GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 1.5%
	17,483	Northrop Grumman Corp.	$    6,396,505
	Banks – 7.8%
	110,668	JPMorgan Chase & Co.	18,176,112
	44,800	M&T Bank Corp.	7,198,912
	115,039	Truist Financial Corp.	7,107,110
			32,482,134
	Beverages – 1.6%
	121,664	Coca-Cola Co. (The)	6,726,803
	Biotechnology – 0.9%
	15,694	Amgen, Inc.	3,734,230
	Capital Markets – 4.9%
	6,897	BlackRock, Inc.	6,048,945
	23,534	CME Group, Inc.	5,148,298
	50,980	Morgan Stanley	4,636,631
	39,420	Singapore Exchange Ltd. ADR (Singapore)	4,662,794
			20,496,668
	Chemicals – 3.3%
	16,880	Ecolab, Inc.	3,630,550
	34,138	Linde PLC (United Kingdom)	10,261,883
			13,892,433
	Commercial Services & Supplies – 1.4%
	54,008	Republic Services, Inc.	5,896,593
	Communications Equipment – 2.6%
	168,199	Cisco Systems, Inc.	8,897,727
	72,985	Juniper Networks, Inc.	1,921,695
			10,819,422
	Construction & Engineering – 0.6%
	91,943	Vinci SA ADR (France)	2,609,342
	Consumer Finance – 2.1%
	53,705	American Express Co.	8,599,782
	Containers & Packaging – 1.4%
	88,665	International Paper Co.	5,594,762
	Diversified Telecommunication Services – 2.4%
	340,554	AT&T, Inc.	10,022,504

Shares		Description	Value
	Common Stocks – (continued)
	Electric Utilities – 1.7%
	45,730	NextEra Energy, Inc.	$    3,348,351
	50,148	Xcel Energy, Inc.	3,554,490
			6,902,841
	Electrical Equipment – 1.9%
	54,996	Eaton Corp. PLC	7,988,169
	Electronic Equipment, Instruments & Components – 1.0%
	30,425	TE Connectivity Ltd.	4,128,064
	Equity Real Estate Investment Trusts (REITs) – 7.3%
	23,107	Alexandria Real Estate Equities, Inc. REIT	4,119,054
	10,359	American Tower Corp. REIT	2,646,310
	26,718	AvalonBay Communities, Inc. REIT	5,529,023
	18,378	Boston Properties, Inc. REIT	2,160,518
	70,879	Duke Realty Corp. REIT	3,293,038
	105,431	Hudson Pacific Properties, Inc. REIT	3,056,445
	42,205	Prologis, Inc. REIT	4,973,437
	80,232	Ventas, Inc. REIT	4,448,864
			30,226,689
	Food & Staples Retailing – 2.1%
	61,683	Walmart, Inc.	8,760,836
	Food Products – 1.4%
	35,905	Archer-Daniels-Midland Co.	2,388,760
	56,580	Mondelez International, Inc., Class A	3,594,527
			5,983,287
	Health Care Equipment & Supplies – 3.8%
	84,619	Medtronic PLC	10,711,919
	30,304	Zimmer Biomet Holdings, Inc.	5,101,073
			15,812,992
	Health Care Providers & Services – 2.8%
	82,400	CVS Health Corp.	7,122,656
	9,808	Humana, Inc.	4,292,962
			11,415,618
	Hotels, Restaurants & Leisure – 4.1%
	178,419	Aramark	6,663,950
	32,224	McDonald’s Corp.	7,536,871
	23,759	Starbucks Corp.	2,705,675
			16,906,496

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 2.8%
	33,903	Kimberly-Clark Corp.	$    4,428,749
	54,857	Procter & Gamble Co. (The)	7,397,466
			11,826,215
	Industrial Conglomerates – 1.7%
	30,783	Honeywell International, Inc.	7,108,103
	Insurance – 2.2%
	23,729	Chubb Ltd.	4,033,693
	32,582	Travelers Cos., Inc. (The)	5,203,345
			9,237,038
	IT Services – 4.3%
	20,565	Accenture PLC, Class A	5,802,620
	49,278	Cognizant Technology Solutions Corp., Class A	3,526,334
	33,262	Fidelity National Information Services, Inc.	4,955,373
	26,071	International Business Machines Corp.	3,747,445
			18,031,772
	Machinery – 3.4%
	21,185	Deere & Co.	7,649,903
	28,302	Illinois Tool Works, Inc.	6,559,272
			14,209,175
	Media – 2.4%
	176,390	Comcast Corp., Class A	10,114,203
	Metals & Mining – 1.7%
	81,864	Rio Tinto PLC ADR (Australia)	7,157,370
	Multi-Utilities – 4.0%
	59,373	Ameren Corp.	4,999,207
	35,975	CMS Energy Corp.	2,257,071
	56,580	National Grid PLC ADR (United Kingdom)	3,783,505
	42,664	Sempra Energy	5,780,545
			16,820,328
	Oil, Gas & Consumable Fuels – 3.0%
	101,976	Chevron Corp.	10,584,089
	49,063	Royal Dutch Shell PLC, Class B ADR (Netherlands)	1,781,968
			12,366,057

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 6.9%
	129,083	Bristol-Myers Squibb Co.	$    8,483,335
	44,357	Eli Lilly & Co.	8,859,867
	68,424	Johnson & Johnson	11,580,762
			28,923,964
	Road & Rail – 1.0%
	18,794	Union Pacific Corp.	4,223,576
	Semiconductors & Semiconductor Equipment – 3.6%
	12,089	KLA Corp.	3,830,883
	73,940	Marvell Technology, Inc.	3,571,302
	23,706	QUALCOMM, Inc.	3,189,405
	22,689	Texas Instruments, Inc.	4,306,826
			14,898,416
	Software – 0.5%
	8,706	Microsoft Corp.	2,173,714
	Specialty Retail – 1.8%
	23,430	Home Depot, Inc. (The)	7,472,061
	Water Utilities – 1.8%
	47,247	American Water Works Co., Inc.	7,324,230
	TOTAL COMMON STOCKS (Cost $295,007,284)		$407,282,392
Shares		Dividend Rate	Value
	Investment Company – 2.1%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,656,628	0.026%	$    8,656,628
	(Cost $8,656,628)
	TOTAL INVESTMENTS – 99.8% (Cost $303,663,912)		$415,939,020
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		985,996
	NET ASSETS – 100.0%		$416,925,016

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.

