GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.3%
	Aerospace & Defense – 1.5%
	27,623	L3Harris Technologies, Inc.	$    6,654,381
	Banks – 8.9%
	248,443	Bank of America Corp.	9,242,080
	108,471	JPMorgan Chase & Co.	14,343,120
	43,913	M&T Bank Corp.	7,903,023
	128,475	Truist Financial Corp.	6,390,346
			37,878,569
	Beverages – 1.8%
	91,510	Coca-Cola Co. (The)	5,799,904
	32,873	Coca-Cola Europacific Partners PLC (United Kingdom)	1,746,542
			7,546,446
	Biotechnology – 2.3%
	15,380	Amgen, Inc.	3,948,661
	91,500	Gilead Sciences, Inc.	5,933,775
			9,882,436
	Capital Markets – 2.7%
	6,757	BlackRock, Inc.	4,520,974
	49,969	Morgan Stanley	4,304,330
	24,279	Singapore Exchange Ltd. ADR (Singapore)	2,546,381
			11,371,685
	Chemicals – 2.6%
	16,440	Air Products and Chemicals, Inc.	4,046,871
	21,209	Linde PLC (United Kingdom)	6,886,138
			10,933,009
	Commercial Services & Supplies – 1.7%
	52,937	Republic Services, Inc.	7,085,088
	Communications Equipment – 2.2%
	164,859	Cisco Systems, Inc.	7,426,898
	71,539	Juniper Networks, Inc.	2,194,816
			9,621,714
	Construction & Engineering – 0.5%
	90,118	Vinci SA ADR (France)	2,179,053
	Consumer Finance – 1.1%
	27,684	American Express Co.	4,673,613

Shares		Description	Value
	Common Stocks – (continued)
	Containers & Packaging – 0.7%
	59,409	International Paper Co.	$    2,878,366
	Diversified Telecommunication Services – 2.2%
	436,193	AT&T, Inc.	9,286,549
	Electric Utilities – 2.8%
	109,833	NextEra Energy, Inc.	8,313,260
	49,155	Xcel Energy, Inc.	3,703,337
			12,016,597
	Electrical Equipment – 1.7%
	53,906	Eaton Corp. PLC	7,471,372
	Electronic Equipment, Instruments & Components – 0.9%
	29,823	TE Connectivity Ltd. (Switzerland)	3,858,798
	Equity Real Estate Investment Trusts (REITs) – 5.7%
	22,647	Alexandria Real Estate Equities, Inc. REIT	3,758,270
	17,453	American Tower Corp. REIT	4,470,237
	25,157	AvalonBay Communities, Inc. REIT	5,231,650
	90,102	Healthpeak Properties, Inc. REIT	2,675,128
	103,338	Hudson Pacific Properties, Inc. REIT	2,057,459
	30,460	Regency Centers Corp. REIT	2,077,677
	69,874	Ventas, Inc. REIT	3,964,651
			24,235,072
	Food & Staples Retailing – 0.9%
	28,899	Walmart, Inc.	3,717,278
	Food Products – 3.1%
	35,194	Archer-Daniels-Midland Co.	3,196,319
	68,484	General Mills, Inc.	4,783,607
	80,562	Mondelez International, Inc., Class A	5,120,521
			13,100,447
	Health Care Equipment & Supplies – 2.8%
	82,941	Medtronic PLC	8,306,541
	29,705	Zimmer Biomet Holdings, Inc.	3,570,838
			11,877,379
	Health Care Providers & Services – 4.5%
	80,767	CVS Health Corp.	7,814,207
	22,778	UnitedHealth Group, Inc.	11,315,655
			19,129,862

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 2.9%
	25,979	McDonald’s Corp.	$    6,552,164
	23,289	Starbucks Corp.	1,828,186
	34,477	Yum! Brands, Inc.	4,187,921
			12,568,271
	Household Products – 2.5%
	17,608	Clorox Co. (The)	2,559,499
	53,770	Procter & Gamble Co. (The)	7,951,507
			10,511,006
	Industrial Conglomerates – 1.4%
	30,172	Honeywell International, Inc.	5,841,903
	Insurance – 3.9%
	31,462	Chubb Ltd.	6,647,606
	29,420	Marsh & McLennan Cos., Inc.	4,705,729
	80,610	MetLife, Inc.	5,432,308
			16,785,643
	IT Services – 3.9%
	13,821	Accenture PLC, Class A	4,125,016
	48,302	Cognizant Technology Solutions Corp., Class A	3,608,159
	32,605	Fidelity National Information Services, Inc.	3,407,223
	40,341	International Business Machines Corp.	5,600,944
			16,741,342
	Machinery – 3.2%
	16,271	Caterpillar, Inc.	3,512,095
	21,193	Cummins, Inc.	4,431,880
	27,738	Illinois Tool Works, Inc.	5,771,446
			13,715,421
	Media – 0.4%
	47,325	New York Times Co. (The), Class A	1,632,239
	Metals & Mining – 1.4%
	80,240	Rio Tinto PLC ADR (Australia)	5,892,826
	Multiline Retail – 0.9%
	22,940	Target Corp.	3,713,527
	Multi-Utilities – 4.6%
	58,197	Ameren Corp.	5,539,772

Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – (continued)
	68,414	CMS Energy Corp.	$    4,860,131
	57,410	National Grid PLC ADR (United Kingdom)(a)	4,270,156
	29,829	Sempra Energy	4,887,780
			19,557,839
	Oil, Gas & Consumable Fuels – 8.2%
	53,070	Chevron Corp.	9,269,206
	78,432	ConocoPhillips	8,812,620
	102,761	Devon Energy Corp.	7,696,799
	22,145	Pioneer Natural Resources Co.	6,154,981
	48,091	Shell PLC ADR (Netherlands)	2,847,949
			34,781,555
	Pharmaceuticals – 7.3%
	145,609	Bristol-Myers Squibb Co.	10,986,199
	25,359	Eli Lilly & Co.	7,948,525
	67,067	Johnson & Johnson	12,040,539
			30,975,263
	Road & Rail – 0.9%
	18,418	Union Pacific Corp.	4,047,908
	Semiconductors & Semiconductor Equipment – 3.1%
	13,445	KLA Corp.	4,905,409
	72,474	Marvell Technology, Inc.	4,286,837
	22,241	Texas Instruments, Inc.	3,931,319
			13,123,565
	Software – 0.8%
	12,472	Microsoft Corp.	3,390,763
	Specialty Retail – 1.0%
	12,098	Advance Auto Parts, Inc.	2,296,926
	6,462	Home Depot, Inc. (The)	1,956,371
			4,253,297
	Technology Hardware, Storage & Peripherals – 0.4%
	25,090	NetApp, Inc.	1,805,225
	Water Utilities – 0.9%
	26,067	American Water Works Co., Inc.	3,942,634
	TOTAL COMMON STOCKS (Cost $324,076,012)		$418,677,941

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,186,448	0.660%	$    6,186,448
	(Cost $6,186,448)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $330,262,460)		$424,864,389
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,131,329	0.660%	$    4,131,329
	(Cost $4,131,329)
	TOTAL INVESTMENTS – 100.8% (Cost $334,393,789)		$428,995,718
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%		(3,079,786)
	NET ASSETS – 100.0%		$425,915,932

