GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Aerospace & Defense – 1.6%
	31,145	Boeing Co. (The)*	$       7,693,438
	18,225	L3Harris Technologies, Inc.	3,974,143
	11,164	TransDigm Group, Inc.*	7,243,650
			18,911,231
	Airlines – 0.3%
	63,995	United Airlines Holdings, Inc.*	3,734,108
	Auto Components – 0.6%
	43,335	Aptiv PLC*	6,518,451
	Automobiles – 0.6%
	12,006	Tesla, Inc.*	7,506,391
	Banks – 3.3%
	223,930	Bank of America Corp.	9,492,393
	73,501	JPMorgan Chase & Co.	12,071,804
	19,941	M&T Bank Corp.	3,204,319
	26,856	Pinnacle Financial Partners, Inc.	2,441,747
	8,067	SVB Financial Group*	4,702,174
	100,302	Truist Financial Corp.	6,196,658
			38,109,095
	Beverages – 1.6%
	47,663	Coca-Cola Co. (The)	2,635,287
	110,549	Coca-Cola Europacific Partners PLC (United Kingdom)	6,690,426
	27,980	Constellation Brands, Inc., Class A	6,707,366
	31,516	Monster Beverage Corp.*	2,971,013
			19,004,092
	Biotechnology – 1.6%
	17,422	Agios Pharmaceuticals, Inc.*	971,799
	8,289	Biogen, Inc.*	2,217,142
	13,770	BioMarin Pharmaceutical, Inc.*	1,064,421
	148,013	Genmab A/S ADR (Denmark)*	6,012,288
	24,969	Ionis Pharmaceuticals, Inc.*	930,095
	55,210	Neurocrine Biosciences, Inc.*	5,312,306
	14,118	Seagen, Inc.*	2,193,232
			18,701,283
	Building Products – 0.3%
	16,824	Trane Technologies PLC	3,135,994

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – 2.7%
	6,252	BlackRock, Inc.	$       5,483,254
	28,933	Carlyle Group, Inc. (The)	1,262,636
	48,510	Charles Schwab Corp. (The)	3,582,463
	147,781	Morgan Stanley	13,440,682
	14,932	Raymond James Financial, Inc.	1,979,834
	10,746	S&P Global, Inc.	4,077,785
	21,322	Tradeweb Markets, Inc., Class A	1,786,357
			31,613,011
	Chemicals – 2.2%
	34,198	Ecolab, Inc.	7,355,306
	44,100	Linde PLC (United Kingdom)	13,256,460
	17,385	Sherwin-Williams Co. (The)	4,929,169
			25,540,935
	Commercial Services & Supplies – 0.1%
	5,779	Waste Connections, Inc.	701,802
	Communications Equipment – 0.5%
	120,529	Cisco Systems, Inc.	6,375,984
	Construction Materials – 0.7%
	23,638	Martin Marietta Materials, Inc.	8,595,959
	Consumer Finance – 1.5%
	108,213	American Express Co.	17,328,148
	Containers & Packaging – 0.5%
	64,320	Ball Corp.	5,284,531
	Diversified Consumer Services – 0.1%
	7,362	Bright Horizons Family Solutions, Inc.*	1,017,649
	Diversified Financial Services – 0.8%
	33,942	Berkshire Hathaway, Inc., Class B*	9,824,172
	Diversified Telecommunication Services – 0.4%
	172,398	AT&T, Inc.	5,073,673
	Electric Utilities – 0.9%
	119,503	NextEra Energy, Inc.	8,750,009
	21,285	Xcel Energy, Inc.	1,508,681
			10,258,690

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 0.3%
	25,392	Eaton Corp. PLC	$       3,688,188
	Electronic Equipment, Instruments & Components – 0.6%
	98,496	Amphenol Corp., Class A	6,624,841
	Entertainment – 2.8%
	22,100	Activision Blizzard, Inc.	2,149,225
	22,060	Electronic Arts, Inc.	3,153,036
	18,427	Live Nation Entertainment, Inc.*	1,660,457
	23,871	Netflix, Inc.*	12,002,577
	76,377	Walt Disney Co. (The)*	13,644,751
			32,610,046
	Equity Real Estate Investment Trusts (REITs) – 2.9%
	27,578	Alexandria Real Estate Equities, Inc. REIT	4,916,054
	16,607	American Tower Corp. REIT	4,242,424
	6,048	Equinix, Inc. REIT	4,455,683
	22,294	Equity LifeStyle Properties, Inc. REIT	1,579,753
	40,796	Healthpeak Properties, Inc. REIT	1,361,771
	89,877	Host Hotels & Resorts, Inc. REIT*	1,543,188
	85,652	Invitation Homes, Inc. REIT	3,106,598
	37,334	Kilroy Realty Corp. REIT	2,621,220
	58,247	Prologis, Inc. REIT	6,863,826
	11,070	Public Storage REIT	3,127,054
			33,817,571
	Food & Staples Retailing – 0.8%
	67,062	Walmart, Inc.	9,524,816
	Food Products – 1.5%
	105,067	McCormick & Co., Inc.	9,357,267
	127,586	Mondelez International, Inc., Class A	8,105,539
			17,462,806
	Gas Utilities – 0.2%
	22,896	Atmos Energy Corp.	2,270,596
	Health Care Equipment & Supplies – 4.9%
	12,568	Align Technology, Inc.*	7,417,005
	262,499	Boston Scientific Corp.*	11,169,333
	32,401	Danaher Corp.	8,299,192
	22,375	Insulet Corp.*	6,033,866
	10,328	Intuitive Surgical, Inc.*	8,698,035
	19,011	West Pharmaceutical Services, Inc.	6,606,513

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	55,582	Zimmer Biomet Holdings, Inc.	$       9,356,118
			57,580,062
	Health Care Providers & Services – 2.9%
	106,812	CVS Health Corp.	9,232,829
	44,396	Guardant Health, Inc.*	5,510,432
	12,642	Humana, Inc.	5,533,403
	33,189	UnitedHealth Group, Inc.	13,671,213
			33,947,877
	Health Care Technology – 0.7%
	27,357	Veeva Systems, Inc., Class A*	7,970,188
	Hotels, Restaurants & Leisure – 1.8%
	26,528	Las Vegas Sands Corp.*	1,531,992
	41,747	McDonald’s Corp.	9,764,206
	19,641	Wyndham Hotels & Resorts, Inc.	1,474,253
	12,546	Wynn Resorts Ltd.*	1,654,441
	58,469	Yum! Brands, Inc.	7,014,526
			21,439,418
	Household Durables – 0.1%
	9,051	Lennar Corp., Class A	896,139
	Household Products – 1.1%
	99,341	Procter & Gamble Co. (The)	13,396,134
	Industrial Conglomerates – 2.0%
	970,057	General Electric Co.	13,639,001
	42,515	Honeywell International, Inc.	9,817,139
			23,456,140
	Insurance – 1.7%
	66,282	Arch Capital Group Ltd.*	2,643,989
	30,595	Athene Holding Ltd., Class A*	1,916,165
	33,010	Chubb Ltd.	5,611,370
	27,236	Globe Life, Inc.	2,871,219
	2,628	Markel Corp.*	3,220,588
	27,400	Marsh & McLennan Cos., Inc.	3,790,790
			20,054,121
	Interactive Media & Services – 6.2%
	10,934	Alphabet, Inc., Class A*	25,769,798
	9,215	Alphabet, Inc., Class C*	22,222,525

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	55,152	Facebook, Inc., Class A*	$     18,130,117
	82,226	Snap, Inc., Class A*	5,107,879
	27,842	Twitter, Inc.*	1,614,836
			72,845,155
	Internet & Direct Marketing Retail – 4.7%
	14,799	Amazon.com, Inc.*	47,698,213
	39,419	Etsy, Inc.*	6,493,492
	20,403	Farfetch Ltd., Class A (United Kingdom)*	945,271
			55,136,976
	IT Services – 6.5%
	5,736	Accenture PLC, Class A	1,618,470
	43,632	Cognizant Technology Solutions Corp., Class A	3,122,306
	5,097	EPAM Systems, Inc.*	2,434,327
	79,830	Fidelity National Information Services, Inc.	11,893,073
	34,654	Global Payments, Inc.	6,712,826
	45,647	International Business Machines Corp.	6,561,300
	15,356	Mastercard, Inc., Class A	5,537,067
	65,163	PayPal Holdings, Inc.*	16,943,683
	15,044	Snowflake, Inc., Class A*	3,580,923
	77,720	Visa, Inc., Class A	17,665,756
			76,069,731
	Leisure Products – 0.2%
	25,320	Brunswick Corp.	2,588,464
	Life Sciences Tools & Services – 1.3%
	90,679	Adaptive Biotechnologies Corp.*	3,428,573
	9,345	Illumina, Inc.*	3,790,706
	47,054	PerkinElmer, Inc.	6,826,124
	3,375	Thermo Fisher Scientific, Inc.	1,584,562
			15,629,965
	Machinery – 1.2%
	14,172	Deere & Co.	5,117,509
	40,110	Illinois Tool Works, Inc.	9,295,894
			14,413,403
	Media – 0.9%
	193,212	Comcast Corp., Class A	11,078,776

Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 0.2%
	62,711	Freeport-McMoRan, Inc.	$       2,679,014
	Multiline Retail – 0.7%
	11,958	Dollar General Corp.	2,426,996
	59,631	Dollar Tree, Inc.*	5,814,022
			8,241,018
	Multi-Utilities – 0.9%
	59,102	Ameren Corp.	4,976,388
	85,133	CMS Energy Corp.	5,341,245
			10,317,633
	Oil, Gas & Consumable Fuels – 1.7%
	108,271	Cheniere Energy, Inc.*	9,192,208
	78,944	Chevron Corp.	8,193,598
	50,287	ConocoPhillips	2,802,997
			20,188,803
	Personal Products – 0.8%
	29,835	Estee Lauder Cos., Inc. (The), Class A	9,145,024
	Pharmaceuticals – 2.7%
	13,383	AstraZeneca PLC ADR (United Kingdom)(a)	759,753
	181,936	Bristol-Myers Squibb Co.	11,956,834
	34,021	Catalent, Inc.*	3,566,421
	74,459	Eli Lilly & Co.	14,872,441
			31,155,449
	Professional Services – 0.9%
	15,402	Booz Allen Hamilton Holding Corp.	1,308,092
	41,242	TransUnion	4,412,894
	28,836	Verisk Analytics, Inc.	4,983,726
			10,704,712
	Road & Rail – 2.2%
	25,298	Norfolk Southern Corp.	7,106,208
	22,701	Old Dominion Freight Line, Inc.	6,025,981
	53,681	Union Pacific Corp.	12,063,731
			25,195,920
	Semiconductors & Semiconductor Equipment – 4.9%
	53,156	Advanced Micro Devices, Inc.*	4,256,732
	25,326	KLA Corp.	8,025,556
	253,525	Marvell Technology, Inc.	12,245,258

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	24,606	Micron Technology, Inc.*	$       2,070,349
	22,439	NVIDIA Corp.	14,580,413
	12,526	NXP Semiconductors NV (China)	2,648,247
	14,832	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	1,740,684
	61,693	Texas Instruments, Inc.	11,710,565
			57,277,804
	Software – 9.9%
	23,866	Adobe, Inc.*	12,042,306
	21,610	Atlassian Corp. PLC, Class A*	5,041,181
	19,115	Bill.com Holdings, Inc.*	2,846,606
	9,767	HubSpot, Inc.*	4,926,279
	10,690	Intuit, Inc.	4,693,872
	224,376	Microsoft Corp.	56,022,200
	13,508	Palo Alto Networks, Inc.*	4,906,781
	13,067	Paycom Software, Inc.*	4,306,883
	51,584	Qualtrics International, Inc., Class A*	1,776,553
	9,879	ServiceNow, Inc.*	4,681,460
	39,638	Splunk, Inc.*	4,804,126
	46,260	UiPath, Inc., Class A*(a)	3,692,473
	25,454	Workday, Inc., Class A*	5,821,839
			115,562,559
	Specialty Retail – 2.1%
	18,039	Advance Auto Parts, Inc.	3,422,539
	4,611	Burlington Stores, Inc.*	1,491,059
	7,071	Home Depot, Inc. (The)	2,255,013
	21,724	Lowe’s Cos., Inc.	4,232,487
	5,587	O’Reilly Automotive, Inc.*	2,989,715
	2,439	RH*	1,563,521
	41,163	Ross Stores, Inc.	5,202,592
	10,516	Ulta Beauty, Inc.*	3,631,806
			24,788,732
	Technology Hardware, Storage & Peripherals – 4.5%
	427,275	Apple, Inc.	53,242,738
	Textiles, Apparel & Luxury Goods – 1.5%
	11,982	Lululemon Athletica, Inc.*	3,871,744
	67,333	NIKE, Inc., Class B	9,188,261
	34,711	PVH Corp.*	3,985,517
			17,045,522

Shares		Description	Value
	Common Stocks – (continued)
	Water Utilities – 0.4%
	29,247	American Water Works Co., Inc.	$       4,533,870
	TOTAL COMMON STOCKS (Cost $662,044,503)		$1,159,815,410
Shares		Dividend Rate	Value
	Investment Company – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,166,284	0.026%	$       1,166,284
	(Cost $1,166,284)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $663,210,787)		$1,160,981,694
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,487,014	0.026%	$       4,487,014
	(Cost $4,487,014)
	TOTAL INVESTMENTS – 99.5% (Cost $667,697,801)		$1,165,468,708
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%		6,330,691
	NET ASSETS – 100.0%		$1,171,799,399

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.5%
	Aerospace & Defense – 1.4%
	11,015	Boeing Co. (The)*	$    2,720,925
	Auto Components – 1.7%
	22,378	Aptiv PLC*	3,366,099
	Beverages – 1.5%
	29,759	Monster Beverage Corp.*	2,805,381
	Biotechnology – 3.1%
	23,849	BioMarin Pharmaceutical, Inc.*	1,843,528
	59,057	Genmab A/S ADR (Denmark)*	2,398,895
	23,335	Sarepta Therapeutics, Inc.*	1,765,293
			6,007,716
	Chemicals – 1.5%
	13,361	Ecolab, Inc.	2,873,684
	Entertainment – 2.4%
	9,305	Netflix, Inc.*	4,678,647
	Equity Real Estate Investment Trusts (REITs) – 2.2%
	16,274	American Tower Corp.REIT	4,157,356
	Food & Staples Retailing – 1.2%
	15,944	Walmart, Inc.	2,264,526
	Food Products – 1.3%
	28,851	McCormick & Co., Inc.	2,569,470
	Health Care Equipment & Supplies – 6.1%
	116,807	Boston Scientific Corp.*	4,970,138
	16,099	Danaher Corp.	4,123,598
	9,712	Insulet Corp.*	2,619,035
			11,712,771
	Health Care Providers & Services – 0.9%
	3,900	Humana, Inc.	1,707,030
	Health Care Technology – 1.4%
	9,104	Veeva Systems, Inc., Class A*	2,652,359
	Hotels, Restaurants & Leisure – 1.6%
	13,015	McDonald’s Corp.	3,044,078
	Interactive Media & Services – 10.7%
	5,735	Alphabet, Inc., Class A*	13,516,535

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	1,939	Alphabet, Inc., Class C*	$    4,676,015
	40,387	Snap, Inc., Class A*	2,508,840
			20,701,390
	Internet & Direct Marketing Retail – 6.1%
	2,867	Amazon.com, Inc.*	9,240,542
	54,107	Farfetch Ltd., Class A (United Kingdom)*	2,506,777
			11,747,319
	IT Services – 12.0%
	30,159	Fidelity National Information Services, Inc.	4,493,088
	26,835	PayPal Holdings, Inc.*	6,977,637
	10,083	Snowflake, Inc., Class A*	2,400,056
	40,997	Visa, Inc., Class A	9,318,618
			23,189,399
	Life Sciences Tools & Services – 2.6%
	66,783	Adaptive Biotechnologies Corp.*	2,525,065
	6,209	Illumina, Inc.*	2,518,619
			5,043,684
	Pharmaceuticals – 2.9%
	27,994	Eli Lilly & Co.	5,591,522
	Professional Services – 1.4%
	15,381	Verisk Analytics, Inc.	2,658,298
	Road & Rail – 1.8%
	34,623	CSX Corp.	3,466,455
	Semiconductors & Semiconductor Equipment – 7.9%
	127,328	Marvell Technology, Inc.	6,149,942
	14,024	NVIDIA Corp.	9,112,515
			15,262,457
	Software – 14.7%
	11,574	Adobe, Inc.*	5,840,009
	64,547	Microsoft Corp.	16,116,095
	19,740	Splunk, Inc.*	2,392,488
	17,937	Workday, Inc., Class A*	4,102,551
			28,451,143
	Specialty Retail – 1.6%
	23,822	Ross Stores, Inc.	3,010,863

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – 7.2%
	111,990	Apple, Inc.	$  13,955,074
	Textiles, Apparel & Luxury Goods – 4.3%
	9,462	Lululemon Athletica, Inc.*	3,057,456
	38,748	NIKE, Inc., Class B	5,287,552
			8,345,008
	TOTAL COMMON STOCKS (Cost $99,920,121)		$191,982,654
Shares		Dividend Rate	Value
	Investment Company – 0.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	633,857	0.026%	$       633,857
	(Cost $633,857)
	TOTAL INVESTMENTS – 99.8% (Cost $100,553,978)		$192,616,511
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		340,218
	NET ASSETS – 100.0%		$192,956,729

