# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-012568
**Filing Date:** 2023-1
**Character Count:** 147483
**Document Hash:** 63e2aec3a2c2d7403525b87da8b633ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012568.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012568

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23551972

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Mid Cap Value Fund (Series ID: S000009320)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025483 | Institutional   | GSMCX           |
| C000025484 | Service         | GSMSX           |
| C000025485 | Class A         | GCMAX           |
| C000025487 | Class C         | GCMCX           |
| C000055751 | Investor Shares | GCMTX           |
| C000055752 | Class R         | GCMRX           |
| C000159657 | Class R6 Shares | GCMUX           |
| C000201806 | Class P Shares  | GMPPX           |

## Nport-Ex

GOLDMAN SACHS EQUITY INCOME FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.2%** | **Common Stocks – 98.2%** | **Common Stocks – 98.2%** |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| 27935 | L3Harris Technologies, Inc. | $6343480 |
| **Banks – 8.6%** | **Banks – 8.6%** | **Banks – 8.6%** |
| 251241 | Bank of America Corp. | 9509472 |
| 109692 | JPMorgan Chase & Co. | 15157240 |
| 41014 | M&T Bank Corp. | 6973200 |
| 129922 | Truist Financial Corp. | 6081649 |
|  |  | 37721561 |
| **Beverages – 1.5%** | **Beverages – 1.5%** | **Beverages – 1.5%** |
| 75986 | Coca-Cola Co. (The) | 4833469 |
| 33243 | Coca-Cola Europacific Partners PLC (United Kingdom) | 1764871 |
|  |  | 6598340 |
| **Biotechnology – 2.9%** | **Biotechnology – 2.9%** | **Biotechnology – 2.9%** |
| 15554 | Amgen, Inc. | 4454665 |
| 92530 | Gilead Sciences, Inc. | 8126910 |
|  |  | 12581575 |
| **Capital Markets – 4.1%** | **Capital Markets – 4.1%** | **Capital Markets – 4.1%** |
| 8060 | BlackRock, Inc. | 5770960 |
| 50531 | Morgan Stanley | 4702920 |
| 70272 | Nasdaq, Inc. | 4810821 |
| 24552 | Singapore Exchange Ltd. ADR (Singapore) | 2470791 |
|  |  | 17755492 |
| **Chemicals – 2.8%** | **Chemicals – 2.8%** | **Chemicals – 2.8%** |
| 16626 | Air Products and Chemicals, Inc. | 5156720 |
| 21448 | Linde PLC (United Kingdom) | 7216823 |
|  |  | 12373543 |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| 53533 | Republic Services, Inc. | 7456612 |
| **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** |
| 166716 | Cisco Systems, Inc. | 8289119 |
| 72344 | Juniper Networks, Inc. | 2404715 |
|  |  | 10693834 |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| 91133 | Vinci SA ADR (France) | 2302931 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** |
| 27995 | American Express Co. | $4411732 |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| 60078 | International Paper Co. | 2230095 |
| **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** |
| 390555 | AT&T, Inc. | 7529900 |
| **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** |
| 111070 | NextEra Energy, Inc. | 9407629 |
| 49708 | Xcel Energy, Inc. | 3490496 |
|  |  | 12898125 |
| **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** |
| 54513 | Eaton Corp. PLC | 8910150 |
| **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** |
| 30158 | TE Connectivity Ltd. (Switzerland) | 3803527 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| 19901 | Electronic Arts, Inc. | 2602653 |
| **Equity Real Estate Investment Trusts (REITs) – 4.8%** | **Equity Real Estate Investment Trusts (REITs) – 4.8%** | **Equity Real Estate Investment Trusts (REITs) – 4.8%** |
| 22902 | Alexandria Real Estate Equities, Inc. REIT | 3563780 |
| 17650 | American Tower Corp. REIT | 3905063 |
| 25440 | AvalonBay Communities, Inc. REIT | 4449456 |
| 91117 | Healthpeak Properties, Inc. REIT | 2392733 |
| 104502 | Hudson Pacific Properties, Inc. REIT | 1208043 |
| 30803 | Regency Centers Corp. REIT | 2046243 |
| 70661 | Ventas, Inc. REIT | 3287856 |
|  |  | 20853174 |
| **Food & Staples Retailing – 1.5%** | **Food & Staples Retailing – 1.5%** | **Food & Staples Retailing – 1.5%** |
| 44408 | Walmart, Inc. | 6768667 |
| **Food Products – 2.4%** | **Food Products – 2.4%** | **Food Products – 2.4%** |
| 35590 | Archer-Daniels-Midland Co. | 3470025 |
| 44994 | General Mills, Inc. | 3837988 |
| 75970 | Kraft Heinz Co. (The) | 2989420 |
|  |  | 10297433 |
| **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** |
| 37175 | Abbott Laboratories | 3999286 |
| 83875 | Medtronic PLC | 6629480 |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 30039 | Zimmer Biomet Holdings, Inc. | $3607684 |
|  |  | 14236450 |
| **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** | **Health Care Providers & Services – 2.9%** |
| 81676 | CVS Health Corp. | 8321151 |
| 7900 | UnitedHealth Group, Inc. | 4327304 |
|  |  | 12648455 |
| **Hotels, Restaurants & Leisure – 2.7%** | **Hotels, Restaurants & Leisure – 2.7%** | **Hotels, Restaurants & Leisure – 2.7%** |
| 26272 | McDonald's Corp. | 7166739 |
| 34865 | Yum! Brands, Inc. | 4485731 |
|  |  | 11652470 |
| **Household Products – 1.6%** | **Household Products – 1.6%** | **Household Products – 1.6%** |
| 37433 | Colgate-Palmolive Co. | 2900309 |
| 28189 | Procter & Gamble Co. (The) | 4204671 |
|  |  | 7104980 |
| **Industrial Conglomerates – 1.1%** | **Industrial Conglomerates – 1.1%** | **Industrial Conglomerates – 1.1%** |
| 22617 | Honeywell International, Inc. | 4965562 |
| **Insurance – 4.2%** | **Insurance – 4.2%** | **Insurance – 4.2%** |
| 31817 | Chubb Ltd. | 6986695 |
| 29751 | Marsh & McLennan Cos., Inc. | 5152278 |
| 81518 | MetLife, Inc. | 6252431 |
|  |  | 18391404 |
| **IT Services – 3.4%** | **IT Services – 3.4%** | **IT Services – 3.4%** |
| 13977 | Accenture PLC, Class A | 4206099 |
| 30410 | Cognizant Technology Solutions Corp., Class A | 1891806 |
| 39565 | Fidelity National Information Services, Inc. | 2871628 |
| 40795 | International Business Machines Corp. | 6074375 |
|  |  | 15043908 |
| **Machinery – 3.6%** | **Machinery – 3.6%** | **Machinery – 3.6%** |
| 16455 | Caterpillar, Inc. | 3890127 |
| 21432 | Cummins, Inc. | 5382861 |
| 28051 | Illinois Tool Works, Inc. | 6380761 |
|  |  | 15653749 |
| **Media – 1.6%** | **Media – 1.6%** | **Media – 1.6%** |
| 100954 | Comcast Corp., Class A | 3698955 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| 87680 | New York Times Co. (The), Class A | $3213472 |
|  |  | 6912427 |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| 81143 | Rio Tinto PLC ADR (Australia) | 5569656 |
| **Multiline Retail – 0.9%** | **Multiline Retail – 0.9%** | **Multiline Retail – 0.9%** |
| 23198 | Target Corp. | 3875690 |
| **Multi-Utilities – 3.6%** | **Multi-Utilities – 3.6%** | **Multi-Utilities – 3.6%** |
| 58852 | Ameren Corp. | 5256661 |
| 69184 | CMS Energy Corp. | 4225067 |
| 46948 | Dominion Energy, Inc. | 2868992 |
| 58056 | National Grid PLC ADR (United Kingdom) | 3576249 |
|  |  | 15926969 |
| **Oil, Gas & Consumable Fuels – 7.8%** | **Oil, Gas & Consumable Fuels – 7.8%** | **Oil, Gas & Consumable Fuels – 7.8%** |
| 79315 | ConocoPhillips | 9796196 |
| 25434 | EOG Resources, Inc. | 3609848 |
| 116862 | Exxon Mobil Corp. | 13011415 |
| 19757 | Pioneer Natural Resources Co. | 4662454 |
| 48632 | Shell PLC ADR (Netherlands) | 2843513 |
|  |  | 33923426 |
| **Pharmaceuticals – 7.9%** | **Pharmaceuticals – 7.9%** | **Pharmaceuticals – 7.9%** |
| 147249 | Bristol-Myers Squibb Co. | 11821150 |
| 25645 | Eli Lilly & Co. | 9516346 |
| 73621 | Johnson & Johnson | 13104538 |
|  |  | 34442034 |
| **Road & Rail – 1.0%** | **Road & Rail – 1.0%** | **Road & Rail – 1.0%** |
| 17810 | Norfolk Southern Corp. | 4568265 |
| **Semiconductors & Semiconductor Equipment – 2.9%** | **Semiconductors & Semiconductor Equipment – 2.9%** | **Semiconductors & Semiconductor Equipment – 2.9%** |
| 13597 | KLA Corp. | 5345661 |
| 73290 | Marvell Technology, Inc. | 3409451 |
| 22492 | Texas Instruments, Inc. | 4058906 |
|  |  | 12814018 |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| 12613 | Microsoft Corp. | 3218081 |
| **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** |
| 12234 | Advance Auto Parts, Inc. | 1847212 |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |
| 67803 | Foot Locker, Inc. | $2698559 |
| 34690 | Ross Stores, Inc. | 4081972 |
|  |  | 8627743 |
| **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** |
| 25372 | NetApp, Inc. | 1715401 |
| **Water Utilities – 0.9%** | **Water Utilities – 0.9%** | **Water Utilities – 0.9%** |
| 26360 | American Water Works Co., Inc. | 4000394 |
| **TOTAL COMMON STOCKS**<br> **(Cost $339,433,704)** | **TOTAL COMMON STOCKS**<br> **(Cost $339,433,704)** | $429423906 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.8%<sup>(a)</sup>** | **Investment Company – 0.8%<sup>(a)</sup>** | **Investment Company – 0.8%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, |
| 3489919 | 3.727% | $3489919 |
| **(Cost $3,489,919)** | **(Cost $3,489,919)** | **(Cost $3,489,919)** |
| **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $342,923,623)** | **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $342,923,623)** | $432913825 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.0%** | 4385989 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $437299814 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents an affiliated issuer. |