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(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 FOCUSED VALUE FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.1%
	Aerospace & Defense – 2.5%
	4,368	L3Harris Technologies, Inc.	$     1,052,251
	Airlines – 1.2%
	10,534	United Airlines Holdings, Inc.*	501,734
	Automobiles – 2.2%
	24,440	General Motors Co.*	945,339
	Banks – 7.5%
	43,674	Bank of America Corp.	1,624,673
	11,794	JPMorgan Chase & Co.	1,559,520
			3,184,193
	Beverages – 5.4%
	35,936	Coca-Cola Co. (The)	2,277,624
	Biotechnology – 0.6%
	2,927	Neurocrine Biosciences, Inc.*	273,645
	Capital Markets – 4.6%
	1,608	BlackRock, Inc.	1,075,881
	12,649	Charles Schwab Corp. (The)	886,695
			1,962,576
	Construction Materials – 1.9%
	2,326	Martin Marietta Materials, Inc.	789,398
	Containers & Packaging – 2.2%
	13,106	Ball Corp.	929,084
	Diversified Telecommunication Services – 3.0%
	58,879	AT&T, Inc.	1,253,534
	Electric Utilities – 2.9%
	16,468	NextEra Energy, Inc.	1,246,463
	Equity Real Estate Investment Trusts (REITs) – 1.9%
	4,854	Alexandria Real Estate Equities, Inc. REIT	805,521
	Food & Staples Retailing – 4.3%
	14,136	Walmart, Inc.	1,818,314
	Food Products – 2.3%
	10,845	Archer-Daniels-Midland Co.	984,943

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 5.5%
	30,266	Boston Scientific Corp.*	$     1,241,209
	9,074	Zimmer Biomet Holdings, Inc.	1,090,785
			2,331,994
	Health Care Providers & Services – 5.5%
	5,115	Humana, Inc.	2,323,386
	Industrial Conglomerates – 3.3%
	17,722	General Electric Co.	1,387,455
	Insurance – 5.3%
	10,623	Chubb Ltd.	2,244,534
	IT Services – 2.8%
	15,964	Cognizant Technology Solutions Corp., Class A	1,192,511
	Machinery – 2.4%
	4,966	Illinois Tool Works, Inc.	1,033,276
	Metals & Mining – 1.4%
	14,793	Freeport-McMoRan, Inc.	578,110
	Multi-Utilities – 3.3%
	14,603	Ameren Corp.	1,390,060
	Oil, Gas & Consumable Fuels – 7.6%
	12,417	ConocoPhillips	1,395,174
	24,003	Devon Energy Corp.	1,797,825
			3,192,999
	Pharmaceuticals – 6.2%
	34,591	Bristol-Myers Squibb Co.	2,609,891
	Road & Rail – 2.5%
	4,385	Norfolk Southern Corp.	1,050,909
	Semiconductors & Semiconductor Equipment – 4.7%
	2,815	KLA Corp.	1,027,053
	16,342	Marvell Technology, Inc.	966,629
			1,993,682
	Software – 4.1%
	1,908	Adobe, Inc.*	794,644

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	5,763	Salesforce, Inc.*	$     923,463
			1,718,107
	TOTAL COMMON STOCKS (Cost $40,163,788)		$41,071,533
Shares		Dividend Rate	Value
	Investment Company – 2.9%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,237,620	0.660%	$  1,237,620
	(Cost $1,237,620)
	TOTAL INVESTMENTS – 100.0% (Cost $41,401,408)		$42,309,153
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.0)%		(1,466)
	NET ASSETS – 100.0%		$42,307,687

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:
REIT	— Real Estate Investment Trust

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.0%
	Aerospace & Defense – 1.6%
	32,261	L3Harris Technologies, Inc.	$    7,771,675
	Airlines – 0.8%
	82,913	United Airlines Holdings, Inc.*	3,949,146
	Automobiles – 1.1%
	136,259	General Motors Co.*	5,270,498
	Banks – 6.8%
	326,881	Bank of America Corp.	12,159,973
	109,858	JPMorgan Chase & Co.	14,526,523
	16,064	M&T Bank Corp.	2,891,038
	62,164	Truist Financial Corp.	3,092,038
			32,669,572
	Beverages – 1.8%
	70,530	Coca-Cola Co. (The)	4,470,191
	17,761	Constellation Brands, Inc., Class A	4,359,793
			8,829,984
	Biotechnology – 1.8%
	4,769	Argenx SE ADR (Netherlands)*	1,475,052
	5,628	Biogen, Inc.*	1,125,600
	56,558	Gilead Sciences, Inc.	3,667,786
	14,897	Neurocrine Biosciences, Inc.*	1,392,720
	7,057	Seagen, Inc.*	957,494
			8,618,652
	Capital Markets – 4.5%
	10,052	BlackRock, Inc.	6,725,592
	91,575	Charles Schwab Corp. (The)	6,419,408
	97,644	Morgan Stanley	8,411,054
			21,556,054
	Chemicals – 1.8%
	47,187	Ashland Global Holdings, Inc.	5,049,953
	11,348	Linde PLC (United Kingdom)	3,684,468
			8,734,421
	Commercial Services & Supplies – 0.6%
	24,179	Waste Connections, Inc.	3,083,790
	Communications Equipment – 1.4%
	145,820	Cisco Systems, Inc.	6,569,191

Shares		Description	Value
	Common Stocks – (continued)
	Construction Materials – 1.2%
	17,297	Martin Marietta Materials, Inc.	$    5,870,256
	Consumer Finance – 0.7%
	19,268	American Express Co.	3,252,824
	Containers & Packaging – 1.1%
	70,835	Ball Corp.	5,021,493
	Diversified Financial Services – 1.2%
	17,949	Berkshire Hathaway, Inc., Class B*	5,671,525
	Diversified Telecommunication Services – 2.0%
	453,166	AT&T, Inc.	9,647,904
	Electric Utilities – 2.9%
	114,684	NextEra Energy, Inc.	8,680,432
	70,576	Xcel Energy, Inc.	5,317,196
			13,997,628
	Electrical Equipment – 1.2%
	40,705	Eaton Corp. PLC	5,641,713
	Electronic Equipment, Instruments & Components – 0.5%
	16,333	Keysight Technologies, Inc.*	2,378,085
	Equity Real Estate Investment Trusts (REITs) – 3.4%
	21,709	Alexandria Real Estate Equities, Inc. REIT	3,602,609
	11,370	American Tower Corp. REIT	2,912,198
	19,973	AvalonBay Communities, Inc. REIT	4,153,585
	30,774	Boston Properties, Inc. REIT	3,421,453
	6,475	Public Storage REIT	2,140,894
			16,230,739
	Food & Staples Retailing – 1.4%
	51,469	Walmart, Inc.	6,620,457
	Food Products – 3.1%
	58,762	Archer-Daniels-Midland Co.	5,336,765
	52,718	General Mills, Inc.	3,682,352
	88,424	Mondelez International, Inc., Class A	5,620,230
			14,639,347
	Gas Utilities – 0.6%
	24,949	Atmos Energy Corp.	2,901,818

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 4.6%
	153,908	Boston Scientific Corp.*	$    6,311,767
	10,579	Cooper Cos., Inc. (The)	3,710,479
	58,923	Medtronic PLC	5,901,138
	52,224	Zimmer Biomet Holdings, Inc.	6,277,847
			22,201,231
	Health Care Providers & Services – 4.3%
	53,807	Centene Corp.*	4,382,042
	88,978	CVS Health Corp.	8,608,622
	16,879	Humana, Inc.	7,666,948
			20,657,612
	Hotels, Restaurants & Leisure – 1.4%
	27,132	McDonald’s Corp.	6,842,962
	Household Products – 2.3%
	73,837	Procter & Gamble Co. (The)	10,919,016
	Industrial Conglomerates – 1.5%
	90,255	General Electric Co.	7,066,064
	Insurance – 5.3%
	36,395	Chubb Ltd.	7,689,900
	40,185	Globe Life, Inc.	3,920,850
	95,597	MetLife, Inc.	6,442,282
	62,903	Progressive Corp. (The)	7,509,360
			25,562,392
	Interactive Media & Services – 0.9%
	1,972	Alphabet, Inc., Class A*	4,486,773
	IT Services – 4.2%
	65,134	Cognizant Technology Solutions Corp., Class A	4,865,510
	53,499	Fidelity National Information Services, Inc.	5,590,645
	69,584	International Business Machines Corp.	9,661,043
			20,117,198
	Life Sciences Tools & Services – 0.7%
	101,212	Avantor, Inc.*	3,242,832
	Machinery – 2.1%
	27,329	Caterpillar, Inc.	5,898,965

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	20,176	Illinois Tool Works, Inc.	$    4,198,020
			10,096,985
	Media – 0.8%
	106,428	New York Times Co. (The), Class A	3,670,702
	Metals & Mining – 0.6%
	66,993	Freeport-McMoRan, Inc.	2,618,086
	Multiline Retail – 0.8%
	24,720	Target Corp.	4,001,674
	Multi-Utilities – 2.2%
	66,046	Ameren Corp.	6,286,919
	56,963	CMS Energy Corp.	4,046,651
			10,333,570
	Oil, Gas & Consumable Fuels – 8.1%
	64,107	Chevron Corp.	11,196,929
	94,906	ConocoPhillips	10,663,638
	114,885	Devon Energy Corp.	8,604,886
	41,803	Hess Corp.	5,144,695
	10,623	Pioneer Natural Resources Co.	2,952,557
			38,562,705
	Pharmaceuticals – 7.9%
	57,558	AstraZeneca PLC ADR (United Kingdom)	3,826,456
	157,011	Bristol-Myers Squibb Co.	11,846,480
	14,633	Eli Lilly & Co.	4,586,567
	96,939	Johnson & Johnson	17,403,459
			37,662,962
	Road & Rail – 2.4%
	25,523	Norfolk Southern Corp.	6,116,842
	7,564	Old Dominion Freight Line, Inc.	1,953,327
	15,380	Union Pacific Corp.	3,380,217
			11,450,386
	Semiconductors & Semiconductor Equipment – 3.1%
	10,182	KLA Corp.	3,714,903
	64,881	Marvell Technology, Inc.	3,837,711
	37,442	ON Semiconductor Corp.*	2,271,980
	17,897	Texas Instruments, Inc.	3,163,474
	22,192	Wolfspeed, Inc.*	1,669,504
			14,657,572

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – 2.3%
	10,487	Adobe, Inc.*	$    4,367,626
	42,300	Salesforce, Inc.*	6,778,152
			11,145,778
	Specialty Retail – 1.0%
	57,096	Ross Stores, Inc.	4,854,302
	TOTAL COMMON STOCKS (Cost $385,878,692)		$469,077,574
Shares		Dividend Rate	Value
	Investment Company – 1.9%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,092,584	0.660%	$    9,092,584
	(Cost $9,092,584)
	TOTAL INVESTMENTS – 99.9% (Cost $394,971,276)		$478,170,158
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		543,962
	NET ASSETS – 100.0%		$478,714,120

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

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 3.1%
	55,795	L3Harris Technologies, Inc.	$       13,441,016
	19,677	TransDigm Group, Inc.*	11,911,865
	115,446	Woodward, Inc.	11,730,468
			37,083,349
	Airlines – 0.6%
	141,133	United Airlines Holdings, Inc.*	6,722,165
	Auto Components – 1.0%
	113,676	Aptiv PLC*	12,076,938
	Banks – 5.2%
	302,901	Citizens Financial Group, Inc.	12,534,043
	189,503	East West Bancorp, Inc.	13,936,051
	60,621	First Republic Bank	9,398,074
	97,568	M&T Bank Corp.	17,559,313
	112,363	Pinnacle Financial Partners, Inc.	9,148,595
			62,576,076
	Beverages – 1.9%
	264,983	Coca-Cola Europacific Partners PLC (United Kingdom)	14,078,547
	37,106	Constellation Brands, Inc., Class A	9,108,410
			23,186,957
	Biotechnology – 1.2%
	15,605	Argenx SE ADR (Netherlands)*	4,826,626
	29,316	Biogen, Inc.*	5,863,200
	39,830	Neurocrine Biosciences, Inc.*	3,723,707
			14,413,533
	Building Products – 1.5%
	86,598	Allegion PLC	9,668,667
	63,500	Trane Technologies PLC	8,766,810
			18,435,477
	Capital Markets – 3.1%
	183,298	Carlyle Group, Inc. (The)	7,062,472
	14,530	MSCI, Inc.	6,427,346
	80,286	Nasdaq, Inc.	12,465,204
	117,609	Raymond James Financial, Inc.	11,583,310
			37,538,332

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 2.9%
	128,192	Ashland Global Holdings, Inc.	$     13,719,108
	182,892	Corteva, Inc.	11,452,697
	74,197	PPG Industries, Inc.	9,385,178
			34,556,983
	Communications Equipment – 3.3%
	231,727	Juniper Networks, Inc.	7,109,385
	85,807	Motorola Solutions, Inc.	18,855,230
	915,575	Viavi Solutions, Inc.*	13,248,370
			39,212,985
	Construction Materials – 1.1%
	39,142	Martin Marietta Materials, Inc.	13,284,012
	Containers & Packaging – 1.6%
	276,160	Ball Corp.	19,576,982
	Diversified Financial Services – 0.5%
	97,743	Apollo Global Management, Inc.	5,633,907
	Electric Utilities – 1.7%
	263,769	Xcel Energy, Inc.	19,872,356
	Electrical Equipment – 1.9%
	123,162	AMETEK, Inc.	14,960,488
	38,602	Rockwell Automation, Inc.	8,229,947
			23,190,435
	Electronic Equipment, Instruments & Components – 1.9%
	79,902	Keysight Technologies, Inc.*	11,633,731
	409,431	Vontier Corp.	10,980,940
			22,614,671
	Energy Equipment & Services – 1.0%
	331,984	Baker Hughes Co.	11,944,784
	Entertainment – 2.2%
	96,728	Live Nation Entertainment, Inc.*	9,193,996
	902,590	Warner Bros Discovery, Inc.*	16,652,786
			25,846,782
	Equity Real Estate Investment Trusts (REITs) – 10.7%
	103,429	Alexandria Real Estate Equities, Inc. REIT	17,164,043

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	255,729	Americold Realty Trust, Inc. REIT	$       7,081,136
	92,441	AvalonBay Communities, Inc. REIT	19,224,030
	119,719	CubeSmart REIT	5,331,087
	92,289	Duke Realty Corp. REIT	4,875,628
	161,955	Equity LifeStyle Properties, Inc. REIT	12,259,993
	81,795	Equity Residential REIT	6,284,310
	38,184	Essex Property Trust, Inc. REIT	10,838,528
	308,150	Healthpeak Properties, Inc. REIT	9,148,973
	227,291	Invitation Homes, Inc. REIT	8,573,417
	129,292	Regency Centers Corp. REIT	8,819,007
	202,404	Ventas, Inc. REIT	11,484,403
	253,303	VICI Properties, Inc. REIT	7,814,398
			128,898,953
	Food & Staples Retailing – 0.7%
	196,179	Performance Food Group Co.*	8,502,398
	Food Products – 2.9%
	138,359	Archer-Daniels-Midland Co.	12,565,765
	113,711	Lamb Weston Holdings, Inc.	7,684,589
	158,007	McCormick & Co., Inc.	14,650,409
			34,900,763
	Health Care Equipment & Supplies – 2.8%
	40,783	Cooper Cos., Inc. (The)	14,304,229
	158,831	Zimmer Biomet Holdings, Inc.	19,093,075
			33,397,304
	Health Care Providers & Services – 3.4%
	131,352	AmerisourceBergen Corp.	20,331,976
	167,362	Centene Corp.*	13,629,961
	47,422	Quest Diagnostics, Inc.	6,687,451
			40,649,388
	Hotels, Restaurants & Leisure – 1.5%
	78,545	Expedia Group, Inc.*	10,158,225
	64,107	Yum! Brands, Inc.	7,787,077
			17,945,302
	Household Durables – 0.8%
	121,642	Lennar Corp., Class A	9,761,771

Shares		Description	Value
	Common Stocks – (continued)
	Independent Power and Renewable Electricity Producers – 2.2%
	791,422	AES Corp. (The)	$       17,442,941
	120,813	NextEra Energy Partners LP	8,656,251
			26,099,192
	Insurance – 6.5%
	13,020	Alleghany Corp.*	10,855,816
	48,208	American Financial Group, Inc.	6,811,790
	283,146	Arch Capital Group Ltd.*	13,438,109
	66,389	Arthur J Gallagher & Co.	10,751,035
	144,073	Globe Life, Inc.	14,057,203
	3,544	Markel Corp.*	4,853,260
	231,082	Principal Financial Group, Inc.	16,852,810
			77,620,023
	Internet & Direct Marketing Retail – 0.6%
	88,313	Etsy, Inc.*	7,163,951
	IT Services – 0.4%
	14,137	EPAM Systems, Inc.*	4,785,657
	Machinery – 4.9%
	54,939	Chart Industries, Inc.*	9,662,671
	94,824	Cummins, Inc.	19,829,595
	223,321	Fortive Corp.	13,794,538
	217,974	ITT, Inc.	16,090,841
			59,377,645
	Metals & Mining – 1.9%
	216,597	Allegheny Technologies, Inc.*	5,956,417
	195,310	Steel Dynamics, Inc.	16,675,568
			22,631,985
	Multi-Utilities – 5.0%
	197,748	Ameren Corp.	18,823,632
	198,541	CMS Energy Corp.	14,104,353
	225,658	Public Service Enterprise Group, Inc.	15,466,599
	115,057	WEC Energy Group, Inc.	12,089,039
			60,483,623
	Oil, Gas & Consumable Fuels – 6.3%
	317,828	Devon Energy Corp.	23,805,317
	86,521	Diamondback Energy, Inc.	13,152,923

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	164,118	Hess Corp.	$     20,198,002
	64,227	Pioneer Natural Resources Co.	17,851,252
			75,007,494
	Pharmaceuticals – 1.0%
	118,454	Catalent, Inc.*	12,207,869
	Road & Rail – 0.9%
	138,901	Knight-Swift Transportation Holdings, Inc.	6,756,145
	17,683	Saia, Inc.*	3,493,984
			10,250,129
	Semiconductors & Semiconductor Equipment – 3.6%
	180,011	Marvell Technology, Inc.	10,647,651
	126,805	MKS Instruments, Inc.	15,660,417
	288,381	ON Semiconductor Corp.*	17,498,959
			43,807,027
	Software – 1.5%
	66,326	Cadence Design Systems, Inc.*	10,196,296
	196,873	Dynatrace, Inc.*	7,416,206
			17,612,502
	Specialty Retail – 2.0%
	142,660	Academy Sports & Outdoors, Inc.	4,780,537
	31,695	Advance Auto Parts, Inc.	6,017,613
	37,084	Burlington Stores, Inc.*	6,241,237
	23,819	RH*	6,909,415
			23,948,802
	Textiles, Apparel & Luxury Goods – 0.6%
	143,466	Capri Holdings Ltd.*	6,992,533
	Trading Companies & Distributors – 1.1%
	236,049	Fastenal Co.	12,642,784
	Water Utilities – 0.6%
	51,618	American Water Works Co., Inc.	7,807,222
	TOTAL COMMON STOCKS (Cost $986,750,784)		$1,170,261,041

Shares		Dividend Rate	Value
	Investment Company – 1.8%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,978,166	0.660%	$      21,978,166
	(Cost $21,978,166)
	TOTAL INVESTMENTS – 99.4% (Cost $1,008,728,950)		$1,192,239,207
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		7,068,782
	NET ASSETS – 100.0%		$1,199,307,989

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 1.1%
	333,983	AAR Corp.*	$     16,104,660
	245,036	Ducommun, Inc.*	11,185,894
	435,993	Maxar Technologies, Inc.	13,018,751
			40,309,305
	Airlines – 0.2%
	52,898	Allegiant Travel Co.*	7,905,606
	Auto Components – 0.4%
	378,089	Adient PLC*	13,380,570
	Banks – 17.2%
	215,698	Amalgamated Financial Corp.	4,687,118
	457,473	Ameris Bancorp	20,856,194
	939,230	Associated Banc-Corp.	19,442,061
	661,212	Atlantic Union Bankshares Corp.	23,314,335
	484,896	Banner Corp.	28,177,307
	230,960	Berkshire Hills Bancorp, Inc.	6,030,366
	1,122,560	Brookline Bancorp, Inc.	15,906,675
	885,383	Cadence Bank	23,666,288
	455,124	Columbia Banking System, Inc.	13,721,989
	279,758	Community Bank System, Inc.	18,464,028
	681,178	ConnectOne Bancorp, Inc.	18,773,266
	1,346,949	CVB Financial Corp.	33,377,396
	1,216,051	Eastern Bankshares, Inc.	23,676,513
	453,760	FB Financial Corp.	19,066,995
	346,062	First Financial Bankshares, Inc.	14,271,597
	572,427	First Merchants Corp.	23,561,095
	140,860	First of Long Island Corp. (The)	2,679,157
	316,705	German American Bancorp, Inc.	12,044,291
	378,167	Glacier Bancorp, Inc.	18,307,064
	683,361	Hancock Whitney Corp.	34,058,712
	481,619	Heritage Financial Corp.	12,570,256
	898,056	Home BancShares, Inc.	20,287,085
	330,177	Independent Bank Corp.	27,503,744
	352,596	Lakeland Financial Corp.	25,443,327
	872,156	OceanFirst Financial Corp.	17,591,386
	578,552	Pacific Premier Bancorp, Inc.	18,837,653
	396,186	PacWest Bancorp	12,511,554
	139,768	Pinnacle Financial Partners, Inc.	11,379,911
	592,005	Renasant Corp.	18,316,635
	269,708	SouthState Corp.	21,797,801

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	540,263	Towne Bank	$     15,926,953
	447,225	TriCo Bancshares	20,277,181
	786,278	United Community Banks, Inc.	24,712,718
	954,980	Washington Federal, Inc.	30,989,101
			652,227,752
	Beverages – 0.8%
	2,206,253	Primo Water Corp.	31,593,543
	Biotechnology – 1.5%
	312,889	Agios Pharmaceuticals, Inc.*	6,091,949
	392,565	Alkermes PLC*	11,718,065
	307,777	Allogene Therapeutics, Inc.*	2,440,672
	47,395	Blueprint Medicines Corp.*	2,606,725
	107,062	Cytokinetics, Inc.*	4,271,774
	563,749	Ironwood Pharmaceuticals, Inc.*	6,353,451
	442,007	Mersana Therapeutics, Inc.*	1,476,304
	490,697	Myriad Genetics, Inc.*	9,441,010
	239,946	REVOLUTION Medicines, Inc.*	4,074,283
	190,274	Turning Point Therapeutics, Inc.*	6,729,991
			55,204,224
	Building Products – 1.4%
	194,054	Griffon Corp.	6,223,312
	1,094,205	Resideo Technologies, Inc.*	25,845,122
	777,739	Zurn Water Solutions Corp.	22,414,438
			54,482,872
	Capital Markets – 0.9%
	64,450	Houlihan Lokey, Inc.	5,538,833
	620,537	P10, Inc., Class A	7,136,176
	145,874	PJT Partners, Inc., Class A	11,063,084
	149,101	Stifel Financial Corp.	9,567,811
			33,305,904
	Chemicals – 2.2%
	1,069,325	Avient Corp.	52,610,790
	309,029	HB Fuller Co.	21,965,781
	471,496	Tronox Holdings PLC, Class A	8,491,643
			83,068,214

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 1.3%
	679,928	ABM Industries, Inc.	$     32,874,519
	654,606	Deluxe Corp.	15,664,721
			48,539,240
	Communications Equipment – 0.6%
	1,696,222	Viavi Solutions, Inc.*	24,544,332
	Construction & Engineering – 1.4%
	341,354	Arcosa, Inc.	18,047,386
	211,774	Dycom Industries, Inc.*	19,718,277
	189,470	MasTec, Inc.*	15,837,797
			53,603,460
	Construction Materials – 0.4%
	544,129	Summit Materials, Inc., Class A*	14,860,163
	Consumer Finance – 0.4%
	103,925	FirstCash Holdings, Inc.	7,758,001
	274,545	LendingClub Corp.*	4,315,848
	134,301	Oportun Financial Corp.*	1,512,229
			13,586,078
	Diversified Financial Services – 0.1%
	127,777	Alerus Financial Corp.	3,245,536
	Diversified Telecommunication Services – 0.4%
	441,308	Iridium Communications, Inc.*	16,376,940
	Electric Utilities – 2.7%
	598,883	ALLETE, Inc.	37,142,724
	313,474	IDACORP, Inc.	34,174,935
	392,175	MGE Energy, Inc.	31,126,930
			102,444,589
	Electrical Equipment – 0.0%(a)
	88,797	Array Technologies, Inc.*	983,871
	Electronic Equipment, Instruments & Components – 1.8%
	371,276	CTS Corp.	15,099,795
	289,143	FARO Technologies, Inc.*	9,316,187
	106,166	Insight Enterprises, Inc.*	10,491,324
	843,164	Knowles Corp.*	16,205,612

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	1,086,423	TTM Technologies, Inc.*	$     15,524,985
			66,637,903
	Energy Equipment & Services – 1.9%
	154,826	Cactus, Inc., Class A	8,115,979
	858,389	ChampionX Corp.	19,974,712
	363,465	Helmerich & Payne, Inc.	18,300,463
	602,993	Liberty Energy, Inc.*	9,810,696
	1,284,724	NexTier Oilfield Solutions, Inc.*	14,003,491
			70,205,341
	Entertainment – 0.4%
	922,479	AMC Entertainment Holdings, Inc., Class A*(b)	13,228,349
	Equity Real Estate Investment Trusts (REITs) – 9.2%
	1,192,498	Acadia Realty Trust REIT	23,444,511
	1,210,430	Healthcare Realty Trust, Inc. REIT	35,187,200
	426,326	Highwoods Properties, Inc. REIT	16,750,349
	977,145	Hudson Pacific Properties, Inc. REIT	19,454,957
	1,552,873	Pebblebrook Hotel Trust REIT	34,955,171
	1,998,897	Physicians Realty Trust REIT	37,079,539
	2,659,407	RLJ Lodging Trust REIT	35,715,836
	410,912	Ryman Hospitality Properties, Inc. REIT*	36,690,333
	741,981	Sabra Health Care REIT, Inc. REIT	10,417,413
	1,722,377	SITE Centers Corp. REIT	27,075,766
	1,043,733	STAG Industrial, Inc. REIT	34,756,309
	645,986	Terreno Realty Corp. REIT	39,217,810
			350,745,194
	Food & Staples Retailing – 1.0%
	330,316	BJ’s Wholesale Club Holdings, Inc.*	19,115,387
	46,387	Performance Food Group Co.*	2,010,412
	439,138	United Natural Foods, Inc.*	18,623,843
			39,749,642
	Food Products – 1.5%
	1,124,589	Hostess Brands, Inc.*	23,897,516
	492,349	Simply Good Foods Co. (The)*	19,674,266
	320,772	Sovos Brands, Inc.*	4,529,301

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	635,848	Utz Brands, Inc.	$       8,901,872
			57,002,955
	Gas Utilities – 1.9%
	165,200	Chesapeake Utilities Corp.	22,065,764
	450,734	ONE Gas, Inc.	39,222,873
	121,645	Southwest Gas Holdings, Inc.	11,328,799
			72,617,436
	Health Care Equipment & Supplies – 2.6%
	629,203	Avanos Medical, Inc.*	18,051,834
	201,827	CONMED Corp.	23,470,462
	217,270	Enovis Corp.*	14,413,692
	271,450	LivaNova PLC*	18,477,602
	145,442	Merit Medical Systems, Inc.*	8,928,684
	282,240	NuVasive, Inc.*	16,203,398
			99,545,672
	Health Care Providers & Services – 2.5%
	326,120	Acadia Healthcare Co., Inc.*	23,209,961
	572,867	Option Care Health, Inc.*	17,392,242
	515,005	Owens & Minor, Inc.	17,963,374
	541,822	Tenet Healthcare Corp.*	35,061,302
			93,626,879
	Health Care Technology – 0.4%
	943,582	Allscripts Healthcare Solutions, Inc.*	16,125,816
	Hotels, Restaurants & Leisure – 1.1%
	80,744	Boyd Gaming Corp.	4,745,325
	351,385	SeaWorld Entertainment, Inc.*	19,038,039
	383,432	Travel + Leisure Co.	19,597,210
			43,380,574
	Household Durables – 1.1%
	256,371	Century Communities, Inc.	13,938,891
	111,362	Installed Building Products, Inc.	10,639,526
	198,742	Meritage Homes Corp.*	16,954,680
			41,533,097

Shares		Description	Value
	Common Stocks – (continued)
	Independent Power and Renewable Electricity Producers – 0.5%
	282,597	NextEra Energy Partners LP	$     20,248,075
	Insurance – 2.5%
	170,589	AMERISAFE, Inc.	8,597,686
	190,785	BRP Group, Inc., Class A*	4,811,598
	824,209	CNO Financial Group, Inc.	16,953,979
	88,479	Enstar Group Ltd.*	20,520,934
	18,051	Primerica, Inc.	2,274,426
	106,371	RLI Corp.	12,883,655
	372,476	Selective Insurance Group, Inc.	29,537,347
			95,579,625
	Leisure Products – 0.5%
	850,307	Callaway Golf Co.*	18,460,165
	Life Sciences Tools & Services – 0.0%(a)
	299,239	Pacific Biosciences of California, Inc.*	1,684,716
	Machinery – 4.1%
	375,089	Astec Industries, Inc.	17,542,913
	197,979	Chart Industries, Inc.*	34,820,547
	428,079	Columbus McKinnon Corp.	14,447,666
	218,667	EnPro Industries, Inc.	20,939,552
	205,083	ESCO Technologies, Inc.	13,496,512
	738,874	Federal Signal Corp.	25,934,477
	416,033	Kennametal, Inc.	11,540,755
	498,451	Terex Corp.	17,640,181
			156,362,603
	Media – 2.4%
	1,252,794	Entravision Communications Corp., Class A	6,552,113
	819,448	Gray Television, Inc.	16,159,515
	631,916	iHeartMedia, Inc., Class A*	7,456,609
	558,616	John Wiley & Sons, Inc., Class A	29,584,303
	115,042	Nexstar Media Group, Inc., Class A	20,157,659
	565,859	TEGNA, Inc.	12,392,312
			92,302,511
	Metals & Mining – 2.0%
	521,075	Allegheny Technologies, Inc.*	14,329,563
	646,770	Commercial Metals Co.	25,696,172
	1,069,907	Constellium SE*	18,070,729

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – (continued)
	2,309,870	Hecla Mining Co.	$     10,902,586
	153,339	Warrior Met Coal, Inc.	5,155,257
			74,154,307
	Mortgage Real Estate Investment Trusts (REITs) – 1.8%
	975,377	KKR Real Estate Finance Trust, Inc. REIT	19,917,199
	1,798,861	PennyMac Mortgage Investment Trust REIT	29,105,571
	549,400	TPG RE Finance Trust, Inc. REIT	5,763,206
	2,831,295	Two Harbors Investment Corp. REIT	15,119,115
			69,905,091
	Multiline Retail – 0.6%
	8,187	Dillard’s, Inc., Class A	2,468,217
	821,180	Macy’s, Inc.	19,420,907
			21,889,124
	Oil, Gas & Consumable Fuels – 9.6%
	1,606,570	Antero Resources Corp.*	68,889,721
	651,296	Brigham Minerals, Inc., Class A	19,740,782
	152,295	Callon Petroleum Co.*	8,903,166
	2,754,192	Centennial Resource Development, Inc., Class A*	21,868,284
	424,221	Chesapeake Energy Corp.	41,310,641
	134,954	DT Midstream, Inc.	7,840,827
	315,718	HF Sinclair Corp.	15,501,754
	551,156	Magnolia Oil & Gas Corp., Class A	15,217,417
	219,426	Murphy Oil Corp.	9,308,051
	102,720	Oasis Petroleum, Inc.	16,304,745
	874,992	Ovintiv, Inc.	48,990,802
	271,833	PBF Energy, Inc., Class A*	9,024,856
	250,564	PDC Energy, Inc.	19,829,635
	130,570	Renewable Energy Group, Inc.*	8,005,247
	958,910	SM Energy Co.	46,286,586
	262,364	Viper Energy Partners LP	8,804,936
			365,827,450
	Personal Products – 0.3%
	394,549	BellRing Brands, Inc.*	10,317,456
	Professional Services – 3.4%
	244,466	ASGN, Inc.*	23,280,497
	467,710	CBIZ, Inc.*	19,157,402

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	896,165	First Advantage Corp.*	$     13,084,009
	261,666	ICF International, Inc.	26,744,882
	834,788	KBR, Inc.	41,539,051
	93,102	Kforce, Inc.	6,114,939
			129,920,780
	Real Estate Management & Development – 1.3%
	4,086,013	DigitalBridge Group, Inc. REIT*	24,597,798
	1,229,051	Kennedy-Wilson Holdings, Inc.	25,883,814
			50,481,612
	Road & Rail – 1.1%
	155,999	ArcBest Corp.	11,798,204
	91,981	Avis Budget Group, Inc.*	17,502,145
	71,400	Saia, Inc.*	14,107,926
			43,408,275
	Semiconductors & Semiconductor Equipment – 2.1%
	611,350	Cohu, Inc.*	18,603,380
	404,426	MACOM Technology Solutions Holdings, Inc.*	22,045,261
	321,521	Onto Innovation, Inc.*	25,843,858
	176,539	Semtech Corp.*	11,314,385
			77,806,884
	Software – 1.3%
	115,596	Cerence, Inc.*	3,671,329
	104,700	InterDigital, Inc.	6,835,863
	427,888	LiveRamp Holdings, Inc.*	10,953,933
	461,791	Ping Identity Holding Corp.*	8,727,850
	353,917	Verint Systems, Inc.*	18,063,923
			48,252,898
	Specialty Retail – 1.2%
	423,756	Academy Sports & Outdoors, Inc.	14,200,064
	113,851	Bed Bath & Beyond, Inc.*(b)	984,811
	138,457	Group 1 Automotive, Inc.	24,865,493
	90,434	Signet Jewelers Ltd.	5,389,866
			45,440,234
	Textiles, Apparel & Luxury Goods – 0.6%
	377,225	Capri Holdings Ltd.*	18,385,947

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	11,499	Deckers Outdoor Corp.*	$     3,088,171
			21,474,118
	Thrifts & Mortgage Finance – 1.6%
	1,870,709	MGIC Investment Corp.	26,058,976
	695,476	NMI Holdings, Inc., Class A*	12,942,808
	202,196	Walker & Dunlop, Inc.	21,495,457
			60,497,241
	Trading Companies & Distributors – 1.5%
	316,743	Beacon Roofing Supply, Inc.*	19,451,188
	303,842	WESCO International, Inc.*	38,156,478
			57,607,666
	Water Utilities – 0.4%
	233,133	SJW Group	14,419,276
	Wireless Telecommunication Services – 0.5%
	993,645	Telephone and Data Systems, Inc.	17,617,326
	TOTAL COMMON STOCKS (Cost $2,909,835,919)		$3,707,718,490
Shares		Dividend Rate	Value
	Investment Company – 1.3%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	50,265,551	0.660%	$     50,265,551
	(Cost $50,265,551)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,960,101,470)		$3,757,984,041

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.4%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
13,914,673	0.660%	$     13,914,673
(Cost $13,914,673)
TOTAL INVESTMENTS – 99.4% (Cost $2,974,016,143)		$3,771,898,714
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%		21,691,389
NET ASSETS – 100.0%		$3,793,590,103

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)	Less than 0.05%
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 1.9%
	18,846	AAR Corp.*	$       908,754
	20,430	Maxar Technologies, Inc.	610,040
	9,079	Mercury Systems, Inc.*	543,015
	7,080	Textron, Inc.	462,253
	22,414	Woodward, Inc.	2,277,487
			4,801,549
	Airlines – 0.4%
	7,043	Allegiant Travel Co.*	1,052,576
	Auto Components – 0.2%
	15,016	Adient PLC*	531,416
	Banks – 10.8%
	74,103	Associated Banc-Corp.	1,533,932
	58,372	Cadence Bank	1,560,284
	22,075	Columbia Banking System, Inc.	665,561
	32,487	Commerce Bancshares, Inc.	2,247,451
	14,917	Cullen/Frost Bankers, Inc.	1,864,327
	25,039	East West Bancorp, Inc.	1,841,368
	30,237	First Financial Bankshares, Inc.	1,246,974
	26,533	Glacier Bancorp, Inc.	1,284,463
	36,799	Hancock Whitney Corp.	1,834,062
	29,828	PacWest Bancorp	941,968
	23,025	Pinnacle Financial Partners, Inc.	1,874,695
	23,842	Prosperity Bancshares, Inc.	1,728,545
	7,229	Signature Bank	1,563,416
	17,756	SouthState Corp.	1,435,040
	41,903	Synovus Financial Corp.	1,787,163
	44,978	Washington Federal, Inc.	1,459,536
	21,770	Wintrust Financial Corp.	1,902,480
			26,771,265
	Beverages – 0.7%
	127,143	Primo Water Corp.	1,820,688
	Biotechnology – 0.4%
	11,278	Agios Pharmaceuticals, Inc.*	219,583
	22,571	Alkermes PLC*	673,744
			893,327
	Building Products – 1.1%
	55,993	Resideo Technologies, Inc.*	1,322,555

Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	47,427	Zurn Water Solutions Corp.	$     1,366,846
			2,689,401
	Capital Markets – 2.5%
	7,881	Cboe Global Markets, Inc.	885,115
	4,259	Houlihan Lokey, Inc.	366,018
	41,687	Jefferies Financial Group, Inc.	1,376,505
	7,303	LPL Financial Holdings, Inc.	1,432,776
	17,425	Stifel Financial Corp.	1,118,162
	37,731	TPG, Inc.	1,100,613
			6,279,189
	Chemicals – 3.6%
	16,286	Ashland Global Holdings, Inc.	1,742,928
	58,260	Avient Corp.	2,866,392
	28,666	CF Industries Holdings, Inc.	2,831,341
	47,076	Element Solutions, Inc.	1,002,248
	22,726	Tronox Holdings PLC, Class A	409,295
			8,852,204
	Commercial Services & Supplies – 0.8%
	64,942	GFL Environmental, Inc. (Canada)	1,985,277
	Communications Equipment – 1.9%
	37,086	Ciena Corp.*	1,884,710
	10,514	F5, Inc.*	1,714,203
	68,599	Viavi Solutions, Inc.*	992,628
			4,591,541
	Construction & Engineering – 3.3%
	49,985	AECOM	3,491,452
	24,718	MasTec, Inc.*	2,066,178
	21,472	Quanta Services, Inc.	2,555,168
			8,112,798
	Construction Materials – 0.3%
	24,386	Summit Materials, Inc., Class A*	665,982
	Consumer Finance – 0.5%
	29,481	OneMain Holdings, Inc.	1,298,933

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Containers & Packaging – 1.9%
	7,065	Avery Dennison Corp.	$    1,219,136
	32,625	Crown Holdings, Inc.	3,407,355
			4,626,491
	Diversified Financial Services – 0.5%
	16,606	Voya Financial, Inc.	1,139,338
	Electric Utilities – 2.8%
	29,188	ALLETE, Inc.	1,810,240
	41,210	Alliant Energy Corp.	2,630,022
	21,976	IDACORP, Inc.	2,395,823
			6,836,085
	Electrical Equipment – 1.8%
	12,354	Hubbell, Inc.	2,345,530
	17,459	Regal Rexnord Corp.	2,181,502
			4,527,032
	Electronic Equipment, Instruments & Components – 2.0%
	22,473	II-VI, Inc.*	1,404,563
	6,461	Littelfuse, Inc.	1,745,762
	51,685	National Instruments Corp.	1,825,514
			4,975,839
	Energy Equipment & Services – 0.6%
	27,532	Helmerich & Payne, Inc.	1,386,236
	Entertainment – 0.6%
	9,463	Liberty Media Corp.-Liberty Formula One, Class C*	589,450
	10,681	Live Nation Entertainment, Inc.*	1,015,229
			1,604,679
	Equity Real Estate Investment Trusts (REITs) – 10.4%
	88,914	Americold Realty Trust, Inc.	2,462,029
	15,906	Camden Property Trust REIT	2,282,352
	37,377	CubeSmart REIT	1,664,398
	20,428	Equity LifeStyle Properties, Inc. REIT	1,546,400
	63,933	Healthcare Realty Trust, Inc. REIT	1,858,532
	45,201	Highwoods Properties, Inc. REIT	1,775,947
	87,977	Hudson Pacific Properties, Inc. REIT	1,751,622
	172,135	Park Hotels & Resorts, Inc. REIT	3,108,758

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	45,072	Regency Centers Corp. REIT	$    3,074,361
	86,607	RLJ Lodging Trust REIT	1,163,132
	19,558	Ryman Hospitality Properties, Inc. REIT*	1,746,334
	38,187	Terreno Realty Corp. REIT	2,318,333
	33,432	VICI Properties, Inc. REIT	1,031,377
			25,783,575
	Food & Staples Retailing – 1.8%
	47,635	Albertsons Cos., Inc., Class A	1,455,249
	22,158	BJ’s Wholesale Club Holdings, Inc.*	1,282,284
	16,350	Performance Food Group Co.*	708,609
	23,761	United Natural Foods, Inc.*	1,007,704
			4,453,846
	Food Products – 2.5%
	15,024	Bunge Ltd.	1,777,639
	18,968	Darling Ingredients, Inc.*	1,518,768
	68,151	Hostess Brands, Inc.*	1,448,209
	22,681	Simply Good Foods Co. (The)*	906,333
	38,555	Utz Brands, Inc.	539,770
			6,190,719
	Gas Utilities – 0.8%
	23,222	ONE Gas, Inc.	2,020,778
	Health Care Equipment & Supplies – 1.9%
	11,908	CONMED Corp.	1,384,781
	18,228	Enovis Corp.*	1,209,246
	17,871	LivaNova PLC*	1,216,479
	9,528	QuidelOrtho Corp.*	905,446
			4,715,952
	Health Care Providers & Services – 2.5%
	34,140	Acadia Healthcare Co., Inc.*	2,429,744
	5,444	Molina Healthcare, Inc.*	1,579,957
	32,062	Tenet Healthcare Corp.*	2,074,732
			6,084,433
	Hotels, Restaurants & Leisure – 1.9%
	9,689	Boyd Gaming Corp.	569,423
	10,221	Marriott Vacations Worldwide Corp.	1,509,846
	24,688	SeaWorld Entertainment, Inc.*	1,337,596

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	25,475	Travel + Leisure Co.	$    1,302,027
			4,718,892
	Household Durables – 1.1%
	13,748	Century Communities, Inc.	747,479
	12,199	Meritage Homes Corp.*	1,040,697
	4,187	TopBuild Corp.*	825,927
			2,614,103
	Independent Power and Renewable Electricity Producers – 0.6%
	19,849	NextEra Energy Partners LP	1,422,181
	Insurance – 4.4%
	12,509	American Financial Group, Inc.	1,767,522
	9,230	Brown & Brown, Inc.	547,985
	29,799	CNO Financial Group, Inc.	612,966
	25,418	Globe Life, Inc.	2,480,034
	49,364	Old Republic International Corp.	1,180,787
	3,127	Primerica, Inc.	394,002
	19,093	Ryan Specialty Group Holdings, Inc., Class A*	717,324
	21,027	Selective Insurance Group, Inc.	1,667,441
	20,034	W R Berkley Corp.	1,425,018
			10,793,079
	IT Services – 0.8%
	9,849	Jack Henry & Associates, Inc.	1,852,794
	Leisure Products – 0.6%
	11,987	Brunswick Corp.	901,782
	31,690	Callaway Golf Co.*	687,990
			1,589,772
	Life Sciences Tools & Services – 2.0%
	5,353	PerkinElmer, Inc.	801,183
	43,388	QIAGEN NV*	1,993,679
	27,933	Syneos Health, Inc.*	2,063,969
			4,858,831
	Machinery – 2.5%
	12,415	Chart Industries, Inc.*	2,183,550
	27,892	ITT, Inc.	2,058,987

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	20,814	Oshkosh Corp.	$    1,933,829
			6,176,366
	Media – 1.1%
	37,627	Gray Television, Inc.	742,005
	36,048	iHeartMedia, Inc., Class A*	425,366
	7,258	Nexstar Media Group, Inc., Class A	1,271,747
	13,839	TEGNA, Inc.	303,074
			2,742,192
	Metals & Mining – 2.6%
	11,400	Alcoa Corp.	703,608
	33,530	Allegheny Technologies, Inc.*	922,075
	44,561	Cleveland-Cliffs, Inc.*	1,032,924
	44,400	Commercial Metals Co.	1,764,012
	47,197	Constellium SE*	797,157
	10,020	Royal Gold, Inc.	1,133,062
			6,352,838
	Mortgage Real Estate Investment Trusts (REITs) – 0.9%
	68,329	Apollo Commercial Real Estate Finance, Inc. REIT	869,828
	47,569	PennyMac Mortgage Investment Trust REIT	769,666
	111,802	Two Harbors Investment Corp. REIT	597,023
			2,236,517
	Multiline Retail – 0.1%
	13,304	Macy’s, Inc.	314,640
	Oil, Gas & Consumable Fuels – 8.7%
	74,746	Antero Resources Corp.*	3,205,109
	42,873	Devon Energy Corp.	3,211,188
	23,085	Diamondback Energy, Inc.	3,509,382
	45,092	EQT Corp.	2,151,790
	30,493	Matador Resources Co.	1,857,024
	58,375	Ovintiv, Inc.	3,268,416
	43,097	SM Energy Co.	2,080,292
	29,017	Targa Resources Corp.	2,089,804
			21,373,005
	Pharmaceuticals – 1.1%
	17,288	Catalent, Inc.*	1,781,701

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	6,060	Jazz Pharmaceuticals PLC*	$       907,061
			2,688,762
	Professional Services – 3.6%
	19,928	ASGN, Inc.*	1,897,743
	26,488	Jacobs Engineering Group, Inc.	3,710,704
	67,927	KBR, Inc.	3,380,048
			8,988,495
	Real Estate Management & Development – 1.1%
	238,466	DigitalBridge Group, Inc. REIT*	1,435,565
	62,006	Kennedy-Wilson Holdings, Inc.	1,305,847
			2,741,412
	Road & Rail – 0.9%
	5,677	ArcBest Corp.	429,352
	968	Avis Budget Group, Inc.*	184,191
	3,167	Old Dominion Freight Line, Inc.	817,846
	3,948	Saia, Inc.*	780,085
			2,211,474
	Semiconductors & Semiconductor Equipment – 2.5%
	9,784	MACOM Technology Solutions Holdings, Inc.*	533,326
	15,438	MKS Instruments, Inc.	1,906,593
	48,127	ON Semiconductor Corp.*	2,920,346
	10,401	Wolfspeed, Inc.*	782,467
			6,142,732
	Specialty Retail – 0.7%
	15,410	Academy Sports & Outdoors, Inc.	516,389
	19,378	Bath & Body Works, Inc.	794,885
	2,981	Dick’s Sporting Goods, Inc.(a)	242,147
	4,132	Signet Jewelers Ltd.	246,267
			1,799,688
	Textiles, Apparel & Luxury Goods – 1.2%
	37,093	Capri Holdings Ltd.*	1,807,913
	747	Deckers Outdoor Corp.*	200,614
	30,415	Tapestry, Inc.	1,049,318
			3,057,845

Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – 0.7%
	93,101	MGIC Investment Corp.	$    1,296,897
	21,876	NMI Holdings, Inc., Class A*	407,112
			1,704,009
	TOTAL COMMON STOCKS (Cost $213,407,791)		$241,070,776
Shares		Dividend Rate	Value
	Investment Company – 2.2%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,329,708	0.660%	$    5,329,708
	(Cost $5,329,708)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $218,737,499)		$246,400,484
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	244,882	0.660%	$       244,882
	(Cost $244,882)
	TOTAL INVESTMENTS – 99.9% (Cost $218,982,381)		$246,645,366
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		239,089
	NET ASSETS – 100.0%		$246,884,455

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2022 (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.

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 May 31, 2022:

EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,546,381	$	—	$	—
Europe		21,788,636		—		—
North America		388,450,098		—		—
Oceania		5,892,826		—		—
Investment Company		6,186,448		—		—
Securities Lending Reinvestment Vehicle		4,131,329		—		—
Total	$	428,995,718	$	—	$	—
FOCUSED VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	41,071,533	$	—	$	—
Investment Company		1,237,620		—		—
Total	$	42,309,153	$	—	$	—
LARGE CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,985,976	$	—	$	—
North America		460,091,598		—		—
Investment Company		9,092,584		—		—
Total	$	478,170,158	$	—	$	—

(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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	18,905,173	$	—	$	—
North America		1,151,355,868		—		—
Investment Company		21,978,166		—		—
Total	$	1,192,239,207	$	—	$	—
SMALL CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	3,707,718,490	$	—	$	—
Investment Company		50,265,551		—		—
Securities Lending Reinvestment Vehicle		13,914,673		—		—
Total	$	3,771,898,714	$	—	$	—
SMALL/MID CAP VALUE FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	241,070,776	$	—	$	—
Investment Company		5,329,708		—		—
Securities Lending Reinvestment Vehicle		244,882		—		—
Total	$	246,645,366	$	—	$	—

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

D. 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 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:

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — The Funds may invest in foreign securities, and as such the Funds may hold such securities and cash with foreign banks, agents, and securities depositories appointed by each 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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

May 31, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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 Focused Value 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.