152
	62,038	O’Reilly Automotive, Inc.*	27,448,093
	75,830	Ulta Beauty, Inc.*	20,883,582
			66,872,827
	Textiles, Apparel & Luxury Goods – 2.4%
	90,437	Lululemon Athletica, Inc.*	33,481,586
	TOTAL COMMON STOCKS (Cost $961,662,414)		$1,384,821,576

Shares		Dividend Rate	Value
	Investment Company – 0.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,538,795	0.016%	$     12,538,795
	(Cost $12,538,795)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $974,201,209)		$1,397,360,371
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.6%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,607,588	0.016%	$       8,607,588
	(Cost $8,607,588)
	TOTAL INVESTMENTS – 100.8% (Cost $982,808,797)		$1,405,967,959
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%		(11,664,806)
	NET ASSETS – 100.0%		$1,394,303,153

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 3.1%
	4,023	Aerojet Rocketdyne Holdings, Inc.*	$     150,581
	1,434	AeroVironment, Inc.*	122,449
	5,939	Kratos Defense & Security Solutions, Inc.*	125,729
	1,396	Moog, Inc., Class A	107,994
			506,753
	Auto Components – 0.9%
	1,614	Fox Factory Holding Corp.*	140,854
	Beverages – 0.6%
	3,170	Celsius Holdings, Inc.*	102,233
	Biotechnology – 15.4%
	1,263	Acceleron Pharma, Inc.*	149,122
	3,086	Agios Pharmaceuticals, Inc.*	142,943
	3,972	Akouos, Inc.*	82,141
	2,260	Allogene Therapeutics, Inc.*	70,173
	7,740	Applied Genetic Technologies Corp.*	34,366
	2,012	Applied Molecular Transport, Inc.*	62,432
	2,513	Avidity Biosciences, Inc.*	75,239
	3,257	Beam Therapeutics, Inc.*	162,850
	2,325	Coherus Biosciences, Inc.*	42,919
	1,683	Constellation Pharmaceuticals, Inc.*	42,647
	1,987	Cytokinetics, Inc.*	33,382
	3,006	Dyne Therapeutics, Inc.*	60,601
	2,797	FibroGen, Inc.*	115,544
	2,016	Generation Bio Co.*	97,212
	7,936	Halozyme Therapeutics, Inc.*	310,298
	541	IGM Biosciences, Inc.*	36,128
	1,683	Inovio Pharmaceuticals, Inc.*	20,566
	3,175	Inozyme Pharma, Inc.*	82,613
	238	Iovance Biotherapeutics, Inc.*	9,237
	1,803	Kiniksa Pharmaceuticals Ltd., Class A*	33,644
	2,180	Kronos Bio, Inc.*	69,913
	5,519	Metacrine, Inc.*	43,710
	1,549	ORIC Pharmaceuticals, Inc.*	52,527
	1,888	PMV Pharmaceuticals, Inc.*	66,533
	845	PTC Therapeutics, Inc.*	52,872
	1,397	Relay Therapeutics, Inc.*	74,474
	1,735	Repare Therapeutics, Inc. (Canada)*	51,824
	3,508	Trillium Therapeutics, Inc. (Canada)*	70,616
	2,040	Ultragenyx Pharmaceutical, Inc.*	241,822
	1,511	Y-mAbs Therapeutics, Inc.*	76,865

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	1,207	Zentalis Pharmaceuticals, Inc.*	$       61,509
			2,526,722
	Building Products – 2.1%
	3,897	AZEK Co., Inc. (The)*	139,201
	1,200	Masonite International Corp.*	120,060
	991	Simpson Manufacturing Co., Inc.	91,073
			350,334
	Capital Markets – 1.8%
	3,217	Open Lending Corp., Class A*	90,462
	2,231	PJT Partners, Inc., Class A	154,564
	2,485	Virtu Financial, Inc., Class A	56,633
			301,659
	Chemicals – 2.0%
	1,675	Ashland Global Holdings, Inc.	125,910
	1,270	Balchem Corp.	131,686
	1,134	Ingevity Corp.*	75,502
			333,098
	Commercial Services & Supplies – 2.0%
	2,395	Casella Waste Systems, Inc., Class A*	144,131
	1,514	Tetra Tech, Inc.	180,545
			324,676
	Construction & Engineering – 0.6%
	1,636	Dycom Industries, Inc.*	102,839
	Diversified Telecommunication Services – 1.0%
	1,027	Bandwidth, Inc., Class A*	155,878
	Electrical Equipment – 0.6%
	2,393	Allied Motion Technologies, Inc.	97,084
	Electronic Equipment, Instruments & Components – 2.1%
	1,872	Badger Meter, Inc.	154,328
	1,530	Novanta, Inc.*	183,569
			337,897
	Food Products – 1.5%
	1,205	Freshpet, Inc.*	164,940
	2,400	Vital Farms, Inc.*	71,136
			236,076