---

---

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

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.4%** | **Common Stocks – 99.4%** | **Common Stocks – 99.4%** |
| **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** |
| 5128 | L3Harris Technologies, Inc. | $1164466 |
| **Automobiles – 2.8%** | **Automobiles – 2.8%** | **Automobiles – 2.8%** |
| 32292 | General Motors Co. | 1309764 |
| **Banks – 8.5%** | **Banks – 8.5%** | **Banks – 8.5%** |
| 46932 | Bank of America Corp. | 1776376 |
| 15553 | JPMorgan Chase & Co. | 2149114 |
|  |  | 3925490 |
| **Biotechnology – 4.0%** | **Biotechnology – 4.0%** | **Biotechnology – 4.0%** |
| 16845 | Gilead Sciences, Inc. | 1479496 |
| 3076 | Neurocrine Biosciences, Inc.\* | 390837 |
|  |  | 1870333 |
| **Capital Markets – 5.5%** | **Capital Markets – 5.5%** | **Capital Markets – 5.5%** |
| 1744 | BlackRock, Inc. | 1248704 |
| 15602 | Charles Schwab Corp. (The) | 1287789 |
|  |  | 2536493 |
| **Construction Materials – 2.5%** | **Construction Materials – 2.5%** | **Construction Materials – 2.5%** |
| 3176 | Martin Marietta Materials, Inc. | 1163940 |
| **Containers & Packaging – 2.0%** | **Containers & Packaging – 2.0%** | **Containers & Packaging – 2.0%** |
| 16717 | Ball Corp. | 937489 |
| **Diversified Telecommunication Services – 3.1%** | **Diversified Telecommunication Services – 3.1%** | **Diversified Telecommunication Services – 3.1%** |
| 73929 | AT&T, Inc. | 1425351 |
| **Electric Utilities – 3.2%** | **Electric Utilities – 3.2%** | **Electric Utilities – 3.2%** |
| 17306 | NextEra Energy, Inc. | 1465818 |
| **Equity Real Estate Investment Trusts (REITs) – 1.8%** | **Equity Real Estate Investment Trusts (REITs) – 1.8%** | **Equity Real Estate Investment Trusts (REITs) – 1.8%** |
| 5436 | Alexandria Real Estate Equities, Inc. REIT | 845896 |
| **Food & Staples Retailing – 5.4%** | **Food & Staples Retailing – 5.4%** | **Food & Staples Retailing – 5.4%** |
| 16308 | Walmart, Inc. | 2485665 |
| **Health Care Equipment & Supplies – 6.4%** | **Health Care Equipment & Supplies – 6.4%** | **Health Care Equipment & Supplies – 6.4%** |
| 32833 | Boston Scientific Corp.\* | 1486350 |
| 12393 | Zimmer Biomet Holdings, Inc. | 1488399 |
|  |  | 2974749 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Providers & Services – 3.6%** | **Health Care Providers & Services – 3.6%** | **Health Care Providers & Services – 3.6%** |
| 16179 | CVS Health Corp. | $1648317 |
| **Household Products – 2.1%** | **Household Products – 2.1%** | **Household Products – 2.1%** |
| 12428 | Colgate-Palmolive Co. | 962921 |
| **Industrial Conglomerates – 3.4%** | **Industrial Conglomerates – 3.4%** | **Industrial Conglomerates – 3.4%** |
| 18406 | General Electric Co. | 1582364 |
| **Insurance – 4.0%** | **Insurance – 4.0%** | **Insurance – 4.0%** |
| 8527 | Chubb Ltd. | 1872444 |
| **IT Services – 1.8%** | **IT Services – 1.8%** | **IT Services – 1.8%** |
| 10501 | PayPal Holdings, Inc.\* | 823383 |
| **Machinery – 4.2%** | **Machinery – 4.2%** | **Machinery – 4.2%** |
| 5825 | Caterpillar, Inc. | 1377088 |
| 7091 | Stanley Black & Decker, Inc. | 579477 |
|  |  | 1956565 |
| **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** |
| 29912 | Freeport-McMoRan, Inc. | 1190498 |
| **Multi-Utilities – 3.1%** | **Multi-Utilities – 3.1%** | **Multi-Utilities – 3.1%** |
| 15886 | Ameren Corp. | 1418938 |
| **Oil, Gas & Consumable Fuels – 7.5%** | **Oil, Gas & Consumable Fuels – 7.5%** | **Oil, Gas & Consumable Fuels – 7.5%** |
| 13045 | ConocoPhillips | 1611188 |
| 16675 | Exxon Mobil Corp. | 1856594 |
|  |  | 3467782 |
| **Pharmaceuticals – 5.7%** | **Pharmaceuticals – 5.7%** | **Pharmaceuticals – 5.7%** |
| 33231 | Bristol-Myers Squibb Co. | 2667785 |
| **Road & Rail – 2.6%** | **Road & Rail – 2.6%** | **Road & Rail – 2.6%** |
| 4775 | Norfolk Southern Corp. | 1224788 |
| **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** |
| 3629 | KLA Corp. | 1426741 |
| **Software – 3.3%** | **Software – 3.3%** | **Software – 3.3%** |
| 9567 | Salesforce, Inc.\* | 1533112 |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – 4.7%** | **Specialty Retail – 4.7%** | **Specialty Retail – 4.7%** |
| 18707 | Ross Stores, Inc. | $2201253 |
| **TOTAL COMMON STOCKS**<br> **(Cost $43,636,736)** | **TOTAL COMMON STOCKS**<br> **(Cost $43,636,736)** | $46082345 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.4%<sup>(a)</sup>** | **Investment Company – 0.4%<sup>(a)</sup>** | **Investment Company – 0.4%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 |
| 199449 | 3.727% | $199449 |
| **(Cost $199,449)** | **(Cost $199,449)** | **(Cost $199,449)** |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $43,836,185)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $43,836,185)** | $46281794 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | 89046 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $46370840 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.8%** | **Common Stocks – 99.8%** | **Common Stocks – 99.8%** |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| 32003 | L3Harris Technologies, Inc. | $7267241 |
| **Airlines – 0.8%** | **Airlines – 0.8%** | **Airlines – 0.8%** |
| 82252 | United Airlines Holdings, Inc.\* | 3633071 |
| **Automobiles – 1.5%** | **Automobiles – 1.5%** | **Automobiles – 1.5%** |
| 175774 | General Motors Co. | 7129393 |
| **Banks – 6.8%** | **Banks – 6.8%** | **Banks – 6.8%** |
| 324276 | Bank of America Corp. | 12273847 |
| 20568 | First Republic Bank | 2624682 |
| 108983 | JPMorgan Chase & Co. | 15059271 |
| 15936 | M&T Bank Corp. | 2709439 |
|  |  | 32667239 |
| **Beverages – 1.7%** | **Beverages – 1.7%** | **Beverages – 1.7%** |
| 58870 | Coca-Cola Co. (The) | 3744721 |
| 17619 | Constellation Brands, Inc., Class A | 4534249 |
|  |  | 8278970 |
| **Biotechnology – 2.5%** | **Biotechnology – 2.5%** | **Biotechnology – 2.5%** |
| 4730 | Argenx SE ADR (Netherlands)\* | 1882398 |
| 89532 | Gilead Sciences, Inc. | 7863595 |
| 18228 | Neurocrine Biosciences, Inc.\* | 2316050 |
|  |  | 12062043 |
| **Capital Markets – 6.3%** | **Capital Markets – 6.3%** | **Capital Markets – 6.3%** |
| 11144 | BlackRock, Inc. | 7979104 |
| 90846 | Charles Schwab Corp. (The) | 7498429 |
| 96866 | Morgan Stanley | 9015319 |
| 81423 | Nasdaq, Inc. | 5574218 |
|  |  | 30067070 |
| **Chemicals – 2.6%** | **Chemicals – 2.6%** | **Chemicals – 2.6%** |
| 37196 | Ashland, Inc. | 4161117 |
| 23969 | Linde PLC (United Kingdom) | 8065089 |
|  |  | 12226206 |
| **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** |
| 20677 | Waste Connections, Inc. | 2987826 |
| **Communications Equipment – 1.5%** | **Communications Equipment – 1.5%** | **Communications Equipment – 1.5%** |
| 144658 | Cisco Systems, Inc. | 7192396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction Materials – 1.3%** | **Construction Materials – 1.3%** | **Construction Materials – 1.3%** |
| 17159 | Martin Marietta Materials, Inc. | $6288430 |
| **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** |
| 70271 | Ball Corp. | 3940798 |
| **Diversified Financial Services – 1.2%** | **Diversified Financial Services – 1.2%** | **Diversified Financial Services – 1.2%** |
| 17805 | Berkshire Hathaway, Inc., Class B\* | 5672673 |
| **Diversified Telecommunication Services – 1.8%** | **Diversified Telecommunication Services – 1.8%** | **Diversified Telecommunication Services – 1.8%** |
| 449553 | AT&T, Inc. | 8667382 |
| **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** | **Electric Utilities – 3.0%** |
| 113770 | NextEra Energy, Inc. | 9636319 |
| 70014 | Xcel Energy, Inc. | 4916383 |
|  |  | 14552702 |
| **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** |
| 40381 | Eaton Corp. PLC | 6600274 |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| 16203 | Keysight Technologies, Inc.\* | 2930961 |
| **Entertainment – 0.7%** | **Entertainment – 0.7%** | **Entertainment – 0.7%** |
| 26204 | Electronic Arts, Inc. | 3426959 |
| **Equity Real Estate Investment Trusts (REITs) – 3.0%** | **Equity Real Estate Investment Trusts (REITs) – 3.0%** | **Equity Real Estate Investment Trusts (REITs) – 3.0%** |
| 21536 | Alexandria Real Estate Equities, Inc. REIT | 3351217 |
| 16628 | American Tower Corp. REIT | 3678945 |
| 19813 | AvalonBay Communities, Inc. REIT | 3465294 |
| 30529 | Boston Properties, Inc. REIT | 2200530 |
| 6423 | Public Storage REIT | 1913797 |
|  |  | 14609783 |
| **Food & Staples Retailing – 2.2%** | **Food & Staples Retailing – 2.2%** | **Food & Staples Retailing – 2.2%** |
| 69795 | Walmart, Inc. | 10638154 |
| **Food Products – 1.6%** | **Food Products – 1.6%** | **Food Products – 1.6%** |
| 31964 | Archer-Daniels-Midland Co. | 3116490 |
| 52298 | General Mills, Inc. | 4461019 |
|  |  | 7577509 |
| **Gas Utilities – 0.6%** | **Gas Utilities – 0.6%** | **Gas Utilities – 0.6%** |
| 24751 | Atmos Energy Corp. | 2975070 |
| **Health Care Equipment & Supplies – 5.1%** | **Health Care Equipment & Supplies – 5.1%** | **Health Care Equipment & Supplies – 5.1%** |
| 152682 | Boston Scientific Corp.\* | 6911914 |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 10494 | Cooper Cos., Inc. (The) | $3319777 |
| 31218 | Edwards Lifesciences Corp.\* | 2411591 |
| 58454 | Medtronic PLC | 4620204 |
| 61609 | Zimmer Biomet Holdings, Inc. | 7399241 |
|  |  | 24662727 |
| **Health Care Providers & Services – 3.8%** | **Health Care Providers & Services – 3.8%** | **Health Care Providers & Services – 3.8%** |
| 53379 | Centene Corp.\* | 4646642 |
| 85920 | CVS Health Corp. | 8753530 |
| 8407 | Humana, Inc. | 4623009 |
|  |  | 18023181 |
| **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** |
| 26915 | McDonald's Corp. | 7342143 |
| **Household Products – 1.9%** | **Household Products – 1.9%** | **Household Products – 1.9%** |
| 68929 | Colgate-Palmolive Co. | 5340619 |
| 25151 | Procter & Gamble Co. (The) | 3751523 |
|  |  | 9092142 |
| **Industrial Conglomerates – 1.6%** | **Industrial Conglomerates – 1.6%** | **Industrial Conglomerates – 1.6%** |
| 89536 | General Electric Co. | 7697410 |
| **Insurance – 4.4%** | **Insurance – 4.4%** | **Insurance – 4.4%** |
| 24647 | Chubb Ltd. | 5412235 |
| 39865 | Globe Life, Inc. | 4782205 |
| 94835 | MetLife, Inc. | 7273844 |
| 26357 | Progressive Corp. (The) | 3483078 |
|  |  | 20951362 |
| **Interactive Media & Services – 2.1%** | **Interactive Media & Services – 2.1%** | **Interactive Media & Services – 2.1%** |