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Aerospace & Defense – 2.1%
	3,495	L3Harris Technologies, Inc.	$     762,120
	Airlines – 1.8%
	11,155	United Airlines Holdings, Inc.*	650,894
	Automobiles – 2.5%
	14,730	General Motors Co.*	873,636
	Banks – 11.8%
	10,935	JPMorgan Chase & Co.	1,795,964
	7,187	M&T Bank Corp.	1,154,879
	20,337	Truist Financial Corp.	1,256,420
			4,207,263
	Beverages – 2.8%
	18,231	Coca-Cola Co. (The)	1,007,992
	Capital Markets – 3.2%
	1,288	BlackRock, Inc.	1,129,628
	Chemicals – 6.0%
	4,506	Ecolab, Inc.	969,150
	3,913	Linde PLC (United Kingdom)	1,176,248
			2,145,398
	Construction Materials – 2.3%
	2,229	Martin Marietta Materials, Inc.	810,576
	Consumer Finance – 3.6%
	8,053	American Express Co.	1,289,527
	Electric Utilities – 3.5%
	17,210	NextEra Energy, Inc.	1,260,116
	Entertainment – 1.6%
	3,172	Walt Disney Co. (The)*	566,678
	Equity Real Estate Investment Trusts (REITs) – 5.5%
	5,049	Alexandria Real Estate Equities, Inc. REIT	900,035
	5,174	AvalonBay Communities, Inc. REIT	1,070,707
			1,970,742

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 2.7%
	14,858	Mondelez International, Inc., Class A	$     943,929
	Health Care Equipment & Supplies – 6.1%
	23,974	Boston Scientific Corp.*	1,020,094
	6,953	Zimmer Biomet Holdings, Inc.	1,170,398
			2,190,492
	Health Care Providers & Services – 2.2%
	1,812	Humana, Inc.	793,113
	Industrial Conglomerates – 4.5%
	113,336	General Electric Co.	1,593,504
	Interactive Media & Services – 4.4%
	672	Alphabet, Inc., Class A*	1,583,803
	IT Services – 2.8%
	13,836	Cognizant Technology Solutions Corp., Class A	990,104
	Machinery – 3.0%
	4,558	Illinois Tool Works, Inc.	1,056,362
	Media – 3.7%
	23,061	Comcast Corp., Class A	1,322,318
	Metals & Mining – 1.8%
	14,938	Freeport-McMoRan, Inc.	638,151
	Multi-Utilities – 2.7%
	11,529	Ameren Corp.	970,742
	Oil, Gas & Consumable Fuels – 2.4%
	8,191	Chevron Corp.	850,144
	Pharmaceuticals – 5.1%
	13,759	Bristol-Myers Squibb Co.	904,241
	4,590	Eli Lilly & Co.	916,807
			1,821,048
	Road & Rail – 3.1%
	4,973	Union Pacific Corp.	1,117,582

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 3.3%
	24,542	Marvell Technology, Inc.	$  1,185,379
	Software – 4.1%
	3,321	Microsoft Corp.	829,187
	5,267	Splunk, Inc.*	638,361
			1,467,548
	TOTAL COMMON STOCKS (Cost $30,155,354)		$35,198,789
Shares		Dividend Rate	Value
	Investment Company – 1.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	458,095	0.026%	$     458,095
	(Cost $458,095)
	TOTAL INVESTMENTS – 99.9% (Cost $30,613,449)		$35,656,884
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		39,579
	NET ASSETS – 100.0%		$35,696,463

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 1.5%
	34,200	L3Harris Technologies, Inc.	$    7,457,652
	Airlines – 1.1%
	94,934	United Airlines Holdings, Inc.*	5,539,399
	Automobiles – 1.1%
	90,124	General Motors Co.*	5,345,254
	Banks – 10.5%
	191,268	Bank of America Corp.	8,107,850
	124,167	JPMorgan Chase & Co.	20,393,188
	47,400	M&T Bank Corp.	7,616,706
	156,526	Truist Financial Corp.	9,670,176
	131,498	Wells Fargo & Co.	6,143,587
			51,931,507
	Beverages – 2.5%
	127,314	Coca-Cola Co. (The)	7,039,191
	22,780	Constellation Brands, Inc., Class A	5,460,822
			12,500,013
	Biotechnology – 0.8%
	2,761	Biogen, Inc.*	738,512
	10,065	BioMarin Pharmaceutical, Inc.*	778,025
	35,787	Genmab A/S ADR (Denmark)*	1,453,668
	9,572	Neurocrine Biosciences, Inc.*	921,018
			3,891,223
	Capital Markets – 3.9%
	10,658	BlackRock, Inc.	9,347,492
	110,230	Morgan Stanley	10,025,419
			19,372,911
	Chemicals – 2.8%
	25,049	Ecolab, Inc.	5,387,539
	27,919	Linde PLC (United Kingdom)	8,392,451
			13,779,990
	Commercial Services & Supplies – 1.0%
	42,820	Waste Connections, Inc.	5,200,061
	Communications Equipment – 1.7%
	157,584	Cisco Systems, Inc.	8,336,194

Shares		Description	Value
	Common Stocks – (continued)
	Construction Materials – 1.2%
	16,938	Martin Marietta Materials, Inc.	$    6,159,504
	Consumer Finance – 2.1%
	64,437	American Express Co.	10,318,297
	Containers & Packaging – 1.0%
	33,781	Packaging Corp. of America	5,021,546
	Diversified Financial Services – 1.1%
	19,031	Berkshire Hathaway, Inc., Class B*	5,508,333
	Diversified Telecommunication Services – 1.9%
	322,693	AT&T, Inc.	9,496,855
	Electric Utilities – 2.9%
	126,693	NextEra Energy, Inc.	9,276,462
	74,816	Xcel Energy, Inc.	5,302,958
			14,579,420
	Electrical Equipment – 1.0%
	33,663	Eaton Corp. PLC	4,889,551
	Entertainment – 2.4%
	66,463	Walt Disney Co. (The)*	11,873,615
	Equity Real Estate Investment Trusts (REITs) – 6.0%
	23,012	Alexandria Real Estate Equities, Inc. REIT	4,102,119
	25,277	AvalonBay Communities, Inc. REIT	5,230,822
	32,621	Boston Properties, Inc. REIT	3,834,925
	49,813	Equity Residential REIT	3,858,017
	39,009	Prologis, Inc. REIT	4,596,820
	15,585	Public Storage REIT	4,402,451
	50,009	Welltower, Inc. REIT	3,739,173
			29,764,327
	Food & Staples Retailing – 1.5%
	53,753	Walmart, Inc.	7,634,539
	Food Products – 1.4%
	112,572	Mondelez International, Inc., Class A	7,151,699
	Gas Utilities – 0.5%
	26,447	Atmos Energy Corp.	2,622,749
	Health Care Equipment & Supplies – 4.4%
	163,157	Boston Scientific Corp.*	6,942,330

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	62,462	Medtronic PLC	$    7,907,065
	41,504	Zimmer Biomet Holdings, Inc.	6,986,368
			21,835,763
	Health Care Providers & Services – 1.1%
	12,459	Humana, Inc.	5,453,304
	Hotels, Restaurants & Leisure – 3.5%
	49,149	Hilton Worldwide Holdings, Inc.*	6,156,895
	48,058	Las Vegas Sands Corp.*	2,775,349
	35,730	McDonald’s Corp.	8,356,890
			17,289,134
	Household Products – 1.0%
	37,086	Procter & Gamble Co. (The)	5,001,047
	Industrial Conglomerates – 3.6%
	723,328	General Electric Co.	10,169,992
	33,583	Honeywell International, Inc.	7,754,650
			17,924,642
	Insurance – 2.1%
	34,484	Chubb Ltd.	5,861,935
	32,680	Marsh & McLennan Cos., Inc.	4,521,278
			10,383,213
	Interactive Media & Services – 2.2%
	4,533	Alphabet, Inc., Class A*	10,683,601
	IT Services – 4.4%
	69,048	Cognizant Technology Solutions Corp., Class A	4,941,075
	53,296	Fidelity National Information Services, Inc.	7,940,038
	36,497	International Business Machines Corp.	5,246,079
	16,324	Visa, Inc., Class A	3,710,445
			21,837,637
	Life Sciences Tools & Services – 1.6%
	23,826	PerkinElmer, Inc.	3,456,438
	9,495	Thermo Fisher Scientific, Inc.	4,457,902
			7,914,340
	Machinery – 2.2%
	15,954	Deere & Co.	5,760,989