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.4%
	Automobiles – 1.0%
	545	Tesla, Inc.*	$     340,745
	Banks – 5.3%
	7,352	Bank of America Corp.	311,651
	2,211	East West Bancorp, Inc.	165,339
	4,101	JPMorgan Chase & Co.	673,548
	1,307	M&T Bank Corp.	210,022
	390	SVB Financial Group*	227,327
	4,031	Truist Financial Corp.	249,035
			1,836,922
	Beverages – 1.7%
	3,704	Coca-Cola Co. (The)	204,794
	1,715	Coca-Cola Europacific Partners PLC (United Kingdom)	103,792
	644	Constellation Brands, Inc., Class A	154,380
	1,422	Monster Beverage Corp.*	134,052
			597,018
	Biotechnology – 1.5%
	1,650	BioMarin Pharmaceutical, Inc.*	127,545
	3,643	Genmab A/S ADR (Denmark)*	147,979
	2,509	Ionis Pharmaceuticals, Inc.*	93,460
	1,415	Neurocrine Biosciences, Inc.*	136,151
			505,135
	Building Products – 0.6%
	1,193	Trane Technologies PLC	222,375
	Capital Markets – 1.5%
	1,669	Raymond James Financial, Inc.	221,293
	762	S&P Global, Inc.	289,156
			510,449
	Chemicals – 0.5%
	789	Ecolab, Inc.	169,698
	Communications Equipment – 0.4%
	5,689	Juniper Networks, Inc.	149,791
	Construction Materials – 0.6%
	575	Martin Marietta Materials, Inc.	209,099

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – 1.5%
	1,818	American Express Co.	$     291,116
	2,002	Discover Financial Services	234,755
			525,871
	Containers & Packaging – 0.9%
	1,635	Ball Corp.	134,331
	1,109	Packaging Corp. of America	164,853
			299,184
	Diversified Financial Services – 1.5%
	1,810	Berkshire Hathaway, Inc., Class B*	523,886
	Diversified Telecommunication Services – 1.0%
	11,158	AT&T, Inc.	328,380
	Electric Utilities – 0.7%
	3,151	NextEra Energy, Inc.	230,716
	Electrical Equipment – 1.6%
	1,356	AMETEK, Inc.	183,196
	1,494	Eaton Corp. PLC	217,003
	615	Rockwell Automation, Inc.	162,188
			562,387
	Electronic Equipment, Instruments & Components – 0.4%
	4,244	Vontier Corp.*	148,880
	Energy Equipment & Services – 0.5%
	6,867	Baker Hughes Co.	167,555
	Entertainment – 2.5%
	1,433	Electronic Arts, Inc.	204,819
	428	Netflix, Inc.*	215,202
	2,426	Walt Disney Co. (The)*	433,405
			853,426
	Equity Real Estate Investment Trusts (REITs) – 2.7%
	856	AvalonBay Communities, Inc. REIT	177,141
	1,832	Equity Residential REIT	141,889
	568	Essex Property Trust, Inc. REIT	167,725
	4,272	Healthpeak Properties, Inc. REIT	142,599
	584	Public Storage REIT	164,968
	469	SBA Communications Corp. REIT	139,818
			934,140

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 0.8%
	2,028	Walmart, Inc.	$     288,037
	Food Products – 1.3%
	1,577	Lamb Weston Holdings, Inc.	130,087
	1,215	McCormick & Co., Inc.	108,208
	3,040	Mondelez International, Inc., Class A	193,131
			431,426
	Health Care Equipment & Supplies – 3.2%
	5,202	Boston Scientific Corp.*	221,345
	1,225	Danaher Corp.	313,771
	360	IDEXX Laboratories, Inc.*	200,920
	531	West Pharmaceutical Services, Inc.	184,528
	1,069	Zimmer Biomet Holdings, Inc.	179,945
			1,100,509
	Health Care Providers & Services – 3.9%
	2,525	Centene Corp.*	185,840
	3,119	CVS Health Corp.	269,607
	440	Humana, Inc.	192,588
	1,130	Quest Diagnostics, Inc.	148,787
	1,324	UnitedHealth Group, Inc.	545,382
			1,342,204
	Health Care Technology – 0.5%
	577	Veeva Systems, Inc., Class A*	168,103
	Hotels, Restaurants & Leisure – 2.0%
	2,730	Las Vegas Sands Corp.*	157,657
	1,422	McDonald’s Corp.	332,592
	1,657	Yum! Brands, Inc.	198,790
			689,039
	Household Durables – 0.6%
	1,989	Lennar Corp., Class A	196,931
	Household Products – 1.6%
	1,436	Church & Dwight Co., Inc.	123,108
	3,046	Procter & Gamble Co. (The)	410,753
			533,861
	Independent Power and Renewable Electricity Producers – 0.5%
	6,531	AES Corp. (The)	165,953

Shares		Description	Value
	Common Stocks – (continued)
	Industrial Conglomerates – 0.9%
	1,262	Honeywell International, Inc.	$     291,408
	Insurance – 2.1%
	1,542	Chubb Ltd.	262,125
	3,288	Hartford Financial Services Group, Inc. (The)	214,871
	1,889	Marsh & McLennan Cos., Inc.	261,343
			738,339
	Interactive Media & Services – 6.5%
	359	Alphabet, Inc., Class A*	846,109
	291	Alphabet, Inc., Class C*	701,764
	1,656	Facebook, Inc., Class A*	544,377
	1,003	Match Group, Inc.*	143,810
			2,236,060
	Internet & Direct Marketing Retail – 4.3%
	460	Amazon.com, Inc.*	1,482,612
	IT Services – 5.4%
	602	Accenture PLC, Class A	169,860
	2,385	Cognizant Technology Solutions Corp., Class A	170,671
	1,452	Fidelity National Information Services, Inc.	216,319
	1,096	Global Payments, Inc.	212,306
	2,175	International Business Machines Corp.	312,635
	432	Mastercard, Inc., Class A	155,771
	452	PayPal Holdings, Inc.*	117,529
	2,258	Visa, Inc., Class A	513,243
			1,868,334
	Leisure Products – 0.5%
	1,572	Brunswick Corp.	160,706
	Life Sciences Tools & Services – 0.9%
	1,070	PerkinElmer, Inc.	155,225
	849	PRA Health Sciences, Inc.*	145,111
			300,336
	Machinery – 2.6%
	693	Cummins, Inc.	178,295
	2,392	Fortive Corp.	173,468
	2,094	Graco, Inc.	158,558
	873	Illinois Tool Works, Inc.	202,326

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	1,905	ITT, Inc.	$     178,880
			891,527
	Media – 1.5%
	6,654	Comcast Corp., Class A	381,540
	3,433	Liberty Media Corp.-Liberty SiriusXM, Class A*	149,885
			531,425
	Metals & Mining – 0.7%
	5,422	Freeport-McMoRan, Inc.	231,628
	Multiline Retail – 0.5%
	842	Dollar General Corp.	170,892
	Multi-Utilities – 1.2%
	1,599	Ameren Corp.	134,636
	2,098	CMS Energy Corp.	131,628
	2,551	Public Service Enterprise Group, Inc.	158,468
			424,732
	Oil, Gas & Consumable Fuels – 2.2%
	2,118	Cheniere Energy, Inc.*	179,818
	3,324	Marathon Petroleum Corp.	205,423
	2,461	Phillips 66	207,266
	1,158	Pioneer Natural Resources Co.	176,236
			768,743
	Personal Products – 0.6%
	663	Estee Lauder Cos., Inc. (The), Class A	203,223
	Pharmaceuticals – 3.1%
	2,815	AstraZeneca PLC ADR (United Kingdom)(a)	159,807
	4,918	Bristol-Myers Squibb Co.	323,211
	1,512	Eli Lilly & Co.	302,007
	1,603	Johnson & Johnson	271,308
			1,056,333
	Professional Services – 0.9%
	1,479	Booz Allen Hamilton Holding Corp.	125,612
	1,100	Verisk Analytics, Inc.	190,113
			315,725

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 1.2%
	2,286	CSX Corp.	$     228,874
	691	Old Dominion Freight Line, Inc.	183,426
			412,300
	Semiconductors & Semiconductor Equipment – 4.0%
	1,453	Intel Corp.	82,995
	3,701	Marvell Technology, Inc.	178,758
	1,234	Microchip Technology, Inc.	193,676
	988	MKS Instruments, Inc.	185,971
	316	NVIDIA Corp.	205,331
	1,028	NXP Semiconductors NV (China)	217,340
	1,706	Texas Instruments, Inc.	323,833
			1,387,904
	Software – 9.1%
	809	Adobe, Inc.*	408,205
	1,406	Cadence Design Systems, Inc.*	178,548
	663	Intuit, Inc.	291,117
	7,883	Microsoft Corp.	1,968,227
	483	Palo Alto Networks, Inc.*	175,450
	527	Workday, Inc., Class A*	120,535
			3,142,082
	Specialty Retail – 2.8%
	810	Advance Auto Parts, Inc.	153,682
	487	Home Depot, Inc. (The)	155,309
	1,490	Lowe’s Cos., Inc.	290,297
	402	O’Reilly Automotive, Inc.*	215,118
	473	Ulta Beauty, Inc.*	163,355
			977,761
	Technology Hardware, Storage & Peripherals – 5.7%
	13,848	Apple, Inc.	1,725,599
	3,122	NetApp, Inc.	241,549
			1,967,148
	Trading Companies & Distributors – 0.5%
	3,384	Fastenal Co.	179,487
	Water Utilities – 0.4%
	939	American Water Works Co., Inc.	145,564
	TOTAL COMMON STOCKS (Cost $22,698,904)		$33,915,989