| 30076 | Alphabet, Inc., Class A\* | 3037375 |
| 38457 | Meta Platforms, Inc., Class A\* | 4541772 |
| 226893 | Snap, Inc., Class A\* | 2339267 |
|  |  | 9918414 |
| **Internet & Direct Marketing Retail – 0.4%** | **Internet & Direct Marketing Retail – 0.4%** | **Internet & Direct Marketing Retail – 0.4%** |
| 20571 | Amazon.com, Inc.\* | 1985924 |
| **IT Services – 3.3%** | **IT Services – 3.3%** | **IT Services – 3.3%** |
| 53073 | Fidelity National Information Services, Inc. | 3852038 |
| 33871 | International Business Machines Corp. | 5043392 |
| 86690 | PayPal Holdings, Inc.\* | 6797363 |
|  |  | 15692793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – 2.8%** | **Machinery – 2.8%** | **Machinery – 2.8%** |
| 27112 | Caterpillar, Inc. | $6409548 |
| 11315 | Illinois Tool Works, Inc. | 2573823 |
| 56436 | Stanley Black & Decker, Inc. | 4611950 |
|  |  | 13595321 |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| 133252 | New York Times Co. (The), Class A | 4883686 |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| 175091 | Freeport-McMoRan, Inc. | 6968622 |
| **Multiline Retail – 1.0%** | **Multiline Retail – 1.0%** | **Multiline Retail – 1.0%** |
| 29325 | Target Corp. | 4899328 |
| **Multi-Utilities – 1.8%** | **Multi-Utilities – 1.8%** | **Multi-Utilities – 1.8%** |
| 65520 | Ameren Corp. | 5852247 |
| 41534 | CMS Energy Corp. | 2536481 |
|  |  | 8388728 |
| **Oil, Gas & Consumable Fuels – 7.5%** | **Oil, Gas & Consumable Fuels – 7.5%** | **Oil, Gas & Consumable Fuels – 7.5%** |
| 30947 | Chesapeake Energy Corp. | 3203014 |
| 80141 | ConocoPhillips | 9898215 |
| 21491 | EOG Resources, Inc. | 3050218 |
| 134811 | Exxon Mobil Corp. | 15009857 |
| 33132 | Hess Corp. | 4768026 |
|  |  | 35929330 |
| **Pharmaceuticals – 6.6%** | **Pharmaceuticals – 6.6%** | **Pharmaceuticals – 6.6%** |
| 42438 | AstraZeneca PLC ADR (United Kingdom) | 2884511 |
| 142093 | Bristol-Myers Squibb Co. | 11407226 |
| 96167 | Johnson & Johnson | 17117726 |
|  |  | 31409463 |
| **Road & Rail – 2.3%** | **Road & Rail – 2.3%** | **Road & Rail – 2.3%** |
| 28094 | Norfolk Southern Corp. | 7206111 |
| 13010 | Old Dominion Freight Line, Inc. | 3936956 |
|  |  | 11143067 |
| **Semiconductors & Semiconductor Equipment – 2.6%** | **Semiconductors & Semiconductor Equipment – 2.6%** | **Semiconductors & Semiconductor Equipment – 2.6%** |
| 14025 | KLA Corp. | 5513929 |
| 73757 | ON Semiconductor Corp.\* | 5546526 |
| 15477 | Wolfspeed, Inc.\* | 1407169 |
|  |  | 12467624 |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – 2.2%** | **Software – 2.2%** | **Software – 2.2%** |
| 10403 | Adobe, Inc.\* | $3588307 |
| 41963 | Salesforce, Inc.\* | 6724571 |
|  |  | 10312878 |
| **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** |
| 67178 | Foot Locker, Inc. | 2673684 |
| 76116 | Ross Stores, Inc. | 8956570 |
|  |  | 11630254 |
| **TOTAL COMMON STOCKS**<br> **(Cost $402,115,235)** | **TOTAL COMMON STOCKS**<br> **(Cost $402,115,235)** | $478386547 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.2%<sup>(a)</sup>** | **Investment Company – 0.2%<sup>(a)</sup>** | **Investment Company – 0.2%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 775585 | 3.727% | $775585 |
| **(Cost $775,585)** | **(Cost $775,585)** | **(Cost $775,585)** |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $402,890,820)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $402,890,820)** | $479162132 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.0%** | 311688 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $479473820 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.6%** | **Common Stocks – 98.6%** | **Common Stocks – 98.6%** |
| **Aerospace & Defense – 3.0%** | **Aerospace & Defense – 3.0%** | **Aerospace & Defense – 3.0%** |
| 58056 | L3Harris Technologies, Inc. | $13183356 |
| 12813 | TransDigm Group, Inc. | 8052971 |
| 158715 | Woodward, Inc. | 15204897 |
|  |  | 36441224 |
| **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** |
| 141133 | United Airlines Holdings, Inc.\* | 6233845 |
| **Auto Components – 0.5%** | **Auto Components – 0.5%** | **Auto Components – 0.5%** |
| 52671 | Aptiv PLC\* | 5618416 |
| **Banks – 4.7%** | **Banks – 4.7%** | **Banks – 4.7%** |
| 147553 | Citizens Financial Group, Inc. | 6253296 |
| 227254 | East West Bancorp, Inc. | 15955504 |
| 79716 | First Republic Bank | 10172559 |
| 89467 | M&T Bank Corp. | 15211179 |
| 112363 | Pinnacle Financial Partners, Inc. | 9426132 |
|  |  | 57018670 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| 193450 | Coca-Cola Europacific Partners PLC (United Kingdom) | 10270261 |
| **Biotechnology – 1.4%** | **Biotechnology – 1.4%** | **Biotechnology – 1.4%** |
| 9496 | Argenx SE ADR (Netherlands)\* | 3779123 |
| 25621 | Biogen, Inc.\* | 7818760 |
| 49169 | BioMarin Pharmaceutical, Inc.\* | 4965086 |
|  |  | 16562969 |
| **Building Products – 1.7%** | **Building Products – 1.7%** | **Building Products – 1.7%** |
| 86598 | Allegion PLC | 9841863 |
| 63500 | Trane Technologies PLC | 11329670 |
|  |  | 21171533 |
| **Capital Markets – 3.8%** | **Capital Markets – 3.8%** | **Capital Markets – 3.8%** |
| 259000 | Carlyle Group, Inc. (The) | 8073030 |
| 14530 | MSCI, Inc. | 7378770 |
| 240858 | Nasdaq, Inc. | 16489139 |
| 118794 | Raymond James Financial, Inc. | 13887018 |
|  |  | 45827957 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – 3.2%** | **Chemicals – 3.2%** | **Chemicals – 3.2%** |
| 151244 | Ashland, Inc. | $16919666 |
| 182892 | Corteva, Inc. | 12283027 |
| 74197 | PPG Industries, Inc. | 10032918 |
|  |  | 39235611 |
| **Communications Equipment – 4.3%** | **Communications Equipment – 4.3%** | **Communications Equipment – 4.3%** |
| 208815 | Juniper Networks, Inc. | 6941011 |
| 100802 | Motorola Solutions, Inc. | 27438304 |
| 1577644 | Viavi Solutions, Inc.\* | 17874706 |
|  |  | 52254021 |
| **Construction Materials – 2.1%** | **Construction Materials – 2.1%** | **Construction Materials – 2.1%** |
| 68280 | Martin Marietta Materials, Inc. | 25023254 |
| **Containers & Packaging – 1.8%** | **Containers & Packaging – 1.8%** | **Containers & Packaging – 1.8%** |
| 380587 | Ball Corp. | 21343319 |
| **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** |
| 97743 | Apollo Global Management, Inc. | 6782387 |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| 263769 | Xcel Energy, Inc. | 18521859 |
| **Electrical Equipment – 2.6%** | **Electrical Equipment – 2.6%** | **Electrical Equipment – 2.6%** |
| 105879 | AMETEK, Inc. | 15079287 |
| 62201 | Rockwell Automation, Inc. | 16434748 |
|  |  | 31514035 |
| **Electronic Equipment, Instruments & Components – 0.8%** | **Electronic Equipment, Instruments & Components – 0.8%** | **Electronic Equipment, Instruments & Components – 0.8%** |
| 55855 | Keysight Technologies, Inc.\* | 10103611 |
| **Entertainment – 1.8%** | **Entertainment – 1.8%** | **Entertainment – 1.8%** |
| 95837 | Electronic Arts, Inc. | 12533563 |
| 126194 | Live Nation Entertainment, Inc.\* | 9181875 |
|  |  | 21715438 |
| **Equity Real Estate Investment Trusts (REITs) – 9.5%** | **Equity Real Estate Investment Trusts (REITs) – 9.5%** | **Equity Real Estate Investment Trusts (REITs) – 9.5%** |
| 152473 | Alexandria Real Estate Equities, Inc. REIT | 23726323 |
| 255729 | Americold Realty Trust, Inc. REIT | 7633511 |
| 92441 | AvalonBay Communities, Inc. REIT | 16167931 |
| 55755 | EastGroup Properties, Inc. REIT | 8655406 |
| 126425 | Equity LifeStyle Properties, Inc. REIT | 8397148 |
| 38184 | Essex Property Trust, Inc. REIT | 8414990 |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 52139 | Extra Space Storage, Inc. REIT | $8378216 |
| 227291 | Invitation Homes, Inc. REIT | 7416505 |
| 129292 | Regency Centers Corp. REIT | 8588868 |
| 202404 | Ventas, Inc. REIT | 9417858 |
| 253303 | VICI Properties, Inc. REIT | 8662963 |
|  |  | 115459719 |
| **Food & Staples Retailing – 1.8%** | **Food & Staples Retailing – 1.8%** | **Food & Staples Retailing – 1.8%** |
| 332776 | Grocery Outlet Holding Corp.\* | 10073130 |
| 196179 | Performance Food Group Co.\* | 11962995 |
|  |  | 22036125 |
| **Food Products – 2.2%** | **Food Products – 2.2%** | **Food Products – 2.2%** |
| 211942 | McCormick & Co., Inc. | 18053220 |
| 436133 | Utz Brands, Inc. | 8312695 |
|  |  | 26365915 |
| **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** |
| 54774 | Cooper Cos., Inc. (The) | 17327755 |
| 187207 | Zimmer Biomet Holdings, Inc. | 22483561 |
|  |  | 39811316 |
| **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** |
| 79883 | AmerisourceBergen Corp. | 13635229 |
| 68978 | Centene Corp.\* | 6004535 |
| 47422 | Quest Diagnostics, Inc. | 7200082 |
|  |  | 26839846 |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| 21357 | Domino's Pizza, Inc. | 8302106 |
| 78545 | Expedia Group, Inc.\* | 8391748 |
| 64107 | Yum! Brands, Inc. | 8248007 |
|  |  | 24941861 |
| **Household Durables – 1.2%** | **Household Durables – 1.2%** | **Household Durables – 1.2%** |
| 169625 | Lennar Corp., Class A | 14898164 |
| **Independent Power and Renewable Electricity Producers – 2.0%** | **Independent Power and Renewable Electricity Producers – 2.0%** | **Independent Power and Renewable Electricity Producers – 2.0%** |
| 638762 | AES Corp. (The) | 18472997 |
| 75474 | NextEra Energy Partners LP | 6074902 |
|  |  | 24547899 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – 7.1%** | **Insurance – 7.1%** | **Insurance – 7.1%** |
| 101462 | Allstate Corp. (The) | $13585762 |
| 48208 | American Financial Group, Inc. | 6856142 |
| 220924 | Arch Capital Group Ltd.\* | 13235557 |
| 66389 | Arthur J Gallagher & Co. | 13218714 |
| 108412 | Globe Life, Inc. | 13005103 |
| 3544 | Markel Corp.\* | 4695233 |
| 188683 | Principal Financial Group, Inc. | 16921091 |
| 117067 | Unum Group | 4937886 |
|  |  | 86455488 |
| **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** |
| 72971 | Etsy, Inc.\* | 9638739 |
| **IT Services – 1.5%** | **IT Services – 1.5%** | **IT Services – 1.5%** |
| 88136 | Global Payments, Inc. | 9146754 |
| 50199 | Jack Henry & Associates, Inc. | 9505181 |
|  |  | 18651935 |
| **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** |
| 38383 | West Pharmaceutical Services, Inc. | 9006955 |
| **Machinery – 6.7%** | **Machinery – 6.7%** | **Machinery – 6.7%** |
| 63619 | Chart Industries, Inc.\* | 9096881 |
| 94824 | Cummins, Inc. | 23815996 |