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	21,389	Illinois Tool Works, Inc.	$    4,957,115
			10,718,104
	Media – 1.9%
	168,278	Comcast Corp., Class A	9,649,060
	Metals & Mining – 1.1%
	123,366	Freeport-McMoRan, Inc.	5,270,196
	Multi-Utilities – 1.6%
	51,802	Ameren Corp.	4,361,729
	60,384	CMS Energy Corp.	3,788,492
			8,150,221
	Oil, Gas & Consumable Fuels – 3.7%
	88,452	Chevron Corp.	9,180,433
	106,660	ConocoPhillips	5,945,229
	38,810	Hess Corp.	3,253,054
			18,378,716
	Pharmaceuticals – 4.1%
	122,913	Bristol-Myers Squibb Co.	8,077,842
	17,758	Eli Lilly & Co.	3,546,983
	52,175	Johnson & Johnson	8,830,619
			20,455,444
	Road & Rail – 2.9%
	21,921	Norfolk Southern Corp.	6,157,609
	36,257	Union Pacific Corp.	8,148,035
			14,305,644
	Semiconductors & Semiconductor Equipment – 3.9%
	23,524	Cree, Inc.*	2,352,635
	6,918	KLA Corp.	2,192,245
	117,443	Marvell Technology, Inc.	5,672,497
	14,245	NXP Semiconductors NV (China)	3,011,678
	31,142	Texas Instruments, Inc.	5,911,374
			19,140,429
	Software – 1.0%
	9,935	Microsoft Corp.	2,480,571
	20,816	Splunk, Inc.*	2,522,899
			5,003,470

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 2.9%
	70,016	L Brands, Inc.*	$    4,892,018
	12,379	O’Reilly Automotive, Inc.*	6,624,250
	20,830	Ross Stores, Inc.	2,632,704
			14,148,972
	TOTAL COMMON STOCKS (Cost $356,086,934)		$491,917,576
Shares		Dividend Rate	Value
	Investment Company – 0.8%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,777,722	0.026%	$    3,777,722
	(Cost $3,777,722)
	TOTAL INVESTMENTS – 99.9% (Cost $359,864,656)		$495,695,298
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		599,698
	NET ASSETS – 100.0%		$496,294,996

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.2%
	Aerospace & Defense – 1.6%
	30,339	L3Harris Technologies, Inc.	$       6,615,722
	20,245	TransDigm Group, Inc.*	13,135,766
			19,751,488
	Airlines – 1.9%
	391,883	JetBlue Airways Corp.*	7,876,848
	269,921	United Airlines Holdings, Inc.*	15,749,891
			23,626,739
	Auto Components – 1.3%
	108,721	Aptiv PLC*	16,353,813
	Banks – 6.6%
	188,344	Citizens Financial Group, Inc.	9,398,366
	195,069	East West Bancorp, Inc.	14,587,260
	122,955	M&T Bank Corp.	19,757,639
	150,047	Pinnacle Financial Partners, Inc.	13,642,273
	30,664	Signature Bank	7,658,334
	27,754	SVB Financial Group*	16,177,529
			81,221,401
	Beverages – 1.7%
	154,017	Coca-Cola Europacific Partners PLC (United Kingdom)	9,321,109
	49,217	Constellation Brands, Inc., Class A	11,798,299
			21,119,408
	Biotechnology – 0.7%
	97,501	Ionis Pharmaceuticals, Inc.*	3,631,912
	52,096	Neurocrine Biosciences, Inc.*	5,012,677
			8,644,589
	Building Products – 0.8%
	55,785	Trane Technologies PLC	10,398,324
	Capital Markets – 2.3%
	191,869	Bank of New York Mellon Corp. (The)	9,992,537
	189,429	Carlyle Group, Inc. (The)	8,266,682
	81,028	Raymond James Financial, Inc.	10,743,503
			29,002,722
	Chemicals – 2.5%
	108,757	Ashland Global Holdings, Inc.	10,314,514

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	445,269	Corteva, Inc.	$     20,259,739
			30,574,253
	Communications Equipment – 1.7%
	47,810	Motorola Solutions, Inc.	9,815,871
	632,759	Viavi Solutions, Inc.*	11,092,265
			20,908,136
	Construction Materials – 1.2%
	40,454	Martin Marietta Materials, Inc.	14,711,097
	Consumer Finance – 1.6%
	162,809	Ally Financial, Inc.	8,907,280
	94,003	Discover Financial Services	11,022,792
			19,930,072
	Containers & Packaging – 2.7%
	189,847	Ball Corp.	15,597,830
	116,000	Packaging Corp. of America	17,243,400
			32,841,230
	Electric Utilities – 1.5%
	173,016	Alliant Energy Corp.	9,887,864
	130,359	Xcel Energy, Inc.	9,239,846
			19,127,710
	Electrical Equipment – 3.1%
	168,543	AMETEK, Inc.	22,770,159
	59,091	Rockwell Automation, Inc.	15,583,479
			38,353,638
	Electronic Equipment, Instruments & Components – 0.6%
	214,106	Vontier Corp.*	7,510,838
	Entertainment – 0.8%
	107,050	Live Nation Entertainment, Inc.*	9,646,275
	Equity Real Estate Investment Trusts (REITs) – 10.1%
	55,885	Alexandria Real Estate Equities, Inc. REIT	9,962,060
	54,534	AvalonBay Communities, Inc. REIT	11,285,266
	68,431	Camden Property Trust REIT	8,579,879
	167,409	CubeSmart REIT	7,330,840
	269,789	Duke Realty Corp. REIT	12,534,397
	120,231	Equity LifeStyle Properties, Inc. REIT	8,519,569

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	27,291	Essex Property Trust, Inc. REIT	$       8,058,759
	312,969	Healthpeak Properties, Inc. REIT	10,446,905
	238,876	Highwoods Properties, Inc. REIT	10,911,856
	234,894	Invitation Homes, Inc. REIT	8,519,605
	135,314	Kilroy Realty Corp. REIT	9,500,396
	84,436	Ryman Hospitality Properties, Inc. REIT*	6,325,101
	179,971	Welltower, Inc. REIT	13,456,432
			125,431,065
	Food & Staples Retailing – 0.4%
	101,394	Performance Food Group Co.*	5,082,881
	Food Products – 1.8%
	75,570	McCormick & Co., Inc.	6,730,264
	523,071	Nomad Foods Ltd. (United Kingdom)*	16,042,588
			22,772,852
	Gas Utilities – 0.6%
	78,285	Atmos Energy Corp.	7,763,523
	Health Care Equipment & Supplies – 2.8%
	28,182	Cooper Cos., Inc. (The)	11,088,208
	139,215	Zimmer Biomet Holdings, Inc.	23,434,061
			34,522,269
	Health Care Providers & Services – 0.5%
	79,990	Centene Corp.*	5,887,264
	Health Care Technology – 0.4%
	183,137	Certara, Inc.*	4,818,334
	Hotels, Restaurants & Leisure – 4.6%
	76,185	Expedia Group, Inc.*	13,480,936
	105,154	Royal Caribbean Cruises Ltd.*	9,807,714
	97,798	Wyndham Hotels & Resorts, Inc.	7,340,718
	125,473	Wynn Resorts Ltd.*	16,546,124
	85,307	Yum! Brands, Inc.	10,234,281
			57,409,773
	Independent Power and Renewable Electricity Producers – 0.9%
	178,573	AES Corp. (The)	4,537,540
	93,059	NextEra Energy Partners LP	6,362,444
			10,899,984

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 6.7%
	9,133	Alleghany Corp.*	$       6,544,434
	84,250	American Financial Group, Inc.	11,210,305
	271,215	Arch Capital Group Ltd.*	10,818,766
	68,608	Arthur J Gallagher & Co.	10,058,619
	134,730	Athene Holding Ltd., Class A*	8,438,140
	134,275	Brown & Brown, Inc.	7,052,123
	70,298	Globe Life, Inc.	7,410,815
	111,076	Hartford Financial Services Group, Inc. (The)	7,258,816
	11,483	Markel Corp.*	14,072,302
			82,864,320
	Interactive Media & Services – 0.7%
	142,002	Twitter, Inc.*	8,236,116
	Leisure Products – 0.9%
	114,493	Brunswick Corp.	11,704,619
	Life Sciences Tools & Services – 1.2%
	101,855	PerkinElmer, Inc.	14,776,105
	Machinery – 5.6%
	58,907	Cummins, Inc.	15,155,593
	198,325	Fortive Corp.	14,382,529
	135,456	Graco, Inc.	10,256,728
	41,267	IDEX Corp.	9,188,510
	213,300	ITT, Inc.	20,028,870
			69,012,230
	Media – 1.2%
	52,975	Liberty Broadband Corp., Class C*	8,809,213
	135,976	ViacomCBS, Inc., Class B	5,768,102
			14,577,315
	Metals & Mining – 1.4%
	417,857	Freeport-McMoRan, Inc.	17,850,851
	Multiline Retail – 0.7%
	82,758	Dollar Tree, Inc.*	8,068,905
	Multi-Utilities – 2.4%
	137,755	Ameren Corp.	11,598,971
	169,067	CMS Energy Corp.	10,607,264
	126,977	Public Service Enterprise Group, Inc.	7,887,811
			30,094,046

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 4.4%
	171,762	Cheniere Energy, Inc.*	$     14,582,594
	190,421	Hess Corp.	15,961,088
	79,964	Marathon Petroleum Corp.	4,941,775
	53,275	Phillips 66	4,486,820
	97,424	Pioneer Natural Resources Co.	14,826,959
			54,799,236
	Pharmaceuticals – 1.3%
	156,802	Catalent, Inc.*	16,437,554
	Professional Services – 0.7%
	101,798	Booz Allen Hamilton Holding Corp.	8,645,704
	Road & Rail – 2.1%
	69,088	Old Dominion Freight Line, Inc.	18,339,410
	31,302	Saia, Inc.*	7,204,468
			25,543,878
	Semiconductors & Semiconductor Equipment – 6.6%
	63,988	Cree, Inc.*	6,399,440
	117,202	Entegris, Inc.	13,413,769
	519,543	Marvell Technology, Inc.	25,093,927
	72,021	Microchip Technology, Inc.	11,303,696
	57,391	MKS Instruments, Inc.	10,802,708
	363,119	ON Semiconductor Corp.*	14,539,284
			81,552,824
	Software – 1.7%
	31,186	Paycom Software, Inc.*	10,278,905
	86,728	Splunk, Inc.*	10,511,434
			20,790,339
	Specialty Retail – 4.1%
	93,145	Advance Auto Parts, Inc.	17,672,401
	37,547	Burlington Stores, Inc.*	12,141,574
	161,260	L Brands, Inc.*	11,267,236
	15,283	RH*	9,797,167
			50,878,378
	Textiles, Apparel & Luxury Goods – 1.1%
	229,146	Capri Holdings Ltd.*	12,994,870
	Trading Companies & Distributors – 1.1%
	251,919	Fastenal Co.	13,361,784

Shares		Description	Value
	Common Stocks – (continued)
	Water Utilities – 0.6%
	49,683	American Water Works Co., Inc.	$       7,701,859
	TOTAL COMMON STOCKS (Cost $868,850,269)		$1,228,200,611
Shares		Dividend Rate	Value
	Investment Company – 0.6%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,998,083	0.026%	$       7,998,083
	(Cost $7,998,083)
	TOTAL INVESTMENTS – 99.8% (Cost $876,848,352)		$1,236,198,694
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		2,312,327
	NET ASSETS – 100.0%		$1,238,511,021

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.3%
	Aerospace & Defense – 1.5%
	708,195	AAR Corp.*	$     29,567,141
	251,981	Ducommun, Inc.*	13,549,019
	464,715	Kaman Corp.	25,010,961
	516,890	Maxar Technologies, Inc.	16,075,279
			84,202,400
	Air Freight & Logistics – 0.2%
	468,752	Air Transport Services Group, Inc.*	11,643,800
	Airlines – 0.6%
	74,140	Allegiant Travel Co.*	16,419,044
	386,350	SkyWest, Inc.*	18,942,741
			35,361,785
	Auto Components – 1.2%
	1,005,898	Adient PLC*	50,355,254
	93,812	Cooper Tire & Rubber Co.	5,570,557
	544,258	Goodyear Tire & Rubber Co. (The) *	10,792,636
			66,718,447
	Banks – 17.1%
	326,366	Amalgamated Financial Corp.	5,309,975
	841,866	Ameris Bancorp	46,252,118
	899,177	Atlantic Union Bankshares Corp.	36,884,240
	1,119,251	BancorpSouth Bank	34,226,696
	615,107	Banner Corp.	36,002,213
	1,344,956	Brookline Bancorp, Inc.	22,675,958
	501,987	Cadence BanCorp	11,234,469
	979,833	Columbia Banking System, Inc.	42,289,592
	489,132	Community Bank System, Inc.	39,678,388
	865,430	ConnectOne Bancorp, Inc.	23,963,757
	1,566,257	CVB Financial Corp.	34,739,580
	672,604	FB Financial Corp.	28,148,477
	444,615	First Financial Bankshares, Inc.	22,386,365
	778,810	First Merchants Corp.	36,090,055
	365,837	First Midwest Bancorp, Inc.	7,656,968
	180,967	First of Long Island Corp. (The)	4,071,757
	389,304	German American Bancorp, Inc.	16,272,907
	750,503	Glacier Bancorp, Inc.	43,716,800
	555,626	Great Western Bancorp, Inc.	18,591,246
	561,109	Hancock Whitney Corp.	27,780,507
	618,776	Heritage Financial Corp.	17,950,692
	1,112,147	Home BancShares, Inc.	30,428,342

