GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Aerospace & Defense – 1.2%
	41,542	Boeing Co. (The)*	$       8,219,085
	18,225	L3Harris Technologies, Inc.	3,810,483
	5,022	TransDigm Group, Inc.*	2,902,967
			14,932,535
	Air Freight & Logistics – 0.2%
	14,692	United Parcel Service, Inc., Class B	2,914,452
	Airlines – 0.7%
	198,219	United Airlines Holdings, Inc.*	8,376,735
	Auto Components – 0.7%
	55,816	Aptiv PLC*	8,950,096
	Automobiles – 1.3%
	150,890	General Motors Co.*	8,732,004
	11,694	Rivian Automotive, Inc., Class A*	1,400,474
	5,982	Tesla, Inc.*	6,847,954
			16,980,432
	Banks – 4.1%
	420,108	Bank of America Corp.	18,682,203
	104,664	JPMorgan Chase & Co.	16,623,783
	64,272	M&T Bank Corp.	9,422,918
	22,135	Pinnacle Financial Partners, Inc.	2,111,900
	6,618	SVB Financial Group*	4,581,840
			51,422,644
	Beverages – 1.3%
	118,649	Coca-Cola Europacific Partners PLC (United Kingdom)	5,857,701
	27,980	Constellation Brands, Inc., Class A	6,304,733
	46,106	Monster Beverage Corp.*	3,862,761
			16,025,195
	Biotechnology – 1.6%
	26,455	Alnylam Pharmaceuticals, Inc.*	4,862,429
	3,114	Argenx SE ADR (Netherlands)*	869,460
	7,425	Biogen, Inc.*	1,750,370
	13,770	BioMarin Pharmaceutical, Inc.*	1,188,213
	75,314	Genmab A/S ADR (Denmark)*	2,901,095
	4,563	Moderna, Inc.*	1,608,138
	55,210	Neurocrine Biosciences, Inc.*	4,596,233

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	13,519	Seagen, Inc.*	$       2,163,040
			19,938,978
	Building Products – 1.1%
	190,403	AZEK Co., Inc. (The)*	7,467,605
	32,998	Trane Technologies PLC	6,159,077
			13,626,682
	Capital Markets – 2.4%
	6,252	BlackRock, Inc.	5,655,622
	43,622	Carlyle Group, Inc. (The)	2,385,687
	56,489	Charles Schwab Corp. (The)	4,371,684
	99,243	Morgan Stanley	9,410,221
	22,398	Raymond James Financial, Inc.	2,201,499
	10,746	S&P Global, Inc.	4,897,275
	21,322	Tradeweb Markets, Inc., Class A	2,046,912
			30,968,900
	Chemicals – 2.1%
	44,315	Ecolab, Inc.	9,814,443
	32,079	Linde PLC (United Kingdom)	10,205,613
	20,148	Sherwin-Williams Co. (The)	6,673,824
			26,693,880
	Commercial Services & Supplies – 0.1%
	12,381	Waste Connections, Inc.	1,647,416
	Communications Equipment – 1.1%
	251,122	Cisco Systems, Inc.	13,771,530
	Construction Materials – 0.7%
	23,203	Martin Marietta Materials, Inc.	9,362,643
	Consumer Finance – 0.9%
	73,374	American Express Co.	11,174,860
	Containers & Packaging – 0.6%
	78,001	Ball Corp.	7,289,193
	Diversified Financial Services – 0.7%
	33,942	Berkshire Hathaway, Inc., Class B*	9,391,412
	Diversified Telecommunication Services – 0.9%
	492,075	AT&T, Inc.	11,234,072

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electric Utilities – 1.1%
	119,503	NextEra Energy, Inc.	$     10,370,470
	58,985	Xcel Energy, Inc.	3,759,114
			14,129,584
	Electrical Equipment – 1.2%
	32,747	Eaton Corp. PLC	5,306,979
	23,634	Rockwell Automation, Inc.	7,945,751
	52,772	Shoals Technologies Group, Inc., Class A*	1,482,893
			14,735,623
	Electronic Equipment, Instruments & Components – 0.9%
	62,758	Amphenol Corp., Class A	5,057,039
	33,133	Keysight Technologies, Inc.*	6,443,706
			11,500,745
	Entertainment – 2.8%
	16,377	Electronic Arts, Inc.	2,034,351
	80,929	Live Nation Entertainment, Inc.*	8,631,078
	20,018	Netflix, Inc.*	12,849,554
	4,719	Roku, Inc.*	1,074,092
	74,066	Walt Disney Co. (The)*	10,732,163
			35,321,238
	Equity Real Estate Investment Trusts (REITs) – 2.5%
	28,259	Alexandria Real Estate Equities, Inc. REIT	5,653,778
	19,713	American Tower Corp. REIT	5,174,268
	55,121	Americold Realty Trust REIT	1,799,149
	11,007	AvalonBay Communities, Inc. REIT	2,629,242
	32,866	Duke Realty Corp. REIT	1,917,074
	3,021	Equinix, Inc. REIT	2,453,656
	22,294	Equity LifeStyle Properties, Inc. REIT	1,812,502
	63,231	Host Hotels & Resorts, Inc. REIT*	992,727
	93,242	Invitation Homes, Inc. REIT	3,770,707
	15,598	Kilroy Realty Corp. REIT	1,006,539
	6,642	Public Storage REIT	2,174,458
	39,344	Ventas, Inc. REIT	1,846,021
			31,230,121
	Food Products – 1.3%
	115,618	McCormick & Co., Inc.	9,922,337
	114,787	Mondelez International, Inc., Class A	6,765,546
			16,687,883

Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – 0.2%
	32,773	Atmos Energy Corp.	$       2,960,057
	Health Care Equipment & Supplies – 2.3%
	8,272	Align Technology, Inc.*	5,058,576
	196,097	Boston Scientific Corp.*	7,465,413
	17,940	Insulet Corp.*	5,174,614
	23,656	Intuitive Surgical, Inc.*	7,672,587
	36,279	Zimmer Biomet Holdings, Inc.	4,338,968
			29,710,158
	Health Care Providers & Services – 3.2%
	153,777	CVS Health Corp.	13,695,379
	56,964	Guardant Health, Inc.*	5,988,056
	11,269	Humana, Inc.	4,729,712
	36,436	UnitedHealth Group, Inc.	16,185,600
			40,598,747
	Health Care Technology – 0.4%
	17,892	Veeva Systems, Inc., Class A*	5,055,921
	Hotels, Restaurants & Leisure – 1.3%
	45,450	McDonald’s Corp.	11,117,070
	33,709	Wyndham Hotels & Resorts, Inc.	2,679,192
	24,486	Yum! Brands, Inc.	3,007,860
			16,804,122
	Household Durables – 0.1%
	9,051	Lennar Corp., Class A	950,808
	Household Products – 1.3%
	109,875	Procter & Gamble Co. (The)	15,885,727
	Industrial Conglomerates – 1.4%
	125,184	General Electric Co.	11,891,228
	31,586	Honeywell International, Inc.	6,387,953
			18,279,181
	Insurance – 1.7%
	80,907	Arch Capital Group Ltd.*	3,267,025
	30,595	Athene Holding Ltd., Class A*	2,506,342
	36,977	Chubb Ltd.	6,636,262
	31,427	Globe Life, Inc.	2,719,693
	1,965	Markel Corp.*	2,347,821
	8,736	Marsh & McLennan Cos., Inc.	1,432,879

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	71,146	Ryan Specialty Group Holdings, Inc., Class A*	$       2,722,757
			21,632,779
	Interactive Media & Services – 6.5%
	10,040	Alphabet, Inc., Class A*	28,493,018
	8,678	Alphabet, Inc., Class C*	24,723,969
	73,303	Meta Platforms, Inc., Class A*	23,783,891
	69,588	Snap, Inc., Class A*	3,313,085
	53,043	Twitter, Inc.*	2,330,710
			82,644,673
	Internet & Direct Marketing Retail – 3.6%
	12,159	Amazon.com, Inc.*	42,642,464
	11,814	Etsy, Inc.*	3,243,888
			45,886,352
	IT Services – 5.4%
	64,298	Cognizant Technology Solutions Corp., Class A	5,013,958
	46,136	Dlocal Ltd. (Uruguay)*	1,531,715
	5,097	EPAM Systems, Inc.*	3,101,779
	79,587	Fidelity National Information Services, Inc.	8,316,842
	104,144	International Business Machines Corp.	12,195,263
	20,828	Kyndryl Holdings, Inc.*	329,082
	23,911	Mastercard, Inc., Class A	7,530,052
	72,174	PayPal Holdings, Inc.*	13,344,251
	888	Shopify, Inc., Class A (Canada)*	1,351,350
	15,714	Snowflake, Inc., Class A*	5,345,117
	54,347	Visa, Inc., Class A	10,530,818
			68,590,227
	Life Sciences Tools & Services – 2.4%
	140,546	Adaptive Biotechnologies Corp.*	3,666,845
	44,566	Avantor, Inc.*	1,759,466
	27,344	Danaher Corp.	8,794,924
	9,843	Illumina, Inc.*	3,595,943
	27,099	PerkinElmer, Inc.	4,936,354
	16,791	West Pharmaceutical Services, Inc.	7,432,704
			30,186,236
	Machinery – 0.9%
	4,824	Deere & Co.	1,666,885