| 223321 | Fortive Corp. | 15085333 |
| 235882 | ITT, Inc. | 19936747 |
| 172260 | Stanley Black & Decker, Inc. | 14077087 |
|  |  | 82012044 |
| **Metals & Mining – 3.2%** | **Metals & Mining – 3.2%** | **Metals & Mining – 3.2%** |
| 217082 | ATI, Inc.\* | 6623172 |
| 221322 | Freeport-McMoRan, Inc. | 8808616 |
| 223849 | Steel Dynamics, Inc. | 23264626 |
|  |  | 38696414 |
| **Multi-Utilities – 4.8%** | **Multi-Utilities – 4.8%** | **Multi-Utilities – 4.8%** |
| 246025 | Ameren Corp. | 21974953 |
| 300529 | CMS Energy Corp. | 18353306 |
| 175452 | WEC Energy Group, Inc. | 17394311 |
|  |  | 57722570 |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – 4.1%** | **Oil, Gas & Consumable Fuels – 4.1%** | **Oil, Gas & Consumable Fuels – 4.1%** |
| 49762 | Cheniere Energy, Inc. | $8726264 |
| 129302 | Chesapeake Energy Corp. | 13382757 |
| 212965 | Devon Energy Corp. | 14592362 |
| 440514 | Marathon Oil Corp. | 13492944 |
|  |  | 50194327 |
| **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** |
| 142138 | Catalent, Inc.\* | 7125378 |
| **Road & Rail – 1.8%** | **Road & Rail – 1.8%** | **Road & Rail – 1.8%** |
| 49594 | Old Dominion Freight Line, Inc. | 15007640 |
| 30025 | Saia, Inc.\* | 7313790 |
|  |  | 22321430 |
| **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** |
| 103811 | MKS Instruments, Inc. | 8705590 |
| 126813 | ON Semiconductor Corp.\* | 9536338 |
|  |  | 18241928 |
| **Software – 1.1%** | **Software – 1.1%** | **Software – 1.1%** |
| 49715 | Bill.com Holdings, Inc.\* | 5986681 |
| 189431 | Dynatrace, Inc.\* | 7340451 |
|  |  | 13327132 |
| **Specialty Retail – 3.0%** | **Specialty Retail – 3.0%** | **Specialty Retail – 3.0%** |
| 77150 | Burlington Stores, Inc.\* | 15096712 |
| 171316 | Foot Locker, Inc. | 6818377 |
| 185902 | National Vision Holdings, Inc.\* | 7521595 |
| 24399 | RH\* | 6998365 |
|  |  | 36435049 |
| **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** |
| 143466 | Capri Holdings Ltd.\* | 8227775 |
| 15845 | Deckers Outdoor Corp.\* | 6320254 |
|  |  | 14548029 |
| **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** |
| 114335 | Fastenal Co. | 5889396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Water Utilities – 0.6%** | **Water Utilities – 0.6%** | **Water Utilities – 0.6%** |
| 51618 | American Water Works Co., Inc. | $7833548 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,017,516,546)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,017,516,546)** | $1198639617 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.2%<sup>(a)</sup>** | **Investment Company – 1.2%<sup>(a)</sup>** | **Investment Company – 1.2%<sup>(a)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, |
| 15100884 | 3.727% | $15100884 |
| **(Cost $15,100,884)** | **(Cost $15,100,884)** | **(Cost $15,100,884)** |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $1,032,617,430)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $1,032,617,430)** | $1213740501 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | 1967229 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1215707730 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **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
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.1%** | **Common Stocks – 98.1%** | **Common Stocks – 98.1%** |
| **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** |
| 320891 | AAR Corp.\* | $14940685 |
| 359679 | Aerojet Rocketdyne Holdings, Inc.\* | 18703308 |
| 248018 | Ducommun, Inc.\* | 12477785 |
| 385963 | Maxar Technologies, Inc. | 9340305 |
|  |  | 55462083 |
| **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** |
| 483422 | Spirit Airlines, Inc.\* | 10495092 |
| **Auto Components – 0.9%** | **Auto Components – 0.9%** | **Auto Components – 0.9%** |
| 488319 | Adient PLC\* | 19015142 |
| 1040103 | American Axle & Manufacturing Holdings, Inc.\* | 10827472 |
|  |  | 29842614 |
| **Banks – 19.6%** | **Banks – 19.6%** | **Banks – 19.6%** |
| 165046 | Amalgamated Financial Corp. | 4401777 |
| 438092 | Ameris Bancorp | 23166305 |
| 979765 | Associated Banc-Corp. | 24102219 |
| 516891 | Atlantic Union Bankshares Corp. | 18437502 |
| 403398 | Banner Corp. | 28487967 |
| 239905 | Berkshire Hills Bancorp, Inc. | 7480238 |
| 750586 | Brookline Bancorp, Inc. | 10673333 |
| 283930 | Cadence Bank | 8188541 |
| 237744 | Community Bank System, Inc. | 15486644 |
| 603687 | ConnectOne Bancorp, Inc. | 15840747 |
| 862561 | CVB Financial Corp. | 24738249 |
| 1243928 | Eastern Bankshares, Inc. | 24393428 |
| 402132 | FB Financial Corp. | 17215271 |
| 347892 | First Financial Bankshares, Inc. | 12854609 |
| 504627 | First Merchants Corp. | 22309560 |
| 280660 | German American Bancorp, Inc. | 11187108 |
| 313302 | Glacier Bancorp, Inc. | 18140186 |
| 691104 | Hancock Whitney Corp. | 37900143 |
| 426815 | Heritage Financial Corp. | 14042213 |
| 775162 | Home BancShares, Inc. | 19727873 |
| 307488 | Independent Bank Corp. | 27833814 |
| 201274 | Independent Bank Group, Inc. | 13272007 |
| 284729 | Lakeland Financial Corp. | 22482202 |
| 190013 | NBT Bancorp, Inc. | 8771000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 709313 | OceanFirst Financial Corp. | $16569552 |
| 230367 | Origin Bancorp, Inc. | 9426618 |
| 726265 | Pacific Premier Bancorp, Inc. | 26835492 |
| 199124 | Pinnacle Financial Partners, Inc. | 16704512 |
| 550988 | Renasant Corp. | 22463781 |
| 321059 | SouthState Corp. | 28205033 |
| 478872 | Towne Bank | 15467566 |
| 358662 | TriCo Bancshares | 19547079 |
| 856162 | United Community Banks, Inc. | 33364633 |
| 766472 | Washington Federal, Inc. | 27033467 |
|  |  | 646750669 |
| **Beverages – 0.8%** | **Beverages – 0.8%** | **Beverages – 0.8%** |
| 1750381 | Primo Water Corp. | 27393463 |
| **Biotechnology – 4.7%** | **Biotechnology – 4.7%** | **Biotechnology – 4.7%** |
| 304678 | 2seventy bio, Inc.\* | 4774304 |
| 434781 | Agios Pharmaceuticals, Inc.\* | 13104299 |
| 361144 | Alkermes PLC\* | 8949148 |
| 573636 | Allogene Therapeutics, Inc.\* | 5656051 |
| 150136 | Apellis Pharmaceuticals, Inc.\* | 7496291 |
| 218678 | Arcus Biosciences, Inc.\* | 7690905 |
| 320775 | Avidity Biosciences, Inc.\* | 3733821 |
| 129910 | Beam Therapeutics, Inc.\* | 6000543 |
| 171427 | Cytokinetics, Inc.\* | 7285648 |
| 973171 | EQRx, Inc.\*<sup>(a)</sup> | 3659123 |
| 89822 | Intellia Therapeutics, Inc.\* | 4622240 |
| 671944 | Iovance Biotherapeutics, Inc.\* | 4300442 |
| 375995 | Kura Oncology, Inc.\* | 5929441 |
| 868696 | Mersana Therapeutics, Inc.\* | 5785516 |
| 501397 | Myriad Genetics, Inc.\* | 10158303 |
| 236728 | REGENXBIO, Inc.\* | 5657799 |
| 481776 | Relay Therapeutics, Inc.\* | 8951398 |
| 376117 | REVOLUTION Medicines, Inc.\* | 8872600 |
| 335665 | Sage Therapeutics, Inc.\* | 13775692 |
| 368388 | Veracyte, Inc.\* | 10219083 |
| 285864 | Xencor, Inc.\* | 8495878 |
|  |  | 155118525 |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| 916795 | Resideo Technologies, Inc.\* | $14852079 |
| **Capital Markets – 1.0%** | **Capital Markets – 1.0%** | **Capital Markets – 1.0%** |
| 549921 | P10, Inc., Class A | 5625692 |
| 81973 | Piper Sandler Cos. | 11776241 |
| 113484 | PJT Partners, Inc., Class A | 8739403 |
| 131713 | Stifel Financial Corp. | 8462560 |
|  |  | 34603896 |
| **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** |
| 181730 | Ashland, Inc. | 20330135 |
| 727256 | Avient Corp. | 25170330 |
| 181219 | HB Fuller Co. | 14553698 |
|  |  | 60054163 |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| 715471 | ABM Industries, Inc. | 33755922 |
| 346935 | Deluxe Corp. | 6709723 |
| 75813 | UniFirst Corp. | 14689527 |
|  |  | 55155172 |
| **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** |
| 873160 | Viavi Solutions, Inc.\* | 9892903 |
| **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** |
| 385722 | Arcosa, Inc. | 23567614 |
| 71382 | Dycom Industries, Inc.\* | 6505756 |
| 210230 | MasTec, Inc.\* | 19095191 |
|  |  | 49168561 |
| **Construction Materials – 0.6%** | **Construction Materials – 0.6%** | **Construction Materials – 0.6%** |
| 646547 | Summit Materials, Inc., Class A\* | 19583909 |
| **Consumer Finance – 0.4%** | **Consumer Finance – 0.4%** | **Consumer Finance – 0.4%** |
| 114464 | FirstCash Holdings, Inc. | 10743591 |
| 333521 | LendingClub Corp.\* | 3438602 |
|  |  | 14182193 |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| 272380 | TriMas Corp. | 7449593 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Consumer Services – 0.6%** | **Diversified Consumer Services – 0.6%** | **Diversified Consumer Services – 0.6%** |
| 444343 | Adtalem Global Education, Inc.\* | $18484669 |
| **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** |
| 113091 | Alerus Financial Corp. | 2675733 |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| 309391 | Iridium Communications, Inc.\* | 16428662 |
| **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** |
| 398481 | ALLETE, Inc. | 26379442 |
| 230473 | IDACORP, Inc. | 25474181 |
| 332967 | MGE Energy, Inc. | 23976954 |
|  |  | 75830577 |
| **Electronic Equipment, Instruments & Components – 2.5%** | **Electronic Equipment, Instruments & Components – 2.5%** | **Electronic Equipment, Instruments & Components – 2.5%** |
| 222040 | CTS Corp. | 9436700 |
| 361834 | FARO Technologies, Inc.\* | 10826073 |
| 207191 | Itron, Inc.\* | 11018417 |
| 980064 | Knowles Corp.\* | 15288999 |
| 320911 | Sanmina Corp.\* | 21209008 |
| 859169 | TTM Technologies, Inc.\* | 13806846 |
|  |  | 81586043 |
| **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** |
| 446295 | Helmerich & Payne, Inc. | 22796749 |
| 1669375 | NexTier Oilfield Solutions, Inc.\* | 17010931 |
| 845470 | Patterson-UTI Energy, Inc. | 15176186 |
|  |  | 54983866 |
| **Equity Real Estate Investment Trusts (REITs) – 8.6%** | **Equity Real Estate Investment Trusts (REITs) – 8.6%** | **Equity Real Estate Investment Trusts (REITs) – 8.6%** |
| 1767685 | Acadia Realty Trust REIT | 27186995 |
| 338337 | Agree Realty Corp. REIT | 23666673 |
| 640248 | Healthcare Realty Trust, Inc. REIT | 13144292 |
| 1210697 | Hudson Pacific Properties, Inc. REIT | 13995657 |
| 1320777 | Pebblebrook Hotel Trust REIT | 21990937 |
| 2473123 | Physicians Realty Trust REIT | 36923726 |
| 2496469 | RLJ Lodging Trust REIT | 30257204 |
| 345118 | Ryman Hospitality Properties, Inc. REIT | 31588651 |
| 1797995 | SITE Centers Corp. REIT | 24434752 |