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – 0.3%
	1,357	Atea Pharmaceuticals, Inc.*	$       45,215
	Health Care Equipment & Supplies – 6.8%
	4,614	Axonics Modulation Technologies, Inc.*	202,509
	1,213	Hill-Rom Holdings, Inc.	115,065
	1,747	Neogen Corp.*	129,662
	1,141	Nevro Corp.*	183,986
	10,273	OraSure Technologies, Inc.*	123,276
	1,300	Outset Medical, Inc.*	83,200
	1,905	Shockwave Medical, Inc.*	186,366
	937	Tandem Diabetes Care, Inc.*	87,966
			1,112,030
	Health Care Providers & Services – 1.1%
	2,695	Castle Biosciences, Inc.*	128,174
	1,140	National Research Corp.	58,494
			186,668
	Health Care Technology – 1.8%
	2,198	Omnicell, Inc.*	230,461
	1,225	Simulations Plus, Inc.	68,563
			299,024
	Hotels, Restaurants & Leisure – 5.3%
	884	Churchill Downs, Inc.	159,049
	1,586	Papa John’s International, Inc.	127,451
	1,358	Shake Shack, Inc., Class A*	110,894
	2,752	Texas Roadhouse, Inc.	208,602
	1,029	Wingstop, Inc.	131,002
	2,257	Wyndham Hotels & Resorts, Inc.	129,777
			866,775
	Household Durables – 1.1%
	3,509	Purple Innovation, Inc.*	104,639
	445	TopBuild Corp.*	77,532
			182,171
	Insurance – 2.3%
	1,318	Goosehead Insurance, Inc., Class A	162,259
	907	Kinsale Capital Group, Inc.	217,825
			380,084

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 0.9%
	6,517	Revolve Group, Inc.*	$153,801
	IT Services – 1.6%
	1,662	ManTech International Corp., Class A	127,924
	1,398	Science Applications International Corp.	129,371
			257,295
	Leisure Products – 2.4%
	2,644	Malibu Boats, Inc., Class A*	150,682
	3,943	YETI Holdings, Inc.*	249,079
			399,761
	Life Sciences Tools & Services – 3.8%
	8,556	Fluidigm Corp.*	53,561
	2,825	NeoGenomics, Inc.*	134,413
	15,581	Pacific Biosciences of California, Inc.*	246,336
	4,438	Quanterix Corp.*	191,677
			625,987
	Machinery – 6.4%
	6,475	Colfax Corp.*	233,618
	4,605	Evoqua Water Technologies Corp.*	120,144
	4,047	Federal Signal Corp.	125,578
	1,981	Franklin Electric Co., Inc.	133,896
	1,026	John Bean Technologies Corp.	113,435
	1,426	RBC Bearings, Inc.*	240,766
	760	Watts Water Technologies, Inc., Class A	89,034
			1,056,471
	Multiline Retail – 0.4%
	709	Ollie’s Bargain Outlet Holdings, Inc.*	62,435
	Personal Products – 1.0%
	7,434	elf Beauty, Inc.*	161,615
	Pharmaceuticals – 1.3%
	558	GW Pharmaceuticals PLC ADR (United Kingdom)*	78,164
	4,329	Provention Bio, Inc.*	64,892
	4,346	Theravance Biopharma, Inc.*	72,100
			215,156
	Road & Rail – 1.0%
	886	Saia, Inc.*	154,642