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	40,110	Illinois Tool Works, Inc.	$       9,311,536
			10,978,421
	Media – 0.5%
	87,197	Comcast Corp., Class A	4,358,106
	96,100	Discovery, Inc., Class C*	2,182,431
			6,540,537
	Metals & Mining – 0.2%
	62,711	Freeport-McMoRan, Inc.	2,325,324
	Multiline Retail – 1.1%
	18,193	Dollar General Corp.	4,026,111
	39,861	Target Corp.	9,719,706
			13,745,817
	Multi-Utilities – 0.8%
	59,102	Ameren Corp.	4,822,132
	85,133	CMS Energy Corp.	5,010,077
			9,832,209
	Oil, Gas & Consumable Fuels – 2.9%
	133,453	Chevron Corp.	15,062,840
	63,087	ConocoPhillips	4,424,291
	105,607	Devon Energy Corp.	4,441,831
	16,540	Diamondback Energy, Inc.	1,765,314
	19,162	Hess Corp.	1,427,952
	36,614	Ovintiv, Inc.	1,272,703
	47,471	Pioneer Natural Resources Co.	8,465,029
			36,859,960
	Personal Products – 0.7%
	26,339	Estee Lauder Cos., Inc. (The), Class A	8,746,392
	Pharmaceuticals – 2.4%
	51,092	AstraZeneca PLC ADR (United Kingdom)	2,801,374
	154,015	Bristol-Myers Squibb Co.	8,259,825
	37,732	Catalent, Inc.*	4,854,599
	56,730	Eli Lilly & Co.	14,071,309
			29,987,107
	Professional Services – 1.0%
	41,242	TransUnion	4,585,698

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	33,779	Verisk Analytics, Inc.	$       7,595,884
			12,181,582
	Road & Rail – 2.3%
	25,298	Norfolk Southern Corp.	6,710,801
	20,740	Old Dominion Freight Line, Inc.	7,366,226
	69,567	Uber Technologies, Inc.*	2,643,546
	50,171	Union Pacific Corp.	11,822,294
			28,542,867
	Semiconductors & Semiconductor Equipment – 4.5%
	27,403	Analog Devices, Inc.	4,939,391
	22,688	KLA Corp.	9,259,653
	127,046	Marvell Technology, Inc.	9,041,864
	24,606	Micron Technology, Inc.	2,066,904
	29,494	NVIDIA Corp.	9,637,459
	12,526	NXP Semiconductors NV (China)	2,797,807
	6,075	SolarEdge Technologies, Inc.*	1,991,142
	28,912	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	3,387,041
	58,996	Texas Instruments, Inc.	11,349,061
	21,166	Wolfspeed, Inc.*	2,595,375
			57,065,697
	Software – 10.9%
	14,232	Adobe, Inc.*	9,533,305
	8,268	Atlassian Corp. PLC, Class A*	3,111,414
	16,638	Bill.com Holdings, Inc.*	4,672,782
	22,093	Cadence Design Systems, Inc.*	3,920,624
	2,931	HubSpot, Inc.*	2,365,053
	2,832	Intuit, Inc.	1,847,314
	224,376	Microsoft Corp.	74,176,462
	13,262	Palo Alto Networks, Inc.*	7,253,518
	8,760	Paycom Software, Inc.*	3,832,325
	31,105	Qualtrics International, Inc., Class A*	1,006,558
	23,407	salesforce.com, Inc.*	6,670,059
	5,902	ServiceNow, Inc.*	3,822,725
	51,570	Splunk, Inc.*	6,239,970
	45,249	UiPath, Inc., Class A*	2,183,264
	26,673	Workday, Inc., Class A*	7,314,537
			137,949,910
	Specialty Retail – 2.1%
	28,155	Advance Auto Parts, Inc.	6,214,372

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	9,900	Five Below, Inc.*	$       2,014,056
	11,202	Home Depot, Inc. (The)	4,487,633
	13,771	Lowe’s Cos., Inc.	3,368,249
	4,905	O’Reilly Automotive, Inc.*	3,130,175
	7,607	RH*	4,436,250
	25,989	Ross Stores, Inc.	2,835,140
			26,485,875
	Technology Hardware, Storage & Peripherals – 5.6%
	427,275	Apple, Inc.	70,628,557
	Textiles, Apparel & Luxury Goods – 1.3%
	5,826	Lululemon Athletica, Inc.*	2,647,393
	62,168	NIKE, Inc., Class B	10,521,312
	28,483	PVH Corp.	3,041,415
			16,210,120
	Water Utilities – 0.1%
	10,476	American Water Works Co., Inc.	1,765,939
	TOTAL COMMON STOCKS (Cost $733,912,313)		$1,247,338,151
Shares		Dividend Rate	Value
	Investment Company – 0.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,123,642	0.026%	$       4,123,642
	(Cost $4,123,642)
	TOTAL INVESTMENTS – 98.9% (Cost $738,035,955)		$1,251,461,793
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%		13,043,207
	NET ASSETS – 100.0%		$1,264,505,000

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.

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Aerospace & Defense – 1.2%
	13,363	Boeing Co. (The)*	$    2,643,870
	Auto Components – 1.6%
	22,094	Aptiv PLC*	3,542,773
	Beverages – 1.3%
	34,779	Monster Beverage Corp.*	2,913,785
	Biotechnology – 4.0%
	27,738	BioMarin Pharmaceutical, Inc.*	2,393,512
	46,066	Genmab A/S ADR (Denmark)*	1,774,462
	28,524	Sarepta Therapeutics, Inc.*	2,305,025
	14,527	Seagen, Inc.*	2,324,320
			8,797,319
	Chemicals – 1.7%
	16,388	Ecolab, Inc.	3,629,450
	Entertainment – 3.4%
	11,472	Netflix, Inc.*	7,363,877
	Equity Real Estate Investment Trusts (REITs) – 1.9%
	16,068	American Tower Corp.REIT	4,217,529
	Food Products – 1.7%
	42,073	McCormick & Co., Inc.	3,610,705
	Health Care Equipment & Supplies – 3.2%
	109,123	Boston Scientific Corp.*	4,154,313
	9,589	Insulet Corp.*	2,765,851
			6,920,164
	Health Care Technology – 1.2%
	8,989	Veeva Systems, Inc., Class A*	2,540,112
	Hotels, Restaurants & Leisure – 1.7%
	15,110	McDonald’s Corp.	3,695,906
	Interactive Media & Services – 11.5%
	5,662	Alphabet, Inc., Class A*	16,068,473
	1,914	Alphabet, Inc., Class C*	5,453,062
	72,765	Snap, Inc., Class A*	3,464,342
			24,985,877

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 5.6%
	2,830	Amazon.com, Inc.*	$    9,925,008
	69,438	Farfetch Ltd., Class A (United Kingdom)*	2,389,362
			12,314,370
	IT Services – 8.1%
	17,664	Affirm Holdings, Inc.*	2,237,676
	14,832	Mastercard, Inc., Class A	4,670,893
	32,990	PayPal Holdings, Inc.*	6,099,521
	13,434	Snowflake, Inc., Class A*	4,569,575
			17,577,665
	Life Sciences Tools & Services – 3.9%
	65,935	Adaptive Biotechnologies Corp.*	1,720,244
	14,469	Danaher Corp.	4,653,809
	6,131	Illumina, Inc.*	2,239,838
			8,613,891
	Pharmaceuticals – 2.5%
	21,685	Eli Lilly & Co.	5,378,747
	Professional Services – 1.8%
	17,860	Verisk Analytics, Inc.	4,016,178
	Road & Rail – 1.6%
	102,549	CSX Corp.	3,554,348
	Semiconductors & Semiconductor Equipment – 8.8%
	106,047	Marvell Technology, Inc.	7,547,365
	35,540	NVIDIA Corp.	11,613,051
			19,160,416
	Software – 18.2%
	9,911	Adobe, Inc.*	6,638,883
	9,961	Bill.com Holdings, Inc.*	2,797,547
	63,727	Microsoft Corp.	21,067,509
	22,268	Splunk, Inc.*	2,694,428
	24,066	Workday, Inc., Class A*	6,599,619
			39,797,986
	Specialty Retail – 1.6%
	32,087	Ross Stores, Inc.	3,500,371
	Technology Hardware, Storage & Peripherals – 8.4%
	110,567	Apple, Inc.	18,276,725