| 896967 | STAG Industrial, Inc. REIT | 29519184 |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 526968 | Terreno Realty Corp. REIT | $30901404 |
|  |  | 283609475 |
| **Food & Staples Retailing – 0.8%** | **Food & Staples Retailing – 0.8%** | **Food & Staples Retailing – 0.8%** |
| 236113 | SpartanNash Co. | 7756312 |
| 375152 | United Natural Foods, Inc.\* | 17887247 |
|  |  | 25643559 |
| **Food Products – 2.2%** | **Food Products – 2.2%** | **Food Products – 2.2%** |
| 1283482 | Hostess Brands, Inc.\* | 33883925 |
| 246937 | Simply Good Foods Co. (The)\* | 9852786 |
| 39187 | Sovos Brands, Inc.\* | 563901 |
| 254047 | TreeHouse Foods, Inc.\* | 12557543 |
| 747673 | Utz Brands, Inc. | 14250648 |
|  |  | 71108803 |
| **Gas Utilities – 1.6%** | **Gas Utilities – 1.6%** | **Gas Utilities – 1.6%** |
| 135161 | Chesapeake Utilities Corp. | 16182827 |
| 336150 | ONE Gas, Inc. | 29228242 |
| 103161 | Southwest Gas Holdings, Inc. | 7062402 |
|  |  | 52473471 |
| **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** |
| 570422 | Avanos Medical, Inc.\* | 15344352 |
| 86398 | CONMED Corp. | 7158074 |
| 291876 | Enovis Corp.\* | 15799248 |
| 219711 | LivaNova PLC\* | 12165398 |
| 314872 | NuVasive, Inc.\* | 12229629 |
| 170120 | QuidelOrtho Corp.\* | 14904213 |
|  |  | 77600914 |
| **Health Care Providers & Services – 0.6%** | **Health Care Providers & Services – 0.6%** | **Health Care Providers & Services – 0.6%** |
| 177805 | Acadia Healthcare Co., Inc.\* | 15835313 |
| 271197 | Owens & Minor, Inc. | 5589370 |
|  |  | 21424683 |
| **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** |
| 1058449 | Allscripts Healthcare Solutions, Inc.\* | 20047024 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Technology – (continued)** | **Health Care Technology – (continued)** | **Health Care Technology – (continued)** |
| 492775 | Health Catalyst, Inc.\* | $5164282 |
|  |  | 25211306 |
| **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** |
| 224274 | Boyd Gaming Corp. | 13754724 |
| 836069 | International Game Technology PLC | 20517133 |
| 538364 | Krispy Kreme, Inc.<sup>(a)</sup> | 8301573 |
| 251981 | Red Rock Resorts, Inc., Class A | 11354264 |
| 276328 | SeaWorld Entertainment, Inc.\* | 15767276 |
| 342024 | Travel + Leisure Co. | 13294473 |
|  |  | 82989443 |
| **Household Durables – 1.3%** | **Household Durables – 1.3%** | **Household Durables – 1.3%** |
| 240041 | Century Communities, Inc. | 11560375 |
| 98661 | Installed Building Products, Inc. | 8379279 |
| 279233 | Meritage Homes Corp.\* | 24128523 |
|  |  | 44068177 |
| **Independent Power and Renewable Electricity Producers – 0.5%** | **Independent Power and Renewable Electricity Producers – 0.5%** | **Independent Power and Renewable Electricity Producers – 0.5%** |
| 204473 | NextEra Energy Partners LP | 16458032 |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| 151166 | AMERISAFE, Inc. | 8974725 |
| 562932 | CNO Financial Group, Inc. | 13217643 |
| 79725 | Enstar Group Ltd.\* | 17379253 |
| 63702 | Hanover Insurance Group, Inc. (The) | 9383305 |
| 71438 | RLI Corp. | 9291941 |
| 360333 | Selective Insurance Group, Inc. | 34635208 |
|  |  | 92882075 |
| **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** |
| 436023 | Bumble, Inc., Class A\* | 10621520 |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| 713726 | Topgolf Callaway Brands Corp.\* | 14952560 |
| **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** |
| 1187229 | NeoGenomics, Inc.\* | 13308837 |
| 852007 | Pacific Biosciences of California, Inc.\* | 9159075 |
|  |  | 22467912 |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – 4.6%** | **Machinery – 4.6%** | **Machinery – 4.6%** |
| 242349 | Astec Industries, Inc. | $10721520 |
| 496611 | Columbus McKinnon Corp. | 16005772 |
| 218333 | EnPro Industries, Inc. | 25937960 |
| 245066 | ESCO Technologies, Inc. | 23038655 |
| 554723 | Federal Signal Corp. | 26953991 |
| 239031 | SPX Technologies, Inc.\* | 15991174 |
| 81363 | Standex International Corp. | 8547183 |
| 512345 | Terex Corp. | 23521759 |
|  |  | 150718014 |
| **Media – 1.8%** | **Media – 1.8%** | **Media – 1.8%** |
| 1367441 | Entravision Communications Corp., Class A | 7602972 |
| 391545 | iHeartMedia, Inc., Class A\* | 3148022 |
| 339258 | John Wiley & Sons, Inc., Class A | 16084222 |
| 81986 | Nexstar Media Group, Inc. | 15541266 |
| 884564 | TEGNA, Inc. | 17461293 |
|  |  | 59837775 |
| **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** |
| 552883 | ATI, Inc.\* | 16868460 |
| 373507 | Carpenter Technology Corp. | 15336197 |
| 390430 | Commercial Metals Co. | 19216965 |
| 730226 | Constellium SE\* | 9091314 |
| 1290623 | Hecla Mining Co. | 7033895 |
|  |  | 67546831 |
| **Mortgage Real Estate Investment Trusts (REITs) – 1.6%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.6%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.6%** |
| 965482 | KKR Real Estate Finance Trust, Inc. REIT | 15978727 |
| 1501944 | PennyMac Mortgage Investment Trust REIT | 22934685 |
| 1151967 | TPG RE Finance Trust, Inc. REIT | 8536075 |
| 297009 | Two Harbors Investment Corp. REIT | 4870948 |
|  |  | 52320435 |
| **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** | **Multiline Retail – 0.3%** |
| 435931 | Macy's, Inc. | 10244378 |
| **Oil, Gas & Consumable Fuels – 4.0%** | **Oil, Gas & Consumable Fuels – 4.0%** | **Oil, Gas & Consumable Fuels – 4.0%** |
| 162247 | Brigham Minerals, Inc., Class A | 5748411 |
| 101315 | Callon Petroleum Co.\* | 4247125 |
| 1308030 | DHT Holdings, Inc. | 13250344 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 1300391 | Equitrans Midstream Corp. | $10910280 |
| 551142 | Golar LNG Ltd. (Cameroon) \* | 13817130 |
| 304516 | Green Plains, Inc.\* | 10524073 |
| 473055 | Murphy Oil Corp. | 22328196 |
| 197957 | PBF Energy, Inc., Class A | 7872750 |
| 253189 | Peabody Energy Corp.\* | 8086857 |
| 379893 | Scorpio Tankers, Inc. (Monaco) | 19382141 |
| 368693 | SM Energy Co. | 15894355 |
|  |  | 132061662 |
| **Personal Products – 0.3%** | **Personal Products – 0.3%** | **Personal Products – 0.3%** |
| 372654 | BellRing Brands, Inc.\* | 9282811 |
| **Professional Services – 2.7%** | **Professional Services – 2.7%** | **Professional Services – 2.7%** |
| 1017210 | Alight, Inc., Class A\* | 8778522 |
| 233294 | ASGN, Inc.\* | 21136436 |
| 750650 | First Advantage Corp.\* | 9983645 |
| 140775 | ICF International, Inc. | 15255787 |
| 639064 | KBR, Inc. | 33020437 |
|  |  | 88174827 |
| **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** |
| 303522 | DigitalBridge Group, Inc. | 4379822 |
| 1190840 | Kennedy-Wilson Holdings, Inc. | 20268097 |
|  |  | 24647919 |
| **Road & Rail – 0.7%** | **Road & Rail – 0.7%** | **Road & Rail – 0.7%** |
| 148911 | ArcBest Corp. | 12325364 |
| 48994 | Saia, Inc.\* | 11934448 |
|  |  | 24259812 |
| **Semiconductors & Semiconductor Equipment – 1.2%** | **Semiconductors & Semiconductor Equipment – 1.2%** | **Semiconductors & Semiconductor Equipment – 1.2%** |
| 598060 | Cohu, Inc.\* | 21422509 |
| 219619 | MACOM Technology Solutions Holdings, Inc.\* | 15085629 |
| 49430 | Onto Innovation, Inc.\* | 3951929 |
|  |  | 40460067 |
| **Software – 1.8%** | **Software – 1.8%** | **Software – 1.8%** |
| 187566 | Cerence, Inc.\* | 3846979 |
| 277713 | Domo, Inc., Class B\* | 3971296 |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 672543 | JFrog Ltd. (Israel) \* | $14782495 |
| 458527 | LiveRamp Holdings, Inc.\* | 10069253 |
| 120490 | Smartsheet, Inc., Class A\* | 3703863 |
| 369556 | Tenable Holdings, Inc.\* | 14109648 |
| 258538 | Verint Systems, Inc.\* | 10168299 |
|  |  | 60651833 |
| **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** |
| 510839 | Academy Sports & Outdoors, Inc. | 25787153 |
| 342552 | American Eagle Outfitters, Inc. | 5419173 |
| 80983 | Asbury Automotive Group, Inc.\* | 15194030 |
| 348324 | Foot Locker, Inc. | 13863295 |
| 126575 | Group 1 Automotive, Inc. | 24472011 |
| 52260 | Signet Jewelers Ltd. | 3396900 |
|  |  | 88132562 |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| 343620 | Xerox Holdings Corp. | 5604442 |
| **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** | **Textiles, Apparel & Luxury Goods – 1.2%** |
| 357440 | Capri Holdings Ltd.\* | 20499184 |
| 128671 | Carter's, Inc. | 9398130 |
| 26603 | Deckers Outdoor Corp.\* | 10611404 |
|  |  | 40508718 |
| **Thrifts & Mortgage Finance – 1.4%** | **Thrifts & Mortgage Finance – 1.4%** | **Thrifts & Mortgage Finance – 1.4%** |
| 1640551 | MGIC Investment Corp. | 22524765 |
| 599901 | NMI Holdings, Inc., Class A\* | 12915869 |
| 131946 | Walker & Dunlop, Inc. | 11784097 |
|  |  | 47224731 |
| **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** |
| 279391 | Beacon Roofing Supply, Inc.\* | 16313640 |
| 106819 | Herc Holdings, Inc. | 13690991 |
| 51328 | WESCO International, Inc.\* | 6617206 |
|  |  | 36621837 |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| 172363 | SJW Group | 12873792 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| 391649 | Telephone and Data Systems, Inc. | $4127980 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,625,888,330)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,625,888,330)** | $3236806821 |
| **Exchange-Traded Fund – 0.5%** | **Exchange-Traded Fund – 0.5%** | **Exchange-Traded Fund – 0.5%** |
| 114023 | iShares Russell 2000 Value ETF |  |
| **(Cost $16,065,579)** | **(Cost $16,065,579)** | $17039597 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.4%<sup>(b)</sup>** | **Investment Company – 0.4%<sup>(b)</sup>** | **Investment Company – 0.4%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 |
| 13446050 | 3.727% | $13446050 |
| **(Cost $13,446,050)** | **(Cost $13,446,050)** | **(Cost $13,446,050)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE**<br> **(Cost $2,655,399,959)** | **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE**<br> **(Cost $2,655,399,959)** | $3267292468 |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 6231115 | 3.727% | $6231115 |
| **(Cost $6,231,115)** | **(Cost $6,231,115)** | **(Cost $6,231,115)** |
| **TOTAL INVESTMENTS – 99.2%**<br> **(Cost $2,661,631,074)** | **TOTAL INVESTMENTS – 99.2%**<br> **(Cost $2,661,631,074)** | $3273523583 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.8%** | 26566819 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $3300090402 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