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company – 1.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	456,935	0.026%	$     456,935
	(Cost $456,935)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $23,155,839)		$34,372,924
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	155,761	0.026%	$     155,761
	(Cost $155,761)
	TOTAL INVESTMENTS – 100.2% (Cost $23,311,600)		$34,528,685
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%		(66,959)
	NET ASSETS – 100.0%		$34,461,726

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 GROWTH OPPORTUNITIES FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Aerospace & Defense – 1.0%
	21,552	TransDigm Group, Inc.*	$     13,983,800
	Beverages – 1.2%
	277,083	Coca-Cola Europacific Partners PLC (United Kingdom)	16,769,063
	Biotechnology – 3.4%
	168,098	Agios Pharmaceuticals, Inc.*	9,376,506
	214,151	Genmab A/S ADR (Denmark)*	8,698,814
	146,473	Neurocrine Biosciences, Inc.*	14,093,632
	91,071	Seagen, Inc.*	14,147,880
			46,316,832
	Building Products – 2.5%
	445,418	AZEK Co., Inc. (The)*	19,389,045
	77,409	Trane Technologies PLC	14,429,038
			33,818,083
	Capital Markets – 1.4%
	27,363	MarketAxess Holdings, Inc.	12,765,934
	75,436	Tradeweb Markets, Inc., Class A	6,320,028
			19,085,962
	Chemicals – 0.5%
	331,892	Danimer Scientific, Inc.*(a)	7,361,365
	Construction Materials – 1.3%
	50,240	Martin Marietta Materials, Inc.	18,269,776
	Consumer Finance – 1.3%
	150,660	Discover Financial Services	17,666,392
	Containers & Packaging – 1.8%
	301,995	Ball Corp.	24,811,909
	Diversified Consumer Services – 0.7%
	133,018	Chegg, Inc.*	10,230,414
	Electrical Equipment – 2.9%
	111,694	AMETEK, Inc.	15,089,859
	96,147	Rockwell Automation, Inc.	25,355,887
			40,445,746
	Electronic Equipment, Instruments & Components – 2.4%
	438,812	Amphenol Corp., Class A	29,514,495

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	29,954	Keysight Technologies, Inc.*	$       4,264,851
			33,779,346
	Entertainment – 1.6%
	153,882	Live Nation Entertainment, Inc.*	13,866,307
	33,683	Spotify Technology SA*	8,136,802
			22,003,109
	Equity Real Estate Investment Trusts (REITs) – 1.3%
	139,442	Equity LifeStyle Properties, Inc. REIT	9,880,860
	62,061	Simon Property Group, Inc. REIT	7,974,218
			17,855,078
	Food Products – 2.9%
	281,654	McCormick & Co., Inc.	25,084,105
	651,146	Utz Brands, Inc.	15,041,473
			40,125,578
	Health Care Equipment & Supplies – 10.7%
	52,868	Align Technology, Inc.*	31,200,050
	469,487	Boston Scientific Corp.*	19,976,672
	42,497	IDEXX Laboratories, Inc.*	23,718,001
	93,539	Insulet Corp.*	25,224,662
	84,102	West Pharmaceutical Services, Inc.	29,226,286
	108,815	Zimmer Biomet Holdings, Inc.	18,316,829
			147,662,500
	Health Care Providers & Services – 1.7%
	185,157	Guardant Health, Inc.*	22,981,687
	Health Care Technology – 3.2%
	229,347	Certara, Inc.*	6,034,120
	132,634	Veeva Systems, Inc., Class A*	38,641,589
			44,675,709
	Hotels, Restaurants & Leisure – 4.2%
	113,946	Expedia Group, Inc.*	20,162,745
	47,825	Wingstop, Inc.	6,823,671
	109,044	Wynn Resorts Ltd.*	14,379,632
	135,051	Yum! Brands, Inc.	16,202,068
			57,568,116

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 0.8%
	136,159	Church & Dwight Co., Inc.	$     11,672,911
	Interactive Media & Services – 2.3%
	139,547	Bumble, Inc., Class A*	6,659,183
	172,921	Match Group, Inc.*	24,793,413
			31,452,596
	Internet & Direct Marketing Retail – 2.0%
	165,487	Etsy, Inc.*	27,260,674
	IT Services – 2.0%
	71,592	Okta, Inc.*	15,924,924
	33,371	Twilio, Inc., Class A*	11,212,656
			27,137,580
	Life Sciences Tools & Services – 2.5%
	48,169	10X Genomics, Inc., Class A*	8,670,420
	160,247	Adaptive Biotechnologies Corp.*	6,058,939
	133,890	PerkinElmer, Inc.	19,423,422
			34,152,781
	Machinery – 2.0%
	28,222	Cummins, Inc.	7,260,956
	100,871	Fortive Corp.	7,315,165
	133,590	ITT, Inc.	12,544,101
			27,120,222
	Multiline Retail – 0.8%
	120,044	Dollar Tree, Inc.*	11,704,290
	Oil, Gas & Consumable Fuels – 0.6%
	91,656	Cheniere Energy, Inc.*	7,781,594
	Pharmaceuticals – 1.5%
	199,550	Catalent, Inc.*	20,918,827
	Professional Services – 4.6%
	32,208	CoStar Group, Inc.*	27,505,632
	96,077	TransUnion	10,280,239
	149,780	Verisk Analytics, Inc.	25,886,477
			63,672,348
	Road & Rail – 2.1%
	80,137	Old Dominion Freight Line, Inc.	21,272,366

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – (continued)
	32,086	Saia, Inc.*	$       7,384,914
			28,657,280
	Semiconductors & Semiconductor Equipment – 7.5%
	96,966	Cree, Inc.*	9,697,570
	124,282	Entegris, Inc.	14,224,075
	42,833	KLA Corp.	13,573,349
	524,072	Marvell Technology, Inc.	25,312,678
	107,797	Microchip Technology, Inc.	16,918,739
	90,302	MKS Instruments, Inc.	16,997,546
	184,810	ON Semiconductor Corp.*	7,399,792
			104,123,749
	Software – 17.2%
	177,761	Anaplan, Inc.*	9,156,469
	55,903	ANSYS, Inc.*	18,891,860
	61,620	Avalara, Inc.*	8,144,315
	51,753	Bill.com Holdings, Inc.*	7,707,057
	57,538	C3.ai, Inc., Class A*(a)	3,550,670
	230,019	Cadence Design Systems, Inc.*	29,210,113
	140,416	DocuSign, Inc.*	28,310,674
	191,997	Dynatrace, Inc.*	9,933,925
	55,088	HubSpot, Inc.*	27,785,285
	74,758	Palo Alto Networks, Inc.*	27,155,844
	51,789	Paycom Software, Inc.*	17,069,654
	31,212	Procore Technologies, Inc.*(a)	2,697,341
	84,622	RingCentral, Inc., Class A*	22,210,736
	178,672	Splunk, Inc.*	21,655,046
	58,096	UiPath, Inc., Class A*(a)	4,637,223
			238,116,212
	Specialty Retail – 4.9%
	67,979	Burlington Stores, Inc.*	21,982,369
	52,331	O’Reilly Automotive, Inc.*	28,003,365
	49,121	Ulta Beauty, Inc.*	16,964,429
			66,950,163
	Textiles, Apparel & Luxury Goods – 2.2%
	94,643	Lululemon Athletica, Inc.*	30,581,993
	TOTAL COMMON STOCKS (Cost $958,616,282)		$1,366,713,685

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company – 1.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,889,532	0.026%	$     17,889,532
	(Cost $17,889,532)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $976,505,814)		$1,384,603,217
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,596,051	0.026%	$     13,596,051
	(Cost $13,596,051)
	TOTAL INVESTMENTS – 101.3% (Cost $990,101,865)		$1,398,199,268
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.3)%		(17,694,957)
	NET ASSETS – 100.0%		$1,380,504,311

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.2%
	Aerospace & Defense – 3.0%
	1,268	AeroVironment, Inc.*	$    139,011
	6,821	Kratos Defense & Security Solutions, Inc.*	170,593
	2,803	Maxar Technologies, Inc.	87,173
	3,510	Moog, Inc., Class A	316,602
			713,379
	Auto Components – 1.3%
	1,986	Fox Factory Holding Corp.*	308,783
	Automobiles – 0.9%
	2,869	Winnebago Industries, Inc.	212,191
	Biotechnology – 14.2%
	2,331	4D Molecular Therapeutics, Inc.*	61,911
	4,324	ACADIA Pharmaceuticals, Inc.*	96,598
	1,612	Acceleron Pharma, Inc.*	210,995
	5,749	Agios Pharmaceuticals, Inc.*	320,679
	5,054	Akouos, Inc.*	66,005
	4,765	Allogene Therapeutics, Inc.*	122,460
	1,487	Applied Molecular Transport, Inc.*(a)	71,287
	3,724	ARYA Sciences Acquisition Corp III, Class A*	38,581
	6,213	Avidity Biosciences, Inc.*	147,497
	3,060	Beam Therapeutics, Inc.*(a)	239,384
	3,722	Constellation Pharmaceuticals, Inc.*	73,733
	7,402	Cytokinetics, Inc.*	161,586
	4,981	Design Therapeutics, Inc.*	130,502
	4,711	Dyne Therapeutics, Inc.*	90,027
	2,566	Generation Bio Co.*	87,911
	10,026	Halozyme Therapeutics, Inc.*	415,177
	680	IGM Biosciences, Inc.*	50,762
	7,067	Inozyme Pharma, Inc.*(a)	115,616
	2,266	Kiniksa Pharmaceuticals Ltd., Class A*	30,886
	2,779	Kronos Bio, Inc.*	67,835
	1,942	ORIC Pharmaceuticals, Inc.*	44,375
	2,364	PMV Pharmaceuticals, Inc.*	81,322
	1,081	PTC Therapeutics, Inc.*	42,451
	2,314	Relay Therapeutics, Inc.*	74,326
	2,208	Repare Therapeutics, Inc. (Canada)*(a)	71,362
	3,878	REVOLUTION Medicines, Inc.*	115,991
	6,496	Sutro Biopharma, Inc.*	120,890
	1,115	Turning Point Therapeutics, Inc.*	73,791
	2,889	Y-mAbs Therapeutics, Inc.*	103,513

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	1,530	Zentalis Pharmaceuticals, Inc.*	$       85,450
			3,412,903
	Building Products – 2.5%
	4,953	AZEK Co., Inc. (The)*	215,604
	2,608	Gibraltar Industries, Inc.*	207,206
	1,535	Masonite International Corp.*	183,509
			606,319
	Capital Markets – 2.6%
	2,672	Houlihan Lokey, Inc.	200,106
	3,252	Moelis & Co., Class A	174,600
	4,063	Open Lending Corp., Class A*	156,750
	3,162	Virtu Financial, Inc., Class A	96,283
			627,739
	Chemicals – 2.6%
	2,778	Ashland Global Holdings, Inc.	263,466
	2,164	Balchem Corp.	283,484
	2,206	Zymergen, Inc.*(a)	71,430
			618,380
	Commercial Services & Supplies – 0.5%
	990	Tetra Tech, Inc.	118,275
	Communications Equipment – 0.5%
	1,959	Cambium Networks Corp.*	113,054
	Construction & Engineering – 1.5%
	4,545	Ameresco, Inc., Class A*	244,339
	1,760	Dycom Industries, Inc.*	131,859
			376,198
	Diversified Telecommunication Services – 1.0%
	1,964	Bandwidth, Inc., Class A*	232,322
	Electrical Equipment – 0.7%
	4,571	Allied Motion Technologies, Inc.	161,813
	Electronic Equipment, Instruments & Components – 2.7%
	2,225	908 Devices, Inc.*(a)	93,739
	2,653	Badger Meter, Inc.	253,547

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	2,117	Novanta, Inc.*	$     294,200
			641,486
	Food Products – 1.1%
	1,509	Freshpet, Inc.*	266,821
	Health Care Equipment & Supplies – 6.2%
	5,837	Axonics, Inc.*	336,737
	1,546	Hill-Rom Holdings, Inc.	172,039
	2,236	Neogen Corp.*	206,405
	1,096	Nevro Corp.*	165,167
	1,644	Outset Medical, Inc.*	79,356
	2,391	Shockwave Medical, Inc.*	430,141
	1,200	Tandem Diabetes Care, Inc.*	102,468
			1,492,313
	Health Care Providers & Services – 2.0%
	7,254	Alignment Healthcare, Inc.*	183,018
	4,021	Castle Biosciences, Inc.*	240,979
	1,450	National Research Corp.	69,354
			493,351
	Health Care Technology – 2.1%
	2,800	Omnicell, Inc.*	389,200
	2,120	Simulations Plus, Inc.	111,894
			501,094
	Hotels, Restaurants & Leisure – 4.4%
	580	Churchill Downs, Inc.	115,728
	1,737	Shake Shack, Inc., Class A*	163,243
	3,506	Texas Roadhouse, Inc.	353,089
	1,304	Wingstop, Inc.	186,055
	3,234	Wyndham Hotels & Resorts, Inc.	242,744
			1,060,859
	Household Durables – 2.3%
	6,254	Purple Innovation, Inc.*	178,364
	4,579	Sonos, Inc.*	169,423
	996	TopBuild Corp.*	197,258
			545,045

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 0.3%
	3,890	Selectquote, Inc.*	$       79,045
	Interactive Media & Services – 0.4%
	5,144	Eventbrite, Inc., Class A*	104,423
	Internet & Direct Marketing Retail – 2.0%
	940	Poshmark, Inc., Class A*	43,710
	5,256	PubMatic, Inc., Class A*(a)	155,420
	5,351	Revolve Group, Inc.*	296,659
			495,789
	IT Services – 1.1%
	5,051	BigCommerce Holdings, Inc.Series 1*	274,724
	Leisure Products – 2.4%
	2,879	Latham Group, Inc.*	89,422
	2,991	Malibu Boats, Inc., Class A*	234,554
	2,824	YETI Holdings, Inc.*	247,382
			571,358
	Life Sciences Tools & Services – 3.1%
	3,590	NeoGenomics, Inc.*	147,298
	2,450	Olink Holding AB ADR (Sweden)*	86,558
	9,089	Pacific Biosciences of California, Inc.*	245,857
	5,079	Quanterix Corp.*	261,518
			741,231
	Machinery – 9.9%
	2,203	Chart Industries, Inc.*	321,506
	6,882	Colfax Corp.*	304,184
	8,241	Evoqua Water Technologies Corp.*	256,460
	5,159	Federal Signal Corp.	219,154
	2,537	Franklin Electric Co., Inc.	212,829
	1,312	John Bean Technologies Corp.	188,967
	741	Proto Labs, Inc.*	66,238
	1,830	RBC Bearings, Inc.*	358,296
	5,015	Shyft Group, Inc. (The)	195,485
	1,917	Watts Water Technologies, Inc., Class A	260,520
			2,383,639
	Personal Products – 0.7%
	5,839	elf Beauty, Inc.*	163,492

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 0.9%
	1,725	Atea Pharmaceuticals, Inc.*	$       35,224
	4,931	Omeros Corp.*(a)	74,902
	616	Pharvaris NV (Netherlands)*	12,628
	5,502	Theravance Biopharma, Inc.*	95,075
			217,829
	Professional Services – 1.2%
	3,280	ManTech International Corp., Class A	285,393
	Road & Rail – 1.1%
	1,141	Saia, Inc.*	262,613
	Semiconductors & Semiconductor Equipment – 8.8%
	2,673	Ambarella, Inc.*	268,316
	4,787	Axcelis Technologies, Inc.*	198,373
	2,559	Brooks Automation, Inc.	261,248
	6,998	Cohu, Inc.*	260,466
	6,945	FormFactor, Inc.*	244,811
	5,984	MACOM Technology Solutions Holdings, Inc.*	354,253
	3,650	Power Integrations, Inc.	299,994
	3,878	Semtech Corp.*	244,314
			2,131,775
	Software – 11.5%
	9,003	8x8, Inc.*	212,021
	1,692	Alkami Technology, Inc.*	56,293
	10,517	BTRS Holdings, Inc.*	150,393
	4,199	Domo, Inc., Class B*	279,233
	4,510	LivePerson, Inc.*	247,824
	2,424	Olo, Inc., Class A*	82,052
	5,763	PagerDuty, Inc.*	234,266
	3,437	Rapid7, Inc.*	287,505
	4,913	Sailpoint Technologies Holdings, Inc.*	228,602
	1,867	Sprout Social, Inc., Class A*	129,607
	6,447	Sumo Logic, Inc.*	121,204
	6,835	Tenable Holdings, Inc.*	285,703
	6,101	Vertex, Inc., Class A*	117,200
	3,545	Workiva, Inc.*	336,421
			2,768,324

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 1.1%
	9,377	Leslie’s, Inc.*	$     273,433
	Textiles, Apparel & Luxury Goods – 2.6%
	4,407	Crocs, Inc.*	446,165
	488	Deckers Outdoor Corp.*	163,695
	634	Figs, Inc., Class A*	21,651
			631,511
	TOTAL COMMON STOCKS (Cost $18,916,158)		$23,886,904
Shares		Dividend Rate	Value
	Investment Company – 0.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	186,063	0.026%	$     186,063
	(Cost $186,063)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $19,102,221)		$24,072,967
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 2.8%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	671,857	0.026%	$     671,857
	(Cost $671,857)
	TOTAL INVESTMENTS – 102.8% (Cost $19,774,078)		$24,744,824
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.8)%		(671,709)
	NET ASSETS – 100.0%		$24,073,115

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.8%
	Aerospace & Defense – 2.8%
	175,833	HEICO Corp., Class A	$     23,290,839
	766,839	Kratos Defense & Security Solutions, Inc.*	19,178,643
	113,693	Teledyne Technologies, Inc.*	47,690,803
			90,160,285
	Air Freight & Logistics – 0.8%
	173,012	XPO Logistics, Inc.*	25,420,653
	Auto Components – 1.0%
	196,614	Fox Factory Holding Corp.*	30,569,545
	Biotechnology – 10.0%
	676,523	Agios Pharmaceuticals, Inc.*	37,736,453
	314,358	Allogene Therapeutics, Inc.*	8,079,000
	180,760	Alnylam Pharmaceuticals, Inc.*	25,666,112
	201,601	Arena Pharmaceuticals, Inc.*	12,319,837
	72,036	Argenx SE ADR (Netherlands)*	20,097,324
	408,149	Beam Therapeutics, Inc.*(a)	31,929,496
	1,079,389	Exelixis, Inc.*	24,340,222
	193,741	Galapagos NV ADR (Belgium)*(a)	14,751,440
	839,209	Halozyme Therapeutics, Inc.*	34,751,645
	476,121	Neurocrine Biosciences, Inc.*	45,812,363
	50,953	Novavax, Inc.*(a)	7,521,682
	202,536	Relay Therapeutics, Inc.*	6,505,456
	174,791	REVOLUTION Medicines, Inc.*	5,227,999
	113,445	Turning Point Therapeutics, Inc.*	7,507,790
	56,835	Twist Bioscience Corp.*	6,098,964
	194,813	Ultragenyx Pharmaceutical, Inc.*	19,814,430
	331,989	Y-mAbs Therapeutics, Inc.*	11,895,166
			320,055,379
	Building Products – 3.0%
	297,249	Allegion PLC	41,757,539
	798,441	AZEK Co., Inc. (The)*	34,756,137
	59,058	Lennox International, Inc.	20,666,166
			97,179,842
	Capital Markets – 2.4%
	266,766	Evercore, Inc., Class A	38,910,489
	552,868	Stifel Financial Corp.	38,302,695
			77,213,184

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 3.9%
	406,053	Ashland Global Holdings, Inc.	$     38,510,067
	521,539	RPM International, Inc.	48,779,543
	136,320	Scotts Miracle-Gro Co. (The)	29,631,878
	291,175	Zymergen, Inc.*(a)	9,428,246
			126,349,734
	Commercial Services & Supplies – 0.6%
	169,696	Tetra Tech, Inc.	20,273,581
	Containers & Packaging – 1.3%
	187,945	Avery Dennison Corp.	41,447,511
	Distributors – 1.2%
	87,010	Pool Corp.	37,984,215
	Electrical Equipment – 1.9%
	157,293	Generac Holdings, Inc.*	51,705,355
	374,380	Shoals Technologies Group, Inc., Class A*	10,332,888
			62,038,243
	Electronic Equipment, Instruments & Components – 1.4%
	328,344	Novanta, Inc.*	45,629,966
	Food Products – 1.5%
	276,994	Freshpet, Inc.*	48,978,079
	Health Care Equipment & Supplies – 3.0%
	184,918	Neogen Corp.*	17,069,780
	154,251	Nevro Corp.*	23,245,626
	265,327	Tandem Diabetes Care, Inc.*	22,656,272
	78,640	Teleflex, Inc.	31,628,222
			94,599,900
	Health Care Providers & Services – 4.7%
	908,943	Alignment Healthcare, Inc.*	22,932,632
	243,258	Castle Biosciences, Inc.*	14,578,452
	443,804	Guardant Health, Inc.*	55,084,952
	226,771	Molina Healthcare, Inc.*	57,001,159
			149,597,195
	Health Care Technology – 0.7%
	854,177	Certara, Inc.*	22,473,397

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 2.6%
	300,218	Planet Fitness, Inc., Class A*	$     23,648,172
	329,024	Texas Roadhouse, Inc.	33,136,007
	358,300	Wyndham Hotels & Resorts, Inc.	26,893,998
			83,678,177
	Interactive Media & Services – 0.6%
	370,025	Bumble, Inc., Class A*	17,657,593
	Internet & Direct Marketing Retail – 0.5%
	273,477	Stitch Fix, Inc., Class A*	14,620,080
	IT Services – 2.8%
	520,940	DigitalOcean Holdings, Inc.*	21,900,318
	100,334	MongoDB, Inc.*	29,291,508
	406,032	Shift4 Payments, Inc., Class A*	37,878,725
			89,070,551
	Leisure Products – 3.0%
	322,724	Brunswick Corp.	32,992,074
	384,662	Latham Group, Inc.*	11,947,602
	174,641	Polaris, Inc.	22,916,392
	323,341	YETI Holdings, Inc.*	28,324,672
			96,180,740
	Life Sciences Tools & Services – 6.8%
	169,292	10X Genomics, Inc., Class A*	30,472,560
	130,415	Berkeley Lights, Inc.*	5,673,053
	150,465	Bio-Techne Corp.	62,266,931
	458,226	Pacific Biosciences of California, Inc.*	12,395,013
	444,224	PerkinElmer, Inc.	64,443,576
	284,500	Quanterix Corp.*	14,648,905
	154,220	Repligen Corp.*	28,162,114
			218,062,152
	Machinery – 6.1%
	237,611	Chart Industries, Inc.*	34,676,949
	878,362	Colfax Corp.*	38,823,601
	208,526	IDEX Corp.	46,430,399
	86,526	Proto Labs, Inc.*	7,734,559
	197,191	RBC Bearings, Inc.*	38,608,026
	261,055	Toro Co. (The)	29,000,600
			195,274,134

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 1.0%
	220,867	Atea Pharmaceuticals, Inc.*(a)	$       4,510,104
	784,234	Elanco Animal Health, Inc.*	28,216,739
			32,726,843
	Professional Services – 2.5%
	430,066	Booz Allen Hamilton Holding Corp.	36,525,505
	295,007	Jacobs Engineering Group, Inc.	41,914,595
			78,440,100
	Semiconductors & Semiconductor Equipment – 8.7%
	1,040,743	Allegro MicroSystems, Inc. (Japan)*	27,277,874
	410,083	Brooks Automation, Inc.	41,865,373
	622,290	Entegris, Inc.	71,221,091
	719,423	Lattice Semiconductor Corp.*	38,179,779
	307,004	MKS Instruments, Inc.	57,787,363
	118,987	Monolithic Power Systems, Inc.	40,826,819
			277,158,299
	Software – 17.0%
	224,445	Alkami Technology, Inc.*	7,467,285
	460,742	Anaplan, Inc.*	23,732,820
	303,585	Avalara, Inc.*	40,124,830
	208,234	Bill.com Holdings, Inc.*	31,010,207
	278,683	Blackline, Inc.*	28,974,672
	841,982	Duck Creek Technologies, Inc.*	33,098,312
	1,131,651	Dynatrace, Inc.*	58,551,623
	315,953	Elastic NV*	37,348,804
	61,814	HubSpot, Inc.*	31,177,745
	319,197	JFrog Ltd. (Israel)*(a)	13,326,475
	279,479	nCino, Inc.*	17,081,757
	318,059	Olo, Inc., Class A*	10,766,297
	126,708	Procore Technologies, Inc.*(a)	10,950,105
	666,610	Qualtrics International, Inc., Class A*	22,958,048
	440,992	Rapid7, Inc.*	36,888,981
	522,262	Sailpoint Technologies Holdings, Inc.*	24,300,851
	436,355	Smartsheet, Inc., Class A*	25,779,853
	684,525	Varonis Systems, Inc.*	33,062,558
	418,068	Zendesk, Inc.*	57,133,173
			543,734,396
	Specialty Retail – 4.1%
	216,004	Five Below, Inc.*	39,770,656

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	387,906	Floor & Decor Holdings, Inc., Class A*	$     38,135,039
	81,052	RH*	51,958,385
			129,864,080
	Textiles, Apparel & Luxury Goods – 1.9%
	127,316	Deckers Outdoor Corp.*	42,706,879
	84,337	Figs, Inc., Class A*	2,880,109
	574,729	Levi Strauss & Co., Class A	15,379,748
			60,966,736
	Trading Companies & Distributors – 1.0%
	182,633	SiteOne Landscape Supply, Inc.*	31,420,181
	TOTAL COMMON STOCKS (Cost $2,307,787,890)		$3,158,824,771
Shares		Dividend Rate	Value
	Investment Company – 1.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	40,756,025	0.026%	$     40,756,025
	(Cost $40,756,025)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,348,543,915)		$3,199,580,796
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	34,427,824	0.026%	$     34,427,824
	(Cost $34,427,824)
	TOTAL INVESTMENTS – 101.2% (Cost $2,382,971,739)		$3,234,008,620
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%		(36,409,084)
	NET ASSETS – 100.0%		$3,197,599,536

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.8%
	Aerospace & Defense – 0.6%
	5,318	Boeing Co. (The)*	$    1,313,652
	Auto Components – 0.6%
	7,410	Aptiv PLC*	1,114,612
	Automobiles – 1.4%
	4,645	Tesla, Inc.*	2,904,147
	Beverages – 1.7%
	37,284	Coca-Cola Co. (The)	2,061,433
	14,571	Monster Beverage Corp.*	1,373,608
			3,435,041
	Biotechnology – 2.1%
	9,732	BioMarin Pharmaceutical, Inc.*	752,284
	36,449	Genmab A/S ADR (Denmark)*	1,480,558
	9,570	Sarepta Therapeutics, Inc.*	723,970
	8,500	Seagen, Inc.*	1,320,475
			4,277,287
	Capital Markets – 1.5%
	33,459	Charles Schwab Corp. (The)	2,470,947
	5,227	Intercontinental Exchange, Inc.	590,024
			3,060,971
	Chemicals – 2.0%
	15,527	Danimer Scientific, Inc.*	344,389
	5,094	Ecolab, Inc.	1,095,617
	4,065	Linde PLC (United Kingdom)	1,221,939
	4,851	Sherwin-Williams Co. (The)	1,375,404
			4,037,349
	Construction Materials – 0.5%
	2,531	Martin Marietta Materials, Inc.	920,398
	Diversified Consumer Services – 0.4%
	11,457	Chegg, Inc.*	881,158
	Electronic Equipment, Instruments & Components – 0.7%
	21,487	Amphenol Corp., Class A	1,445,216
	Entertainment – 2.5%
	11,616	Live Nation Entertainment, Inc.*	1,046,718

Shares		Description	Value
	Common Stocks – (continued)
	Entertainment – (continued)
	8,158	Netflix, Inc.*	$    4,101,924
			5,148,642
	Equity Real Estate Investment Trusts (REITs) – 1.6%
	7,051	American Tower Corp. REIT	1,801,248
	1,976	Equinix, Inc. REIT	1,455,759
			3,257,007
	Food & Staples Retailing – 0.5%
	7,620	Walmart, Inc.	1,082,269
	Food Products – 1.2%
	14,302	McCormick & Co., Inc.	1,273,736
	17,336	Mondelez International, Inc., Class A	1,101,356
			2,375,092
	Health Care Equipment & Supplies – 5.0%
	50,937	Boston Scientific Corp.*	2,167,369
	9,940	Danaher Corp.	2,546,032
	4,655	Insulet Corp.*	1,255,314
	2,712	Intuitive Surgical, Inc.*	2,283,992
	5,495	West Pharmaceutical Services, Inc.	1,909,567
			10,162,274
	Health Care Providers & Services – 1.4%
	7,470	Guardant Health, Inc.*	927,177
	4,229	Humana, Inc.	1,851,033
			2,778,210
	Health Care Technology – 0.9%
	39,198	American Well Corp., Class A*	488,015
	4,839	Veeva Systems, Inc., Class A*	1,409,794
			1,897,809
	Hotels, Restaurants & Leisure – 1.4%
	14,112	Las Vegas Sands Corp.*	814,968
	8,434	McDonald’s Corp.	1,972,628
			2,787,596
	Interactive Media & Services – 12.5%
	3,977	Alphabet, Inc., Class A*	9,373,192
	2,435	Alphabet, Inc., Class C*	5,872,149
	26,145	Facebook, Inc., Class A*	8,594,646

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	22,322	Snap, Inc., Class A*	$    1,386,643
			25,226,630
	Internet & Direct Marketing Retail – 8.5%
	4,655	Amazon.com, Inc.*	15,003,391
	6,036	Etsy, Inc.*	994,310
	26,441	Farfetch Ltd., Class A (United Kingdom)*	1,225,012
			17,222,713
	IT Services – 10.9%
	17,163	Fidelity National Information Services, Inc.	2,556,944
	5,321	Global Payments, Inc.	1,030,731
	11,351	Mastercard, Inc., Class A	4,092,944
	4,854	Okta, Inc.*	1,079,724
	19,823	PayPal Holdings, Inc.*	5,154,376
	3,440	Snowflake, Inc., Class A*	818,823
	32,581	Visa, Inc., Class A	7,405,661
			22,139,203
	Life Sciences Tools & Services – 1.9%
	5,919	10X Genomics, Inc., Class A*	1,065,420
	21,824	Adaptive Biotechnologies Corp.*	825,165
	4,767	Illumina, Inc.*	1,933,686
			3,824,271
	Machinery – 0.5%
	2,868	Deere & Co.	1,035,635
	Personal Products – 1.0%
	6,331	Estee Lauder Cos., Inc. (The), Class A	1,940,578
	Pharmaceuticals – 2.9%
	42,079	Bristol-Myers Squibb Co.	2,765,432
	15,287	Eli Lilly & Co.	3,053,425
			5,818,857
	Professional Services – 0.8%
	9,279	Verisk Analytics, Inc.	1,603,690
	Road & Rail – 1.6%
	13,969	Union Pacific Corp.	3,139,253
	Semiconductors & Semiconductor Equipment – 5.2%
	63,681	Marvell Technology, Inc.	3,075,792

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	11,456	NVIDIA Corp.	$    7,443,880
			10,519,672
	Software – 16.1%
	9,118	Adobe, Inc.*	4,600,760
	5,148	Atlassian Corp. PLC, Class A*	1,200,925
	6,055	Bill.com Holdings, Inc.*	901,711
	10,295	C3.ai, Inc., Class A*(a)	635,304
	3,850	HubSpot, Inc.*	1,941,863
	56,512	Microsoft Corp.	14,109,916
	25,909	Qualtrics International, Inc., Class A*	892,306
	3,900	ServiceNow, Inc.*	1,848,132
	16,047	Splunk, Inc.*	1,944,896
	8,353	UiPath, Inc., Class A*(a)	666,737
	16,309	Workday, Inc., Class A*	3,730,195
			32,472,745
	Specialty Retail – 1.3%
	21,004	Ross Stores, Inc.	2,654,696
	Technology Hardware, Storage & Peripherals – 7.7%
	124,698	Apple, Inc.	15,538,618
	Textiles, Apparel & Luxury Goods – 2.9%
	5,528	Lululemon Athletica, Inc.*	1,786,263
	25,070	NIKE, Inc., Class B	3,421,052
	6,042	PVH Corp.*	693,742
			5,901,057
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $93,976,260)		$201,916,348

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.6%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,307,269	0.026%	$    1,307,269
	(Cost $1,307,269)
	TOTAL INVESTMENTS – 100.4% (Cost $95,283,529)		$203,223,617
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%		(897,924)
	NET ASSETS – 100.0%		$202,325,693

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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Communications Equipment – 2.3%
	363,368	Cisco Systems, Inc.	$  19,222,167
	Entertainment – 4.6%
	174,735	Activision Blizzard, Inc.	16,992,979
	121,630	Walt Disney Co. (The)*	21,729,199
			38,722,178
	Equity Real Estate Investment Trusts (REITs) – 4.3%
	66,627	American Tower Corp. REIT	17,020,533
	25,354	Equinix, Inc. REIT	18,678,799
			35,699,332
	Interactive Media & Services – 14.8%
	15,141	Alphabet, Inc., Class A*	35,685,066
	23,112	Alphabet, Inc., Class C*	55,735,975
	62,296	Facebook, Inc., Class A*	20,478,564
	194,075	Snap, Inc., Class A*	12,055,939
			123,955,544
	Internet & Direct Marketing Retail – 8.7%
	16,679	Amazon.com, Inc.*	53,757,584
	259,100	Meituan, Class B (China)*(a)	9,081,374
	7,359	MercadoLibre, Inc. (Argentina)*	9,998,453
			72,837,411
	IT Services – 17.1%
	37,573	Accenture PLC, Class A	10,601,598
	156,545	Fidelity National Information Services, Inc.	23,322,074
	61,512	Global Payments, Inc.	11,915,490
	40,682	Mastercard, Inc., Class A	14,669,116
	135,655	PayPal Holdings, Inc.*	35,273,013
	6,967	Shopify, Inc., Class A (Canada)*	8,659,075
	44,845	Snowflake, Inc., Class A*	10,674,455
	125,728	Visa, Inc., Class A	28,577,974
			143,692,795
	Road & Rail – 1.1%
	176,612	Uber Technologies, Inc.*	8,977,188
	Semiconductors & Semiconductor Equipment – 19.3%
	133,632	Advanced Micro Devices, Inc.*	10,701,251
	40,960	KLA Corp.	12,979,814
	22,327	Lam Research Corp.	14,509,201
	578,837	Marvell Technology, Inc.	27,957,827

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	82,982	Microchip Technology, Inc.	$  13,024,025
	39,450	NVIDIA Corp.	25,633,821
	75,191	NXP Semiconductors NV (China)	15,896,881
	168,661	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	19,794,055
	109,966	Texas Instruments, Inc.	20,873,746
			161,370,621
	Software – 25.6%
	53,834	Adobe, Inc.*	27,163,560
	65,288	Atlassian Corp. PLC, Class A*	15,230,385
	41,847	HubSpot, Inc.*	21,106,790
	293,758	Microsoft Corp.	73,345,497
	23,161	Palo Alto Networks, Inc.*	8,413,233
	41,046	Paycom Software, Inc.*	13,528,762
	20,706	ServiceNow, Inc.*	9,812,159
	137,868	Splunk, Inc.*	16,709,602
	93,460	UiPath, Inc., Class A*(b)	7,459,977
	95,021	Workday, Inc., Class A*	21,733,203
			214,503,168
	Technology Hardware, Storage & Peripherals – 1.9%
	129,694	Apple, Inc.	16,161,170
	TOTAL COMMON STOCKS (Cost $429,799,563)		$835,141,574
Shares		Dividend Rate	Value
	Investment Company – 0.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,902,865	0.026%	$    1,902,865
	(Cost $1,902,865)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $431,702,428)		$837,044,439

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,814,953	0.026%	$    7,814,953
	(Cost $7,814,953)
	TOTAL INVESTMENTS – 100.8% (Cost $439,517,381)		$844,859,392
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%		(7,337,577)
	NET ASSETS – 100.0%		$837,521,815

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	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

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Auto Components – 2.0%
	1,879	Aptiv PLC*	$     282,639
	Banks – 3.8%
	3,294	JPMorgan Chase & Co.	541,007
	Biotechnology – 0.5%
	882	BioMarin Pharmaceutical, Inc.*	68,179
	Building Products – 0.4%
	1,273	AZEK Co., Inc. (The)*	55,414
	Capital Markets – 4.8%
	377	BlackRock, Inc.	330,644
	3,773	Morgan Stanley	343,154
			673,798
	Chemicals – 4.5%
	2,131	Danimer Scientific, Inc.*	47,266
	1,279	Ecolab, Inc.	275,087
	1,014	Linde PLC (United Kingdom)	304,808
			627,161
	Communications Equipment – 2.6%
	6,936	Cisco Systems, Inc.	366,914
	Consumer Finance – 2.8%
	2,441	American Express Co.	390,877
	Containers & Packaging – 2.0%
	3,378	Ball Corp.	277,536
	Diversified Telecommunication Services – 1.8%
	4,595	Verizon Communications, Inc.	259,572
	Electric Utilities – 2.4%
	4,611	NextEra Energy, Inc.	337,617
	Electrical Equipment – 3.5%
	1,801	Eaton Corp. PLC	261,595
	898	Rockwell Automation, Inc.	236,821
			498,416
	Entertainment – 2.8%
	2,236	Walt Disney Co. (The)*	399,461

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – 2.1%
	580	American Tower Corp. REIT	$     148,167
	193	Equinix, Inc. REIT	142,187
			290,354
	Food Products – 1.5%
	2,321	McCormick & Co., Inc.	206,708
	Health Care Equipment & Supplies – 2.7%
	1,505	Danaher Corp.	385,491
	Health Care Providers & Services – 4.1%
	3,861	CVS Health Corp.	333,745
	542	Humana, Inc.	237,233
			570,978
	Hotels, Restaurants & Leisure – 2.1%
	1,257	McDonald’s Corp.	294,000
	Household Products – 2.8%
	2,878	Procter & Gamble Co. (The)	388,098
	Industrial Conglomerates – 2.4%
	24,362	General Electric Co.	342,530
	Interactive Media & Services – 5.7%
	340	Alphabet, Inc., Class A*	801,329
	IT Services – 3.3%
	2,025	Visa, Inc., Class A	460,283
	Machinery – 1.3%
	492	Deere & Co.	177,661
	Media – 2.3%
	5,589	Comcast Corp., Class A	320,473
	Pharmaceuticals – 4.7%
	4,010	Bristol-Myers Squibb Co.	263,537
	1,974	Eli Lilly & Co.	394,287
			657,824
	Road & Rail – 3.0%
	1,849	Union Pacific Corp.	415,526
	Semiconductors & Semiconductor Equipment – 7.3%
	2,143	Cree, Inc.*	214,321

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	4,838	Marvell Technology, Inc.	$     233,675
	429	NVIDIA Corp.	278,756
	1,557	Texas Instruments, Inc.	295,550
			1,022,302
	Software – 9.3%
	492	Adobe, Inc.*	248,253
	3,589	Microsoft Corp.	896,102
	702	Workday, Inc., Class A*	160,561
			1,304,916
	Specialty Retail – 2.0%
	2,191	Ross Stores, Inc.	276,921
	Technology Hardware, Storage & Peripherals – 4.7%
	5,279	Apple, Inc.	657,816
	Textiles, Apparel & Luxury Goods – 2.2%
	2,291	NIKE, Inc., Class B	312,630
	Water Utilities – 1.6%
	1,442	American Water Works Co., Inc.	223,539
	TOTAL COMMON STOCKS (Cost $9,693,303)		$13,887,970
Shares		Dividend Rate	Value
	Investment Company – 0.5%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	67,057	0.026%	$       67,057
	(Cost $67,057)
	TOTAL INVESTMENTS – 99.5% (Cost $9,760,360)		$13,955,027
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%		79,612
	NET ASSETS – 100.0%		$14,034,639

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 FUNDAMENTAL EQUITY GROWTH 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 Fair 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 the 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 GROWTH 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:

CAPITAL GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	4,388,931	$	—	$	—
Europe		27,664,198		—		—
North America		1,127,762,281		—		—
Investment Company		1,166,284		—		—
Securities Lending Reinvestment Vehicle		4,487,014		—		—
Total	$	1,165,468,708	$	—	$	—
CONCENTRATED GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,905,672	$	—	$	—
North America		187,076,982		—		—
Investment Company		633,857		—		—
Total	$	192,616,511	$	—	$	—
FLEXIBLE CAP FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	217,340	$	—	$	—
Europe		411,578		—		—
North America		33,287,071		—		—
Investment Company		456,935		—		—
Securities Lending Reinvestment Vehicle		155,761		—		—
Total	$	34,528,685	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

May 31, 2021 (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	$	25,467,877	$	—	$	—
North America		1,341,245,808		—		—
Investment Company		17,889,532		—		—
Securities Lending Reinvestment Vehicle		13,596,051		—		—
Total	$	1,398,199,268	$	—	$	—
SMALL CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	99,186	$	—	$	—
North America		23,787,718		—		—
Investment Company		186,063		—		—
Securities Lending Reinvestment Vehicle		671,857		—		—
Total	$	24,744,824	$	—	$	—
SMALL/MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	40,604,349	$	—	$	—
Europe		34,848,764		—		—
North America		3,083,371,658		—		—
Investment Company		40,756,025		—		—
Securities Lending Reinvestment Vehicle		34,427,824		—		—
Total	$	3,234,008,620	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

May 31, 2021 (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	$	3,927,509	$	—	$	—
North America		197,988,839		—		—
Securities Lending Reinvestment Vehicle		1,307,269		—		—
Total	$	203,223,617	$	—	$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	35,690,936	$	9,081,374	$	—
North America		780,370,811		—		—
South America		9,998,453		—		—
Investment Company		1,902,865		—		—
Securities Lending Reinvestment Vehicle		7,814,953		—		—
Total	$	835,778,018	$	9,081,374	$	—
U.S. EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	304,808	$	—	$	—
North America		13,583,162		—		—
Investment Company		67,057		—		—
Total	$	13,955,027	$	—	$	—

(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. The Fund utilizes fair value model prices by an independent third-party (fair value) service for certain international equity securities resulting in a Level 2 classification.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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 Capital Growth, Flexible Cap Fund, Growth Opportunities, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth and Technology Opportunities 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 problems with 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.

Under normal circumstances, the Concentrated Growth Fund and the U.S. Equity ESG Fund intend to invest in up to approximately 40 and 50 companies, respectively. As a result of the relatively small number of issuers in which a Fund generally invests, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by a Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, a Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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, 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.