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 4.8%
	10,468	Lululemon Athletica, Inc.*	$    4,756,764
	33,706	NIKE, Inc., Class B	5,704,403
			10,461,167
	TOTAL COMMON STOCKS (Cost $108,900,771)		$217,513,231
Shares		Dividend Rate	Value
	Investment Company – 0.1%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	154,314	0.026%	$       154,314
	(Cost $154,314)
	TOTAL INVESTMENTS – 99.8% (Cost $109,055,085)		$217,667,545
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		519,568
	NET ASSETS – 100.0%		$218,187,113

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

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

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Air Freight & Logistics – 0.4%
	731	United Parcel Service, Inc., Class B	$     145,009
	Automobiles – 1.9%
	638	Tesla, Inc.*	730,357
	Banks – 5.3%
	12,588	Bank of America Corp.	559,788
	2,313	East West Bancorp, Inc.	178,101
	4,293	JPMorgan Chase & Co.	681,857
	1,367	M&T Bank Corp.	200,416
	1,918	Pinnacle Financial Partners, Inc.	182,997
	410	SVB Financial Group*	283,855
			2,087,014
	Beverages – 1.7%
	3,877	Coca-Cola Co. (The)	203,349
	2,729	Coca-Cola Europacific Partners PLC (United Kingdom)	134,731
	673	Constellation Brands, Inc., Class A	151,647
	2,118	Monster Beverage Corp.*	177,446
			667,173
	Biotechnology – 1.5%
	1,726	BioMarin Pharmaceutical, Inc.*	148,937
	3,814	Genmab A/S ADR (Denmark)*	146,915
	1,480	Neurocrine Biosciences, Inc.*	123,210
	1,029	Seagen, Inc.*	164,640
			583,702
	Building Products – 1.0%
	1,423	Allegion PLC	175,940
	1,248	Trane Technologies PLC	232,939
			408,879
	Capital Markets – 1.6%
	2,619	Raymond James Financial, Inc.	257,421
	798	S&P Global, Inc.	363,673
			621,094
	Chemicals – 2.0%
	825	Ecolab, Inc.	182,713
	1,035	Linde PLC (United Kingdom)	329,275
	1,188	PPG Industries, Inc.	183,154

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	242	Sherwin-Williams Co. (The)	$       80,160
			775,302
	Communications Equipment – 1.0%
	7,488	Cisco Systems, Inc.	410,642
	Consumer Finance – 1.3%
	1,902	American Express Co.	289,674
	2,095	Discover Financial Services	225,946
			515,620
	Diversified Financial Services – 1.3%
	1,894	Berkshire Hathaway, Inc., Class B*	524,051
	Diversified Telecommunication Services – 0.9%
	15,112	AT&T, Inc.	345,007
	Electric Utilities – 0.7%
	3,298	NextEra Energy, Inc.	286,200
	Electrical Equipment – 1.0%
	1,418	AMETEK, Inc.	193,557
	642	Rockwell Automation, Inc.	215,840
			409,397
	Electronic Equipment, Instruments & Components – 0.5%
	5,653	Vontier Corp.	178,126
	Entertainment – 1.5%
	1,499	Electronic Arts, Inc.	186,206
	449	Netflix, Inc.*	288,213
	817	Walt Disney Co. (The)*	118,383
			592,802
	Equity Real Estate Investment Trusts (REITs) – 2.6%
	894	AvalonBay Communities, Inc. REIT	213,550
	593	Essex Property Trust, Inc. REIT	201,288
	4,473	Healthpeak Properties, Inc. REIT	146,983
	2,122	Kilroy Realty Corp. REIT	136,932
	610	Public Storage REIT	199,702
	2,619	Ventas, Inc. REIT	122,883
			1,021,338

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 0.5%
	1,442	Walmart, Inc.	$     202,788
	Food Products – 1.2%
	2,813	Lamb Weston Holdings, Inc.	146,051
	1,633	McCormick & Co., Inc.	140,144
	3,182	Mondelez International, Inc., Class A	187,547
			473,742
	Health Care Equipment & Supplies – 1.5%
	5,445	Boston Scientific Corp.*	207,291
	378	IDEXX Laboratories, Inc.*	229,850
	1,118	Zimmer Biomet Holdings, Inc.	133,713
			570,854
	Health Care Providers & Services – 3.7%
	2,642	Centene Corp.*	188,665
	3,265	CVS Health Corp.	290,781
	461	Humana, Inc.	193,487
	1,181	Quest Diagnostics, Inc.	175,591
	1,387	UnitedHealth Group, Inc.	616,133
			1,464,657
	Health Care Technology – 0.4%
	602	Veeva Systems, Inc., Class A*	170,113
	Hotels, Restaurants & Leisure – 2.0%
	1,487	McDonald’s Corp.	363,720
	2,844	Wyndham Hotels & Resorts, Inc.	226,041
	1,733	Yum! Brands, Inc.	212,882
			802,643
	Household Durables – 0.6%
	2,081	Lennar Corp., Class A	218,609
	Household Products – 1.2%
	3,303	Procter & Gamble Co. (The)	477,548
	Independent Power and Renewable Electricity Producers – 0.4%
	6,837	AES Corp. (The)	159,849
	Industrial Conglomerates – 0.7%
	2,853	General Electric Co.	271,007
	Insurance – 1.7%
	1,450	American Financial Group, Inc.	193,735

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	1,613	Chubb Ltd.	$     289,485
	1,956	Globe Life, Inc.	169,272
			652,492
	Interactive Media & Services – 6.7%
	377	Alphabet, Inc., Class A*	1,069,907
	307	Alphabet, Inc., Class C*	874,655
	4,299	Bumble, Inc., Class A*	147,284
	1,734	Meta Platforms, Inc., Class A*	562,614
			2,654,460
	Internet & Direct Marketing Retail – 4.3%
	484	Amazon.com, Inc.*	1,697,422
	IT Services – 4.7%
	2,496	Cognizant Technology Solutions Corp., Class A	194,638
	307	EPAM Systems, Inc.*	186,825
	2,298	Fidelity National Information Services, Inc.	240,141
	2,276	International Business Machines Corp.	266,520
	1,348	Mastercard, Inc., Class A	424,512
	1,180	PayPal Holdings, Inc.*	218,170
	1,687	Visa, Inc., Class A	326,890
			1,857,696
	Life Sciences Tools & Services – 2.7%
	1,280	Danaher Corp.	411,699
	768	ICON PLC (Ireland)*	207,721
	1,119	PerkinElmer, Inc.	203,837
	556	West Pharmaceutical Services, Inc.	246,119
			1,069,376
	Machinery – 2.4%
	724	Cummins, Inc.	151,859
	2,503	Fortive Corp.	184,897
	913	Illinois Tool Works, Inc.	211,953
	1,993	ITT, Inc.	188,498
	1,401	Lincoln Electric Holdings, Inc.	189,079
			926,286
	Media – 0.8%
	6,856	Discovery, Inc., Class C*	155,700

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	3,593	Liberty Media Corp.-Liberty SiriusXM, Class A*	$     175,338
			331,038
	Metals & Mining – 0.5%
	5,676	Freeport-McMoRan, Inc.	210,466
	Multiline Retail – 0.8%
	1,289	Target Corp.	314,310
	Multi-Utilities – 1.1%
	1,673	Ameren Corp.	136,500
	2,195	CMS Energy Corp.	129,176
	2,670	Public Service Enterprise Group, Inc.	166,848
			432,524
	Oil, Gas & Consumable Fuels – 2.8%
	6,781	Devon Energy Corp.	285,209
	2,508	Diamondback Energy, Inc.	267,679
	3,232	Hess Corp.	240,848
	1,628	Pioneer Natural Resources Co.	290,305
			1,084,041
	Personal Products – 0.6%
	693	Estee Lauder Cos., Inc. (The), Class A	230,125
	Pharmaceuticals – 3.0%
	2,945	AstraZeneca PLC ADR (United Kingdom)	161,474
	5,148	Bristol-Myers Squibb Co.	276,087
	1,582	Eli Lilly & Co.	392,399
	1,678	Johnson & Johnson	261,651
	1,664	Pfizer, Inc.	89,407
			1,181,018
	Professional Services – 1.0%
	1,547	Booz Allen Hamilton Holding Corp.	129,855
	1,151	Verisk Analytics, Inc.	258,826
			388,681
	Road & Rail – 0.5%
	538	Saia, Inc.*	178,175
	Semiconductors & Semiconductor Equipment – 5.1%
	703	KLA Corp.	286,915

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	2,504	Marvell Technology, Inc.	$     178,210
	2,582	Microchip Technology, Inc.	215,416
	1,033	MKS Instruments, Inc.	157,181
	1,858	NVIDIA Corp.	607,120
	1,075	NXP Semiconductors NV (China)	240,112
	1,785	Texas Instruments, Inc.	343,381
			2,028,335
	Software – 10.6%
	849	Adobe, Inc.*	568,703
	1,470	Cadence Design Systems, Inc.*	260,866
	8,161	Microsoft Corp.	2,697,945
	342	Palo Alto Networks, Inc.*	187,053
	426	Paycom Software, Inc.*	186,366
	303	salesforce.com, Inc.*	86,343
	738	Workday, Inc., Class A*	202,382
			4,189,658
	Specialty Retail – 2.9%
	1,012	Advance Auto Parts, Inc.	223,369
	508	Home Depot, Inc. (The)	203,510
	422	O’Reilly Automotive, Inc.*	269,303
	1,822	Ross Stores, Inc.	198,762
	658	Ulta Beauty, Inc.*	252,639
			1,147,583
	Technology Hardware, Storage & Peripherals – 6.6%
	14,498	Apple, Inc.	2,396,520
	2,322	NetApp, Inc.	206,379
			2,602,899
	Textiles, Apparel & Luxury Goods – 0.5%
	3,092	Capri Holdings Ltd.*	183,108
	Trading Companies & Distributors – 0.5%
	3,542	Fastenal Co.	209,580
	Water Utilities – 0.4%
	981	American Water Works Co., Inc.	165,367
	TOTAL COMMON STOCKS (Cost $26,247,863)		$38,848,163

GOLDMAN SACHS FLEXIBLE CAP FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company – 1.5%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	589,253	0.026%	$     589,253
	(Cost $589,253)
	TOTAL INVESTMENTS – 100.1% (Cost $26,837,116)		$39,437,416
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%		(38,009)
	NET ASSETS – 100.0%		$39,399,407

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

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.6%
	Aerospace & Defense – 1.0%
	24,016	TransDigm Group, Inc.*	$     13,882,449
	Auto Components – 0.5%
	42,138	Aptiv PLC*	6,756,828
	Banks – 0.7%
	14,799	SVB Financial Group*	10,245,792
	Beverages – 0.8%
	223,368	Coca-Cola Europacific Partners PLC (United Kingdom)	11,027,678
	Biotechnology – 3.8%
	63,358	Alnylam Pharmaceuticals, Inc.*	11,645,200
	209,003	Genmab A/S ADR (Denmark)*	8,050,796
	166,801	Neurocrine Biosciences, Inc.*	13,886,183
	24,377	Novavax, Inc.*	5,085,774
	88,883	Seagen, Inc.*	14,221,280
			52,889,233
	Building Products – 3.0%
	544,130	AZEK Co., Inc. (The)*	21,340,779
	111,394	Trane Technologies PLC	20,791,690
			42,132,469
	Capital Markets – 1.9%
	133,249	Ares Management Corp., Class A	10,814,489
	26,704	MarketAxess Holdings, Inc.	9,418,234
	73,624	Tradeweb Markets, Inc., Class A	7,067,904
			27,300,627
	Chemicals – 1.5%
	69,414	Ashland Global Holdings, Inc.	7,015,673
	323,914	Danimer Scientific, Inc.*(a)	4,321,013
	66,071	PPG Industries, Inc.	10,186,166
			21,522,852
	Construction Materials – 0.8%
	28,273	Martin Marietta Materials, Inc.	11,408,438
	Containers & Packaging – 1.7%
	262,081	Ball Corp.	24,491,469
	Electrical Equipment – 3.1%
	109,010	AMETEK, Inc.	14,879,865

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – (continued)
	84,146	Rockwell Automation, Inc.	$     28,289,885
			43,169,750
	Electronic Equipment, Instruments & Components – 3.2%
	263,511	Amphenol Corp., Class A	21,233,716
	122,106	Keysight Technologies, Inc.*	23,747,175
			44,980,891
	Entertainment – 2.3%
	188,891	Live Nation Entertainment, Inc.*	20,145,225
	51,068	Roku, Inc.*	11,623,588
			31,768,813
	Equity Real Estate Investment Trusts (REITs) – 0.8%
	136,091	Equity LifeStyle Properties, Inc.REIT	11,064,198
	Food Products – 2.6%
	229,360	McCormick & Co., Inc.	19,683,675
	1,202,123	Utz Brands, Inc.	16,961,956
			36,645,631
	Health Care Equipment & Supplies – 4.5%
	17,314	Align Technology, Inc.*	10,588,030
	41,474	IDEXX Laboratories, Inc.*	25,219,095
	96,926	Insulet Corp.*	27,957,336
			63,764,461
	Health Care Providers & Services – 1.3%
	180,706	Guardant Health, Inc.*	18,995,815
	Health Care Technology – 2.2%
	107,863	Veeva Systems, Inc., Class A*	30,479,926
	Hotels, Restaurants & Leisure – 2.6%
	180,826	Expedia Group, Inc.*	29,129,261
	59,898	Yum! Brands, Inc.	7,357,870
			36,487,131
	Insurance – 0.7%
	246,044	Ryan Specialty Group Holdings, Inc., Class A*	9,416,104
	Interactive Media & Services – 2.5%
	136,192	Bumble, Inc., Class A*	4,665,938

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	168,765	Match Group, Inc.*	$     21,937,763
	182,645	Twitter, Inc.*	8,025,421
			34,629,122
	Internet & Direct Marketing Retail – 2.5%
	126,842	Etsy, Inc.*	34,828,276
	IT Services – 2.5%
	50,645	Affirm Holdings, Inc.*	6,415,709
	203,706	Dlocal Ltd. (Uruguay)*	6,763,039
	11,634	EPAM Systems, Inc.*	7,079,871
	69,872	Okta, Inc.*	15,038,550
			35,297,169
	Life Sciences Tools & Services – 6.0%
	156,396	Adaptive Biotechnologies Corp.*	4,080,372
	134,241	Agilent Technologies, Inc.	20,256,967
	198,267	Avantor, Inc.*	7,827,581
	106,875	PerkinElmer, Inc.	19,468,350
	75,773	West Pharmaceutical Services, Inc.	33,541,676
			85,174,946
	Machinery – 2.8%
	62,639	Cummins, Inc.	13,138,530
	194,206	Fortive Corp.	14,345,997
	130,379	ITT, Inc.	12,331,246
			39,815,773
	Media – 0.4%
	261,644	Discovery, Inc., Class A*(a)	6,088,456
	Oil, Gas & Consumable Fuels – 0.9%
	71,608	Pioneer Natural Resources Co.	12,769,139
	Pharmaceuticals – 1.7%
	184,326	Catalent, Inc.*	23,715,383
	Professional Services – 4.7%
	322,173	CoStar Group, Inc.*	25,052,172
	93,768	TransUnion	10,426,064
	137,561	Verisk Analytics, Inc.	30,933,342
			66,411,578

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.7%
	78,211	Old Dominion Freight Line, Inc.	$     27,778,201
	31,315	Saia, Inc.*	10,370,902
			38,149,103
	Semiconductors & Semiconductor Equipment – 7.2%
	121,295	Entegris, Inc.	17,718,774
	255,055	Marvell Technology, Inc.	18,152,264
	210,412	Microchip Technology, Inc.	17,554,673
	88,132	MKS Instruments, Inc.	13,410,165
	354,129	ON Semiconductor Corp.*	21,754,145
	20,384	SolarEdge Technologies, Inc.*	6,681,060
	53,949	Wolfspeed, Inc.*	6,615,226
			101,886,307
	Software – 19.8%
	54,558	ANSYS, Inc.*	21,358,366
	73,206	Bill.com Holdings, Inc.*	20,559,905
	56,155	C3.ai, Inc., Class A*	2,075,489
	200,186	Cadence Design Systems, Inc.*	35,525,008
	121,475	DocuSign, Inc.*	29,926,581
	258,144	Dynatrace, Inc.*	16,224,350
	32,739	HubSpot, Inc.*	26,417,427
	72,960	Palo Alto Networks, Inc.*	39,904,742
	42,279	Paycom Software, Inc.*	18,496,217
	68,400	Procore Technologies, Inc.*(a)	5,797,584
	69,478	RingCentral, Inc., Class A*	15,005,858
	172,739	Splunk, Inc.*	20,901,419
	101,682	UiPath, Inc., Class A*	4,906,157
	64,685	Zscaler, Inc.*	22,443,754
			279,542,857
	Specialty Retail – 4.2%
	49,196	Burlington Stores, Inc.*	14,420,824
	27,203	O’Reilly Automotive, Inc.*	17,359,866
	15,447	RH*	9,008,381
	47,939	Ulta Beauty, Inc.*	18,406,179
			59,195,250
	Textiles, Apparel & Luxury Goods – 2.7%
	80,594	Lululemon Athletica, Inc.*	36,622,719

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	41,593	On Holding AG, Class A (Switzerland)*	$       1,670,375
			38,293,094
	TOTAL COMMON STOCKS (Cost $970,266,496)		$1,404,227,008

Shares		Dividend Rate	Value
	Investment Company – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,501,630	0.026%	$       4,501,630
	(Cost $4,501,630)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $974,768,126)		$1,408,728,638
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,352,332	0.026%	$     10,352,332
	(Cost $10,352,332)
	TOTAL INVESTMENTS – 100.6% (Cost $985,120,458)		$1,419,080,970
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%		(9,322,259)
	NET ASSETS – 100.0%		$1,409,758,711

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

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

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.5%
	Aerospace & Defense – 1.9%
	7,014	Kratos Defense & Security Solutions, Inc.*	$     138,246
	2,875	Maxar Technologies, Inc.	79,149
	3,606	Moog, Inc., Class A	249,427
			466,822
	Auto Components – 1.5%
	2,048	Fox Factory Holding Corp.*	359,977
	Automobiles – 1.1%
	3,744	Winnebago Industries, Inc.	270,392
	Biotechnology – 9.7%
	2,397	4D Molecular Therapeutics, Inc.*	55,131
	4,457	ACADIA Pharmaceuticals, Inc.*	85,574
	5,899	Agios Pharmaceuticals, Inc.*	210,122
	4,891	Allogene Therapeutics, Inc.*	90,435
	1,471	Apellis Pharmaceuticals, Inc.*	61,900
	1,277	Applied Molecular Transport, Inc.*	21,709
	3,357	Arena Pharmaceuticals, Inc.*	182,923
	6,410	Avidity Biosciences, Inc.*	143,135
	3,135	Beam Therapeutics, Inc.*	248,135
	5,086	Cytokinetics, Inc.*	200,083
	5,178	Design Therapeutics, Inc.*	86,680
	4,874	Dyne Therapeutics, Inc.*	69,260
	10,196	Halozyme Therapeutics, Inc.*	335,245
	6,897	Inozyme Pharma, Inc.*	54,762
	541	Intellia Therapeutics, Inc.*	62,220
	3,692	Kronos Bio, Inc.*	43,603
	1,111	PTC Therapeutics, Inc.*	41,285
	2,271	Repare Therapeutics, Inc. (Canada)*	53,300
	6,672	Sutro Biopharma, Inc.*	113,958
	2,776	Y-mAbs Therapeutics, Inc.*	47,414
	2,009	Zentalis Pharmaceuticals, Inc.*	164,838
			2,371,712
	Building Products – 3.4%
	5,947	AAON, Inc.	463,866
	5,106	AZEK Co., Inc. (The)*	200,257
	1,588	Masonite International Corp.*	169,916
			834,039
	Capital Markets – 3.2%
	3,872	Houlihan Lokey, Inc.	420,267

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	5,636	Moelis & Co., Class A	$     345,543
			765,810
	Chemicals – 2.6%
	2,868	Ashland Global Holdings, Inc.	289,869
	2,238	Balchem Corp.	353,604
			643,473
	Commercial Services & Supplies – 0.7%
	959	Tetra Tech, Inc.	177,108
	Construction & Engineering – 2.0%
	5,422	Ameresco, Inc., Class A*	489,769
	Electronic Equipment, Instruments & Components – 3.2%
	2,282	908 Devices, Inc.*	54,768
	2,740	Badger Meter, Inc.	280,466
	2,766	Novanta, Inc.*	446,571
			781,805
	Food Products – 0.7%
	1,559	Freshpet, Inc.*	168,403
	Health Care Equipment & Supplies – 7.5%
	6,044	Axonics, Inc.*	328,854
	692	Figs, Inc., Class A*(a)	23,002
	2,639	Inari Medical, Inc.*	217,823
	2,094	iRhythm Technologies, Inc.*	221,127
	4,986	Neogen Corp.*	200,088
	4,664	Outset Medical, Inc.*	221,074
	2,034	Shockwave Medical, Inc.*	366,608
	10,442	Sonendo, Inc.*(a)	101,287
	1,237	Tandem Diabetes Care, Inc.*	158,979
			1,838,842
	Health Care Providers & Services – 1.3%
	7,472	Alignment Healthcare, Inc.*	121,121
	3,495	Castle Biosciences, Inc.*	144,448
	1,497	National Research Corp.	59,955
			325,524
	Health Care Technology – 2.0%
	2,201	Omnicell, Inc.*	389,577

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Technology – (continued)
	2,181	Simulations Plus, Inc.(a)	$     102,442
			492,019
	Hotels, Restaurants & Leisure – 5.6%
	2,286	Dutch Bros, Inc., Class A*(a)	120,792
	8,737	First Watch Restaurant Group, Inc.*	174,129
	1,792	Shake Shack, Inc., Class A*	130,798
	1,373	Sweetgreen, Inc., Class A*(a)	52,421
	3,602	Texas Roadhouse, Inc.	298,750
	1,937	Wingstop, Inc.	311,082
	3,332	Wyndham Hotels & Resorts, Inc.	264,827
			1,352,799
	Household Durables – 2.5%
	8,656	Sonos, Inc.*	273,962
	1,031	TopBuild Corp.*	278,154
	4,545	Traeger, Inc.*	58,676
			610,792
	Internet & Direct Marketing Retail – 1.4%
	4,431	Revolve Group, Inc.*	337,509
	IT Services – 0.8%
	4,328	BigCommerce Holdings, Inc.Series 1*	195,929
	Leisure Products – 2.5%
	2,975	Latham Group, Inc.*	76,666
	3,930	Malibu Boats, Inc., Class A*	273,017
	2,839	YETI Holdings, Inc.*	261,642
			611,325
	Life Sciences Tools & Services – 3.1%
	4,639	Alpha Teknova, Inc.*	103,728
	5,497	Codex DNA, Inc.*	37,600
	7,532	MaxCyte, Inc.*	75,169
	2,541	Olink Holding AB ADR (Sweden)*	53,259
	9,355	Pacific Biosciences of California, Inc.*	217,130
	5,226	Quanterix Corp.*	208,883
	5,423	Rapid Micro Biosystems, Inc., Class A*(a)	66,811
			762,580
	Machinery – 10.9%
	2,630	Chart Industries, Inc.*	459,067
	7,094	Colfax Corp.*	329,445

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	8,487	Evoqua Water Technologies Corp.*	$     381,745
	5,318	Federal Signal Corp.	225,643
	2,615	Franklin Electric Co., Inc.	230,251
	1,261	RBC Bearings, Inc.*	249,287
	6,273	Shyft Group, Inc. (The)	304,931
	2,495	Watts Water Technologies, Inc., Class A	470,831
			2,651,200
	Personal Products – 1.1%
	8,702	elf Beauty, Inc.*	262,104
	Pharmaceuticals – 0.3%
	1,714	Atea Pharmaceuticals, Inc.*	13,866
	2,103	Rani Therapeutics Holdings, Inc., Class A*(a)	62,333
			76,199
	Road & Rail – 1.6%
	1,172	Saia, Inc.*	388,143
	Semiconductors & Semiconductor Equipment – 10.5%
	2,045	Ambarella, Inc.*	367,118
	7,536	Axcelis Technologies, Inc.*	465,876
	7,144	FormFactor, Inc.*	299,476
	5,954	MACOM Technology Solutions Holdings, Inc.*	428,152
	3,067	Onto Innovation, Inc.*	288,789
	3,774	Power Integrations, Inc.	377,513
	3,992	Semtech Corp.*	341,995
			2,568,919
	Software – 13.0%
	7,415	Alkami Technology, Inc.*	212,736
	2,730	Alteryx, Inc., Class A*	181,463
	4,515	Couchbase, Inc.*(a)	149,221
	4,702	Domo, Inc., Class B*	340,190
	11,818	EverCommerce, Inc.*	192,397
	5,083	Expensify, Inc., Class A*(a)	229,447
	8,190	ForgeRock, Inc., Class A*	219,410
	11,774	Instructure Holdings, Inc.*	262,207
	3,601	Olo, Inc., Class A*	88,441
	8,184	PagerDuty, Inc.*	290,123
	5,058	Sailpoint Technologies Holdings, Inc.*	266,000
	10,451	Sprinklr, Inc., Class A*	150,808
	8,706	Tenable Holdings, Inc.*	430,076

GOLDMAN SACHS SMALL CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	8,106	WalkMe Ltd. (Israel)*	$     153,203
			3,165,722
	Specialty Retail – 1.8%
	6,025	Arhaus, Inc.*	58,382
	9,661	Leslie’s, Inc.*	202,495
	6,403	MYT Netherlands Parent BV ADR (Germany)*	173,009
			433,886
	Textiles, Apparel & Luxury Goods – 1.9%
	3,434	Allbirds, Inc., Class A*(a)	66,070
	2,204	Crocs, Inc.*	361,500
	1,083	On Holding AG, Class A (Switzerland)*	43,494
			471,064
	Trading Companies & Distributors – 0.7%
	5,935	Core & Main, Inc., Class A*	158,049
	TOTAL COMMON STOCKS (Cost $19,255,363)		$24,031,915
Shares		Dividend Rate	Value
	Investment Company – 1.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	342,788	0.026%	$     342,788
	(Cost $342,788)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $19,598,151)		$24,374,703

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 3.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	892,606	0.026%	$     892,606
	(Cost $892,606)
	TOTAL INVESTMENTS – 103.6%
	(Cost $20,490,757)		$25,267,309
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.6)%		(858,615)
	NET ASSETS – 100.0%		$24,408,694

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

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.5%
	Air Freight & Logistics – 0.7%
	251,996	GXO Logistics, Inc.*	$     24,204,216
	Auto Components – 1.1%
	221,941	Fox Factory Holding Corp.*	39,010,570
	Biotechnology – 8.3%
	683,901	Agios Pharmaceuticals, Inc.*	24,360,554
	317,786	Allogene Therapeutics, Inc.*	5,875,863
	181,377	Alnylam Pharmaceuticals, Inc.*	33,337,093
	294,438	Arena Pharmaceuticals, Inc.*	16,043,927
	87,783	Argenx SE ADR (Netherlands)*	24,509,891
	412,601	Beam Therapeutics, Inc.*	32,657,369
	1,274,047	Exelixis, Inc.*	21,391,249
	848,364	Halozyme Therapeutics, Inc.*	27,894,208
	44,398	Intellia Therapeutics, Inc.*	5,106,214
	593,974	Neurocrine Biosciences, Inc.*	49,448,335
	56,279	Novavax, Inc.*	11,741,488
	57,454	Twist Bioscience Corp.*	5,486,857
	270,155	Ultragenyx Pharmaceutical, Inc.*	20,323,761
	334,467	Y-mAbs Therapeutics, Inc.*	5,712,696
			283,889,505
	Building Products – 2.8%
	251,650	AAON, Inc.	19,628,700
	325,517	Allegion PLC	40,246,922
	946,051	AZEK Co., Inc. (The)*	37,104,120
			96,979,742
	Capital Markets – 2.8%
	351,068	Evercore, Inc., Class A	48,693,131
	677,080	Stifel Financial Corp.	48,079,451
			96,772,582
	Chemicals – 3.2%
	410,482	Ashland Global Holdings, Inc.	41,487,416
	527,228	RPM International, Inc.	47,998,837
	137,808	Scotts Miracle-Gro Co. (The)	19,967,001
			109,453,254
	Commercial Services & Supplies – 1.1%
	194,838	Tetra Tech, Inc.	35,982,682
	Construction & Engineering – 1.1%
	417,793	Ameresco, Inc., Class A*	37,739,242

Shares		Description	Value
	Common Stocks – (continued)
	Containers & Packaging – 1.1%
	189,995	Avery Dennison Corp.	$     38,962,275
	Distributors – 1.4%
	87,960	Pool Corp.	48,740,395
	Diversified Consumer Services – 0.4%
	499,660	Udemy, Inc.*	13,735,653
	Electrical Equipment – 0.7%
	798,688	Shoals Technologies Group, Inc., Class A*	22,443,133
	Electronic Equipment, Instruments & Components – 3.2%
	384,160	Novanta, Inc.*	62,022,632
	114,935	Teledyne Technologies, Inc.*	47,731,356
			109,753,988
	Food Products – 1.0%
	313,415	Freshpet, Inc.*	33,855,088
	Health Care Equipment & Supplies – 2.8%
	375,243	Axonics, Inc.*	20,416,971
	85,257	Figs, Inc., Class A*(a)	2,833,943
	373,870	Neogen Corp.*	15,003,403
	452,292	Tandem Diabetes Care, Inc.*	58,128,568
			96,382,885
	Health Care Providers & Services – 2.9%
	918,858	Alignment Healthcare, Inc.*	14,894,688
	448,645	Guardant Health, Inc.*	47,161,562
	125,008	Molina Healthcare, Inc.*	35,649,782
			97,706,032
	Health Care Technology – 0.5%
	692,658	Certara, Inc.*	18,653,280
	Hotels, Restaurants & Leisure – 4.6%
	390,410	Planet Fitness, Inc., Class A*	31,892,593
	186,002	Sweetgreen, Inc., Class A*(a)	7,101,556
	332,612	Texas Roadhouse, Inc.	27,586,839
	153,674	Vail Resorts, Inc.	50,975,203
	503,007	Wyndham Hotels & Resorts, Inc.	39,978,996
			157,535,187
	Interactive Media & Services – 0.4%
	437,919	Bumble, Inc., Class A*	15,003,105

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 1.1%
	341,697	Revolve Group, Inc.*	$     26,027,060
	394,251	Stitch Fix, Inc., Class A*	9,816,850
			35,843,910
	IT Services – 2.6%
	404,596	DigitalOcean Holdings, Inc.*(a)	40,787,323
	51,806	MongoDB, Inc.*	25,804,569
	410,461	Shift4 Payments, Inc., Class A*	21,352,181
			87,944,073
	Leisure Products – 2.4%
	326,243	Brunswick Corp.	30,637,480
	176,545	Polaris, Inc.	19,735,965
	326,867	YETI Holdings, Inc.*	30,124,063
			80,497,508
	Life Sciences Tools & Services – 5.7%
	131,389	Berkeley Lights, Inc.*	2,742,088
	66,096	Bio-Techne Corp.	31,199,295
	690,212	Pacific Biosciences of California, Inc.*	16,019,821
	361,209	PerkinElmer, Inc.	65,797,831
	343,471	Quanterix Corp.*	13,728,536
	155,903	Repligen Corp.*	44,666,210
	841,554	Stevanato Group SPA (Italy)*	20,079,478
			194,233,259
	Machinery – 5.9%
	318,323	Chart Industries, Inc.*	55,563,280
	887,942	Colfax Corp.*	41,236,026
	210,802	IDEX Corp.	47,344,021
	160,516	RBC Bearings, Inc.*	31,732,408
	263,902	Toro Co. (The)	26,537,985
			202,413,720
	Pharmaceuticals – 0.7%
	792,788	Elanco Animal Health, Inc.*	22,784,727
	Professional Services – 1.2%
	298,224	Jacobs Engineering Group, Inc.	42,514,813
	Road & Rail – 0.5%
	54,614	Saia, Inc.*	18,087,065

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 10.4%
	1,210,875	Allegro MicroSystems, Inc. (Japan)*	$     37,815,626
	91,901	Enphase Energy, Inc.*	22,975,250
	629,078	Entegris, Inc.	91,895,714
	727,271	Lattice Semiconductor Corp.*	55,221,687
	408,713	MACOM Technology Solutions Holdings, Inc.*	29,390,552
	390,686	MKS Instruments, Inc.	59,446,782
	106,301	Monolithic Power Systems, Inc.	58,833,352
			355,578,963
	Software – 16.0%
	306,895	Avalara, Inc.*	42,867,094
	77,337	Bill.com Holdings, Inc.*	21,720,096
	353,517	Blackline, Inc.*	38,904,546
	1,076,034	Dynatrace, Inc.*	67,628,737
	299,273	Elastic NV*	46,524,981
	1,167,215	EverCommerce, Inc.*(a)	19,002,260
	96,998	Gitlab, Inc., Class A*	9,364,187
	74,280	Monday.com Ltd.*(a)	26,725,944
	483,581	nCino, Inc.*	30,040,052
	321,527	Olo, Inc., Class A*	7,896,703
	238,009	Procore Technologies, Inc.*	20,173,643
	445,802	Rapid7, Inc.*	55,306,196
	527,958	Sailpoint Technologies Holdings, Inc.*	27,765,311
	675,529	Smartsheet, Inc., Class A*	43,233,856
	171,744	Sprout Social, Inc., Class A*	19,180,370
	691,991	Varonis Systems, Inc.*	35,852,054
	255,603	Workiva, Inc.*	35,648,950
			547,834,980
	Specialty Retail – 4.3%
	964,034	Arhaus, Inc.*	9,341,489
	193,447	Five Below, Inc.*	39,354,858
	392,137	Floor & Decor Holdings, Inc., Class A*	50,550,381
	81,937	RH*	47,784,020
			147,030,748
	Technology Hardware, Storage & Peripherals – 0.9%
	1,002,576	Pure Storage, Inc., Class A*	31,049,779
	Textiles, Apparel & Luxury Goods – 4.5%
	460,743	Allbirds, Inc., Class A*(a)	8,864,695
	223,489	Crocs, Inc.*	36,656,666
	128,706	Deckers Outdoor Corp.*	52,177,412

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	1,500,117	Levi Strauss & Co., Class A	$     38,357,992
	486,542	On Holding AG, Class A (Switzerland)*	19,539,527
			155,596,292
	Trading Companies & Distributors – 2.2%
	988,203	Core & Main, Inc., Class A*	26,315,846
	205,324	SiteOne Landscape Supply, Inc.*	49,351,677
			75,667,523
	TOTAL COMMON STOCKS (Cost $2,540,212,233)		$3,373,880,174
Shares		Dividend Rate	Value
	Investment Company – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,481,374	0.026%	$     50,481,374
	(Cost $50,481,374)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,590,693,607)		$3,424,361,548
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	51,078,056	0.026%	$     51,078,056
	(Cost $51,078,056)
	TOTAL INVESTMENTS – 101.5%
	(Cost $2,641,771,663)		$3,475,439,604
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%		(48,902,586)
	NET ASSETS – 100.0%		$3,426,537,018

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

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.2%
	Aerospace & Defense – 0.6%
	7,251	Boeing Co. (The)*	$    1,434,610
	Air Freight & Logistics – 1.1%
	12,183	United Parcel Service, Inc., Class B	2,416,742
	Auto Components – 0.5%
	7,179	Aptiv PLC*	1,151,153
	Automobiles – 2.3%
	4,499	Tesla, Inc.*	5,150,275
	Beverages – 1.4%
	36,113	Coca-Cola Co. (The)	1,894,127
	14,115	Monster Beverage Corp.*	1,182,555
			3,076,682
	Biotechnology – 2.6%
	4,210	Alnylam Pharmaceuticals, Inc.*	773,798
	9,428	BioMarin Pharmaceutical, Inc.*	813,542
	25,333	Genmab A/S ADR (Denmark)*	975,827
	3,342	Moderna, Inc.*	1,177,821
	9,270	Sarepta Therapeutics, Inc.*	749,109
	8,234	Seagen, Inc.*	1,317,440
			5,807,537
	Capital Markets – 1.4%
	32,409	Charles Schwab Corp. (The)	2,508,133
	5,064	Intercontinental Exchange, Inc.	661,966
			3,170,099
	Chemicals – 1.8%
	15,041	Danimer Scientific, Inc.*(a)	200,647
	4,936	Ecolab, Inc.	1,093,176
	3,938	Linde PLC (United Kingdom)	1,252,835
	4,700	Sherwin-Williams Co. (The)	1,556,828
			4,103,486
	Construction Materials – 0.4%
	2,453	Martin Marietta Materials, Inc.	989,810
	Diversified Consumer Services – 0.1%
	11,099	Chegg, Inc.*	309,107

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 0.8%
	20,813	Amphenol Corp., Class A	$    1,677,112
	Entertainment – 2.8%
	11,252	Live Nation Entertainment, Inc.*	1,200,026
	7,903	Netflix, Inc.*	5,072,936
			6,272,962
	Equity Real Estate Investment Trusts (REITs) – 1.5%
	6,831	American Tower Corp. REIT	1,793,001
	1,913	Equinix, Inc. REIT	1,553,738
			3,346,739
	Food & Staples Retailing – 0.5%
	7,383	Walmart, Inc.	1,038,271
	Food Products – 1.3%
	21,507	McCormick & Co., Inc.	1,845,731
	16,793	Mondelez International, Inc., Class A	989,779
			2,835,510
	Health Care Equipment & Supplies – 2.4%
	40,513	Boston Scientific Corp.*	1,542,330
	4,510	Insulet Corp.*	1,300,864
	7,878	Intuitive Surgical, Inc.*	2,555,151
			5,398,345
	Health Care Providers & Services – 0.3%
	7,236	Guardant Health, Inc.*	760,648
	Health Care Technology – 0.7%
	37,968	American Well Corp., Class A*	246,792
	4,688	Veeva Systems, Inc., Class A*	1,324,735
			1,571,527
	Hotels, Restaurants & Leisure – 1.4%
	704	Chipotle Mexican Grill, Inc.*	1,156,961
	8,171	McDonald’s Corp.	1,998,626
			3,155,587
	Interactive Media & Services – 12.2%
	3,850	Alphabet, Inc., Class A*	10,926,108
	2,357	Alphabet, Inc., Class C*	6,715,187
	25,324	Meta Platforms, Inc., Class A*	8,216,625

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	30,238	Snap, Inc., Class A*	$    1,439,631
			27,297,551
	Internet & Direct Marketing Retail – 8.2%
	4,507	Amazon.com, Inc.*	15,806,364
	5,848	Etsy, Inc.*	1,605,744
	25,611	Farfetch Ltd., Class A (United Kingdom)*	881,275
			18,293,383
	IT Services – 7.7%
	8,197	Affirm Holdings, Inc.*	1,038,396
	15,924	Dlocal Ltd. (Uruguay)*	528,677
	16,539	Mastercard, Inc., Class A	5,208,462
	4,703	Okta, Inc.*	1,012,226
	25,201	PayPal Holdings, Inc.*	4,659,413
	422	Shopify, Inc., Class A (Canada)*	642,195
	7,087	Snowflake, Inc., Class A*	2,410,643
	8,511	Toast, Inc., Class A*(a)	340,355
	7,527	Visa, Inc., Class A	1,458,507
			17,298,874
	Life Sciences Tools & Services – 3.3%
	3,683	10X Genomics, Inc., Class A*	562,799
	21,139	Adaptive Biotechnologies Corp.*	551,517
	7,841	Danaher Corp.	2,521,979
	3,789	Illumina, Inc.*	1,384,236
	5,323	West Pharmaceutical Services, Inc.	2,356,279
			7,376,810
	Machinery – 0.7%
	4,795	Deere & Co.	1,656,864
	Personal Products – 0.7%
	4,856	Estee Lauder Cos., Inc. (The), Class A	1,612,532
	Pharmaceuticals – 1.3%
	12,101	Eli Lilly & Co.	3,001,532
	Professional Services – 1.2%
	12,357	Verisk Analytics, Inc.	2,778,719
	Road & Rail – 1.8%
	16,713	Union Pacific Corp.	3,938,251

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 6.5%
	61,681	Marvell Technology, Inc.	$    4,389,837
	30,937	NVIDIA Corp.	10,108,974
			14,498,811
	Software – 17.6%
	8,126	Adobe, Inc.*	5,443,201
	3,960	Atlassian Corp. PLC, Class A*	1,490,227
	5,867	Bill.com Holdings, Inc.*	1,647,747
	3,730	HubSpot, Inc.*	3,009,774
	54,737	Microsoft Corp.	18,095,505
	25,096	Qualtrics International, Inc., Class A*	812,107
	3,778	ServiceNow, Inc.*	2,447,011
	15,544	Splunk, Inc.*	1,880,824
	8,092	UiPath, Inc., Class A*	390,439
	15,798	Workday, Inc., Class A*	4,332,285
			39,549,120
	Specialty Retail – 1.0%
	20,345	Ross Stores, Inc.	2,219,436
	Technology Hardware, Storage & Peripherals – 8.9%
	120,780	Apple, Inc.	19,964,934
	Textiles, Apparel & Luxury Goods – 3.2%
	5,355	Lululemon Athletica, Inc.*	2,433,366
	24,284	NIKE, Inc., Class B	4,109,824
	5,854	PVH Corp.	625,090
			7,168,280
	TOTAL COMMON STOCKS (Cost $90,770,167)		$220,321,299
Shares		Dividend Rate	Value
	Investment Company – 1.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,755,703	0.026%	$    3,755,703
	(Cost $3,755,703)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $94,525,870)		$224,077,002

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	325,946	0.026%	$       325,946
	(Cost $325,946)
	TOTAL INVESTMENTS – 100.0% (Cost $94,851,816)		$224,402,948
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%		48,673
	NET ASSETS – 100.0%		$224,451,621

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

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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Communications Equipment – 2.4%
	400,828	Cisco Systems, Inc.	$  21,981,407
	Entertainment – 1.6%
	21,856	Netflix, Inc.*	14,029,366
	Equity Real Estate Investment Trusts (REITs) – 4.6%
	78,872	American Tower Corp. REIT	20,702,323
	24,857	Equinix, Inc. REIT	20,188,855
			40,891,178
	Interactive Media & Services – 15.1%
	11,342	Alphabet, Inc., Class A*	32,188,029
	20,736	Alphabet, Inc., Class C*	59,077,694
	108,922	Meta Platforms, Inc., Class A*	35,340,832
	190,266	Snap, Inc., Class A*	9,058,564
			135,665,119
	Internet & Direct Marketing Retail – 8.5%
	16,351	Amazon.com, Inc.*	57,344,102
	256,800	Meituan, Class B (China)*(a)	7,805,260
	9,022	MercadoLibre, Inc. (Argentina)*	10,721,835
			75,871,197
	IT Services – 10.6%
	47,097	Accenture PLC, Class A	16,832,468
	108,250	Fidelity National Information Services, Inc.	11,312,125
	39,860	Mastercard, Inc., Class A	12,552,711
	134,009	PayPal Holdings, Inc.*	24,776,924
	9,457	Shopify, Inc., Class A (Canada)*	14,391,568
	43,965	Snowflake, Inc., Class A*	14,954,695
			94,820,491
	Road & Rail – 1.7%
	410,628	Uber Technologies, Inc.*	15,603,864
	Semiconductors & Semiconductor Equipment – 19.0%
	115,988	Analog Devices, Inc.	20,906,837
	48,398	KLA Corp.	19,752,676
	32,009	Lam Research Corp.	21,761,319
	473,523	Marvell Technology, Inc.	33,700,632
	162,707	Microchip Technology, Inc.	13,574,645
	23,062	NVIDIA Corp.	7,535,739
	73,716	NXP Semiconductors NV (China)	16,465,206

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	117,776	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	$  13,797,458
	121,365	Texas Instruments, Inc.	23,346,985
			170,841,497
	Software – 31.5%
	35,343	Adobe, Inc.*	23,674,509
	64,007	Atlassian Corp. PLC, Class A*	24,087,114
	17,776	HubSpot, Inc.*	14,343,632
	287,992	Microsoft Corp.	95,207,275
	34,389	Palo Alto Networks, Inc.*	18,808,720
	31,744	Paycom Software, Inc.*	13,887,365
	77,063	salesforce.com, Inc.*	21,959,872
	31,278	ServiceNow, Inc.*	20,258,761
	135,162	Splunk, Inc.*	16,354,602
	182,895	UiPath, Inc., Class A*	8,824,684
	93,156	Workday, Inc., Class A*	25,546,170
			282,952,704
	Technology Hardware, Storage & Peripherals – 4.7%
	255,718	Apple, Inc.	42,270,185
	TOTAL COMMON STOCKS (Cost $464,229,565)		$894,927,008
Shares		Dividend Rate	Value
	Investment Company – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,684,152	0.026%	$    2,684,152
	(Cost $2,684,152)
	TOTAL INVESTMENTS – 100.0% (Cost $466,913,717)		$897,611,160
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%		(298,716)
	NET ASSETS – 100.0%		$897,312,444

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)	Represents an affiliated issuer.

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

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

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.1%
	Auto Components – 1.9%
	2,140	Aptiv PLC*	$     343,149
	Banks – 3.3%
	3,797	JPMorgan Chase & Co.	603,078
	Biotechnology – 0.5%
	1,012	BioMarin Pharmaceutical, Inc.*	87,325
	Building Products – 0.6%
	2,868	AZEK Co., Inc. (The)*	112,483
	Capital Markets – 4.4%
	441	BlackRock, Inc.	398,933
	4,349	Morgan Stanley	412,372
			811,305
	Chemicals – 4.2%
	2,457	Danimer Scientific, Inc.*(a)	32,777
	1,673	Ecolab, Inc.	370,519
	1,165	Linde PLC (United Kingdom)	370,633
			773,929
	Communications Equipment – 2.4%
	8,002	Cisco Systems, Inc.	438,830
	Consumer Finance – 2.0%
	2,459	American Express Co.	374,506
	Containers & Packaging – 2.2%
	4,376	Ball Corp.	408,937
	Diversified Telecommunication Services – 1.9%
	15,282	AT&T, Inc.	348,888
	Electric Utilities – 2.7%
	5,610	NextEra Energy, Inc.	486,836
	Electrical Equipment – 3.9%
	2,266	Eaton Corp. PLC	367,228
	1,033	Rockwell Automation, Inc.	347,295
			714,523
	Entertainment – 2.0%
	2,576	Walt Disney Co. (The)*	373,262

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – 2.1%
	1,453	American Tower Corp. REIT	$     381,383
	Food Products – 1.6%
	3,499	McCormick & Co., Inc.	300,284
	Health Care Providers & Services – 4.0%
	4,450	CVS Health Corp.	396,317
	784	Humana, Inc.	329,053
			725,370
	Hotels, Restaurants & Leisure – 1.9%
	1,446	McDonald’s Corp.	353,692
	Household Products – 3.0%
	3,759	Procter & Gamble Co. (The)	543,476
	Industrial Conglomerates – 2.0%
	3,857	General Electric Co.	366,376
	Interactive Media & Services – 5.9%
	378	Alphabet, Inc., Class A*	1,072,745
	Internet & Direct Marketing Retail – 2.0%
	1,358	Etsy, Inc.*	372,880
	IT Services – 2.1%
	1,246	Affirm Holdings, Inc.*	157,844
	1,173	Visa, Inc., Class A	227,292
			385,136
	Life Sciences Tools & Services – 2.6%
	1,491	Danaher Corp.	479,565
	Machinery – 1.3%
	682	Deere & Co.	235,658
	Media – 1.5%
	5,836	New York Times Co. (The), Class A	277,210
	Pharmaceuticals – 4.1%
	5,010	Bristol-Myers Squibb Co.	268,686
	1,924	Eli Lilly & Co.	477,229
			745,915

GOLDMAN SACHS U.S. EQUITY ESG FUND

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.7%
	2,130	Union Pacific Corp.	$     501,913
	Semiconductors & Semiconductor Equipment – 8.3%
	5,579	Marvell Technology, Inc.	397,057
	1,529	NVIDIA Corp.	499,616
	1,793	Texas Instruments, Inc.	344,919
	2,325	Wolfspeed, Inc.*	285,092
			1,526,684
	Software – 11.3%
	510	Adobe, Inc.*	341,624
	4,139	Microsoft Corp.	1,368,312
	1,310	Workday, Inc., Class A*	359,241
			2,069,177
	Technology Hardware, Storage & Peripherals – 5.5%
	6,087	Apple, Inc.	1,006,181
	Textiles, Apparel & Luxury Goods – 2.3%
	2,430	NIKE, Inc., Class B	411,253
	Water Utilities – 1.9%
	2,042	American Water Works Co., Inc.	344,220
	TOTAL COMMON STOCKS (Cost $12,240,435)		$17,976,169
Shares		Dividend Rate	Value
	Investment Company – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	276,912	0.026%	$     276,912
	(Cost $276,912)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $12,517,347)		$18,253,081

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
33,843	0.026%	$       33,843
(Cost $33,843)
TOTAL INVESTMENTS – 99.8% (Cost $12,551,190)		$18,286,924
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		43,999
NET ASSETS – 100.0%		$18,330,923

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 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.

A. 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

B. 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of November 30, 2021:

CAPITAL GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,184,848	$	—	$	—
Europe		22,635,243		—		—
North America		1,216,986,345		—		—
South America		1,531,715		—		—
Investment Company		4,123,642		—		—
Total	$	1,251,461,793	$	—	$	—
CONCENTRATED GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	4,163,824	$	—	$	—
North America		213,349,407		—		—
Investment Company		154,314		—		—
Total	$	217,667,545	$	—	$	—
FLEXIBLE CAP FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	240,112	$	—	$	—
Europe		980,116		—		—
North America		37,627,935		—		—
Investment Company		589,253		—		—
Total	$	39,437,416	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 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	$	20,748,849	$	—	$	—
North America		1,376,715,120		—		—
South America		6,763,039		—		—
Investment Company		4,501,630		—		—
Securities Lending Reinvestment Vehicle		10,352,332		—		—
Total	$	1,419,080,970	$	—	$	—
SMALL CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	153,203	$	—	$	—
Europe		269,762		—		—
North America		23,608,950		—		—
Investment Company		342,788		—		—
Securities Lending Reinvestment Vehicle		892,606		—		—
Total	$	25,267,309	$	—	$	—
SMALL/MID CAP GROWTH FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	37,815,626	$	—	$	—
Europe		64,128,896		—		—
North America		3,271,935,652		—		—
Investment Company		50,481,374		—		—
Securities Lending Reinvestment Vehicle		51,078,056		—		—
Total	$	3,475,439,604	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 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	$	3,109,937	$	—	$	—
North America		216,682,685		—		—
South America		528,677		—		—
Investment Company		3,755,703		—		—
Securities Lending Reinvestment Vehicle		325,946		—		—
Total	$	224,402,948	$	—	$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	30,262,664	$	7,805,260	$	—
North America		846,137,249		—		—
South America		10,721,835		—		—
Investment Company		2,684,152		—		—
Total	$	889,805,900	$	7,805,260	$	—
U.S. EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	370,633	$	—	$	—
North America		17,605,536		—		—
Investment Company		276,912		—		—
Securities Lending Reinvestment Vehicle		33,843		—		—
Total	$	18,286,924	$	—	$	—

(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 provided 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)

November 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

November 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 U.S. 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 — A Fund invests in foreign securities, and as such 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.

Issuer Concentration Risk — 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.

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 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 Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or 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.