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

---

------

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.3%** | **Common Stocks – 98.3%** | **Common Stocks – 98.3%** |
| **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** |
| 19149 | AAR Corp.\* | $891577 |
| 9711 | Curtiss-Wright Corp. | 1715448 |
| 20760 | Maxar Technologies, Inc. | 502392 |
| 9225 | Mercury Systems, Inc.\* | 468815 |
| 14099 | Woodward, Inc. | 1350684 |
|  |  | 4928916 |
| **Airlines – 0.3%** | **Airlines – 0.3%** | **Airlines – 0.3%** |
| 36138 | Spirit Airlines, Inc.\* | 784556 |
| **Auto Components – 1.4%** | **Auto Components – 1.4%** | **Auto Components – 1.4%** |
| 28804 | Adient PLC\* | 1121628 |
| 23251 | Autoliv, Inc. (Sweden) | 2055388 |
|  |  | 3177016 |
| **Banks – 11.5%** | **Banks – 11.5%** | **Banks – 11.5%** |
| 21210 | Ameris Bancorp | 1121585 |
| 75300 | Associated Banc-Corp. | 1852380 |
| 33011 | Commerce Bancshares, Inc. | 2473184 |
| 17794 | Cullen/Frost Bankers, Inc. | 2581376 |
| 33063 | East West Bancorp, Inc. | 2321353 |
| 32161 | First Financial Bankshares, Inc. | 1188349 |
| 23612 | Glacier Bancorp, Inc. | 1367135 |
| 42610 | Hancock Whitney Corp. | 2336733 |
| 22160 | Independent Bank Corp. | 2005923 |
| 23395 | Pinnacle Financial Partners, Inc. | 1962607 |
| 26625 | Prosperity Bancshares, Inc. | 2012051 |
| 22651 | SouthState Corp. | 1989890 |
| 41979 | Washington Federal, Inc. | 1480599 |
| 22121 | Wintrust Financial Corp. | 2022523 |
|  |  | 26715688 |
| **Beverages – 0.7%** | **Beverages – 0.7%** | **Beverages – 0.7%** |
| 104628 | Primo Water Corp. | 1637428 |
| **Biotechnology – 1.8%** | **Biotechnology – 1.8%** | **Biotechnology – 1.8%** |
| 25384 | Agios Pharmaceuticals, Inc.\* | 765074 |
| 22935 | Alkermes PLC\* | 568329 |
| 8857 | Apellis Pharmaceuticals, Inc.\* | 442230 |
| 37137 | Exelixis, Inc.\* | 634300 |
| 17580 | Sage Therapeutics, Inc.\* | 721483 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 4097 | United Therapeutics Corp.\* | $1146710 |
|  |  | 4278126 |
| **Building Products – 0.6%** | **Building Products – 0.6%** | **Building Products – 0.6%** |
| 82508 | Resideo Technologies, Inc.\* | 1336630 |
| **Capital Markets – 2.7%** | **Capital Markets – 2.7%** | **Capital Markets – 2.7%** |
| 13848 | Cboe Global Markets, Inc. | 1756480 |
| 9465 | Evercore, Inc., Class A | 1090179 |
| 39387 | Jefferies Financial Group, Inc. | 1496312 |
| 3107 | LPL Financial Holdings, Inc. | 735458 |
| 17707 | Stifel Financial Corp. | 1137675 |
|  |  | 6216104 |
| **Chemicals – 2.6%** | **Chemicals – 2.6%** | **Chemicals – 2.6%** |
| 25576 | Ashland, Inc. | 2861187 |
| 29291 | Chemours Co. (The) | 909486 |
| 10398 | HB Fuller Co. | 835063 |
| 13153 | RPM International, Inc. | 1362914 |
|  |  | 5968650 |
| **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** |
| 24290 | ABM Industries, Inc. | 1146002 |
| 57757 | GFL Environmental, Inc. (Canada) | 1673220 |
| 9481 | Tetra Tech, Inc. | 1465668 |
|  |  | 4284890 |
| **Communications Equipment – 2.0%** | **Communications Equipment – 2.0%** | **Communications Equipment – 2.0%** |
| 53176 | Ciena Corp.\* | 2390793 |
| 9989 | F5, Inc.\* | 1544399 |
| 69707 | Viavi Solutions, Inc.\* | 789781 |
|  |  | 4724973 |
| **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** |
| 35453 | AECOM | 3013505 |
| 19028 | MasTec, Inc.\* | 1728313 |
| 9517 | Quanta Services, Inc. | 1426408 |
|  |  | 6168226 |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| 27553 | Summit Materials, Inc., Class A\* | 834580 |