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 9.5%
	3,467	Allegro MicroSystems, Inc. (Japan)*	$       83,035
	4,211	Brooks Automation, Inc.	307,361
	4,238	Cohu, Inc.	120,317
	5,991	FormFactor, Inc.*	245,631
	6,470	Lattice Semiconductor Corp.*	270,769
	2,789	MACOM Technology Solutions Holdings, Inc.*	124,612
	2,878	Power Integrations, Inc.	205,460
	3,048	Semtech Corp.*	205,649
			1,562,834
	Software – 12.6%
	1,606	Blackline, Inc.*	197,378
	1,811	Domo, Inc., Class B*	68,800
	4,665	Medallia, Inc.*	163,228
	7,076	PagerDuty, Inc.*	243,556
	6,060	Ping Identity Holding Corp.*	136,289
	9,119	Pluralsight, Inc., Class A*	149,369
	1,332	Q2 Holdings, Inc.*	151,009
	2,703	Rapid7, Inc.*	202,563
	4,188	Sailpoint Technologies Holdings, Inc.*	194,993
	3,884	Sumo Logic, Inc.*	101,761
	4,726	Tenable Holdings, Inc.*	170,183
	4,787	Vertex, Inc., Class A*	120,824
	2,173	Workiva, Inc.*	162,953
			2,062,906
	Specialty Retail – 1.5%
	3,672	Leslie’s, Inc.*	75,974
	379	RH*	171,747
			247,721
	Textiles, Apparel & Luxury Goods – 1.8%
	3,191	Crocs, Inc.*	187,918
	399	Deckers Outdoor Corp.*	101,581
			289,499
	Trading Companies & Distributors – 1.1%
	1,348	SiteOne Landscape Supply, Inc.*	186,159
	TOTAL COMMON STOCKS (Cost $11,324,683)		$16,024,352

Shares		Dividend Rate	Value
	Investment Company – 2.0%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares,
	320,379	0.016%	$     320,379
	(Cost $320,379)
	TOTAL INVESTMENTS – 99.7% (Cost $11,645,062)		$16,344,731
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		65,145
	NET ASSETS – 100.0%		$16,409,876

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.7%
	Aerospace & Defense – 3.0%
	671,623	Aerojet Rocketdyne Holdings, Inc.*	$     25,138,849
	180,613	HEICO Corp., Class A	20,002,890
	98,488	Teledyne Technologies, Inc.*	37,222,554
			82,364,293
	Air Freight & Logistics – 0.7%
	177,715	XPO Logistics, Inc.*	18,958,636
	Auto Components – 0.4%
	125,028	Fox Factory Holding Corp.*	10,911,194
	Beverages – 0.8%
	23,035	Boston Beer Co., Inc. (The), Class A*	21,441,899
	Biotechnology – 10.7%
	505,116	Agios Pharmaceuticals, Inc.*	23,396,973
	322,905	Allogene Therapeutics, Inc.*	10,026,200
	165,942	Alnylam Pharmaceuticals, Inc.*	21,557,525
	207,081	Arena Pharmaceuticals, Inc.*	13,640,426
	65,701	Argenx SE ADR (Netherlands)*	18,844,361
	592,369	Beam Therapeutics, Inc.*(a)	29,618,450
	1,108,732	Exelixis, Inc.*	21,243,305
	862,025	Halozyme Therapeutics, Inc.*	33,705,178
	27,200	Iovance Biotherapeutics, Inc.*	1,055,632
	370,964	Neurocrine Biosciences, Inc.*	35,219,322
	170,466	Relay Therapeutics, Inc.*	9,087,542
	236,762	Sarepta Therapeutics, Inc.*	33,350,295
	200,109	Ultragenyx Pharmaceutical, Inc.*	23,720,921
	341,014	Y-mAbs Therapeutics, Inc.*	17,347,382
			291,813,512
	Building Products – 2.7%
	272,997	Allegion PLC	31,132,578
	670,319	AZEK Co., Inc. (The)*	23,943,795
	60,664	Lennox International, Inc.	17,460,919
			72,537,292
	Capital Markets – 1.3%
	70,089	FactSet Research Systems, Inc.	23,392,904
	184,449	Tradeweb Markets, Inc., Class A	11,002,383
			34,395,287

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 3.3%
	290,737	Ashland Global Holdings, Inc.	$     21,854,700
	535,718	RPM International, Inc.	47,148,541
	121,503	Scotts Miracle-Gro Co. (The)	21,356,583
			90,359,824
	Commercial Services & Supplies – 0.5%
	219,284	Rollins, Inc.	12,538,659
	Communications Equipment – 0.6%
	194,186	Lumentum Holdings, Inc.*	16,773,787
	Construction & Engineering – 0.9%
	236,982	Jacobs Engineering Group, Inc.	25,556,139
	Containers & Packaging – 0.7%
	129,909	Avery Dennison Corp.	19,400,610
	Distributors – 1.1%
	89,376	Pool Corp.	30,933,927
	Diversified Telecommunication Services – 0.7%
	131,144	Bandwidth, Inc., Class A*	19,905,036
	Electrical Equipment – 1.9%
	234,231	Generac Holdings, Inc.*	50,500,204
	Electronic Equipment, Instruments & Components – 2.3%
	321,318	Badger Meter, Inc.	26,489,456
	290,062	Novanta, Inc.*	34,801,639
			61,291,095
	Food Products – 1.6%
	88,100	Beyond Meat, Inc.*(a)	12,325,190
	220,101	Freshpet, Inc.*	30,127,425
			42,452,615
	Health Care – 0.3%
	226,871	Atea Pharmaceuticals, Inc.*(a)	7,559,342
	Health Care Equipment & Supplies – 5.5%
	73,340	iRhythm Technologies, Inc.*	17,932,364
	189,945	Neogen Corp.*	14,097,718
	158,445	Nevro Corp.*	25,549,256
	272,540	Tandem Diabetes Care, Inc.*	25,586,055

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	80,778	Teleflex, Inc.	$     30,917,780
	130,340	West Pharmaceutical Services, Inc.	35,864,354
			149,947,527
	Health Care Providers & Services – 3.9%
	249,871	Castle Biosciences, Inc.*	11,883,865
	455,869	Guardant Health, Inc.*	55,214,853
	190,389	Molina Healthcare, Inc.*	38,864,107
			105,962,825
	Health Care Technology – 0.4%
	449,383	American Well Corp., Class A*(a)	11,926,625
	Hotels, Restaurants & Leisure – 2.8%
	243,837	Choice Hotels International, Inc.	24,298,357
	76,863	Churchill Downs, Inc.	13,829,191
	337,969	Texas Roadhouse, Inc.	25,618,050
	95,482	Wingstop, Inc.	12,155,814
			75,901,412
	Insurance – 1.5%
	365,998	Brown & Brown, Inc.	16,480,890
	103,857	Kinsale Capital Group, Inc.	24,942,297
			41,423,187
	Internet & Direct Marketing Retail – 1.4%
	233,584	Etsy, Inc.*	37,536,949
	IT Services – 3.7%
	341,726	Black Knight, Inc.*	31,308,936
	399,069	Booz Allen Hamilton Holding Corp.	34,635,198
	120,054	MongoDB, Inc.*	34,492,715
			100,436,849
	Leisure Products – 1.6%
	331,498	Brunswick Corp.	24,743,011
	288,874	YETI Holdings, Inc.*	18,248,170
			42,991,181
	Life Sciences Tools & Services – 5.8%
	173,894	10X Genomics, Inc., Class A*	26,624,910
	133,960	Berkeley Lights, Inc.*	11,099,926

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – (continued)
	133,162	Bio-Techne Corp.	$     40,389,366
	394,178	PerkinElmer, Inc.	52,425,674
	140,230	Repligen Corp.*	26,597,424
			157,137,300
	Machinery – 5.0%
	1,242,173	Colfax Corp.*	44,817,602
	177,096	IDEX Corp.	34,206,092
	202,553	RBC Bearings, Inc.*	34,199,048
	243,242	Xylem, Inc.	23,343,935
			136,566,677
	Multiline Retail – 0.5%
	149,933	Ollie’s Bargain Outlet Holdings, Inc.*	13,203,100
	Pharmaceuticals – 0.9%
	805,554	Elanco Animal Health, Inc.*	24,641,897
	Semiconductors & Semiconductor Equipment – 9.0%
	583,071	Allegro MicroSystems, Inc. (Japan)*	13,964,550
	188,229	Brooks Automation, Inc.	13,738,835
	184,825	Enphase Energy, Inc.*	25,241,550
	525,393	Entegris, Inc.	48,661,900
	126,165	Inphi Corp.*	19,571,976
	266,891	MKS Instruments, Inc.	36,825,620
	135,433	Monolithic Power Systems, Inc.	43,333,143
	377,178	Teradyne, Inc.	41,617,821
			242,955,395
	Software – 17.1%
	311,839	Avalara, Inc.*	53,558,348
	177,099	Bill.com Holdings, Inc.*	21,731,818
	286,259	Blackline, Inc.*	35,181,231
	390,365	Cloudflare, Inc., Class A*	29,308,604
	1,004,595	Dynatrace, Inc.*	38,194,702
	324,542	Elastic NV*	40,178,300
	150,594	HubSpot, Inc.*	59,383,732
	327,875	JFrog Ltd. (Israel)*(a)	23,069,285
	158,404	nCino, Inc.*(a)	12,908,342
	405,222	Rapid7, Inc.*	30,367,337
	571,667	Sumo Logic, Inc.*(a)	14,977,675
	784,227	Vertex, Inc., Class A*	19,793,890

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	454,364	Zendesk, Inc.*	$     60,657,594
	168,513	Zscaler, Inc.*	26,245,900
			465,556,758
	Specialty Retail – 3.9%
	221,876	Five Below, Inc.*	34,701,406
	398,451	Floor & Decor Holdings, Inc., Class A*	31,911,940
	68,735	RH*	31,147,953
	219,851	Vroom, Inc.*	7,883,857
			105,645,156
	Textiles, Apparel & Luxury Goods – 1.2%
	130,778	Deckers Outdoor Corp.*	33,294,771
	Trading Companies & Distributors – 1.0%
	187,598	SiteOne Landscape Supply, Inc.*	25,907,284
	TOTAL COMMON STOCKS (Cost $1,846,613,370)		$2,680,728,244
Shares		Dividend Rate	Value
	Investment Company – 1.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	49,258,601	0.016%	$     49,258,601
	(Cost $49,258,601)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,895,871,971)		$2,729,986,845

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	49,787,439	0.016%	$     49,787,439
	(Cost $49,787,439)
	TOTAL INVESTMENTS – 102.3% (Cost $1,945,659,410)		$2,779,774,284
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.3)%		(64,593,423)
	NET ASSETS – 100.0%		$2,715,180,861

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:
ADR	— American Depositary Receipt
PLC	— Public Limited Company

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Aerospace & Defense – 0.6%
	5,090	Boeing Co. (The)	$    1,072,514
	Auto Components – 0.8%
	12,696	Aptiv PLC	1,507,015
	Automobiles – 2.3%
	7,440	Tesla, Inc.*	4,222,944
	Beverages – 1.9%
	35,690	Coca-Cola Co. (The)	1,841,604
	18,389	Monster Beverage Corp.*	1,559,019
			3,400,623
	Biotechnology – 2.2%
	9,314	BioMarin Pharmaceutical, Inc.*	733,012
	24,679	Genmab A/S ADR (Denmark)*	952,856
	6,460	Sarepta Therapeutics, Inc.*	909,955
	8,135	Seagen, Inc.*	1,385,472
			3,981,295
	Capital Markets – 1.5%
	32,029	Charles Schwab Corp. (The)	1,562,374
	10,935	Intercontinental Exchange, Inc.	1,153,752
			2,716,126
	Chemicals – 1.8%
	4,877	Ecolab, Inc.	1,083,426
	3,891	Linde PLC (United Kingdom)	997,730
	1,548	Sherwin-Williams Co. (The)	1,157,331
			3,238,487
	Construction Materials – 0.3%
	2,420	Martin Marietta Materials, Inc.	642,825
	Diversified Consumer Services – 0.5%
	10,966	Chegg, Inc.*	854,580
	Electronic Equipment, Instruments & Components – 1.0%
	13,479	Amphenol Corp., Class A	1,763,188
	Entertainment – 2.4%
	15,384	Live Nation Entertainment, Inc.*	1,009,960
	7,046	Netflix, Inc.*	3,457,472
			4,467,432

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – 1.6%
	6,749	American Tower Corp. REIT	$      1,560,369
	1,891	Equinix, Inc. REIT	1,319,521
			2,879,890
	Food & Staples Retailing – 0.8%
	9,620	Walmart, Inc.	1,469,840
	Food Products – 0.8%
	4,626	McCormick & Co., Inc.	864,970
	9,987	Mondelez International, Inc., Class A	573,753
			1,438,723
	Health Care Equipment & Supplies – 4.1%
	53,079	Boston Scientific Corp.*	1,759,569
	7,162	Danaher Corp.	1,608,800
	4,455	Insulet Corp.*	1,148,098
	2,134	Intuitive Surgical, Inc.*	1,549,391
	5,260	West Pharmaceutical Services, Inc.	1,447,341
			7,513,199
	Health Care Providers & Services – 1.4%
	8,217	Guardant Health, Inc.*	995,243
	4,047	Humana, Inc.	1,620,904
			2,616,147
	Health Care Technology – 1.1%
	31,600	American Well Corp., Class A*(a)	838,664
	3,930	Veeva Systems, Inc., Class A*	1,088,099
			1,926,763
	Hotels, Restaurants & Leisure – 1.5%
	13,507	Las Vegas Sands Corp.	752,475
	8,916	McDonald’s Corp.	1,938,695
			2,691,170
	Interactive Media & Services – 11.7%
	4,214	Alphabet, Inc., Class A*	7,393,042
	2,580	Alphabet, Inc., Class C*	4,542,709
	30,534	Facebook, Inc., Class A*	8,457,002
	24,445	Snap, Inc., Class A*	1,085,847
			21,478,600
	Internet & Direct Marketing Retail – 6.4%
	3,330	Amazon.com, Inc.*	10,549,573

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – (continued)
	7,050	Etsy, Inc.*	$    1,132,935
			11,682,508
	IT Services – 10.6%
	9,000	Accenture PLC, Class A	2,241,810
	12,358	Fidelity National Information Services, Inc.	1,834,051
	12,617	Mastercard, Inc., Class A	4,245,747
	18,974	PayPal Holdings, Inc.*	4,062,713
	3,291	Snowflake, Inc., Class A*	1,072,339
	28,491	Visa, Inc., Class A	5,993,082
			19,449,742
	Life Sciences Tools & Services – 1.9%
	7,042	10X Genomics, Inc., Class A*	1,078,201
	20,890	Adaptive Biotechnologies Corp.*	1,007,316
	4,561	Illumina, Inc.*	1,469,052
			3,554,569
	Machinery – 0.7%
	5,167	Deere & Co.	1,351,791
	Personal Products – 0.9%
	6,930	Estee Lauder Cos., Inc. (The), Class A	1,700,068
	Pharmaceuticals – 2.8%
	26,162	AstraZeneca PLC ADR (United Kingdom)	1,385,016
	25,453	Bristol-Myers Squibb Co.	1,588,267
	14,632	Eli Lilly and Co.	2,131,151
			5,104,434
	Professional Services – 0.7%
	6,570	Verisk Analytics, Inc.	1,302,897
	Road & Rail – 1.5%
	10,931	CSX Corp.	984,336
	8,545	Union Pacific Corp.	1,743,864
			2,728,200
	Semiconductors & Semiconductor Equipment – 7.2%
	26,029	Marvell Technology Group Ltd.	1,204,882
	9,569	NVIDIA Corp.	5,129,558
	11,958	NXP Semiconductors NV (Netherlands)	1,894,386
	34,333	QUALCOMM, Inc.	5,052,788
			13,281,614

Shares		Description	Value
	Common Stocks – (continued)
	Software – 15.5%
	10,011	Adobe, Inc.*	$    4,789,963
	4,926	Atlassian Corp. PLC, Class A*	1,108,596
	3,684	HubSpot, Inc.*	1,452,712
	59,846	Microsoft Corp.	12,811,233
	8,006	salesforce.com, Inc.*	1,967,875
	4,984	ServiceNow, Inc.*	2,664,197
	15,612	Workday, Inc., Class A*	3,509,422
			28,303,998
	Specialty Retail – 1.4%
	12,912	Ross Stores, Inc.	1,388,298
	4,401	Ulta Beauty, Inc.*	1,212,036
			2,600,334
	Technology Hardware, Storage & Peripherals – 8.6%
	132,056	Apple, Inc.	15,721,267
	Textiles, Apparel & Luxury Goods – 2.8%
	3,349	Lululemon Athletica, Inc.*	1,239,867
	23,998	NIKE, Inc., Class B	3,232,530
	8,561	PVH Corp.	680,514
			5,152,911
	TOTAL COMMON STOCKS (Cost $76,429,605)		$181,815,694
Shares		Dividend Rate	Value
	Investment Company – 0.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	960,688	0.016%	$       960,688
	(Cost $960,688)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $77,390,293)		$182,776,382

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	803,035	0.016%	$       803,035
	(Cost $803,035)
	TOTAL INVESTMENTS – 100.2% (Cost $78,193,328)		$183,579,417
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(416,379)
	NET ASSETS – 100.0%		$183,163,038

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.4%
	Communications Equipment – 2.1%
	127,598	Cisco Systems, Inc.	$    5,489,266
	255,596	Juniper Networks, Inc.	5,564,325
	31,766	Motorola Solutions, Inc.	5,448,822
			16,502,413
	Electronic Equipment, Instruments & Components – 1.9%
	115,911	Amphenol Corp., Class A	15,162,318
	Entertainment – 4.1%
	176,549	Activision Blizzard, Inc.	14,032,114
	122,892	Walt Disney Co. (The)	18,189,245
			32,221,359
	Equity Real Estate Investment Trusts (REITs) – 3.1%
	54,069	American Tower Corp. REIT	12,500,753
	16,673	Equinix, Inc. REIT	11,634,252
			24,135,005
	Interactive Media & Services – 15.1%
	16,174	Alphabet, Inc., Class A*	28,375,665
	24,409	Alphabet, Inc., Class C*	42,977,903
	168,495	Facebook, Inc., Class A*	46,668,060
			118,021,628
	Internet & Direct Marketing Retail – 6.1%
	51,085	Alibaba Group Holding Ltd. ADR (China)*	13,453,746
	10,897	Amazon.com, Inc.*	34,522,132
			47,975,878
	IT Services – 18.9%
	58,874	Accenture PLC, Class A	14,664,925
	134,863	Akamai Technologies, Inc.*	13,959,669
	158,171	Fidelity National Information Services, Inc.	23,474,158
	98,136	Fiserv, Inc.*	11,303,304
	48,353	Mastercard, Inc., Class A	16,271,268
	159,738	PayPal Holdings, Inc.*	34,203,101
	160,821	Visa, Inc., Class A	33,828,697
			147,705,122
	Semiconductors & Semiconductor Equipment – 16.2%
	157,296	Advanced Micro Devices, Inc.*	14,575,047
	20,004	Lam Research Corp.	9,055,011
	509,172	Marvell Technology Group Ltd.	23,569,572
	83,843	Microchip Technology, Inc.	11,267,661
	31,548	NVIDIA Corp.	16,911,621
	107,348	NXP Semiconductors NV (Netherlands)	17,006,070
	168,561	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	16,353,788
	111,107	Texas Instruments, Inc.	17,916,004
			126,654,774

Shares		Description	Value
	Common Stocks – (continued)
	Software – 26.8%
	53,561	Adobe, Inc.*	$  25,627,332
	52,288	Atlassian Corp. PLC, Class A*	11,767,414
	42,281	HubSpot, Inc.*	16,672,667
	58,998	Intuit, Inc.	20,768,476
	296,807	Microsoft Corp.	63,537,474
	29,394	Palo Alto Networks, Inc.*	8,639,484
	41,472	Paycom Software, Inc.*	17,297,142
	20,920	ServiceNow, Inc.*	11,182,786
	72,283	Splunk, Inc.*	14,758,743
	87,750	Workday, Inc., Class A*	19,725,323
			209,976,841
	Technology Hardware, Storage & Peripherals – 3.1%
	201,693	Apple, Inc.	24,011,552
	TOTAL COMMON STOCKS (Cost $376,111,403)		$762,366,890
Shares		Dividend Rate	Value
	Investment Company – 1.4%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,985,698	0.016%	$  10,985,698
	(Cost $10,985,698)
	TOTAL INVESTMENTS – 98.8% (Cost $387,097,101)		$773,352,588
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%		9,183,319
	NET ASSETS – 100.0%		$782,535,907

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 U.S. EQUITY ESG FUND

Schedule of Investments

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.7%
	Auto Components – 2.5%
	2,394	Aptiv PLC	$     284,168
	Automobiles – 0.4%
	90	Tesla, Inc.*	51,084
	Banks – 4.6%
	1,285	First Republic Bank	166,484
	3,044	JPMorgan Chase & Co.	358,827
			525,311
	Biotechnology – 0.6%
	816	BioMarin Pharmaceutical, Inc.*	64,219
	Building Products – 0.6%
	1,787	AZEK Co., Inc. (The)*	63,832
	Capital Markets – 3.4%
	346	BlackRock, Inc.	241,629
	836	CME Group, Inc.	146,325
			387,954
	Chemicals – 3.6%
	6,072	Chr Hansen Holding A/S ADR (Denmark)*	148,642
	1,184	Ecolab, Inc.	263,026
			411,668
	Communications Equipment – 2.4%
	6,404	Cisco Systems, Inc.	275,500
	Consumer Finance – 2.3%
	2,186	American Express Co.	259,238
	Containers & Packaging – 2.0%
	2,435	Ball Corp.	233,784
	Diversified Telecommunication Services – 2.0%
	3,802	Verizon Communications, Inc.	229,679
	Electric Utilities – 2.5%
	3,828	NextEra Energy, Inc.	281,703
	Electrical Equipment – 4.0%
	2,020	Eaton Corp. PLC	244,642
	829	Rockwell Automation, Inc.	211,859
			456,501

Shares		Description	Value
	Common Stocks – (continued)
	Entertainment – 2.7%
	2,066	Walt Disney Co. (The)	$     305,789
	Equity Real Estate Investment Trusts (REITs) – 2.2%
	538	American Tower Corp. REIT	124,386
	176	Equinix, Inc. REIT	122,811
			247,197
	Food Products – 0.5%
	447	Beyond Meat, Inc.*(a)	62,535
	Health Care Equipment & Supplies – 2.3%
	1,189	Danaher Corp.	267,085
	Health Care Providers & Services – 2.9%
	2,561	CVS Health Corp.	173,610
	386	Humana, Inc.	154,601
			328,211
	Hotels, Restaurants & Leisure – 2.2%
	1,163	McDonald’s Corp.	252,883
	Household Products – 2.8%
	2,315	Procter & Gamble Co. (The)	321,484
	Industrial Conglomerates – 1.3%
	14,613	General Electric Co.	148,760
	Interactive Media & Services – 4.8%
	312	Alphabet, Inc., Class A*	547,373
	IT Services – 3.4%
	1,871	Visa, Inc., Class A	393,565
	Machinery – 2.0%
	890	Deere & Co.	232,842
	Media – 2.0%
	4,589	Comcast Corp., Class A	230,551
	Pharmaceuticals – 4.2%
	4,044	AstraZeneca PLC ADR (United Kingdom)	214,089
	1,826	Eli Lilly and Co.	265,957
			480,046

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.4%
	1,371	Union Pacific Corp.	$     279,794
	Semiconductors & Semiconductor Equipment – 7.8%
	1,845	Cree, Inc.*	166,770
	4,469	Marvell Technology Group Ltd.	206,870
	450	NVIDIA Corp.	241,227
	1,710	Texas Instruments, Inc.	275,737
			890,604
	Software – 9.4%
	453	Adobe, Inc.*	216,747
	3,314	Microsoft Corp.	709,428
	648	Workday, Inc., Class A*	145,664
			1,071,839
	Specialty Retail – 3.6%
	1,384	Lowe’s Cos., Inc.	215,655
	1,884	Ross Stores, Inc.	202,568
			418,223
	Technology Hardware, Storage & Peripherals – 7.2%
	6,904	Apple, Inc.	821,921
	Textiles, Apparel & Luxury Goods – 2.3%
	1,985	NIKE, Inc., Class B	267,379
	Water Utilities – 1.8%
	1,334	American Water Works Co., Inc.	204,609
	TOTAL COMMON STOCKS (Cost $8,512,890)		$11,297,331
Shares		Dividend Rate	Value
	Investment Company – 1.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	112,729	0.016%	$     112,729
	(Cost $112,729)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $8,625,619)		$11,410,060

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	42,704	0.016%	$       42,704
	(Cost $42,704)
	TOTAL INVESTMENTS – 100.1% (Cost $8,668,323)		$11,452,764
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%		(2,093)
	NET ASSETS – 100.0%		$11,450,671

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of November 30, 2020:

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.