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	393,822	Independent Bank Corp.	$     32,139,813
	509,818	Lakeland Financial Corp.	31,460,869
	1,117,900	OceanFirst Financial Corp.	24,716,769
	828,587	Pacific Premier Bancorp, Inc.	38,090,144
	519,500	PacWest Bancorp	23,465,815
	430,652	Pinnacle Financial Partners, Inc.	39,154,880
	905,467	Renasant Corp.	40,039,751
	546,955	South State Corp.	48,575,074
	586,990	Towne Bank	18,801,290
	542,861	TriCo Bancshares	26,030,185
	1,276,989	United Community Banks, Inc.	44,158,280
			952,983,972
	Beverages – 0.4%
	1,365,049	Primo Water Corp.	23,628,998
	Biotechnology – 1.0%
	300,679	Alkermes PLC*	6,816,393
	289,689	Arena Pharmaceuticals, Inc.*	17,702,895
	214,227	Bluebird Bio, Inc.*	6,666,744
	499,645	Ironwood Pharmaceuticals, Inc.*	5,780,893
	96,412	Novavax, Inc.*	14,232,339
	94,296	Turning Point Therapeutics, Inc.*	6,240,509
			57,439,773
	Building Products – 1.4%
	93,630	AZEK Co., Inc. (The)*	4,075,714
	267,764	Gibraltar Industries, Inc.*	21,273,850
	233,603	Griffon Corp.	6,141,423
	1,564,025	Resideo Technologies, Inc.*	46,764,347
			78,255,334
	Capital Markets – 1.8%
	154,974	Hamilton Lane, Inc., Class A	14,005,000
	229,056	Houlihan Lokey, Inc.	17,154,004
	237,589	PJT Partners, Inc., Class A	17,301,231
	727,267	Stifel Financial Corp.	50,385,058
			98,845,293
	Chemicals – 2.4%
	1,369,382	Avient Corp.	71,180,476
	158,314	HB Fuller Co.	10,942,664
	335,616	Kraton Corp.*	11,394,163

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	1,702,276	Tronox Holdings PLC, Class A	$     39,969,441
			133,486,744
	Commercial Services & Supplies – 0.6%
	243,798	ABM Industries, Inc.	12,163,082
	322,719	Brady Corp., Class A	18,469,209
			30,632,291
	Communications Equipment – 0.7%
	475,802	NetScout Systems, Inc.*	13,988,579
	1,555,367	Viavi Solutions, Inc.*	27,265,583
			41,254,162
	Construction & Engineering – 2.3%
	464,553	Arcosa, Inc.	29,499,116
	188,499	Dycom Industries, Inc.*	14,122,345
	435,267	MasTec, Inc.*	50,634,610
	1,081,561	WillScot Mobile Mini Holdings Corp.*	31,365,269
			125,621,340
	Construction Materials – 0.5%
	803,681	Summit Materials, Inc., Class A*	27,984,172
	Consumer Finance – 0.6%
	174,801	FirstCash, Inc.	13,935,135
	311,944	Green Dot Corp., Class A*	12,661,807
	246,210	Oportun Financial Corp.*	4,697,687
			31,294,629
	Diversified Financial Services – 0.1%
	164,142	Alerus Financial Corp.	5,408,479
	Electric Utilities – 2.0%
	390,327	ALLETE, Inc.	26,889,627
	301,085	IDACORP, Inc.	29,491,276
	379,880	MGE Energy, Inc.	28,498,598
	561,477	Portland General Electric Co.	26,917,207
			111,796,708
	Electronic Equipment, Instruments & Components – 2.0%
	514,920	CTS Corp.	19,695,690
	278,790	FARO Technologies, Inc.*	21,090,463
	564,738	Knowles Corp.*	11,599,719
	185,175	Rogers Corp.*	34,692,536

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	1,436,840	TTM Technologies, Inc.*	$     21,768,126
			108,846,534
	Energy Equipment & Services – 1.5%
	718,148	Cactus, Inc., Class A	25,163,906
	2,230,463	ChampionX Corp.*	59,107,269
			84,271,175
	Entertainment – 0.3%
	712,343	Cinemark Holdings, Inc.*	16,141,692
	Equity Real Estate Investment Trusts (REITs) – 7.7%
	1,512,410	Acadia Realty Trust REIT	32,819,297
	3,532,041	Colony Capital, Inc. REIT*	24,265,122
	143,478	EastGroup Properties, Inc. REIT	22,681,002
	1,362,486	Healthcare Realty Trust, Inc. REIT	41,337,825
	848,094	Highwoods Properties, Inc. REIT	38,740,934
	1,413,282	Hudson Pacific Properties, Inc. REIT	40,971,045
	115,295	Life Storage, Inc. REIT	11,464,935
	500,140	National Health Investors, Inc. REIT	32,964,228
	1,235,546	Park Hotels & Resorts, Inc. REIT*	25,687,001
	1,963,628	Pebblebrook Hotel Trust REIT	43,887,086
	99,852	Preferred Apartment Communities, Inc., Class A REIT	979,548
	122,342	PS Business Parks, Inc. REIT	18,958,116
	2,216,362	RLJ Lodging Trust REIT	34,065,484
	941,196	STAG Industrial, Inc. REIT	33,610,109
	461,817	Terreno Realty Corp. REIT	29,380,798
			431,812,530
	Food & Staples Retailing – 1.0%
	1,073,887	Performance Food Group Co.*	53,833,955
	Food Products – 1.9%
	598,076	Darling Ingredients, Inc.*	40,944,283
	651,755	Hostess Brands, Inc.*	10,219,519
	93,332	Sanderson Farms, Inc.	15,189,783
	511,274	Simply Good Foods Co. (The)*	17,654,291
	946,019	Utz Brands, Inc.	21,853,039
			105,860,915
	Gas Utilities – 0.9%
	147,369	Chesapeake Utilities Corp.	16,882,593

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – (continued)
	429,811	ONE Gas, Inc.	$     31,943,553
			48,826,146
	Health Care Equipment & Supplies – 1.9%
	744,661	Avanos Medical, Inc.*	29,860,906
	174,055	CONMED Corp.	23,965,633
	227,519	LivaNova PLC*	19,006,937
	173,482	Merit Medical Systems, Inc.*	10,467,904
	332,610	NuVasive, Inc.*	22,684,002
			105,985,382
	Health Care Providers & Services – 2.2%
	402,664	Acadia Healthcare Co., Inc.*	25,915,455
	229,031	AMN Healthcare Services, Inc.*	20,315,050
	668,999	Owens & Minor, Inc.	29,910,945
	656,559	Tenet Healthcare Corp.*	43,930,363
			120,071,813
	Health Care Technology – 0.4%
	1,260,403	Allscripts Healthcare Solutions, Inc.*	21,918,408
	Hotels, Restaurants & Leisure – 4.3%
	496,638	Bloomin’ Brands, Inc.*	14,675,653
	887,018	Boyd Gaming Corp.*	57,115,089
	248,981	Brinker International, Inc.*	15,299,882
	391,982	Caesars Entertainment, Inc.*	42,118,466
	175,704	Marriott Vacations Worldwide Corp.*	30,272,042
	140,542	Penn National Gaming, Inc.*	11,520,228
	765,792	SeaWorld Entertainment, Inc.*	41,682,058
	417,944	Travel + Leisure Co.	27,229,052
			239,912,470
	Household Durables – 1.7%
	141,536	Installed Building Products, Inc.	16,786,170
	430,930	Meritage Homes Corp.*	46,398,233
	945,428	Taylor Morrison Home Corp.*	28,003,577
	208,869	Tupperware Brands Corp.*	5,355,401
			96,543,381
	Independent Power and Renewable Electricity Producers – 0.3%
	656,769	Clearway Energy, Inc., Class A	16,504,605
	Insurance – 2.9%
	205,725	AMERISAFE, Inc.	13,481,159

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	537,261	BRP Group, Inc., Class A*	$     13,205,875
	1,126,417	CNO Financial Group, Inc.	29,917,636
	116,859	Enstar Group Ltd.*	29,669,332
	130,545	Primerica, Inc.	21,175,704
	174,844	RLI Corp.	18,442,545
	444,010	Selective Insurance Group, Inc.	33,420,633
			159,312,884
	Leisure Products – 0.7%
	691,013	Callaway Golf Co.*	25,512,200
	142,776	Malibu Boats, Inc., Class A*	11,196,494
			36,708,694
	Machinery – 6.8%
	418,510	Astec Industries, Inc.	28,680,490
	328,710	Chart Industries, Inc.*	47,971,938
	329,135	CIRCOR International, Inc.*	12,385,350
	843,422	Colfax Corp.*	37,279,252
	702,452	Columbus McKinnon Corp.	35,614,316
	814,542	Federal Signal Corp.	34,601,744
	907,574	Kennametal, Inc.	34,043,101
	1,408,976	Rexnord Corp.	70,406,531
	445,887	SPX FLOW, Inc.	30,601,225
	513,598	Terex Corp.	26,897,127
	718,226	TriMas Corp.*	23,284,887
			381,765,961
	Media – 1.4%
	1,184,915	iHeartMedia, Inc., Class A*	27,501,877
	207,563	Nexstar Media Group, Inc., Class A	31,530,895
	1,086,558	TEGNA, Inc.	21,068,360
			80,101,132
	Metals & Mining – 3.8%
	1,037,140	Alcoa Corp.*	41,143,344
	942,036	Allegheny Technologies, Inc.*	23,070,462
	701,705	Arconic Corp.*	25,380,670
	2,828,585	Cleveland-Cliffs, Inc.*(a)	56,911,130
	2,204,961	Coeur Mining, Inc.*	22,931,594
	574,867	Commercial Metals Co.	18,091,064
	853,781	Constellium SE*	15,248,529
	426,277	United States Steel Corp.	11,053,363
			213,830,156

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – 1.8%
	1,253,236	KKR Real Estate Finance Trust, Inc. REIT	$     26,794,186
	1,772,482	PennyMac Mortgage Investment Trust REIT	34,740,647
	5,591,192	Two Harbors Investment Corp. REIT	40,200,670
			101,735,503
	Multiline Retail – 0.2%
	54,561	Big Lots, Inc.	3,324,947
	570,613	Macy’s, Inc.*	10,430,806
			13,755,753
	Oil, Gas & Consumable Fuels – 3.5%
	1,027,236	Brigham Minerals, Inc., Class A	18,634,061
	216,847	Chesapeake Energy Corp.	11,449,522
	240,581	Cimarex Energy Co.	16,299,363
	2,173,988	CNX Resources Corp. *	29,609,716
	1,186,045	EQT Corp.*	24,764,620
	393,954	Magnolia Oil & Gas Corp., Class A*	5,089,886
	900,850	Matador Resources Co.	27,602,044
	531,282	PDC Energy, Inc.*	22,430,726
	733,810	Rattler Midstream LP	7,734,357
	1,862,933	Viper Energy Partners LP	33,588,682
			197,202,977
	Paper & Forest Products – 0.2%
	212,845	Domtar Corp.*	11,542,584
	Pharmaceuticals – 0.2%
	346,553	Intra-Cellular Therapies, Inc.*	13,657,654
	Professional Services – 2.4%
	378,133	ASGN, Inc.*	38,981,731
	194,510	ICF International, Inc.	17,097,429
	1,562,998	KBR, Inc.	63,676,539
	178,406	ManTech International Corp., Class A	15,523,106
			135,278,805
	Real Estate Management & Development – 0.3%
	844,168	Kennedy-Wilson Holdings, Inc.	16,748,293
	Road & Rail – 1.2%
	456,401	ArcBest Corp.	35,526,254
	145,322	Saia, Inc.*	33,447,311
			68,973,565

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 1.8%
	783,227	Cohu, Inc.*	$     29,151,709
	463,597	MACOM Technology Solutions Holdings, Inc.*	27,444,942
	474,157	Onto Innovation, Inc.*	34,030,248
	82,475	Silicon Laboratories, Inc.*	11,262,786
			101,889,685
	Software – 1.5%
	238,226	Cerence, Inc.*	22,662,439
	1,325,554	Cloudera, Inc.*	17,046,625
	222,677	InterDigital, Inc.	17,987,848
	1,974,541	Vonage Holdings Corp.*	27,209,175
			84,906,087
	Specialty Retail – 3.4%
	631,252	Abercrombie & Fitch Co., Class A*	26,954,461
	1,396,293	American Eagle Outfitters, Inc.	49,470,661
	219,530	Citi Trends, Inc.*	18,295,630
	185,265	Group 1 Automotive, Inc.	29,546,062
	42,355	Lithia Motors, Inc., Class A	14,908,537
	492,743	Rent-A-Center, Inc.	30,456,445
	6,214	RH*	3,983,485
	145,461	Signet Jewelers Ltd.*	8,812,027
	55,727	Sonic Automotive, Inc., Class A	2,687,713
	137,627	Zumiez, Inc.*	6,030,815
			191,145,836
	Textiles, Apparel & Luxury Goods – 1.7%
	325,303	Capri Holdings Ltd.*	18,447,933
	306,277	Crocs, Inc.*	31,007,484
	7,968	Deckers Outdoor Corp. *	2,672,786
	149,296	Figs, Inc., Class A*	5,098,458
	646,395	Tapestry, Inc.*	29,016,672
	215,638	Wolverine World Wide, Inc.	7,862,161
			94,105,494
	Thrifts & Mortgage Finance – 2.4%
	2,403,557	MGIC Investment Corp.	35,380,359
	893,560	NMI Holdings, Inc., Class A*	21,615,216
	350,374	Walker & Dunlop, Inc.	35,576,976
	1,174,020	Washington Federal, Inc.	39,141,827
			131,714,378

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 2.3%
	585,137	Beacon Roofing Supply, Inc. *	$     33,142,160
	426,078	Herc Holdings, Inc.*	49,007,491
	438,272	WESCO International, Inc.*	46,706,647
			128,856,298
	Water Utilities – 0.3%
	242,966	SJW Group	15,659,159
	TOTAL COMMON STOCKS (Cost $3,612,860,392)		$5,545,978,231
	Exchange-Traded Fund – 0.4%
	133,807	iShares Russell 2000 Value ETF
	(Cost $22,423,437)		$     22,416,687
Shares		Dividend Rate	Value
	Investment Company – 0.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	26,616,680	0.026%	$     26,616,680
	(Cost $26,616,680)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,661,900,509)		$5,595,011,598
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,396,836	0.026%	$       7,396,836
	(Cost $7,396,836)
	TOTAL INVESTMENTS – 100.3% (Cost $3,669,297,345)		$5,602,408,434
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%		(14,638,563)
	NET ASSETS – 100.0%		$5,587,769,871

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Aerospace & Defense – 0.5%
	20,776	AAR Corp.*	$       867,398
	3,582	Hexcel Corp.*	212,986
			1,080,384
	Air Freight & Logistics – 1.3%
	18,122	XPO Logistics, Inc.*	2,662,665
	Airlines – 1.0%
	5,435	Allegiant Travel Co.*	1,203,635
	17,039	SkyWest, Inc.*	835,422
			2,039,057
	Auto Components – 0.7%
	29,374	Adient PLC*	1,470,462
	Banks – 10.7%
	13,640	Bank of Hawaii Corp.	1,224,054
	31,635	Columbia Banking System, Inc.	1,365,367
	18,566	Commerce Bancshares, Inc.	1,445,920
	12,057	Cullen/Frost Bankers, Inc.	1,455,400
	26,052	East West Bancorp, Inc.	1,948,169
	21,677	First Financial Bankshares, Inc.	1,091,437
	21,455	Glacier Bancorp, Inc.	1,249,754
	28,005	Hancock Whitney Corp.	1,386,528
	33,238	PacWest Bancorp	1,501,360
	19,919	Pinnacle Financial Partners, Inc.	1,811,035
	21,309	Prosperity Bancshares, Inc.	1,603,502
	7,831	Signature Bank	1,955,792
	17,810	South State Corp.	1,581,706
	32,959	Synovus Financial Corp.	1,618,946
	15,995	Wintrust Financial Corp.	1,286,318
			22,525,288
	Beverages – 0.5%
	677	Boston Beer Co., Inc. (The), Class A*	716,374
	23,919	Primo Water Corp.	414,038
			1,130,412
	Building Products – 1.5%
	26,633	AZEK Co., Inc. (The)*	1,159,334
	6,848	Gibraltar Industries, Inc.*	544,074

Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	50,668	Resideo Technologies, Inc.*	$    1,514,973
			3,218,381
	Capital Markets – 1.9%
	7,563	Hamilton Lane, Inc., Class A	683,468
	7,982	Houlihan Lokey, Inc.	597,772
	9,704	LPL Financial Holdings, Inc.	1,435,028
	18,015	Stifel Financial Corp.	1,248,079
			3,964,347
	Chemicals – 3.5%
	11,397	Ashland Global Holdings, Inc.	1,080,891
	48,100	Avient Corp.	2,500,238
	49,266	Element Solutions, Inc.	1,152,332
	62,485	Tronox Holdings PLC, Class A	1,467,148
	10,805	Westlake Chemical Corp.	1,089,900
			7,290,509
	Communications Equipment – 0.9%
	17,162	Ciena Corp.*	907,355
	57,971	Viavi Solutions, Inc.*	1,016,232
			1,923,587
	Construction & Engineering – 2.7%
	31,375	AECOM*	2,039,689
	16,928	MasTec, Inc.*	1,969,234
	18,309	Quanta Services, Inc.	1,745,763
			5,754,686
	Construction Materials – 0.6%
	23,795	Summit Materials, Inc., Class A*	828,542
	2,181	Vulcan Materials Co.	399,821
			1,228,363
	Consumer Finance – 1.6%
	30,030	Ally Financial, Inc.	1,642,941
	6,073	FirstCash, Inc.	484,140
	6,299	Green Dot Corp., Class A*	255,676
	15,670	OneMain Holdings, Inc.	906,353
			3,289,110

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Containers & Packaging – 1.4%
	4,273	Avery Dennison Corp.	$       942,325
	19,783	Crown Holdings, Inc.	2,042,397
			2,984,722
	Diversified Consumer Services – 0.2%
	4,724	Chegg, Inc.*	363,323
	Diversified Financial Services – 0.5%
	16,201	Voya Financial, Inc.	1,061,490
	Electric Utilities – 1.4%
	25,147	Alliant Energy Corp.	1,437,151
	15,566	IDACORP, Inc.	1,524,690
			2,961,841
	Electrical Equipment – 1.7%
	9,380	Hubbell, Inc.	1,788,203
	13,001	Regal Beloit Corp.	1,849,132
			3,637,335
	Electronic Equipment, Instruments & Components – 2.6%
	68,797	Flex Ltd.*	1,256,921
	4,217	Littelfuse, Inc.	1,101,649
	28,237	National Instruments Corp.	1,152,069
	16,681	Trimble, Inc.*	1,297,615
	21,595	Vontier Corp.*	757,553
			5,565,807
	Energy Equipment & Services – 0.8%
	62,437	ChampionX Corp.*	1,654,581
	Entertainment – 1.3%
	25,719	Cinemark Holdings, Inc.*	582,793
	28,090	Liberty Media Corp.-Liberty Formula One, Class C*	1,254,218
	9,028	Live Nation Entertainment, Inc.*	813,513
			2,650,524
	Equity Real Estate Investment Trusts (REITs) – 9.0%
	28,765	Americold Realty Trust REIT	1,093,645
	11,688	Camden Property Trust REIT	1,465,441
	91,043	Colony Capital, Inc. REIT*	625,465

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	39,867	CubeSmart REIT	$    1,745,776
	23,963	Duke Realty Corp. REIT	1,113,321
	7,025	EastGroup Properties, Inc. REIT	1,110,512
	19,933	Equity LifeStyle Properties, Inc. REIT	1,412,452
	34,128	Healthcare Realty Trust, Inc. REIT	1,035,444
	52,906	Highwoods Properties, Inc. REIT	2,416,746
	46,412	Hudson Pacific Properties, Inc. REIT	1,345,484
	23,264	MGM Growth Properties LLC, Class A REIT	834,480
	5,503	Mid-America Apartment Communities, Inc. REIT	884,332
	46,263	Park Hotels & Resorts, Inc. REIT*	961,808
	47,516	Pebblebrook Hotel Trust REIT	1,061,983
	67,358	RLJ Lodging Trust REIT	1,035,292
	4,604	Sun Communities, Inc. REIT	770,802
			18,912,983
	Food & Staples Retailing – 1.1%
	44,695	Performance Food Group Co.*	2,240,560
	Food Products – 1.3%
	8,225	Darling Ingredients, Inc.*	563,084
	14,050	Hostess Brands, Inc.*	220,304
	13,164	Lamb Weston Holdings, Inc.	1,085,898
	40,740	Utz Brands, Inc.	941,094
			2,810,380
	Gas Utilities – 0.6%
	16,853	ONE Gas, Inc.	1,252,515
	Health Care Equipment & Supplies – 2.1%
	19,086	Avanos Medical, Inc.*	765,349
	14,784	Globus Medical, Inc., Class A*	1,065,335
	14,383	Hill-Rom Holdings, Inc.	1,600,540
	15,210	Integra LifeSciences Holdings Corp.*	1,050,250
			4,481,474
	Health Care Providers & Services – 1.2%
	22,255	Acadia Healthcare Co., Inc.*	1,432,332
	16,968	Tenet Healthcare Corp.*	1,135,329
			2,567,661

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 3.3%
	24,577	Boyd Gaming Corp.*	$    1,582,513
	7,243	Brinker International, Inc.*	445,082
	14,031	Caesars Entertainment, Inc. *	1,507,631
	2,879	Marriott Vacations Worldwide Corp.*	496,023
	2,980	Penn National Gaming, Inc. *	244,271
	27,353	SeaWorld Entertainment, Inc.*	1,488,824
	17,728	Travel + Leisure Co.	1,154,979
			6,919,323
	Household Durables – 1.6%
	6,636	Installed Building Products, Inc.	787,030
	16,428	Meritage Homes Corp.*	1,768,803
	27,562	Taylor Morrison Home Corp.*	816,386
			3,372,219
	Independent Power and Renewable Electricity Producers – 0.6%
	16,890	NextEra Energy Partners LP	1,154,769
	Industrial Conglomerates – 0.9%
	9,622	Carlisle Cos., Inc.	1,850,503
	Insurance – 4.3%
	12,136	American Financial Group, Inc.	1,614,816
	24,086	Brown & Brown, Inc.	1,264,997
	17,102	Globe Life, Inc.	1,802,893
	12,215	Kemper Corp.	914,537
	7,280	Primerica, Inc.	1,180,889
	16,520	Selective Insurance Group, Inc.	1,243,460
	14,547	W R Berkley Corp.	1,134,521
			9,156,113
	IT Services – 0.3%
	3,502	WEX, Inc.*	686,077
	Leisure Products – 0.6%
	6,202	Brunswick Corp.	634,030
	18,303	Callaway Golf Co.*	675,747
			1,309,777
	Life Sciences Tools & Services – 2.2%
	11,223	PerkinElmer, Inc.	1,628,121
	8,109	PRA Health Sciences, Inc. *	1,385,990

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – (continued)
	19,146	Syneos Health, Inc.*	$    1,682,933
			4,697,044
	Machinery – 4.9%
	9,124	Chart Industries, Inc.*	1,331,556
	40,828	Colfax Corp.*	1,804,598
	12,423	Graco, Inc.	940,670
	20,716	ITT, Inc.	1,945,232
	41,764	Rexnord Corp.	2,086,947
	25,208	Timken Co. (The)	2,229,648
			10,338,651
	Media – 0.8%
	36,608	iHeartMedia, Inc., Class A*	849,671
	6,114	Nexstar Media Group, Inc., Class A	928,778
			1,778,449
	Metals & Mining – 2.2%
	27,954	Alcoa Corp.*	1,108,935
	25,338	Allegheny Technologies, Inc.*	620,528
	5,621	Arconic Corp.*	203,312
	51,108	Cleveland-Cliffs, Inc.*(a)	1,028,293
	15,214	Commercial Metals Co.	478,785
	29,990	Constellium SE*	535,621
	12,117	Steel Dynamics, Inc.	756,464
			4,731,938
	Mortgage Real Estate Investment Trusts (REITs) – 1.0%
	49,419	PennyMac Mortgage Investment Trust REIT	968,612
	160,088	Two Harbors Investment Corp. REIT	1,151,033
			2,119,645
	Multiline Retail – 0.1%
	16,985	Macy’s, Inc.*	310,486
	Oil, Gas & Consumable Fuels – 3.3%
	74,344	Devon Energy Corp.	1,974,577
	23,561	Diamondback Energy, Inc.	1,886,529
	60,248	EQT Corp.*	1,257,978
	35,800	HollyFrontier Corp.	1,162,426
	34,914	Viper Energy Partners LP	629,500
			6,911,010

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Personal Products – 0.4%
	89,148	Coty, Inc., Class A*	$       794,309
	Pharmaceuticals – 0.9%
	18,023	Catalent, Inc.*	1,889,351
	Professional Services – 4.0%
	16,834	ASGN, Inc.*	1,735,417
	7,585	CACI International, Inc., Class A*	1,933,872
	14,367	Jacobs Engineering Group, Inc.	2,041,263
	43,571	KBR, Inc.	1,775,082
	10,739	Science Applications International Corp.	965,007
			8,450,641
	Real Estate Management & Development – 0.9%
	47,342	Cushman & Wakefield PLC*	899,971
	49,121	Kennedy-Wilson Holdings, Inc.	974,561
			1,874,532
	Road & Rail – 1.3%
	17,217	ArcBest Corp.	1,340,171
	3,929	Old Dominion Freight Line, Inc.	1,042,953
	1,519	Saia, Inc.*	349,613
			2,732,737
	Semiconductors & Semiconductor Equipment – 2.7%
	10,210	Cree, Inc.*	1,021,102
	7,522	Entegris, Inc.	860,893
	9,322	MKS Instruments, Inc.	1,754,680
	53,043	ON Semiconductor Corp.*	2,123,842
			5,760,517
	Software – 0.7%
	13,349	Nuance Communications, Inc.*	706,162
	60,901	Vonage Holdings Corp. *	839,216
			1,545,378
	Specialty Retail – 5.1%
	15,966	Abercrombie & Fitch Co., Class A*	681,748
	39,890	American Eagle Outfitters, Inc.	1,413,303
	2,732	Burlington Stores, Inc.*	883,447
	1,361	Dick’s Sporting Goods, Inc.	132,738
	3,989	Five Below, Inc.*	734,455

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	31,767	Gap, Inc. (The)	$    1,062,606
	44,000	L Brands, Inc.*	3,074,280
	35,183	Leslie’s, Inc.*	1,025,936
	1,903	Lithia Motors, Inc., Class A	669,837
	16,024	Rent-A-Center, Inc.	990,444
	220	RH*	141,031
			10,809,825
	Textiles, Apparel & Luxury Goods – 2.2%
	17,964	Capri Holdings Ltd.*	1,018,739
	12,385	Crocs, Inc.*	1,253,857
	796	Deckers Outdoor Corp.*	267,010
	5,622	Figs, Inc., Class A*	191,991
	41,036	Tapestry, Inc.*	1,842,106
			4,573,703
	Thrifts & Mortgage Finance – 1.3%
	78,674	MGIC Investment Corp.	1,158,081
	18,493	NMI Holdings, Inc., Class A*	447,346
	31,944	Washington Federal, Inc.	1,065,013
			2,670,440
	Trading Companies & Distributors – 0.4%
	14,781	Beacon Roofing Supply, Inc.*	837,196
	TOTAL COMMON STOCKS (Cost $158,032,006)		$207,997,080
Shares		Dividend Rate	Value
	Investment Company – 1.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,307,033	0.026%	$    2,307,033
	(Cost $2,307,033)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $160,339,039)		$210,304,113

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.5%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
953,546	0.026%	$       953,546
(Cost $953,546)
TOTAL INVESTMENTS – 100.2% (Cost $161,292,585)		$211,257,659
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(358,078)
NET ASSETS – 100.0%		$210,899,581

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)

May 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2021 (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 May 31, 2021:

EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	4,662,794	$	—	$	—
Europe		18,436,698		—		—
North America		377,025,530		—		—
Oceania		7,157,370		—		—
Investment Company		8,656,628		—		—
Total	$	415,939,020	$	—	$	—
FOCUSED VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,176,248	$	—	$	—
North America		34,022,541		—		—
Investment Company		458,095		—		—
Total	$	35,656,884	$	—	$	—
LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,011,678	$	—	$	—
Europe		9,846,119		—		—
North America		479,059,779		—		—
Investment Company		3,777,722		—		—
Total	$	495,695,298	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	25,363,697	$	—	$	—
North America		1,202,836,914		—		—
Investment Company		7,998,083		—		—
Total	$	1,236,198,694	$	—	$	—
SMALL CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	5,568,394,918	$	—	$	—
Investment Company		26,616,680		—		—
Securities Lending Reinvestment Vehicle		7,396,836		—		—
Total	$	5,602,408,434	$	—	$	—
SMALL/MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	207,997,080	$	—	$	—
Investment Company		2,307,033		—		—
Securities Lending Reinvestment Vehicle		953,546		—		—
Total	$	211,257,659	$	—	$	—

(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)

May 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Securities Lending — The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Small Cap Value and Small/Mid Cap Value 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. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of May 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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

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

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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