---

------

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** |
| 4651 | FirstCash Holdings, Inc. | $436543 |
| 16910 | OneMain Holdings, Inc. | 665577 |
|  |  | 1102120 |
| **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** |
| 19228 | Crown Holdings, Inc. | 1580734 |
| **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** |
| 10775 | Service Corp. International | 769874 |
| **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** | **Diversified Financial Services – 0.5%** |
| 16873 | Voya Financial, Inc. | 1113281 |
| **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** | **Electric Utilities – 2.8%** |
| 29659 | ALLETE, Inc. | 1963426 |
| 34499 | Alliant Energy Corp. | 1942293 |
| 22332 | IDACORP, Inc. | 2468356 |
|  |  | 6374075 |
| **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** | **Electrical Equipment – 2.0%** |
| 8749 | Hubbell, Inc. | 2222771 |
| 18597 | Regal Rexnord Corp. | 2438253 |
|  |  | 4661024 |
| **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** |
| 123724 | Flex Ltd.\* | 2719454 |
| 7339 | Littelfuse, Inc. | 1809063 |
| 57573 | National Instruments Corp. | 2361644 |
|  |  | 6890161 |
| **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** |
| 27976 | Helmerich & Payne, Inc. | 1429014 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| 20907 | Liberty Media Corp.-Liberty Formula One, Class C\* | 1274073 |
| **Equity Real Estate Investment Trusts (REITs) – 9.7%** | **Equity Real Estate Investment Trusts (REITs) – 9.7%** | **Equity Real Estate Investment Trusts (REITs) – 9.7%** |
| 73993 | Americold Realty Trust, Inc. REIT | 2208691 |
| 14294 | Camden Property Trust REIT | 1719997 |
| 61786 | CubeSmart REIT | 2557323 |
| 25328 | Equity LifeStyle Properties, Inc. REIT | 1682286 |
| 126687 | Healthcare Realty Trust, Inc. REIT | 2600884 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 129104 | Hudson Pacific Properties, Inc. REIT | $1492442 |
| 124503 | Park Hotels & Resorts, Inc. REIT | 1597373 |
| 48010 | Regency Centers Corp. REIT | 3189304 |
| 104707 | RLJ Lodging Trust REIT | 1269049 |
| 16317 | Ryman Hospitality Properties, Inc. REIT | 1493495 |
| 44383 | Terreno Realty Corp. REIT | 2602619 |
|  |  | 22413463 |
| **Food & Staples Retailing – 2.1%** | **Food & Staples Retailing – 2.1%** | **Food & Staples Retailing – 2.1%** |
| 33259 | Albertsons Cos., Inc., Class A | 696776 |
| 12239 | BJ's Wholesale Club Holdings, Inc.\* | 920862 |
| 4045 | Casey's General Stores, Inc. | 983016 |
| 25062 | Performance Food Group Co.\* | 1528281 |
| 17483 | United Natural Foods, Inc.\* | 833589 |
|  |  | 4962524 |
| **Food Products – 1.9%** | **Food Products – 1.9%** | **Food Products – 1.9%** |
| 24546 | Darling Ingredients, Inc.\* | 1763139 |
| 73908 | Hostess Brands, Inc.\* | 1951171 |
| 16915 | Simply Good Foods Co. (The)\* | 674909 |
|  |  | 4389219 |
| **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** |
| 23596 | ONE Gas, Inc.<sup>(a)</sup> | 2051672 |
| **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** |
| 12102 | CONMED Corp. | 1002651 |
| 24927 | Enovis Corp.\* | 1349298 |
| 17295 | LivaNova PLC\* | 957624 |
| 24365 | QuidelOrtho Corp.\* | 2134618 |
|  |  | 5444191 |
| **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** |
| 27388 | Acadia Healthcare Co., Inc.\* | 2439175 |
| 25518 | Tenet Healthcare Corp.\* | 1178421 |
|  |  | 3617596 |
| **Hotels, Restaurants & Leisure – 3.2%** | **Hotels, Restaurants & Leisure – 3.2%** | **Hotels, Restaurants & Leisure – 3.2%** |
| 51747 | Aramark | 2152675 |
| 17557 | Boyd Gaming Corp. | 1076771 |
| 14038 | Marriott Vacations Worldwide Corp. | 2091381 |
| 24125 | SeaWorld Entertainment, Inc.\* | 1376573 |

---

------

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 19527 | Travel + Leisure Co. | $759014 |
|  |  | 7456414 |
| **Household Durables – 1.0%** | **Household Durables – 1.0%** | **Household Durables – 1.0%** |
| 12396 | Meritage Homes Corp.\* | 1071139 |
| 17035 | PulteGroup, Inc. | 762827 |
| 3017 | TopBuild Corp.\* | 464859 |
|  |  | 2298825 |
| **Independent Power and Renewable Electricity Producers – 0.6%** | **Independent Power and Renewable Electricity Producers – 0.6%** | **Independent Power and Renewable Electricity Producers – 0.6%** |
| 18175 | NextEra Energy Partners LP | 1462906 |
| **Insurance – 4.6%** | **Insurance – 4.6%** | **Insurance – 4.6%** |
| 12814 | American Financial Group, Inc. | 1822407 |
| 18879 | Brown & Brown, Inc. | 1125000 |
| 28663 | CNO Financial Group, Inc. | 673007 |
| 24577 | Globe Life, Inc. | 2948257 |
| 7567 | Hanover Insurance Group, Inc. (The) | 1114619 |
| 15212 | Ryan Specialty Holdings, Inc.\* | 612739 |
| 23531 | Selective Insurance Group, Inc. | 2261800 |
|  |  | 10557829 |
| **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** |
| 13363 | IAC, Inc.\* | 693406 |
| **Leisure Products – 0.9%** | **Leisure Products – 0.9%** | **Leisure Products – 0.9%** |
| 8147 | Brunswick Corp. | 604507 |
| 46754 | Mattel, Inc.\* | 852326 |
| 32201 | Topgolf Callaway Brands Corp.\* | 674611 |
|  |  | 2131444 |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| 37770 | QIAGEN NV\* | 1871126 |
| **Machinery – 2.6%** | **Machinery – 2.6%** | **Machinery – 2.6%** |
| 15052 | Altra Industrial Motion Corp. | 882348 |
| 8128 | Chart Industries, Inc.\* | 1162223 |
| 28660 | ITT, Inc. | 2422343 |
| 17670 | Oshkosh Corp. | 1626877 |
|  |  | 6093791 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – 1.6%** | **Media – 1.6%** | **Media – 1.6%** |
| 25190 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | $1104077 |
| 10762 | Nexstar Media Group, Inc. | 2040045 |
| 30539 | TEGNA, Inc. | 602840 |
|  |  | 3746962 |
| **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** |
| 45134 | ATI, Inc.\* | 1377038 |
| 45281 | Cleveland-Cliffs, Inc.\* | 700950 |
| 45116 | Commercial Metals Co. | 2220610 |
| 10182 | Royal Gold, Inc. | 1143744 |
|  |  | 5442342 |
| **Mortgage Real Estate Investment Trusts (REITs) – 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) – 1.3%** |
| 97752 | Apollo Commercial Real Estate Finance, Inc. REIT | 1208215 |
| 71795 | PennyMac Mortgage Investment Trust REIT | 1096310 |
| 43761 | Two Harbors Investment Corp. REIT | 717680 |
|  |  | 3022205 |
| **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** | **Multiline Retail – 0.4%** |
| 37952 | Macy's, Inc. | 891872 |
| **Oil, Gas & Consumable Fuels – 4.2%** | **Oil, Gas & Consumable Fuels – 4.2%** | **Oil, Gas & Consumable Fuels – 4.2%** |
| 22738 | EQT Corp. | 964318 |
| 22079 | HF Sinclair Corp. | 1376405 |
| 40149 | Ovintiv, Inc. | 2238708 |
| 56303 | Range Resources Corp. | 1625468 |
| 30127 | SM Energy Co. | 1298775 |
| 28669 | Targa Resources Corp. | 2132687 |
|  |  | 9636361 |
| **Pharmaceuticals – 0.8%** | **Pharmaceuticals – 0.8%** | **Pharmaceuticals – 0.8%** |
| 19384 | Catalent, Inc.\* | 971720 |
| 6158 | Jazz Pharmaceuticals PLC\* | 966252 |
|  |  | 1937972 |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| 20850 | ASGN, Inc.\* | 1889010 |
| 75367 | KBR, Inc. | 3894213 |
|  |  | 5783223 |

---

------

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** |
| 68083 | DigitalBridge Group, Inc. | $982438 |
| 63007 | Kennedy-Wilson Holdings, Inc. | 1072379 |
|  |  | 2054817 |
| **Road & Rail – 1.1%** | **Road & Rail – 1.1%** | **Road & Rail – 1.1%** |
| 9385 | ArcBest Corp. | 776797 |
| 984 | Avis Budget Group, Inc.\* | 220022 |
| 6403 | Saia, Inc.\* | 1559707 |
|  |  | 2556526 |
| **Semiconductors & Semiconductor Equipment – 1.6%** | **Semiconductors & Semiconductor Equipment – 1.6%** | **Semiconductors & Semiconductor Equipment – 1.6%** |
| 7340 | First Solar, Inc.\* | 1266370 |
| 17158 | MKS Instruments, Inc. | 1438870 |
| 11664 | Wolfspeed, Inc.\* | 1060491 |
|  |  | 3765731 |
| **Software – 2.0%** | **Software – 2.0%** | **Software – 2.0%** |
| 6808 | Bill.com Holdings, Inc.\* | 819820 |
| 18328 | Dynatrace, Inc.\* | 710210 |
| 3628 | Paylocity Holding Corp.\* | 790287 |
| 19815 | Smartsheet, Inc., Class A\* | 609113 |
| 29185 | Tenable Holdings, Inc.\* | 1114283 |
| 40079 | UiPath, Inc., Class A\* | 499785 |
|  |  | 4543498 |
| **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** |
| 32666 | Academy Sports & Outdoors, Inc. | 1648980 |
| 11513 | AutoNation, Inc.\* | 1426576 |
| 6110 | Group 1 Automotive, Inc. | 1181307 |
| 35799 | Petco Health & Wellness Co., Inc.\* | 395221 |
|  |  | 4652084 |
| **Textiles, Apparel & Luxury Goods – 2.2%** | **Textiles, Apparel & Luxury Goods – 2.2%** | **Textiles, Apparel & Luxury Goods – 2.2%** |
| 30604 | Capri Holdings Ltd.\* | 1755139 |
| 4126 | Deckers Outdoor Corp.\* | 1645779 |
| 45401 | Tapestry, Inc. | 1714796 |
|  |  | 5115714 |
| **Thrifts & Mortgage Finance – 0.8%** | **Thrifts & Mortgage Finance – 0.8%** | **Thrifts & Mortgage Finance – 0.8%** |
| 94605 | MGIC Investment Corp. | 1298927 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Thrifts & Mortgage Finance – (continued)** | **Thrifts & Mortgage Finance – (continued)** | **Thrifts & Mortgage Finance – (continued)** |
| 22229 | NMI Holdings, Inc., Class A\* | $478590 |
|  |  | 1777517 |
| **Trading Companies & Distributors – 0.4%** | **Trading Companies & Distributors – 0.4%** | **Trading Companies & Distributors – 0.4%** |
| 7983 | WESCO International, Inc.\* | 1029168 |
| **TOTAL COMMON STOCKS**<br> **(Cost $209,142,969)** | **TOTAL COMMON STOCKS**<br> **(Cost $209,142,969)** | $227650537 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.3%<sup>(b)</sup>** | **Investment Company – 1.3%<sup>(b)</sup>** | **Investment Company – 1.3%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares, 01/01/30 |
| 2956747 | 3.727% | $2956747 |
| **(Cost $2,956,747)** | **(Cost $2,956,747)** | **(Cost $2,956,747)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $212,099,716)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $212,099,716)** | $230607284 |
| **Securities Lending Reinvestment Vehicle – 0.8%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.8%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.8%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 1950192 | 3.727% | $1950192 |
| **(Cost $1,950,192)** | **(Cost $1,950,192)** | **(Cost $1,950,192)** |
| **TOTAL INVESTMENTS – 100.4%**<br> **(Cost $214,049,908)** | **TOTAL INVESTMENTS – 100.4%**<br> **(Cost $214,049,908)** | $232557476 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.4)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.4)%** | (886318) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $231671158 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

---

------

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

*November 30, 2022 (Unaudited)* 

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

*November 30, 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. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-today 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 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. GSAM, consistent with its procedures and applicable regulatory guidance,

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

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, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **EQUITY INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2470791 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 21507914 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 399875545 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 5569656 |  |  |
|  Investment Company | 3489919 |  |  |
| **Total** | $432913825 | $— | $— |
| **FOCUSED VALUE FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $46082345 | $— | $— |
|  Investment Company | 199449 |  |  |
| **Total** | $46281794 | $— | $— |
| **LARGE CAP VALUE FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $12831998 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 465554549 |  |  |
|  Investment Company | 775585 |  |  |
| **Total** | $479162132 | $— | $— |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **MID CAP VALUE FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $14049384 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1184590233 |  |  |
|  Investment Company | 15100884 |  |  |
| **Total** | $1213740501 | $— | $— |
| **SMALL CAP VALUE FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $13817130 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 14782495 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 19382141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3188825055 |  |  |
|  Investment Company | 13446050 |  |  |
|  Exchange-Traded Fund | 17039597 |  |  |
|  Securities Lending Reinvestment Vehicle | 6231115 |  |  |
| **Total** | $3273523583 | $— | $— |
| **SMALL/MID CAP VALUE FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $2055388 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 225595149 |  |  |
|  Investment Company | 2956747 |  |  |
|  Securities Lending Reinvestment Vehicle | 1950192 |  |  |
| **Total** | $232557476 | $— | $— |

---

(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

*November 30, 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. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable. Each of the Funds and BNYM received compensation relating to the lending of the Funds' securities.

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

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

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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 sanctions, 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. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**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 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000009320

- **c. LEI of Series:** CGU1WQFB5I5FV2XSTG35

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1217958813.27

**Total Liabilities:** $2251200.85

**Net Assets:** $1215707612.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159657 | -8.59%               | 9.22%                | 6.00%                |
| Class ID C000055752 | -8.63%               | 9.13%                | 5.97%                |
| Class ID C000025487 | -8.66%               | 9.12%                | 5.90%                |
| Class ID C000025484 | -8.61%               | 9.14%                | 5.99%                |
| Class ID C000025483 | -8.59%               | 9.21%                | 6.02%                |
| Class ID C000201806 | -8.59%               | 9.22%                | 6.00%                |
| Class ID C000055751 | -8.59%               | 9.18%                | 6.02%                |
| Class ID C000025485 | -8.62%               | 9.16%                | 5.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90079.19                | $-100466997.60                             |
| Month 2  | $5017340.29              | $91476188.85                               |
| Month 3  | $-2173843.57             | $69678193.69                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Devon Energy Corp                              | Devon Energy Corp                              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    212965 | NS      | $14592361.80  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                  | Old Dominion Freight Line Inc                  | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     49594 | NS      | $15007640.34  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                   | Citizens Financial Group Inc                   | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    147553 | NS      | $6253296.14   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                | Xcel Energy Inc                                | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    263769 | NS      | $18521859.18  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                                    | Markel Corp                                    | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      3544 | NS      | $4695232.96   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                             | Cooper Cos Inc/The                             | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     54774 | NS      | $17327754.90  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc                  | Principal Financial Group Inc                  | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |    188683 | NS      | $16921091.44  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                              | Expedia Group Inc                              | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78545 | NS      | $8391747.80   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                    | Raymond James Financial Inc                    | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    118794 | NS      | $13887018.60  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    101462 | NS      | $13585761.80  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                                    | Ashland Inc                                    | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    151244 | NS      | $16919666.28  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                     | Biogen Inc                                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     25621 | NS      | $7818760.57   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                         | First Republic Bank/CA                         | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |     79716 | NS      | $10172558.76  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    114335 | NS      | $5889395.85   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                             | RH                                             | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |     24399 | NS      | $6998365.17   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                    | Ameren Corp                                    | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    246025 | NS      | $21974953.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners                 | Coca-Cola Europacific Partners PLC             | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |    193450 | NS      | $10270260.50  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalent Inc                                   | Catalent Inc                                   | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142138 | NS      | $7125377.94   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                    | Cummins Inc                                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     94824 | NS      | $23815995.84  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                          | Quest Diagnostics Inc                          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     47422 | NS      | $7200082.26   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace Inc                                  | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189431 | NS      | $7340451.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                                      | Ball Corp                                      | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    380587 | NS      | $21343318.96  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                             | PPG Industries Inc                             | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     74197 | NS      | $10032918.34  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                    | Jack Henry & Associates Inc                    | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     50199 | NS      | $9505180.65   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc                   | National Vision Holdings Inc                   | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |    185902 | NS      | $7521594.92   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                     | Stanley Black & Decker Inc                     | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    172260 | NS      | $14077087.20  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                  | Live Nation Entertainment Inc                  | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    126194 | NS      | $9181875.44   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                        | ITT Inc                                        | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |    235882 | NS      | $19936746.64  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                            | Viavi Solutions Inc                            | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |   1577644 | NS      | $17874706.52  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                            | Electronic Arts Inc                            | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     95837 | NS      | $12533562.86  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                          | Burlington Stores Inc                          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     77150 | NS      | $15096712.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                         | AmerisourceBergen Corp                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     79883 | NS      | $13635229.27  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                      | Keysight Technologies Inc                      | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     55855 | NS      | $10103610.95  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     63619 | NS      | $9096880.81   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                          | East West Bancorp Inc                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227254 | NS      | $15955503.34  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                     | Nasdaq Inc                                     | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    240858 | NS      | $16489138.68  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                            | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    253303 | NS      | $8662962.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp                         | Chesapeake Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    129302 | NS      | $13382757.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     38184 | NS      | $8414989.92   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                           | Deckers Outdoor Corp                           | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     15845 | NS      | $6320253.60   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                            | TransDigm Group Inc                            | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12813 | NS      | $8052970.50   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                          | ON Semiconductor Corp                          | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    126813 | NS      | $9536337.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                        | Rockwell Automation Inc                        | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     62201 | NS      | $16434748.22  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                                | Yum! Brands Inc                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     64107 | NS      | $8248006.62   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I                 | West Pharmaceutical Services Inc               | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     38383 | NS      | $9006954.78   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc                          | Bill.com Holdings Inc                          | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     49715 | NS      | $5986680.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                                   | AES Corp/The                                   | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    638762 | NS      | $18472997.04  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  17145348 | NS      | $17145348.22  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                    | BioMarin Pharmaceutical Inc                    | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     49169 | NS      | $4965085.62   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                      | L3Harris Technologies Inc                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     58056 | NS      | $13183356.48  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                   | Apollo Global Management Inc                   | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97743 | NS      | $6782386.77   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O                 | American Financial Group Inc/OH                | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     48208 | NS      | $6856141.76   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                         | Arch Capital Group Ltd                         | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    220924 | NS      | $13235556.84  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In                 | Pinnacle Financial Partners Inc                | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |    112363 | NS      | $9426132.07   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                     | Zimmer Biomet Holdings Inc                     | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    187207 | NS      | $22483560.70  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                           | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227291 | NS      | $7416505.33   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                 | Globe Life Inc                                 | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |    108412 | NS      | $13005103.52  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                         | Trane Technologies PLC                         | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     63500 | NS      | $11329670.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                       | MSCI Inc                                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     14530 | NS      | $7378769.90   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    182892 | NS      | $12283026.72  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                           | WEC Energy Group Inc                           | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    175452 | NS      | $17394311.28  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    211942 | NS      | $18053219.56  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                   | United Airlines Holdings Inc                   | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    141133 | NS      | $6233844.61   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                             | Capri Holdings Ltd                             | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | GB        |    143466 | NS      | $8227775.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                                   | Centene Corp                                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     68978 | NS      | $6004534.90   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                           | Freeport-McMoRan Inc                           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    221322 | NS      | $8808615.60   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                     | Unum Group                                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    117067 | NS      | $4937886.06   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                           | Regency Centers Corp                           | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    129292 | NS      | $8588867.56   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                      | Argenx SE                                      | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      9496 | NS      | $3779123.12   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc                         | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    100802 | NS      | $27438304.40  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                     | Americold Realty Trust Inc                     | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    255729 | NS      | $7633510.65   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                          | Carlyle Group Inc/The                          | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    259000 | NS      | $8073030.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |    223849 | NS      | $23264626.57  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc                            | MKS Instruments Inc                            | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    103811 | NS      | $8705590.46   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    202404 | NS      | $9417858.12   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                                | Foot Locker Inc                                | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |    171316 | NS      | $6818376.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                    | Lennar Corp                                    | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    169625 | NS      | $14898163.75  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                 | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    152473 | NS      | $23726323.53  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                      | Performance Food Group Co                      | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |    196179 | NS      | $11962995.42  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Partners LP                     | NextEra Energy Partners LP                     | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |     75474 | NS      | $6074902.26   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                       | Saia Inc                                       | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     30025 | NS      | $7313789.75   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    217082 | NS      | $6623171.82   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                                   | Woodward Inc                                   | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |    158715 | NS      | $15204897.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp                              | Marathon Oil Corp                              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |    440514 | NS      | $13492943.82  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                      | Aptiv PLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     52671 | NS      | $5618415.57   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                   | Allegion plc                                   | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     86598 | NS      | $9841862.70   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                                   | Fortive Corp                                   | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    223321 | NS      | $15085333.55  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                                 | Utz Brands Inc                                 | CUSIP: 918090101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    436133 | NS      | $8312694.98   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                       | Etsy Inc                                       | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     72971 | NS      | $9638739.39   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52139 | NS      | $8378215.91   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                        | Arthur J Gallagher & Co                        | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     66389 | NS      | $13218713.79  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                | CMS Energy Corp                                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    300529 | NS      | $18353306.03  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                             | Domino's Pizza Inc                             | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     21357 | NS      | $8302106.61   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                  | Martin Marietta Materials Inc                  | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     68280 | NS      | $25023254.40  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                            | Cheniere Energy Inc                            | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     49762 | NS      | $8726264.32   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                      | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     92441 | NS      | $16167930.90  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In                 | Equity LifeStyle Properties Inc                | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    126425 | NS      | $8397148.50   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                           | Juniper Networks Inc                           | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |    208815 | NS      | $6941010.60   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                    | American Water Works Co Inc                    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     51618 | NS      | $7833547.68   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                     | AMETEK Inc                                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    105879 | NS      | $15079287.18  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                  | M&T Bank Corp                                  | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     89467 | NS      | $15211179.34  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                            | Global Payments Inc                            | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     88136 | NS      | $9146754.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                       | EastGroup Properties Inc                       | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     55755 | NS      | $8655406.20   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp                    | Grocery Outlet Holding Corp                    | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    332776 | NS      | $10073129.52  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer