# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-012565
**Filing Date:** 2023-1
**Character Count:** 159952
**Document Hash:** afe9039219569b9cd63c84df20ff98e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012565.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012565

**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:** 23551970

**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 Small Cap Growth Fund (Series ID: S000061413)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198881 | Class A Shares       | GSBDX           |
| C000198882 | Class C Shares       | GSBAX           |
| C000198883 | Institutional Shares | GSAJX           |
| C000198884 | Investor Shares      | GSAHX           |
| C000198885 | Class R Shares       | GSANX           |
| C000198886 | Class R6 Shares      | GSBEX           |
| C000205965 | Class P Shares       | GSADX           |

## Nport-Ex

GOLDMAN SACHS CONCENTRATED GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.7%** | **Common Stocks – 99.7%** | **Common Stocks – 99.7%** |
| **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** |
| 9949 | Boeing Co. (The)\* | $1779677 |
| **Auto Components – 2.1%** | **Auto Components – 2.1%** | **Auto Components – 2.1%** |
| 27109 | Aptiv PLC\* | 2891717 |
| **Biotechnology – 5.2%** | **Biotechnology – 5.2%** | **Biotechnology – 5.2%** |
| 5492 | Argenx SE ADR (Netherlands)\* | 2185651 |
| 19060 | BioMarin Pharmaceutical, Inc.\* | 1924679 |
| 11803 | Sarepta Therapeutics, Inc.\* | 1449526 |
| 13841 | Seagen, Inc.\* | 1680159 |
|  |  | 7240015 |
| **Chemicals – 4.6%** | **Chemicals – 4.6%** | **Chemicals – 4.6%** |
| 7176 | Linde PLC (United Kingdom) | 2414580 |
| 15943 | Sherwin-Williams Co. (The) | 3972677 |
|  |  | 6387257 |
| **Equity Real Estate Investment Trusts (REITs) – 2.3%** | **Equity Real Estate Investment Trusts (REITs) – 2.3%** | **Equity Real Estate Investment Trusts (REITs) – 2.3%** |
| 14219 | American Tower Corp. REIT | 3145954 |
| **Food Products – 2.6%** | **Food Products – 2.6%** | **Food Products – 2.6%** |
| 42757 | McCormick & Co., Inc. | 3642041 |
| **Health Care Equipment & Supplies – 5.9%** | **Health Care Equipment & Supplies – 5.9%** | **Health Care Equipment & Supplies – 5.9%** |
| 82133 | Boston Scientific Corp.\* | 3718161 |
| 7181 | Insulet Corp.\* | 2149776 |
| 8890 | Intuitive Surgical, Inc.\* | 2403767 |
|  |  | 8271704 |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| 5033 | Humana, Inc. | 2767647 |
| **Health Care Technology – 1.2%** | **Health Care Technology – 1.2%** | **Health Care Technology – 1.2%** |
| 8684 | Veeva Systems, Inc., Class A\* | 1653086 |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| 10947 | McDonald's Corp. | 2986232 |
| **Household Products – 2.0%** | **Household Products – 2.0%** | **Household Products – 2.0%** |
| 19195 | Procter & Gamble Co. (The) | 2863126 |
| **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** |
| 39349 | Alphabet, Inc., Class A\* | 3973856 |
| 29752 | Alphabet, Inc., Class C\* | 3018340 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Interactive Media & Services – (continued)** | **Interactive Media & Services – (continued)** | **Interactive Media & Services – (continued)** |
| 143848 | Snap, Inc., Class A\* | $1483073 |
|  |  | 8475269 |
| **Internet & Direct Marketing Retail – 6.2%** | **Internet & Direct Marketing Retail – 6.2%** | **Internet & Direct Marketing Retail – 6.2%** |
| 70898 | Amazon.com, Inc.\* | 6844493 |
| 13275 | Etsy, Inc.\* | 1753495 |
|  |  | 8597988 |
| **IT Services – 8.7%** | **IT Services – 8.7%** | **IT Services – 8.7%** |
| 11992 | Accenture PLC, Class A | 3608753 |
| 15048 | Mastercard, Inc., Class A | 5363107 |
| 21708 | PayPal Holdings, Inc.\* | 1702124 |
| 10483 | Snowflake, Inc., Class A\* | 1498021 |
|  |  | 12172005 |
| **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** |
| 8771 | Danaher Corp. | 2398079 |
| **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** |
| 12643 | Eli Lilly & Co. | 4691564 |
| **Road & Rail – 1.6%** | **Road & Rail – 1.6%** | **Road & Rail – 1.6%** |
| 7327 | Old Dominion Freight Line, Inc. | 2217224 |
| **Semiconductors & Semiconductor Equipment – 8.8%** | **Semiconductors & Semiconductor Equipment – 8.8%** | **Semiconductors & Semiconductor Equipment – 8.8%** |
| 6637 | KLA Corp. | 2609337 |
| 65379 | Marvell Technology, Inc. | 3041431 |
| 39504 | NVIDIA Corp. | 6685262 |
|  |  | 12336030 |
| **Software – 14.0%** | **Software – 14.0%** | **Software – 14.0%** |
| 7633 | Atlassian Corp., Class A\* | 1004121 |
| 11506 | Bill.com Holdings, Inc.\* | 1385553 |
| 56378 | Microsoft Corp. | 14384283 |
| 17652 | Salesforce, Inc.\* | 2828733 |
|  |  | 19602690 |
| **Specialty Retail – 3.1%** | **Specialty Retail – 3.1%** | **Specialty Retail – 3.1%** |
| 4823 | RH\* | 1383381 |
| 25474 | Ross Stores, Inc. | 2997526 |
|  |  | 4380907 |
| **Technology Hardware, Storage & Peripherals – 10.4%** | **Technology Hardware, Storage & Peripherals – 10.4%** | **Technology Hardware, Storage & Peripherals – 10.4%** |
| 97814 | Apple, Inc. | 14479406 |

---

------

GOLDMAN SACHS CONCENTRATED GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – 4.4%** | **Textiles, Apparel & Luxury Goods – 4.4%** | **Textiles, Apparel & Luxury Goods – 4.4%** |
| 7044 | Lululemon Athletica, Inc.\* | $2678904 |
| 31311 | NIKE, Inc., Class B | 3434503 |
|  |  | 6113407 |
| **TOTAL COMMON STOCKS<br>(Cost $88,402,062)** | **TOTAL COMMON STOCKS<br>(Cost $88,402,062)** | $139093025 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 0.6%<sup>(a)</sup>** | **Investment Company – 0.6%<sup>(a)</sup>** | **Investment Company – 0.6%<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 |
| 851360 | 3.727% | $851360 |
| **(Cost $851,360)** | **(Cost $851,360)** |  |
| **TOTAL INVESTMENTS – 100.3%<br>(Cost $89,253,422)** | **TOTAL INVESTMENTS – 100.3%<br>(Cost $89,253,422)** | $139944385 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (0.3)%** | (364114) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $139580271 |

---

---

| | |
|:---|:---|
| 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 FLEXIBLE CAP 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 – 1.4%** | **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** |
| 2029 | Boeing Co. (The)\* | $362948 |
| 450 | L3Harris Technologies, Inc. | 102186 |
| 2074 | Woodward, Inc. | 198689 |
|  |  | 663823 |
| **Auto Components – 0.6%** | **Auto Components – 0.6%** | **Auto Components – 0.6%** |
| 2426 | Aptiv PLC\* | 258781 |
| **Automobiles – 1.0%** | **Automobiles – 1.0%** | **Automobiles – 1.0%** |
| 2251 | Tesla, Inc.\* | 438270 |
| **Banks – 4.4%** | **Banks – 4.4%** | **Banks – 4.4%** |
| 15183 | Bank of America Corp. | 574677 |
| 5050 | Citizens Financial Group, Inc. | 214019 |
| 3268 | East West Bancorp, Inc. | 229446 |
| 5585 | JPMorgan Chase & Co. | 771735 |
| 2539 | Pinnacle Financial Partners, Inc. | 212997 |
|  |  | 2002874 |
| **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
| 1408 | Coca-Cola Co. (The) | 89563 |
| 4327 | Coca-Cola Europacific Partners PLC (United Kingdom) | 229720 |
| 1057 | Constellation Brands, Inc., Class A | 272019 |
|  |  | 591302 |
| **Biotechnology – 2.8%** | **Biotechnology – 2.8%** | **Biotechnology – 2.8%** |
| 608 | AbbVie, Inc. | 97997 |
| 927 | Biogen, Inc.\* | 282893 |
| 2322 | BioMarin Pharmaceutical, Inc.\* | 234475 |
| 4790 | Gilead Sciences, Inc. | 420706 |
| 2081 | Neurocrine Biosciences, Inc.\* | 264412 |
|  |  | 1300483 |
| **Building Products – 1.2%** | **Building Products – 1.2%** | **Building Products – 1.2%** |
| 2249 | Allegion PLC | 255599 |
| 1569 | Trane Technologies PLC | 279941 |
|  |  | 535540 |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| 915 | Ameriprise Financial, Inc. | 303734 |
| 4903 | Charles Schwab Corp. (The) | 404694 |
| 4142 | Morgan Stanley | 385496 |
| 572 | MSCI, Inc. | 290479 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** |  |
| 512 | S&P Global, Inc. | $180633 |
|  |  | 1565036 |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| 1345 | Linde PLC (United Kingdom) | 452565 |
| 1182 | Sherwin-Williams Co. (The) | 294531 |
|  |  | 747096 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| 10545 | Cisco Systems, Inc. | 524297 |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| 2236 | American Express Co. | 352371 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| 1452 | Berkshire Hathaway, Inc., Class B\* | 462607 |
| **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** |
| 19159 | AT&T, Inc. | 369385 |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| 2987 | NextEra Energy, Inc. | 252999 |
| 3904 | Xcel Energy, Inc. | 274139 |
|  |  | 527138 |
| **Electrical Equipment – 1.0%** | **Electrical Equipment – 1.0%** | **Electrical Equipment – 1.0%** |
| 1278 | Eaton Corp. PLC | 208889 |
| 990 | Rockwell Automation, Inc. | 261578 |
|  |  | 470467 |
| **Entertainment – 1.6%** | **Entertainment – 1.6%** | **Entertainment – 1.6%** |
| 1980 | Electronic Arts, Inc. | 258945 |
| 3121 | Live Nation Entertainment, Inc.\* | 227084 |
| 436 | Walt Disney Co. (The)\* | 42671 |
| 18668 | Warner Bros Discovery, Inc.\* | 212815 |
|  |  | 741515 |
| **Equity Real Estate Investment Trusts (REITs) – 3.3%** | **Equity Real Estate Investment Trusts (REITs) – 3.3%** | **Equity Real Estate Investment Trusts (REITs) – 3.3%** |
| 1381 | AvalonBay Communities, Inc. REIT | 241537 |
| 3445 | Equity LifeStyle Properties, Inc. REIT | 228817 |
| 1154 | Essex Property Trust, Inc. REIT | 254318 |
| 962 | Public Storage REIT | 286638 |
| 3601 | Regency Centers Corp. REIT | 239214 |
| 5973 | Ventas, Inc. REIT | 277924 |
|  |  | 1528448 |

---

------

GOLDMAN SACHS FLEXIBLE CAP FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food & Staples Retailing – 1.4%** | **Food & Staples Retailing – 1.4%** | **Food & Staples Retailing – 1.4%** |
| 1951 | Performance Food Group Co.\* | $118972 |
| 3400 | Walmart, Inc. | 518228 |
|  |  | 637200 |
| **Food Products – 1.9%** | **Food Products – 1.9%** | **Food Products – 1.9%** |
| 6743 | Kraft Heinz Co. (The) | 265337 |
| 2980 | McCormick & Co., Inc. | 253836 |
| 5262 | Mondelez International, Inc., Class A | 355764 |
|  |  | 874937 |
| **Health Care Equipment & Supplies – 0.6%** | **Health Care Equipment & Supplies – 0.6%** | **Health Care Equipment & Supplies – 0.6%** |
| 2294 | Zimmer Biomet Holdings, Inc. | 275509 |
| **Health Care Providers & Services – 5.3%** | **Health Care Providers & Services – 5.3%** | **Health Care Providers & Services – 5.3%** |
| 1587 | AmerisourceBergen Corp. | 270885 |
| 3245 | Centene Corp.\* | 282477 |
| 3932 | CVS Health Corp. | 400592 |
| 578 | Humana, Inc. | 317842 |
| 1734 | Quest Diagnostics, Inc. | 263273 |
| 1611 | UnitedHealth Group, Inc. | 882442 |
|  |  | 2417511 |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| 979 | Veeva Systems, Inc., Class A\* | 186362 |
| **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** |
| 2373 | Expedia Group, Inc.\* | 253532 |
| 1849 | McDonald's Corp. | 504389 |
| 3432 | Wyndham Hotels & Resorts, Inc. | 251634 |
| 2152 | Yum! Brands, Inc. | 276876 |
|  |  | 1286431 |
| **Household Durables – 0.5%** | **Household Durables – 0.5%** | **Household Durables – 0.5%** |
| 2879 | Lennar Corp., Class A | 252863 |
| **Household Products – 1.1%** | **Household Products – 1.1%** | **Household Products – 1.1%** |
| 3918 | Colgate-Palmolive Co. | 303567 |
| 1444 | Procter & Gamble Co. (The) | 215387 |
|  |  | 518954 |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| 4055 | General Electric Co. | 348608 |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| 4384 | Arch Capital Group Ltd.\* | 262646 |
| 1562 | Chubb Ltd. | 343000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 1992 | Globe Life, Inc. | $238960 |
| 2943 | Principal Financial Group, Inc. | 263928 |
|  |  | 1108534 |
| **Interactive Media & Services – 3.5%** | **Interactive Media & Services – 3.5%** | **Interactive Media & Services – 3.5%** |
| 5215 | Alphabet, Inc., Class A\* | 526663 |
| 7198 | Alphabet, Inc., Class C\* | 730237 |
| 2886 | Meta Platforms, Inc., Class A\* | 340837 |
|  |  | 1597737 |
| **Internet & Direct Marketing Retail – 2.2%** | **Internet & Direct Marketing Retail – 2.2%** | **Internet & Direct Marketing Retail – 2.2%** |
| 8896 | Amazon.com, Inc.\* | 858820 |
| 1052 | Etsy, Inc.\* | 138959 |
|  |  | 997779 |
| **IT Services – 4.3%** | **IT Services – 4.3%** | **IT Services – 4.3%** |
| 1623 | Accenture PLC, Class A | 488409 |
| 4229 | Fidelity National Information Services, Inc. | 306941 |
| 414 | Mastercard, Inc., Class A | 147550 |
| 4017 | PayPal Holdings, Inc.\* | 314973 |
| 3232 | Visa, Inc., Class A | 701344 |
|  |  | 1959217 |
| **Life Sciences Tools & Services – 2.1%** | **Life Sciences Tools & Services – 2.1%** | **Life Sciences Tools & Services – 2.1%** |
| 9983 | Avantor, Inc.\* | 222421 |
| 1679 | Danaher Corp. | 459055 |
| 187 | Mettler-Toledo International, Inc.\* | 274808 |
|  |  | 956284 |
| **Machinery – 2.2%** | **Machinery – 2.2%** | **Machinery – 2.2%** |
| 1060 | Cummins, Inc. | 266230 |
| 3744 | Fortive Corp. | 252907 |
| 1205 | Illinois Tool Works, Inc. | 274101 |
| 2618 | ITT, Inc. | 221274 |
|  |  | 1014512 |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| 5694 | Comcast Corp., Class A | 208628 |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| 8829 | Freeport-McMoRan, Inc. | 351394 |
| 2846 | Steel Dynamics, Inc. | 295785 |
|  |  | 647179 |

---

------

GOLDMAN SACHS FLEXIBLE CAP FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Multiline Retail – 0.7%** | **Multiline Retail – 0.7%** | **Multiline Retail – 0.7%** |
| 1796 | Target Corp. | $300058 |
| **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** |
| 4022 | CMS Energy Corp. | 245623 |
| 2784 | WEC Energy Group, Inc. | 276006 |
|  |  | 521629 |
| **Oil, Gas & Consumable Fuels – 5.2%** | **Oil, Gas & Consumable Fuels – 5.2%** | **Oil, Gas & Consumable Fuels – 5.2%** |
| 2117 | Chesapeake Energy Corp. | 219109 |
| 1012 | Chevron Corp. | 185510 |
| 3369 | ConocoPhillips | 416105 |
| 4107 | Devon Energy Corp. | 281412 |
| 763 | EOG Resources, Inc. | 108292 |
| 7515 | Exxon Mobil Corp. | 836720 |
| 10236 | Marathon Oil Corp. | 313529 |
|  |  | 2360677 |
| **Pharmaceuticals – 3.7%** | **Pharmaceuticals – 3.7%** | **Pharmaceuticals – 3.7%** |
| 3556 | AstraZeneca PLC ADR (United Kingdom) | 241701 |
| 5860 | Bristol-Myers Squibb Co. | 470441 |
| 1568 | Eli Lilly & Co. | 581854 |
| 1906 | Johnson & Johnson | 339268 |
| 403 | Merck & Co., Inc. | 44378 |
|  |  | 1677642 |
| **Professional Services – 1.2%** | **Professional Services – 1.2%** | **Professional Services – 1.2%** |
| 2271 | Booz Allen Hamilton Holding Corp. | 241635 |
| 619 | CoStar Group, Inc.\* | 50164 |
| 1461 | Verisk Analytics, Inc. | 268400 |
|  |  | 560199 |
| **Road & Rail – 1.6%** | **Road & Rail – 1.6%** | **Road & Rail – 1.6%** |
| 4361 | Knight-Swift Transportation Holdings, Inc. | 241730 |
| 887 | Old Dominion Freight Line, Inc. | 268415 |
| 914 | Saia, Inc.\* | 222642 |
|  |  | 732787 |
| **Semiconductors & Semiconductor Equipment – 3.9%** | **Semiconductors & Semiconductor Equipment – 3.9%** | **Semiconductors & Semiconductor Equipment – 3.9%** |
| 807 | KLA Corp. | 317272 |
| 5113 | Marvell Technology, Inc. | 237857 |
| 1468 | MKS Instruments, Inc. | 123107 |
| 4754 | NVIDIA Corp. | 804519 |
| 4012 | ON Semiconductor Corp.\* | 301702 |
|  |  | 1784457 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – 9.3%** | **Software – 9.3%** | **Software – 9.3%** |
| 572 | Adobe, Inc.\* | $197300 |
| 1759 | Cadence Design Systems, Inc.\* | 302618 |
| 6135 | Dynatrace, Inc.\* | 237731 |
| 10871 | Microsoft Corp. | 2773627 |
| 1403 | Palo Alto Networks, Inc.\* | 238370 |
| 2745 | Salesforce, Inc.\* | 439886 |
| 115 | ServiceNow, Inc.\* | 47875 |
|  |  | 4237407 |
| **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** | **Specialty Retail – 1.3%** |
| 498 | Home Depot, Inc. (The) | 161347 |
| 1652 | Ross Stores, Inc. | 194391 |
| 535 | Ulta Beauty, Inc.\* | 248689 |
|  |  | 604427 |
| **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** |
| 18215 | Apple, Inc. | 2696366 |
| 5303 | Dell Technologies, Inc., Class C | 237521 |
| 3286 | NetApp, Inc. | 222167 |
|  |  | 3156054 |
| **Textiles, Apparel & Luxury Goods – 1.5%** | **Textiles, Apparel & Luxury Goods – 1.5%** | **Textiles, Apparel & Luxury Goods – 1.5%** |
| 4689 | Capri Holdings Ltd.\* | 268914 |
| 3777 | NIKE, Inc., Class B | 414299 |
|  |  | 683213 |
| **TOTAL COMMON STOCKS<br>(Cost $36,223,890)** | **TOTAL COMMON STOCKS<br>(Cost $36,223,890)** | $44986228 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.8%<sup>(a)</sup>** | **Investment Company – 1.8%<sup>(a)</sup>** | **Investment Company – 1.8%<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 |
| 802844 | 3.727% | $802844 |
| **(Cost $802,844)** | **(Cost $802,844)** |  |
| **TOTAL INVESTMENTS – 100.0%<br>(Cost $37,026,734)** | **TOTAL INVESTMENTS – 100.0%<br>(Cost $37,026,734)** | $45789072 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.0%** | 7999 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $45797071 |

---

---

| | |
|:---|:---|
| 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. |

---

------

GOLDMAN SACHS FLEXIBLE CAP FUND

*November 30, 2022 (Unaudited)* 

---

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

---

------

GOLDMAN SACHS LARGE CAP CORE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.9%** | **Common Stocks – 97.9%** | **Common Stocks – 97.9%** |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| 56194 | Boeing Co. (The)\* | $10051983 |
| 21753 | L3Harris Technologies, Inc. | 4939671 |
| 4467 | TransDigm Group, Inc. | 2807509 |
|  |  | 17799163 |
| **Air Freight & Logistics – 0.4%** | **Air Freight & Logistics – 0.4%** | **Air Freight & Logistics – 0.4%** |
| 23535 | United Parcel Service, Inc., Class B | 4465296 |
| **Airlines – 0.1%** | **Airlines – 0.1%** | **Airlines – 0.1%** |
| 37505 | United Airlines Holdings, Inc.\* | 1656596 |
| **Auto Components – 0.7%** | **Auto Components – 0.7%** | **Auto Components – 0.7%** |
| 76056 | Aptiv PLC\* | 8112894 |
| **Automobiles – 1.7%** | **Automobiles – 1.7%** | **Automobiles – 1.7%** |
| 301087 | General Motors Co. | 12212089 |
| 34886 | Tesla, Inc.\* | 6792304 |
|  |  | 19004393 |
| **Banks – 4.4%** | **Banks – 4.4%** | **Banks – 4.4%** |
| 429205 | Bank of America Corp. | 16245409 |
| 65004 | First Republic Bank | 8295160 |
| 144909 | JPMorgan Chase & Co. | 20023526 |
| 16355 | M&T Bank Corp. | 2780677 |
| 16306 | PNC Financial Services Group, Inc. (The) | 2743648 |
|  |  | 50088420 |
| **Beverages – 1.3%** | **Beverages – 1.3%** |  |
| 54839 | Coca-Cola Europacific Partners PLC (United Kingdom) | 2911402 |
| 26466 | Constellation Brands, Inc., Class A | 6811025 |
| 50844 | Monster Beverage Corp.\* | 5229814 |
|  |  | 14952241 |
| **Biotechnology – 2.1%** | **Biotechnology – 2.1%** |  |
| 11200 | Alnylam Pharmaceuticals, Inc.\* | 2470608 |
| 8343 | Argenx SE ADR (Netherlands)\* | 3320264 |
| 10797 | Biogen, Inc.\* | 3294920 |
| 6841 | BioMarin Pharmaceutical, Inc.\* | 690804 |
| 102252 | Gilead Sciences, Inc. | 8980793 |
| 22995 | Neurocrine Biosciences, Inc.\* | 2921745 |
| 14697 | Seagen, Inc.\* | 1784069 |
|  |  | 23463203 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Building Products – 0.6%** | **Building Products – 0.6%** | **Building Products – 0.6%** |
| 39956 | Trane Technologies PLC | $7128950 |
| **Capital Markets – 2.7%** | **Capital Markets – 2.7%** | **Capital Markets – 2.7%** |
| 6015 | BlackRock, Inc. | 4306740 |
| 49123 | Carlyle Group, Inc. (The) | 1531164 |
| 91378 | Charles Schwab Corp. (The) | 7542340 |
| 87462 | Morgan Stanley | 8140089 |
| 4730 | MSCI, Inc. | 2402036 |
| 15812 | Raymond James Financial, Inc. | 1848423 |
| 10399 | S&P Global, Inc. | 3668767 |
| 13031 | Tradeweb Markets, Inc., Class A | 800885 |
|  |  | 30240444 |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| 6499 | Air Products and Chemicals, Inc. | 2015730 |
| 20513 | Ecolab, Inc. | 3073463 |
| 19194 | Linde PLC (United Kingdom) | 6458397 |
| 41709 | Sherwin-Williams Co. (The) | 10393048 |
|  |  | 21940638 |
| **Commercial Services & Supplies – 0.3%** | **Commercial Services & Supplies – 0.3%** | **Commercial Services & Supplies – 0.3%** |
| 27183 | Waste Connections, Inc. | 3927943 |
| **Communications Equipment – 1.3%** | **Communications Equipment – 1.3%** | **Communications Equipment – 1.3%** |
| 249094 | Cisco Systems, Inc. | 12384954 |
| 10426 | Motorola Solutions, Inc. | 2837957 |
|  |  | 15222911 |
| **Construction Materials – 1.0%** | **Construction Materials – 1.0%** | **Construction Materials – 1.0%** |
| 30979 | Martin Marietta Materials, Inc. | 11353184 |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| 52021 | American Express Co. | 8197989 |
| **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
| 126395 | Ball Corp. | 7088232 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| 38776 | Apollo Global Management, Inc. | 2690667 |
| 27071 | Berkshire Hathaway, Inc., Class B\* | 8624820 |
|  |  | 11315487 |
| **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** |
| 538824 | AT&T, Inc. | 10388527 |

---

------

GOLDMAN SACHS LARGE CAP CORE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| 91243 | NextEra Energy, Inc. | $7728282 |
| 49829 | Xcel Energy, Inc. | 3498992 |
|  |  | 11227274 |
| **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** |
| 53328 | Eaton Corp. PLC | 8716462 |
| 57025 | Rockwell Automation, Inc. | 15067145 |
| 36147 | Shoals Technologies Group, Inc., Class A\* | 1047179 |
|  |  | 24830786 |
| **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** |
| 39765 | CDW Corp. | 7501270 |
| 16845 | Keysight Technologies, Inc.\* | 3047092 |
|  |  | 10548362 |
| **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** |
| 144655 | Halliburton Co. | 5480978 |
| **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** |
| 25698 | Electronic Arts, Inc. | 3360784 |
| 58160 | Live Nation Entertainment, Inc.\* | 4231722 |
| 5190 | Netflix, Inc.\* | 1585701 |
| 19476 | Walt Disney Co. (The)\* | 1906116 |
| 247813 | Warner Bros Discovery, Inc.\* | 2825068 |
|  |  | 13909391 |
| **Equity Real Estate Investment Trusts (REITs) – 2.2%** | **Equity Real Estate Investment Trusts (REITs) – 2.2%** | **Equity Real Estate Investment Trusts (REITs) – 2.2%** |
| 28368 | Alexandria Real Estate Equities, Inc. REIT | 4414345 |
| 17854 | American Tower Corp. REIT | 3950198 |
| 44298 | Americold Realty Trust, Inc. REIT | 1322295 |
| 11729 | AvalonBay Communities, Inc. REIT | 2051402 |
| 19663 | Digital Realty Trust, Inc. REIT | 2211301 |
| 2913 | Equinix, Inc. REIT | 2011863 |
| 33500 | Equity LifeStyle Properties, Inc. REIT | 2225070 |
| 26165 | Prologis, Inc. REIT | 3081975 |
| 8169 | Public Storage REIT | 2434035 |
| 10845 | Ryman Hospitality Properties, Inc. REIT | 992643 |
|  |  | 24695127 |
| **Food Products – 1.9%** | **Food Products – 1.9%** | **Food Products – 1.9%** |
| 45155 | Kraft Heinz Co. (The) | 1776849 |
| 148238 | McCormick & Co., Inc. | 12626913 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 107305 | Mondelez International, Inc., Class A | $7254891 |
|  |  | 21658653 |
| **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** | **Health Care Equipment & Supplies – 3.3%** |
| 154819 | Boston Scientific Corp.\* | 7008656 |
| 33504 | Dexcom, Inc.\* | 3895845 |
| 32970 | Edwards Lifesciences Corp.\* | 2546933 |
| 12068 | Insulet Corp.\* | 3612797 |
| 43152 | Intuitive Surgical, Inc.\* | 11667869 |
| 73007 | Zimmer Biomet Holdings, Inc. | 8768141 |
|  |  | 37500241 |
| **Health Care Providers & Services – 4.9%** | **Health Care Providers & Services – 4.9%** | **Health Care Providers & Services – 4.9%** |
| 29327 | AmerisourceBergen Corp. | 5005826 |
| 30465 | Centene Corp.\* | 2651978 |
| 175325 | CVS Health Corp. | 17862111 |
| 15692 | Humana, Inc. | 8629031 |
| 38777 | UnitedHealth Group, Inc. | 21240489 |
|  |  | 55389435 |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| 25527 | Veeva Systems, Inc., Class A\* | 4859320 |
| **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** |
| 25667 | Airbnb, Inc., Class A\* | 2621627 |
| 1527 | Chipotle Mexican Grill, Inc.\* | 2484368 |
| 19077 | Domino's Pizza, Inc. | 7415802 |
| 39574 | McDonald's Corp. | 10795392 |
| 39940 | Wyndham Hotels & Resorts, Inc. | 2928401 |
|  |  | 26245590 |
| **Household Products – 1.6%** | **Household Products – 1.6%** | **Household Products – 1.6%** |
| 48578 | Colgate-Palmolive Co. | 3763823 |
| 93563 | Procter & Gamble Co. (The) | 13955857 |
|  |  | 17719680 |
| **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** | **Industrial Conglomerates – 0.9%** |
| 121153 | General Electric Co. | 10415523 |
| **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** |
| 12554 | Allstate Corp. (The) | 1680981 |
| 41460 | Arch Capital Group Ltd.\* | 2483869 |
| 15692 | Chubb Ltd. | 3445806 |
| 21369 | Globe Life, Inc. | 2563425 |

---

------

GOLDMAN SACHS LARGE CAP CORE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 938 | Markel Corp.\* | $1242700 |
| 20628 | Marsh & McLennan Cos., Inc. | 3572357 |
| 15656 | Progressive Corp. (The) | 2068940 |
|  |  | 17058078 |
| **Interactive Media & Services – 3.8%** | **Interactive Media & Services – 3.8%** | **Interactive Media & Services – 3.8%** |
| 166887 | Alphabet, Inc., Class A\* | 16853918 |
| 161808 | Alphabet, Inc., Class C\* | 16415422 |
| 62260 | Meta Platforms, Inc., Class A\* | 7352906 |
| 199353 | Snap, Inc., Class A\* | 2055329 |
|  |  | 42677575 |
| **Internet & Direct Marketing Retail – 2.7%** | **Internet & Direct Marketing Retail – 2.7%** | **Internet & Direct Marketing Retail – 2.7%** |
| 286948 | Amazon.com, Inc.\* | 27701960 |
| 19974 | Etsy, Inc.\* | 2638366 |
|  |  | 30340326 |
| **IT Services – 4.2%** | **IT Services – 4.2%** | **IT Services – 4.2%** |
| 46371 | Accenture PLC, Class A | 13954425 |
| 26893 | Fidelity National Information Services, Inc. | 1951894 |
| 75261 | International Business Machines Corp. | 11206363 |
| 98680 | PayPal Holdings, Inc.\* | 7737499 |
| 17171 | Snowflake, Inc., Class A\* | 2453736 |
| 49329 | Visa, Inc., Class A | 10704393 |
|  |  | 48008310 |
| **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** |
| 36364 | Danaher Corp. | 9942282 |
| 12103 | Illumina, Inc.\* | 2639422 |
| 31967 | West Pharmaceutical Services, Inc. | 7501376 |
|  |  | 20083080 |
| **Machinery – 2.6%** | **Machinery – 2.6%** | **Machinery – 2.6%** |
| 42776 | Caterpillar, Inc. | 10112674 |
| 2111 | Deere & Co. | 930951 |
| 53909 | Illinois Tool Works, Inc. | 12262680 |
| 74927 | Stanley Black & Decker, Inc. | 6123035 |
|  |  | 29429340 |
| **Media – 0.3%** | **Media – 0.3%** | **Media – 0.3%** |
| 31855 | Comcast Corp., Class A | 1167167 |
| 49645 | New York Times Co. (The), Class A | 1819489 |
|  |  | 2986656 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| 244184 | Freeport-McMoRan, Inc. | $9718523 |
| 43982 | Steel Dynamics, Inc. | 4571049 |
|  |  | 14289572 |
| **Multiline Retail – 1.2%** | **Multiline Retail – 1.2%** | **Multiline Retail – 1.2%** |
| 12665 | Dollar General Corp. | 3238187 |
| 62664 | Target Corp. | 10469275 |
|  |  | 13707462 |
| **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** |
| 52126 | Ameren Corp. | 4655894 |
| 74797 | CMS Energy Corp. | 4567853 |
| 37024 | Dominion Energy, Inc. | 2262537 |
|  |  | 11486284 |
| **Oil, Gas & Consumable Fuels – 4.7%** | **Oil, Gas & Consumable Fuels – 4.7%** | **Oil, Gas & Consumable Fuels – 4.7%** |
| 23076 | Cheniere Energy, Inc. | 4046607 |
| 9908 | Chesapeake Energy Corp. | 1025478 |
| 29464 | Chevron Corp. | 5401046 |
| 24722 | ConocoPhillips | 3053414 |
| 21093 | Devon Energy Corp. | 1445292 |
| 13491 | DT Midstream, Inc. | 813912 |
| 11454 | EOG Resources, Inc. | 1625666 |
| 152758 | Exxon Mobil Corp. | 17008076 |
| 38989 | Hess Corp. | 5610907 |
| 168380 | Marathon Oil Corp. | 5157479 |
| 26549 | Ovintiv, Inc. | 1480372 |
| 16156 | Range Resources Corp. | 466424 |
| 79419 | Targa Resources Corp. | 5907980 |
|  |  | 53042653 |
| **Personal Products – 0.3%** | **Personal Products – 0.3%** | **Personal Products – 0.3%** |
| 12183 | Estee Lauder Cos., Inc. (The), Class A | 2872630 |
| **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** | **Pharmaceuticals – 3.8%** |
| 55843 | AstraZeneca PLC ADR (United Kingdom) | 3795649 |
| 189040 | Bristol-Myers Squibb Co. | 15176131 |
| 98900 | Catalent, Inc.\* | 4957857 |
| 43732 | Eli Lilly & Co. | 16228071 |
| 19965 | Zoetis, Inc. | 3077405 |
|  |  | 43235113 |
| **Professional Services – 0.1%** | **Professional Services – 0.1%** | **Professional Services – 0.1%** |
| 7771 | Verisk Analytics, Inc. | 1427610 |

---

------

GOLDMAN SACHS LARGE CAP CORE FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – 1.2%** | **Road & Rail – 1.2%** | **Road & Rail – 1.2%** |
| 27083 | Norfolk Southern Corp. | $6946789 |
| 12219 | Old Dominion Freight Line, Inc. | 3697592 |
| 92915 | Uber Technologies, Inc.\* | 2707543 |
|  |  | 13351924 |
| **Semiconductors & Semiconductor Equipment – 4.3%** | **Semiconductors & Semiconductor Equipment – 4.3%** | **Semiconductors & Semiconductor Equipment – 4.3%** |
| 8672 | Enphase Energy, Inc.\* | 2780157 |
| 33258 | KLA Corp. | 13075383 |
| 91940 | Marvell Technology, Inc. | 4277049 |
| 30105 | Micron Technology, Inc. | 1735553 |
| 108939 | NVIDIA Corp. | 18435747 |
| 30942 | ON Semiconductor Corp.\* | 2326838 |
| 24014 | Texas Instruments, Inc. | 4333566 |
| 16528 | Wolfspeed, Inc.\* | 1502726 |
|  |  | 48467019 |
| **Software – 7.7%** | **Software – 7.7%** | **Software – 7.7%** |
| 18179 | Adobe, Inc.\* | 6270482 |
| 13041 | Atlassian Corp., Class A\* | 1715544 |
| 17104 | Bill.com Holdings, Inc.\* | 2059664 |
| 50461 | Dynatrace, Inc.\* | 1955364 |
| 5005 | HubSpot, Inc.\* | 1516665 |
| 235874 | Microsoft Corp. | 60180892 |
| 20712 | Palo Alto Networks, Inc.\* | 3518969 |
| 30725 | Salesforce, Inc.\* | 4923681 |
| 6820 | ServiceNow, Inc.\* | 2839166 |
| 15755 | Zscaler, Inc.\* | 2102505 |
|  |  | 87082932 |
| **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** |
| 3377 | Home Depot, Inc. (The) | 1094114 |
| 32601 | RH\* | 9350945 |
| 85215 | Ross Stores, Inc. | 10027249 |
| 12049 | Tractor Supply Co. | 2726809 |
| 6649 | Ulta Beauty, Inc.\* | 3090721 |
|  |  | 26289838 |
| **Technology Hardware, Storage & Peripherals – 5.6%** | **Technology Hardware, Storage & Peripherals – 5.6%** | **Technology Hardware, Storage & Peripherals – 5.6%** |
| 427630 | Apple, Inc. | 63302069 |
| **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** |
| 38361 | Capri Holdings Ltd.\* | 2200003 |
| 8405 | Lululemon Athletica, Inc.\* | 3196506 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |
| 46396 | NIKE, Inc., Class B | $5089177 |
|  |  | 10485686 |
| **TOTAL COMMON STOCKS<br>(Cost $778,099,151)** | **TOTAL COMMON STOCKS<br>(Cost $778,099,151)** | $1110451028 |
| **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 |
| 9421485 | 3.727% | $9421485 |
| **(Cost $9,421,485)** | **(Cost $9,421,485)** | **(Cost $9,421,485)** |
| **TOTAL INVESTMENTS – 98.7%<br>(Cost $787,520,636)** | **TOTAL INVESTMENTS – 98.7%<br>(Cost $787,520,636)** | $1119872513 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.3%** | 14450367 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1134322880 |

---

---

| | |
|:---|:---|
| 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 GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.1%** | **Common Stocks – 97.1%** | **Common Stocks – 97.1%** |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| 97000 | Woodward, Inc. | $9292600 |
| **Auto Components – 1.9%** | **Auto Components – 1.9%** | **Auto Components – 1.9%** |
| 170753 | Aptiv PLC\* | 18214223 |
| **Banks – 1.3%** | **Banks – 1.3%** | **Banks – 1.3%** |
| 95930 | First Republic Bank | 12241627 |
| **Biotechnology – 6.0%** | **Biotechnology – 6.0%** | **Biotechnology – 6.0%** |
| 49756 | Alnylam Pharmaceuticals, Inc.\* | 10975676 |
| 18604 | Argenx SE ADR (Netherlands)\* | 7403834 |
| 29185 | BioMarin Pharmaceutical, Inc.\* | 2947101 |
| 111284 | Neurocrine Biosciences, Inc.\* | 14139745 |
| 99682 | Sarepta Therapeutics, Inc.\* | 12241947 |
| 86651 | Seagen, Inc.\* | 10518565 |
|  |  | 58226868 |
| **Building Products – 2.0%** | **Building Products – 2.0%** | **Building Products – 2.0%** |
| 109108 | Trane Technologies PLC | 19467049 |
| **Capital Markets – 2.6%** | **Capital Markets – 2.6%** | **Capital Markets – 2.6%** |
| 130514 | Ares Management Corp., Class A | 10230992 |
| 21856 | MSCI, Inc. | 11099133 |
| 72113 | Tradeweb Markets, Inc., Class A | 4432065 |
|  |  | 25762190 |
| **Chemicals – 2.7%** | **Chemicals – 2.7%** | **Chemicals – 2.7%** |
| 96926 | Ashland, Inc. | 10843112 |
| 116756 | PPG Industries, Inc. | 15787746 |
|  |  | 26630858 |
| **Construction Materials – 1.6%** | **Construction Materials – 1.6%** | **Construction Materials – 1.6%** |
| 43483 | Martin Marietta Materials, Inc. | 15935650 |
| **Containers & Packaging – 1.8%** | **Containers & Packaging – 1.8%** | **Containers & Packaging – 1.8%** |
| 319153 | Ball Corp. | 17898100 |
| **Electrical Equipment – 4.4%** | **Electrical Equipment – 4.4%** | **Electrical Equipment – 4.4%** |
| 106773 | AMETEK, Inc. | 15206611 |
| 102680 | Rockwell Automation, Inc. | 27130109 |
|  |  | 42336720 |
| **Electronic Equipment, Instruments & Components – 4.0%** | **Electronic Equipment, Instruments & Components – 4.0%** | **Electronic Equipment, Instruments & Components – 4.0%** |
| 189160 | Amphenol Corp., Class A | 15214139 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 129659 | Keysight Technologies, Inc.\* | $23454016 |
|  |  | 38668155 |
| **Entertainment – 1.8%** | **Entertainment – 1.8%** | **Entertainment – 1.8%** |
| 166103 | Live Nation Entertainment, Inc.\* | 12085654 |
| 485314 | Warner Bros Discovery, Inc.\* | 5532580 |
|  |  | 17618234 |
| **Equity Real Estate Investment Trusts (REITs) – 1.3%** | **Equity Real Estate Investment Trusts (REITs) – 1.3%** | **Equity Real Estate Investment Trusts (REITs) – 1.3%** |
| 89418 | Ryman Hospitality Properties, Inc. REIT | 8184429 |
| 13932 | SBA Communications Corp. REIT | 4169848 |
|  |  | 12354277 |
| **Food Products – 3.3%** | **Food Products – 3.3%** | **Food Products – 3.3%** |
| 170501 | McCormick & Co., Inc. | 14523275 |
| 944557 | Utz Brands, Inc. | 18003257 |
|  |  | 32526532 |
| **Health Care Equipment & Supplies – 6.6%** | **Health Care Equipment & Supplies – 6.6%** | **Health Care Equipment & Supplies – 6.6%** |
| 18275 | Align Technology, Inc.\* | 3593961 |
| 233070 | Dexcom, Inc.\* | 27101380 |
| 77380 | Insulet Corp.\* | 23165251 |
| 85152 | Zimmer Biomet Holdings, Inc. | 10226755 |
|  |  | 64087347 |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| 111311 | AmerisourceBergen Corp. | 18999675 |
| **Health Care Technology – 2.2%** | **Health Care Technology – 2.2%** | **Health Care Technology – 2.2%** |
| 112215 | Veeva Systems, Inc., Class A\* | 21361247 |
| **Hotels, Restaurants & Leisure – 3.3%** | **Hotels, Restaurants & Leisure – 3.3%** | **Hotels, Restaurants & Leisure – 3.3%** |
| 36414 | Domino's Pizza, Inc. | 14155214 |
| 171948 | Expedia Group, Inc.\* | 18370925 |
|  |  | 32526139 |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| 476597 | Snap, Inc., Class A\* | 4913715 |
| **Internet & Direct Marketing Retail – 1.6%** | **Internet & Direct Marketing Retail – 1.6%** | **Internet & Direct Marketing Retail – 1.6%** |
| 120356 | Etsy, Inc.\* | 15897824 |
| **Life Sciences Tools & Services – 4.0%** | **Life Sciences Tools & Services – 4.0%** | **Life Sciences Tools & Services – 4.0%** |
| 14604 | Mettler-Toledo International, Inc.\* | 21461454 |

---

------

GOLDMAN SACHS MID CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** |
| 74119 | West Pharmaceutical Services, Inc. | $17392765 |
|  |  | 38854219 |
| **Machinery – 6.2%** | **Machinery – 6.2%** | **Machinery – 6.2%** |
| 92060 | Chart Industries, Inc.\* | 13163659 |
| 69273 | Cummins, Inc. | 17398607 |
| 146893 | Fortive Corp. | 9922622 |
| 127703 | ITT, Inc. | 10793458 |
| 83530 | Xylem, Inc. | 9384595 |
|  |  | 60662941 |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| 190560 | Trade Desk, Inc. (The), Class A\* | 9935798 |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| 321529 | Freeport-McMoRan, Inc. | 12796854 |
| **Oil, Gas & Consumable Fuels – 4.6%** | **Oil, Gas & Consumable Fuels – 4.6%** | **Oil, Gas & Consumable Fuels – 4.6%** |
| 102589 | Cheniere Energy, Inc. | 17990007 |
| 124518 | Devon Energy Corp. | 8531974 |
| 74577 | Hess Corp. | 10732376 |
| 102272 | Targa Resources Corp. | 7608014 |
|  |  | 44862371 |
| **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |
| 220954 | Catalent, Inc.\* | 11076424 |
| **Professional Services – 3.0%** | **Professional Services – 3.0%** | **Professional Services – 3.0%** |
| 169536 | CoStar Group, Inc.\* | 13739197 |
| 81639 | Verisk Analytics, Inc. | 14997901 |
|  |  | 28737098 |
| **Road & Rail – 2.2%** | **Road & Rail – 2.2%** | **Road & Rail – 2.2%** |
| 46000 | Old Dominion Freight Line, Inc. | 13920060 |
| 30673 | Saia, Inc.\* | 7471636 |
|  |  | 21391696 |
| **Semiconductors & Semiconductor Equipment – 4.8%** | **Semiconductors & Semiconductor Equipment – 4.8%** | **Semiconductors & Semiconductor Equipment – 4.8%** |
| 54455 | Enphase Energy, Inc.\* | 17457728 |
| 135709 | Entegris, Inc. | 10488949 |
| 86323 | MKS Instruments, Inc. | 7239047 |
| 156951 | ON Semiconductor Corp.\* | 11802715 |
|  |  | 46988439 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – 10.4%** | **Software – 10.4%** | **Software – 10.4%** |
| 33077 | Atlassian Corp., Class A\* | $4351279 |
| 71902 | Bill.com Holdings, Inc.\* | 8658439 |
| 153019 | Cadence Design Systems, Inc.\* | 26325389 |
| 96305 | Datadog, Inc., Class A\* | 7297993 |
| 300100 | Dynatrace, Inc.\* | 11628875 |
| 35542 | HubSpot, Inc.\* | 10770292 |
| 47549 | Palo Alto Networks, Inc.\* | 8078575 |
| 41411 | Paycom Software, Inc.\* | 14042470 |
| 76808 | Zscaler, Inc.\* | 10250028 |
|  |  | 101403340 |
| **Specialty Retail – 3.9%** | **Specialty Retail – 3.9%** | **Specialty Retail – 3.9%** |
| 98367 | Burlington Stores, Inc.\* | 19248454 |
| 23973 | RH\* | 6876176 |
| 24701 | Ulta Beauty, Inc.\* | 11482013 |
|  |  | 37606643 |
| **Textiles, Apparel & Luxury Goods – 2.7%** | **Textiles, Apparel & Luxury Goods – 2.7%** | **Textiles, Apparel & Luxury Goods – 2.7%** |
| 69426 | Lululemon Athletica, Inc.\* | 26403402 |
| **TOTAL COMMON STOCKS**<br> **(Cost $787,543,096)** | **TOTAL COMMON STOCKS**<br> **(Cost $787,543,096)** | $945678255 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 3.2%<sup>(a)</sup>** | **Investment Company – 3.2%<sup>(a)</sup>** | **Investment Company – 3.2%<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 |
| 31414561 | 3.727% | $31414561 |
| **(Cost $31,414,561)** | **(Cost $31,414,561)** | **(Cost $31,414,561)** |
| **TOTAL INVESTMENTS – 100.3%**<br> **(Cost $818,957,657)** | **TOTAL INVESTMENTS – 100.3%**<br> **(Cost $818,957,657)** | $977092816 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.3)%** | (3258838) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $973833978 |

---

---

| | |
|:---|:---|
| 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 SMALL CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.7%** | **Common Stocks – 98.7%** | **Common Stocks – 98.7%** |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| 9945 | Kratos Defense & Security Solutions, Inc.\* | $94676 |
| 3833 | Maxar Technologies, Inc. | 92759 |
| 5343 | Moog, Inc., Class A | 465001 |
|  |  | 652436 |
| **Biotechnology – 9.2%** | **Biotechnology – 9.2%** | **Biotechnology – 9.2%** |
| 10784 | 2seventy bio, Inc.\* | 168985 |
| 3800 | 4D Molecular Therapeutics, Inc.\* | 91846 |
| 10728 | Agios Pharmaceuticals, Inc.\* | 323342 |
| 6945 | Alkermes PLC\* | 172097 |
| 15774 | Allogene Therapeutics, Inc.\* | 155532 |
| 24311 | Annexon, Inc.\* | 132252 |
| 4095 | Apellis Pharmaceuticals, Inc.\* | 204463 |
| 5982 | Avidity Biosciences, Inc.\* | 69630 |
| 4850 | Beam Therapeutics, Inc.\* | 224022 |
| 5836 | Cytokinetics, Inc.\* | 248030 |
| 5442 | Design Therapeutics, Inc.\* | 76188 |
| 8099 | Halozyme Therapeutics, Inc.\* | 463749 |
| 3801 | Sage Therapeutics, Inc.\* | 155993 |
| 10911 | Sutro Biopharma, Inc.\* | 81723 |
| 2039 | Ultragenyx Pharmaceutical, Inc.\* | 74016 |
| 3480 | Zentalis Pharmaceuticals, Inc.\* | 76978 |
|  |  | 2718846 |
| **Building Products – 2.2%** | **Building Products – 2.2%** | **Building Products – 2.2%** |
| 8153 | AAON, Inc. | 646207 |
| **Capital Markets – 2.6%** | **Capital Markets – 2.6%** | **Capital Markets – 2.6%** |
| 2488 | Hamilton Lane, Inc., Class A | 183813 |
| 3281 | Houlihan Lokey, Inc. | 322686 |
| 3651 | PJT Partners, Inc., Class A | 281164 |
|  |  | 787663 |
| **Chemicals – 4.1%** | **Chemicals – 4.1%** | **Chemicals – 4.1%** |
| 5518 | Ashland, Inc. | 617299 |
| 3356 | Balchem Corp. | 472525 |
| 4692 | Livent Corp.\* | 131329 |
|  |  | 1221153 |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| 1897 | Casella Waste Systems, Inc., Class A\* | 163313 |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| 4470 | Calix, Inc.\* | 318711 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction & Engineering – 1.3%** | **Construction & Engineering – 1.3%** | **Construction & Engineering – 1.3%** |
| 6005 | Ameresco, Inc., Class A\* | $393448 |
| **Diversified Consumer Services – 0.9%** | **Diversified Consumer Services – 0.9%** | **Diversified Consumer Services – 0.9%** |
| 19841 | Udemy, Inc.\* | 281544 |
| **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** |
| 14388 | Shoals Technologies Group, Inc., Class A\* | 416820 |
| **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** |
| 6153 | Badger Meter, Inc. | 712640 |
| 2293 | Novanta, Inc.\* | 361721 |
|  |  | 1074361 |
| **Energy Equipment & Services – 0.8%** | **Energy Equipment & Services – 0.8%** | **Energy Equipment & Services – 0.8%** |
| 4539 | Cactus, Inc., Class A | 246876 |
| **Food Products – 2.5%** | **Food Products – 2.5%** | **Food Products – 2.5%** |
| 15572 | Hostess Brands, Inc.\* | 411101 |
| 22466 | Sovos Brands, Inc.\* | 323286 |
|  |  | 734387 |
| **Health Care Equipment & Supplies – 6.8%** | **Health Care Equipment & Supplies – 6.8%** | **Health Care Equipment & Supplies – 6.8%** |
| 7226 | Axonics, Inc.\* | 494837 |
| 4815 | Inari Medical, Inc.\* | 354288 |
| 2844 | iRhythm Technologies, Inc.\* | 310138 |
| 3104 | Nevro Corp.\* | 144988 |
| 4907 | Omnicell, Inc.\* | 253250 |
| 6112 | Outset Medical, Inc.\* | 128841 |
| 1309 | Shockwave Medical, Inc.\* | 331962 |
|  |  | 2018304 |
| **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** |
| 2476 | Acadia Healthcare Co., Inc.\* | 220512 |
| 23900 | Alignment Healthcare, Inc.\* | 317870 |
| 2717 | National Research Corp. | 105257 |
|  |  | 643639 |
| **Health Care Technology – 2.2%** | **Health Care Technology – 2.2%** | **Health Care Technology – 2.2%** |
| 13049 | Evolent Health, Inc., Class A\* | 375681 |
| 6904 | Simulations Plus, Inc. | 280233 |
|  |  | 655914 |
| **Hotels, Restaurants & Leisure – 5.5%** | **Hotels, Restaurants & Leisure – 5.5%** | **Hotels, Restaurants & Leisure – 5.5%** |
| 15895 | First Watch Restaurant Group, Inc.\* | 249234 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

## Schedule of Investments (continued)
*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)** |
| 13502 | Sweetgreen, Inc., Class A\* | $193484 |
| 3798 | Texas Roadhouse, Inc. | 377217 |
| 3373 | Wingstop, Inc. | 558265 |
| 3297 | Wyndham Hotels & Resorts, Inc. | 241736 |
|  |  | 1619936 |
| **Household Durables – 0.8%** | **Household Durables – 0.8%** | **Household Durables – 0.8%** |
| 1589 | TopBuild Corp.\* | 244833 |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| 3192 | Palomar Holdings, Inc.\* | 200266 |
| **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** | **Internet & Direct Marketing Retail – 0.8%** |
| 5703 | Xometry, Inc., Class A\* | 240838 |
| **IT Services – 2.9%** | **IT Services – 2.9%** | **IT Services – 2.9%** |
| 2595 | ExlService Holdings, Inc.\* | 485784 |
| 16738 | Flywire Corp.\* | 363047 |
|  |  | 848831 |
| **Life Sciences Tools & Services – 2.3%** | **Life Sciences Tools & Services – 2.3%** | **Life Sciences Tools & Services – 2.3%** |
| 4205 | 10X Genomics, Inc., Class A\* | 162565 |
| 4948 | Azenta, Inc. | 297919 |
| 13704 | MaxCyte, Inc.\* | 82087 |
| 11542 | Pacific Biosciences of California, Inc.\* | 124077 |
| 5269 | Rapid Micro Biosystems, Inc., Class A\*<sup>(a)</sup> | 10801 |
|  |  | 677449 |
| **Machinery – 11.6%** | **Machinery – 11.6%** | **Machinery – 11.6%** |
| 2656 | Chart Industries, Inc.\* | 379781 |
| 8834 | Evoqua Water Technologies Corp.\* | 384191 |
| 11423 | Federal Signal Corp. | 555044 |
| 4756 | Franklin Electric Co., Inc. | 396175 |
| 2352 | RBC Bearings, Inc.\* | 557353 |
| 11075 | Shyft Group, Inc. (The) | 271670 |
| 3228 | Timken Co. (The) | 245263 |
| 4218 | Watts Water Technologies, Inc., Class A | 668342 |
|  |  | 3457819 |
| **Media – 0.8%** | **Media – 0.8%** | **Media – 0.8%** |
| 24020 | Integral Ad Science Holding Corp.\* | 238999 |
| **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** | **Multiline Retail – 0.5%** |
| 2545 | Ollie's Bargain Outlet Holdings, Inc.\* | 154991 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – 3.6%** | **Oil, Gas & Consumable Fuels – 3.6%** | **Oil, Gas & Consumable Fuels – 3.6%** |
| 4141 | Callon Petroleum Co.\* | $173591 |
| 3502 | Denbury, Inc.\* | 314339 |
| 28207 | Kosmos Energy Ltd. (Ghana)\* | 187576 |
| 2669 | Matador Resources Co. | 177115 |
| 21124 | Permian Resources Corp. | 214620 |
|  |  | 1067241 |
| **Personal Products – 2.1%** | **Personal Products – 2.1%** | **Personal Products – 2.1%** |
| 11410 | elf Beauty, Inc.\* | 627094 |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| 2606 | Atea Pharmaceuticals, Inc.\* | 12222 |
| **Road & Rail – 1.7%** | **Road & Rail – 1.7%** | **Road & Rail – 1.7%** |
| 2076 | Saia, Inc.\* | 505693 |
| **Semiconductors & Semiconductor Equipment – 6.2%** | **Semiconductors & Semiconductor Equipment – 6.2%** | **Semiconductors & Semiconductor Equipment – 6.2%** |
| 4997 | Axcelis Technologies, Inc.\* | 399061 |
| 8160 | Cohu, Inc.\* | 292291 |
| 18497 | Credo Technology Group Holding Ltd.\* | 257663 |
| 6914 | MaxLinear, Inc.\* | 253053 |
| 3439 | Onto Innovation, Inc.\* | 274948 |
| 4461 | Power Integrations, Inc. | 359021 |
|  |  | 1836037 |
| **Software – 8.8%** | **Software – 8.8%** | **Software – 8.8%** |
| 1250 | Coupa Software, Inc.\* | 79050 |
| 18881 | EverCommerce, Inc.\* | 125936 |
| 18665 | Instructure Holdings, Inc.\* | 468678 |
| 11689 | JFrog Ltd. (Israel) \* | 256924 |
| 7356 | KnowBe4, Inc., Class A\* | 181620 |
| 10954 | PagerDuty, Inc.\* | 243617 |
| 13593 | Paycor HCM, Inc.\* | 393110 |
| 1609 | Qualys, Inc.\* | 198422 |
| 4484 | Sprout Social, Inc., Class A\* | 265901 |
| 10203 | Tenable Holdings, Inc.\* | 389550 |
|  |  | 2602808 |
| **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** |
| 25486 | Arhaus, Inc.\*<sup>(a)</sup> | 245430 |
| 3559 | Boot Barn Holdings, Inc.\* | 239699 |
| 9146 | Leslie's, Inc.\* | 133531 |
| 1527 | Murphy USA, Inc. | 451702 |
|  |  | 1070362 |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – 1.8%** | **Textiles, Apparel & Luxury Goods – 1.8%** | **Textiles, Apparel & Luxury Goods – 1.8%** |
| 5165 | Crocs, Inc.\* | $521665 |
| **Trading Companies & Distributors – 1.4%** | **Trading Companies & Distributors – 1.4%** | **Trading Companies & Distributors – 1.4%** |
| 20185 | Core & Main, Inc., Class A\* | 419848 |
| **TOTAL COMMON STOCKS<br>(Cost $25,612,504)** | **TOTAL COMMON STOCKS<br>(Cost $25,612,504)** | $29320554 |
| **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 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 378977 | 3.727% | $378977 |
| **(Cost $378,977)** | **(Cost $378,977)** | **(Cost $378,977)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE<br>(Cost $25,991,481)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE<br>(Cost $25,991,481)** | $29699531 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<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 |
| 12236 | 3.727% | $12236 |
| **(Cost $12,236)** | **(Cost $12,236)** | **(Cost $12,236)** |
| **TOTAL INVESTMENTS – 100.0%<br>(Cost $26,003,717)** | **TOTAL INVESTMENTS – 100.0%<br>(Cost $26,003,717)** | $29711767 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.0)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.0)%** | (18573) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $29693194 |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.5%** | **Common Stocks – 98.5%** | **Common Stocks – 98.5%** |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| 124727 | HEICO Corp. | $20244439 |
| **Biotechnology – 7.9%** | **Biotechnology – 7.9%** | **Biotechnology – 7.9%** |
| 494418 | Agios Pharmaceuticals, Inc.\* | 14901758 |
| 96952 | Allogene Therapeutics, Inc.\* | 955947 |
| 291680 | Beam Therapeutics, Inc.\* | 13472699 |
| 122744 | Cytokinetics, Inc.\* | 5216620 |
| 1182090 | Exelixis, Inc.\* | 20190097 |
| 748508 | Halozyme Therapeutics, Inc.\* | 42859568 |
| 298471 | Neurocrine Biosciences, Inc.\* | 37923725 |
| 129370 | Sarepta Therapeutics, Inc.\* | 15887930 |
| 339962 | Ultragenyx Pharmaceutical, Inc.\* | 12340621 |
|  |  | 163748965 |
| **Building Products – 2.8%** | **Building Products – 2.8%** | **Building Products – 2.8%** |
| 440152 | AAON, Inc. | 34886447 |
| 204255 | Allegion PLC | 23213581 |
|  |  | 58100028 |
| **Capital Markets – 3.5%** | **Capital Markets – 3.5%** | **Capital Markets – 3.5%** |
| 62957 | FactSet Research Systems, Inc. | 29041435 |
| 129854 | Houlihan Lokey, Inc. | 12771141 |
| 84131 | LPL Financial Holdings, Inc. | 19914649 |
| 354695 | TPG, Inc. | 11811343 |
|  |  | 73538568 |
| **Chemicals – 4.0%** | **Chemicals – 4.0%** | **Chemicals – 4.0%** |
| 401888 | Ashland, Inc. | 44959210 |
| 370453 | RPM International, Inc. | 38386340 |
|  |  | 83345550 |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| 224453 | Tetra Tech, Inc. | 34698189 |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| 325068 | Ciena Corp.\* | 14615057 |
| **Construction & Engineering – 1.9%** | **Construction & Engineering – 1.9%** | **Construction & Engineering – 1.9%** |
| 256200 | Ameresco, Inc., Class A\* | 16786224 |
| 148612 | Quanta Services, Inc. | 22273967 |
|  |  | 39060191 |
| **Containers & Packaging – 2.2%** | **Containers & Packaging – 2.2%** | **Containers & Packaging – 2.2%** |
| 143259 | Avery Dennison Corp. | 27696262 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Containers & Packaging – (continued)** | **Containers & Packaging – (continued)** | **Containers & Packaging – (continued)** |
| 332935 | Ball Corp. | $18670995 |
|  |  | 46367257 |
| **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** |
| 574592 | Shoals Technologies Group, Inc., Class A\* | 16645930 |
| **Electronic Equipment, Instruments & Components – 2.2%** | **Electronic Equipment, Instruments & Components – 2.2%** | **Electronic Equipment, Instruments & Components – 2.2%** |
| 163230 | Novanta, Inc.\* | 25749533 |
| 48772 | Teledyne Technologies, Inc.\* | 20489117 |
|  |  | 46238650 |
| **Entertainment – 1.0%** | **Entertainment – 1.0%** | **Entertainment – 1.0%** |
| 346458 | Liberty Media Corp.-Liberty Formula One, Class C\* | 21113151 |
| **Equity Real Estate Investment Trusts (REITs) – 0.8%** | **Equity Real Estate Investment Trusts (REITs) – 0.8%** | **Equity Real Estate Investment Trusts (REITs) – 0.8%** |
| 186619 | Ryman Hospitality Properties, Inc. REIT | 17081237 |
| **Food & Staples Retailing – 3.0%** | **Food & Staples Retailing – 3.0%** | **Food & Staples Retailing – 3.0%** |
| 520793 | BJ's Wholesale Club Holdings, Inc.\* | 39184465 |
| 99919 | Casey's General Stores, Inc. | 24282316 |
|  |  | 63466781 |
| **Food Products – 1.2%** | **Food Products – 1.2%** | **Food Products – 1.2%** |
| 963288 | Hostess Brands, Inc.\* | 25430803 |
| **Health Care Equipment & Supplies – 4.5%** | **Health Care Equipment & Supplies – 4.5%** | **Health Care Equipment & Supplies – 4.5%** |
| 298369 | Axonics, Inc.\* | 20432309 |
| 204101 | Inari Medical, Inc.\* | 15017752 |
| 52793 | Insulet Corp.\* | 15804640 |
| 147609 | iRhythm Technologies, Inc.\* | 16096761 |
| 165747 | Omnicell, Inc.\* | 8554203 |
| 66540 | Shockwave Medical, Inc.\* | 16874544 |
|  |  | 92780209 |
| **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** |
| 1286900 | Alignment Healthcare, Inc.\* | 17115770 |
| 418599 | Guardant Health, Inc.\* | 21909472 |
| 48830 | Molina Healthcare, Inc.\* | 16444479 |
| 301513 | Option Care Health, Inc.\* | 9078556 |
|  |  | 64548277 |
| **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** |
| 473312 | Evolent Health, Inc., Class A\* | 13626653 |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – 6.8%** | **Hotels, Restaurants & Leisure – 6.8%** | **Hotels, Restaurants & Leisure – 6.8%** |
| 36446 | Domino's Pizza, Inc. | $14167654 |
| 411723 | Planet Fitness, Inc., Class A\* | 32262614 |
| 314682 | Texas Roadhouse, Inc. | 31254216 |
| 94780 | Vail Resorts, Inc. | 24409641 |
| 148623 | Wingstop, Inc. | 24598593 |
| 206021 | Wyndham Hotels & Resorts, Inc. | 15105460 |
|  |  | 141798178 |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| 41478 | Kinsale Capital Group, Inc. | 12783934 |
| **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** |
| 318612 | Bumble, Inc., Class A\* | 7761388 |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| 204937 | DigitalOcean Holdings, Inc.\*<sup>(a)</sup> | 6113270 |
| 722252 | Toast, Inc., Class A\* | 13260547 |
|  |  | 19373817 |
| **Life Sciences Tools & Services – 3.3%** | **Life Sciences Tools & Services – 3.3%** | **Life Sciences Tools & Services – 3.3%** |
| 600415 | QIAGEN NV\* | 29744559 |
| 122067 | Repligen Corp.\* | 21830463 |
| 1067768 | Stevanato Group SPA (Italy)\* | 16347528 |
|  |  | 67922550 |
| **Machinery – 11.8%** | **Machinery – 11.8%** | **Machinery – 11.8%** |
| 130041 | Chart Industries, Inc.\* | 18594563 |
| 147473 | IDEX Corp. | 35023363 |
| 140681 | Lincoln Electric Holdings, Inc. | 20803906 |
| 163921 | Nordson Corp. | 38765677 |
| 144578 | RBC Bearings, Inc.\* | 34260649 |
| 216936 | Timken Co. (The) | 16482797 |
| 268743 | Toro Co. (The) | 29827786 |
| 170271 | Watts Water Technologies, Inc., Class A | 26979440 |
| 218949 | Xylem, Inc. | 24598920 |
|  |  | 245337101 |
| **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** | **Oil, Gas & Consumable Fuels – 2.9%** |
| 369444 | Antero Resources Corp.\* | 13503178 |
| 121487 | Chesapeake Energy Corp. | 12573905 |
| 201136 | Denbury, Inc.\* | 18053967 |
| 239860 | Matador Resources Co. | 15917110 |
|  |  | 60048160 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Professional Services – 2.2%** | **Professional Services – 2.2%** | **Professional Services – 2.2%** |
| 223478 | Booz Allen Hamilton Holding Corp. | $23778059 |
| 169527 | Jacobs Solutions, Inc. | 21451947 |
|  |  | 45230006 |
| **Semiconductors & Semiconductor Equipment – 7.2%** | **Semiconductors & Semiconductor Equipment – 7.2%** | **Semiconductors & Semiconductor Equipment – 7.2%** |
| 968569 | Allegro MicroSystems, Inc. (Japan) \* | 30161239 |
| 276098 | Entegris, Inc. | 21339614 |
| 663103 | Lattice Semiconductor Corp.\* | 48293791 |
| 448278 | MACOM Technology Solutions Holdings, Inc.\* | 30792216 |
| 216810 | MKS Instruments, Inc. | 18181687 |
|  |  | 148768547 |
| **Software – 9.4%** | **Software – 9.4%** | **Software – 9.4%** |
| 85882 | Bill.com Holdings, Inc.\* | 10341911 |
| 87344 | Coupa Software, Inc.\* | 5523635 |
| 151086 | CyberArk Software Ltd.\* | 22522390 |
| 403289 | DoubleVerify Holdings, Inc.\* | 10566172 |
| 706128 | Dynatrace, Inc.\* | 27362460 |
| 229249 | Elastic NV\* | 14027746 |
| 760920 | EverCommerce, Inc.\* | 5075336 |
| 159681 | Manhattan Associates, Inc.\* | 20110225 |
| 136744 | Paylocity Holding Corp.\* | 29786946 |
| 281141 | Procore Technologies, Inc.\* | 13767475 |
| 993123 | Qualtrics International, Inc., Class A\* | 10189442 |
| 295131 | Rapid7, Inc.\* | 8676851 |
| 629585 | Samsara, Inc., Class A\* | 5999945 |
| 394941 | Smartsheet, Inc., Class A\* | 12140486 |
|  |  | 196091020 |
| **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** | **Specialty Retail – 2.7%** |
| 249836 | Five Below, Inc.\* | 40188619 |
| 215128 | Floor & Decor Holdings, Inc., Class A\* | 16055003 |
|  |  | 56243622 |
| **Technology Hardware, Storage & Peripherals – 1.4%** | **Technology Hardware, Storage & Peripherals – 1.4%** | **Technology Hardware, Storage & Peripherals – 1.4%** |
| 1033455 | Pure Storage, Inc., Class A\* | 30166551 |
| **Textiles, Apparel & Luxury Goods – 3.8%** | **Textiles, Apparel & Luxury Goods – 3.8%** | **Textiles, Apparel & Luxury Goods – 3.8%** |
| 256511 | Crocs, Inc.\* | 25907611 |
| 86576 | Deckers Outdoor Corp.\* | 34533435 |
| 704320 | Levi Strauss & Co., Class A | 11642410 |
| 398112 | On Holding AG, Class A (Switzerland)\* | 7731335 |
|  |  | 79814791 |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** |
| 1327630 | Core & Main, Inc., Class A\* | $27614704 |
| 126295 | SiteOne Landscape Supply, Inc.\* | 15853811 |
|  |  | 43468515 |
| **TOTAL COMMON STOCKS<br>(Cost $1,861,949,384)** | **TOTAL COMMON STOCKS<br>(Cost $1,861,949,384)** | $2049458115 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.2%<sup>(b)</sup>** | **Investment Company – 1.2%<sup>(b)</sup>** | **Investment Company – 1.2%<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 |
| 24593093 | 3.727% | $24593093 |
| **(Cost $24,593,093)** | **(Cost $24,593,093)** | **(Cost $24,593,093)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,886,542,477)** | **TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,886,542,477)** | $2074051208 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663932 | 3.727% | $663932 |
| **(Cost $663,932)** | **(Cost $663,932)** | **(Cost $663,932)** |
| **TOTAL INVESTMENTS – 99.7%<br>(Cost $1,887,206,409)** | **TOTAL INVESTMENTS – 99.7%<br>(Cost $1,887,206,409)** | $2074715140 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.3%** | 5260677 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2079975817 |

---

---

| | |
|:---|:---|
| 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. |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.9%** | **Common Stocks – 99.9%** | **Common Stocks – 99.9%** |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| 5980 | Boeing Co. (The)\* | $1069702 |
| **Air Freight & Logistics – 0.5%** | **Air Freight & Logistics – 0.5%** | **Air Freight & Logistics – 0.5%** |
| 2955 | United Parcel Service, Inc., Class B | 560652 |
| **Auto Components – 0.6%** | **Auto Components – 0.6%** | **Auto Components – 0.6%** |
| 7614 | Aptiv PLC\* | 812185 |
| **Automobiles – 2.4%** | **Automobiles – 2.4%** | **Automobiles – 2.4%** |
| 16055 | Tesla, Inc.\* | 3125908 |
| **Beverages – 2.4%** | **Beverages – 2.4%** | **Beverages – 2.4%** |
| 29772 | Coca-Cola Co. (The) | 1893797 |
| 11638 | Monster Beverage Corp.\* | 1197085 |
|  |  | 3090882 |
| **Biotechnology – 3.4%** | **Biotechnology – 3.4%** | **Biotechnology – 3.4%** |
| 2552 | Alnylam Pharmaceuticals, Inc.\* | 562946 |
| 2132 | Argenx SE ADR (Netherlands)\* | 848472 |
| 7792 | BioMarin Pharmaceutical, Inc.\* | 786836 |
| 7039 | Gilead Sciences, Inc. | 618235 |
| 4037 | Sarepta Therapeutics, Inc.\* | 495784 |
| 9011 | Seagen, Inc.\* | 1093845 |
|  |  | 4406118 |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
| 20163 | Charles Schwab Corp. (The) | 1664254 |
| 4178 | Intercontinental Exchange, Inc. | 452519 |
|  |  | 2116773 |
| **Chemicals – 2.9%** | **Chemicals – 2.9%** | **Chemicals – 2.9%** |
| 4002 | Linde PLC (United Kingdom) | 1346593 |
| 9593 | Sherwin-Williams Co. (The) | 2390384 |
|  |  | 3736977 |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| 4722 | Waste Connections, Inc. | 682329 |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| 2652 | Martin Marietta Materials, Inc. | 971905 |
| **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** |
| 13674 | Amphenol Corp., Class A | 1099800 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| 9280 | Live Nation Entertainment, Inc.\* | $675213 |
| **Equity Real Estate Investment Trusts (REITs) – 1.8%** | **Equity Real Estate Investment Trusts (REITs) – 1.8%** | **Equity Real Estate Investment Trusts (REITs) – 1.8%** |
| 5635 | American Tower Corp. REIT | 1246744 |
| 1573 | Equinix, Inc. REIT | 1086392 |
|  |  | 2333136 |
| **Food Products – 1.6%** | **Food Products – 1.6%** | **Food Products – 1.6%** |
| 17733 | McCormick & Co., Inc. | 1510497 |
| 7977 | Mondelez International, Inc., Class A | 539325 |
|  |  | 2049822 |
| **Health Care Equipment & Supplies – 3.5%** | **Health Care Equipment & Supplies – 3.5%** | **Health Care Equipment & Supplies – 3.5%** |
| 36803 | Boston Scientific Corp.\* | 1666072 |
| 3130 | Insulet Corp.\* | 937028 |
| 7049 | Intuitive Surgical, Inc.\* | 1905979 |
|  |  | 4509079 |
| **Health Care Providers & Services – 4.2%** | **Health Care Providers & Services – 4.2%** | **Health Care Providers & Services – 4.2%** |
| 3274 | Humana, Inc. | 1800373 |
| 6600 | UnitedHealth Group, Inc. | 3615216 |
|  |  | 5415589 |
| **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** |
| 4644 | Veeva Systems, Inc., Class A\* | 884032 |
| **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** |
| 629 | Chipotle Mexican Grill, Inc.\* | 1023358 |
| 5768 | McDonald's Corp. | 1573453 |
|  |  | 2596811 |
| **Household Products – 1.8%** | **Household Products – 1.8%** | **Household Products – 1.8%** |
| 15406 | Procter & Gamble Co. (The) | 2297959 |
| **Interactive Media & Services – 5.4%** | **Interactive Media & Services – 5.4%** | **Interactive Media & Services – 5.4%** |
| 31794 | Alphabet, Inc., Class A\* | 3210876 |
| 33137 | Alphabet, Inc., Class C\* | 3361749 |
| 30745 | Snap, Inc., Class A\* | 316981 |
|  |  | 6889606 |
| **Internet & Direct Marketing Retail – 6.0%** | **Internet & Direct Marketing Retail – 6.0%** | **Internet & Direct Marketing Retail – 6.0%** |
| 70958 | Amazon.com, Inc.\* | 6850285 |
| 6451 | Etsy, Inc.\* | 852113 |
|  |  | 7702398 |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – 7.5%** | **IT Services – 7.5%** | **IT Services – 7.5%** |
| 7474 | Accenture PLC, Class A | $2249151 |
| 10999 | Mastercard, Inc., Class A | 3920044 |
| 13657 | PayPal Holdings, Inc.\* | 1070845 |
| 5339 | Snowflake, Inc., Class A\* | 762943 |
| 7690 | Visa, Inc., Class A | 1668730 |
|  |  | 9671713 |
| **Life Sciences Tools & Services – 1.5%** | **Life Sciences Tools & Services – 1.5%** | **Life Sciences Tools & Services – 1.5%** |
| 5079 | Danaher Corp. | 1388649 |
| 2412 | West Pharmaceutical Services, Inc. | 566000 |
|  |  | 1954649 |
| **Machinery – 1.2%** | **Machinery – 1.2%** | **Machinery – 1.2%** |
| 3352 | Deere & Co. | 1478232 |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| 13584 | Freeport-McMoRan, Inc. | 540643 |
| **Personal Products – 0.7%** | **Personal Products – 0.7%** | **Personal Products – 0.7%** |
| 4007 | Estee Lauder Cos., Inc. (The), Class A | 944811 |
| **Pharmaceuticals – 2.9%** | **Pharmaceuticals – 2.9%** | **Pharmaceuticals – 2.9%** |
| 13054 | Catalent, Inc.\* | 654397 |
| 8220 | Eli Lilly & Co. | 3050278 |
|  |  | 3704675 |
| **Professional Services – 0.9%** | **Professional Services – 0.9%** | **Professional Services – 0.9%** |
| 6547 | Verisk Analytics, Inc. | 1202749 |
| **Road & Rail – 1.8%** | **Road & Rail – 1.8%** | **Road & Rail – 1.8%** |
| 5389 | Old Dominion Freight Line, Inc. | 1630765 |
| 3147 | Union Pacific Corp. | 684252 |
|  |  | 2315017 |
| **Semiconductors & Semiconductor Equipment – 6.9%** | **Semiconductors & Semiconductor Equipment – 6.9%** | **Semiconductors & Semiconductor Equipment – 6.9%** |
| 3785 | KLA Corp. | 1488073 |
| 33872 | Marvell Technology, Inc. | 1575725 |
| 29056 | NVIDIA Corp. | 4917147 |
| 7845 | ON Semiconductor Corp.\* | 589944 |
| 3372 | Wolfspeed, Inc.\* | 306582 |
|  |  | 8877471 |
| **Software – 15.9%** | **Software – 15.9%** | **Software – 15.9%** |
| 2111 | Adobe, Inc.\* | 728147 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 3937 | Atlassian Corp., Class A\* | $517912 |
| 5654 | Bill.com Holdings, Inc.\* | 680855 |
| 1196 | HubSpot, Inc.\* | 362424 |
| 54677 | Microsoft Corp. | 13950290 |
| 14065 | Salesforce, Inc.\* | 2253916 |
| 3619 | ServiceNow, Inc.\* | 1506590 |
| 2937 | Zscaler, Inc.\* | 391943 |
|  |  | 20392077 |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| 2825 | RH\* | 810295 |
| 14129 | Ross Stores, Inc. | 1662559 |
|  |  | 2472854 |
| **Technology Hardware, Storage & Peripherals – 11.5%** | **Technology Hardware, Storage & Peripherals – 11.5%** | **Technology Hardware, Storage & Peripherals – 11.5%** |
| 99687 | Apple, Inc. | 14756667 |
| **Textiles, Apparel & Luxury Goods – 2.4%** | **Textiles, Apparel & Luxury Goods – 2.4%** | **Textiles, Apparel & Luxury Goods – 2.4%** |
| 3117 | Lululemon Athletica, Inc.\* | 1185426 |
| 17501 | NIKE, Inc., Class B | 1919685 |
|  |  | 3105111 |
| **TOTAL INVESTMENTS – 99.9%<br>(Cost $65,845,356)** | **TOTAL INVESTMENTS – 99.9%<br>(Cost $65,845,356)** | $128443545 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.1%** | 95233 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $128538778 |

---

---

| | |
|:---|:---|
| 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. |

---

---

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

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.4%** | **Common Stocks – 99.4%** |  |
| **Communications Equipment – 2.8%** | **Communications Equipment – 2.8%** |  |
| 305887 | Cisco Systems, Inc. | $15208702 |
| **Equity Real Estate Investment Trusts (REITs) – 6.5%** | **Equity Real Estate Investment Trusts (REITs) – 6.5%** |  |
| 79672 | American Tower Corp. REIT | 17627430 |
| 25325 | Equinix, Inc. REIT | 17490711 |
|  |  | 35118141 |
| **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** |  |
| 257562 | Alphabet, Inc., Class C\* | 26129665 |
| 683536 | Snap, Inc., Class A\* | 7047256 |
|  |  | 33176921 |
| **Internet & Direct Marketing Retail – 10.5%** | **Internet & Direct Marketing Retail – 10.5%** |  |
| 510033 | Amazon.com, Inc.\* | 49238586 |
| 8506 | MercadoLibre, Inc. (Brazil)\* | 7918958 |
|  |  | 57157544 |
| **IT Services – 13.6%** | **IT Services – 13.6%** |  |
| 68218 | Accenture PLC, Class A | 20528843 |
| 143382 | Fidelity National Information Services, Inc. | 10406665 |
| 186705 | PayPal Holdings, Inc.\* | 14639539 |
| 64923 | Snowflake, Inc., Class A\* | 9277497 |
| 88516 | Visa, Inc., Class A | 19207972 |
|  |  | 74060516 |
| **Road & Rail – 1.8%** | **Road & Rail – 1.8%** |  |
| 330899 | Uber Technologies, Inc.\* | 9642397 |
| **Semiconductors & Semiconductor Equipment – 18.4%** | **Semiconductors & Semiconductor Equipment – 18.4%** |  |
| 27362 | ASML Holding NV (Netherlands) | 16639380 |
| 53224 | KLA Corp. | 20925016 |
| 331162 | Marvell Technology, Inc. | 15405656 |
| 155583 | NVIDIA Corp. | 26329311 |
| 107186 | ON Semiconductor Corp.\* | 8060387 |
| 68687 | Texas Instruments, Inc. | 12395256 |
|  |  | 99755006 |
| **Software – 35.3%** | **Software – 35.3%** |  |
| 46384 | Adobe, Inc.\* | 15999233 |
| 56833 | Atlassian Corp., Class A\* | 7476381 |
| 106530 | Datadog, Inc., Class A\* | 8072843 |
| 28199 | HubSpot, Inc.\* | 8545143 |
| 272457 | Microsoft Corp. | 69514679 |
| 99959 | Palo Alto Networks, Inc.\* | 16983034 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Software – (continued)** | **Software – (continued)** |  |
| 30757 | Paycom Software, Inc.\* | $10429699 |
| 98618 | Salesforce, Inc.\* | 15803535 |
| 37356 | ServiceNow, Inc.\* | 15551303 |
| 419471 | UiPath, Inc., Class A\* | 5230803 |
| 69978 | Workday, Inc., Class A\* | 11749306 |
| 44655 | Zscaler, Inc.\* | 5959210 |
|  |  | 191315169 |
| **Technology Hardware, Storage & Peripherals – 4.4%** | **Technology Hardware, Storage & Peripherals – 4.4%** |  |
| 160963 | Apple, Inc. | 23827353 |
| **TOTAL INVESTMENTS – 99.4%<br>(Cost $415,183,214)** | **TOTAL INVESTMENTS – 99.4%<br>(Cost $415,183,214)** | $539261749 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.6%** | 3368615 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $542630364 |

---

---

| | |
|:---|:---|
| 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. |

---

---

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

---

------

GOLDMAN SACHS U.S. EQUITY ESG FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.2%** | **Common Stocks – 98.2%** | **Common Stocks – 98.2%** |
| **Auto Components – 2.0%** | **Auto Components – 2.0%** | **Auto Components – 2.0%** |
| 3987 | Aptiv PLC\* | $425293 |
| **Automobiles – 1.7%** | **Automobiles – 1.7%** | **Automobiles – 1.7%** |
| 8839 | General Motors Co. | 358510 |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| 5352 | JPMorgan Chase & Co. | 739539 |
| **Capital Markets – 4.1%** | **Capital Markets – 4.1%** | **Capital Markets – 4.1%** |
| 485 | BlackRock, Inc. | 347260 |
| 5536 | Morgan Stanley | 515236 |
|  |  | 862496 |
| **Chemicals – 2.6%** | **Chemicals – 2.6%** | **Chemicals – 2.6%** |
| 1636 | Linde PLC (United Kingdom) | 550481 |
| **Communications Equipment – 2.6%** | **Communications Equipment – 2.6%** | **Communications Equipment – 2.6%** |
| 11006 | Cisco Systems, Inc. | 547218 |
| **Consumer Finance – 1.8%** | **Consumer Finance – 1.8%** | **Consumer Finance – 1.8%** |
| 2309 | American Express Co. | 363875 |
| **Containers & Packaging – 2.1%** | **Containers & Packaging – 2.1%** | **Containers & Packaging – 2.1%** |
| 7773 | Ball Corp. | 435910 |
| **Diversified Telecommunication Services – 2.6%** | **Diversified Telecommunication Services – 2.6%** | **Diversified Telecommunication Services – 2.6%** |
| 27891 | AT&T, Inc. | 537738 |
| **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** | **Electric Utilities – 3.1%** |
| 7534 | NextEra Energy, Inc. | 638130 |
| **Electrical Equipment – 4.8%** | **Electrical Equipment – 4.8%** | **Electrical Equipment – 4.8%** |
| 3021 | Eaton Corp. PLC | 493782 |
| 1907 | Rockwell Automation, Inc. | 503868 |
|  |  | 997650 |
| **Entertainment – 1.4%** | **Entertainment – 1.4%** | **Entertainment – 1.4%** |
| 3031 | Walt Disney Co. (The)\* | 296644 |
| **Equity Real Estate Investment Trusts (REITs) – 2.5%** | **Equity Real Estate Investment Trusts (REITs) – 2.5%** | **Equity Real Estate Investment Trusts (REITs) – 2.5%** |
| 2359 | American Tower Corp. REIT | 521929 |
| **Food Products – 1.8%** | **Food Products – 1.8%** | **Food Products – 1.8%** |
| 4453 | McCormick & Co., Inc. | 379307 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** |
| 1014 | Cooper Cos., Inc. (The) | $320779 |
| 1449 | Dexcom, Inc.\* | 168490 |
|  |  | 489269 |
| **Health Care Providers & Services – 5.1%** | **Health Care Providers & Services – 5.1%** | **Health Care Providers & Services – 5.1%** |
| 5469 | CVS Health Corp. | 557182 |
| 927 | Humana, Inc. | 509757 |
|  |  | 1066939 |
| **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** |
| 1733 | McDonald's Corp. | 472745 |
| **Household Products – 3.2%** | **Household Products – 3.2%** | **Household Products – 3.2%** |
| 4509 | Procter & Gamble Co. (The) | 672562 |
| **Industrial Conglomerates – 2.3%** | **Industrial Conglomerates – 2.3%** | **Industrial Conglomerates – 2.3%** |
| 5632 | General Electric Co. | 484183 |
| **Interactive Media & Services – 3.3%** | **Interactive Media & Services – 3.3%** | **Interactive Media & Services – 3.3%** |
| 6837 | Alphabet, Inc., Class A\* | 690469 |
| **Internet & Direct Marketing Retail – 1.5%** | **Internet & Direct Marketing Retail – 1.5%** | **Internet & Direct Marketing Retail – 1.5%** |
| 2329 | Etsy, Inc.\* | 307638 |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| 3290 | PayPal Holdings, Inc.\* | 257969 |
| **Life Sciences Tools & Services – 2.7%** | **Life Sciences Tools & Services – 2.7%** | **Life Sciences Tools & Services – 2.7%** |
| 2086 | Danaher Corp. | 570333 |
| **Machinery – 3.9%** | **Machinery – 3.9%** | **Machinery – 3.9%** |
| 780 | Deere & Co. | 343980 |
| 4132 | Xylem, Inc. | 464230 |
|  |  | 808210 |
| **Media – 1.5%** | **Media – 1.5%** | **Media – 1.5%** |
| 8429 | New York Times Co. (The), Class A | 308923 |
| **Pharmaceuticals – 6.0%** | **Pharmaceuticals – 6.0%** | **Pharmaceuticals – 6.0%** |
| 7246 | Bristol-Myers Squibb Co. | 581709 |
| 1818 | Eli Lilly & Co. | 674623 |
|  |  | 1256332 |

---

------

GOLDMAN SACHS U.S. EQUITY ESG FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – 1.7%** | **Road & Rail – 1.7%** | **Road & Rail – 1.7%** |
| 1151 | Old Dominion Freight Line, Inc. | $348304 |
| **Semiconductors & Semiconductor Equipment – 6.2%** | **Semiconductors & Semiconductor Equipment – 6.2%** | **Semiconductors & Semiconductor Equipment – 6.2%** |
| 456 | Enphase Energy, Inc.\* | 146189 |
| 2676 | Marvell Technology, Inc. | 124488 |
| 2571 | NVIDIA Corp. | 435090 |
| 2159 | Texas Instruments, Inc. | 389613 |
| 2129 | Wolfspeed, Inc.\* | 193569 |
|  |  | 1288949 |
| **Software – 6.7%** | **Software – 6.7%** | **Software – 6.7%** |
| 5488 | Microsoft Corp. | 1400208 |
| **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** |
| 3795 | Ross Stores, Inc. | 446558 |
| **Technology Hardware, Storage & Peripherals – 5.7%** | **Technology Hardware, Storage & Peripherals – 5.7%** | **Technology Hardware, Storage & Peripherals – 5.7%** |
| 8083 | Apple, Inc. | 1196526 |
| **Textiles, Apparel & Luxury Goods – 1.8%** | **Textiles, Apparel & Luxury Goods – 1.8%** | **Textiles, Apparel & Luxury Goods – 1.8%** |
| 3459 | NIKE, Inc., Class B | 379418 |
| **Water Utilities – 2.1%** | **Water Utilities – 2.1%** | **Water Utilities – 2.1%** |
| 2854 | American Water Works Co., Inc. | 433123 |
| **TOTAL COMMON STOCKS<br>(Cost $16,602,120)** | **TOTAL COMMON STOCKS<br>(Cost $16,602,120)** | $20533378 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.4%<sup>(a)</sup>** | **Investment Company – 1.4%<sup>(a)</sup>** | **Investment Company – 1.4%<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 |
| 297345 | 3.727% | $297345 |
| **(Cost $297,345)** | **(Cost $297,345)** | **(Cost $297,345)** |
| **TOTAL INVESTMENTS – 99.6%<br>(Cost $16,899,465)** | **TOTAL INVESTMENTS – 99.6%<br>(Cost $16,899,465)** | $20830723 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.4%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.4%** | 76043 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $20906766 |

---

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

**Equity Securities** — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures 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 the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

**Money Market Funds** — Investments in the Funds ("Underlying Money Market Fund") are valued at the NAV per share on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

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

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

**C. Fair Value Hierarchy** — The following is a summary of the Funds' investments classified in the fair value hierarchy as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  **LARGE CAP CORE 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; Europe | $16485712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1093965316 |  |  |
|  Investment Company | 9421485 |  |  |
| **Total** | $1119872513 | $— | $— |
| **CONCENTRATED GROWTH FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $4600231 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 134492794 |  |  |
|  Investment Company | 851360 |  |  |
| **Total** | $139944385 | $— | $— |
| **FLEXIBLE CAP FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $923986 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 44062242 |  |  |
|  Investment Company | 802844 |  |  |
| **Total** | $45789072 | $— | $— |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **MID CAP GROWTH 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; Europe | $7403834 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 938274421 |  |  |
|  Investment Company | 31414561 |  |  |
| **Total** | $977092816 | $— | $— |
| **SMALL CAP GROWTH 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 | $187576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 256924 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 28876054 |  |  |
|  Investment Company | 378977 |  |  |
|  Securities Lending Reinvestment Vehicle | 12236 |  |  |
| **Total** | $29711767 | $— | $— |
| **SMALL/MID CAP GROWTH FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $30161239 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 24078863 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1995218013 |  |  |
|  Investment Company | 24593093 |  |  |
|  Securities Lending Reinvestment Vehicle | 663932 |  |  |
| **Total** | $2074715140 | $— | $— |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC GROWTH 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; Europe | $2195065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 126248480 |  |  |
| **Total** | $128443545 | $— | $— |
| **TECHNOLOGY OPPORTUNITIES FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $16639380 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 514703411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 7918958 |  |  |
| **Total** | $539261749 | $— | $— |
| **U.S. EQUITY ESG FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $550481 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 19982897 |  |  |
|  Investment Company | 297345 |  |  |
| **Total** | $20830723 | $— | $— |

---

(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 GROWTH 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 Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of November 30, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

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

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of 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 from problems in 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 the 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. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

**Industry Concentration Risk** — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

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

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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

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

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

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

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000061413

- **c. LEI of Series:** 5493000NZN8GZ51M2310

**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:** $29803971.09

**Total Liabilities:** $110766.29

**Net Assets:** $29693204.80

**Cash Not Reported:** $79061.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198885 | -7.03%               | 7.86%                | 1.80%                |
| Class ID C000198882 | -7.04%               | 7.78%                | 1.64%                |
| Class ID C000198881 | -6.99%               | 7.90%                | 1.70%                |
| Class ID C000198883 | -7.00%               | 7.91%                | 1.77%                |
| Class ID C000205965 | -6.92%               | 7.82%                | 1.86%                |
| Class ID C000198886 | -7.00%               | 7.91%                | 1.77%                |
| Class ID C000198884 | -6.94%               | 7.84%                | 1.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1300688.38             | $-884940.80                                |
| Month 2  | $-770145.14              | $2869004.39                                |
| Month 3  | $-522000.77              | $1109533.27                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xometry Inc                                    | Xometry Inc                                    | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |      5703 | NS      | $240837.69    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc/The                            | Shyft Group Inc/The                            | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     11075 | NS      | $271669.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Zentalis Pharmaceuticals Inc                   | Zentalis Pharmaceuticals Inc                   | CUSIP: 98943L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3480 | NS      | $76977.60     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Co                 | Integral Ad Science Holding Corp               | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24020 | NS      | $238999.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                   | Ameresco Inc                                   | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |      6005 | NS      | $393447.60    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc                           | Tenable Holdings Inc                           | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |     10203 | NS      | $389550.54    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupa Software Inc                             | Coupa Software Inc                             | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |      1250 | NS      | $79050.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                                 | elf Beauty Inc                                 | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     11410 | NS      | $627093.60    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                               | RBC Bearings Inc                               | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2352 | NS      | $557353.44    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                                   | Leslie's Inc                                   | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9146 | NS      | $133531.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Axonics Inc                                    | Axonics Inc                                    | CUSIP: 05465P101<br>LEI: 549300LJY4X7N57VJL05 | Long             | EC               | CORP              | US        |      7226 | NS      | $494836.48    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                      | Calix Inc                                      | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      4470 | NS      | $318711.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc                       | Franklin Electric Co Inc                       | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      4756 | NS      | $396174.80    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sutro Biopharma Inc                            | Sutro Biopharma Inc                            | CUSIP: 869367102<br>LEI: 5493005U6P15VD25P851 | Long             | EC               | CORP              | US        |     10911 | NS      | $81723.39     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Nevro Corp                                     | Nevro Corp                                     | CUSIP: 64157F103<br>LEI: 254900SH91I4BOYKUE38 | Long             | EC               | CORP              | US        |      3104 | NS      | $144987.84    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                      | JFrog Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     11689 | NS      | $256924.22    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                | Core & Main Inc                                | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20185 | NS      | $419848.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Udemy Inc                                      | Udemy Inc                                      | CUSIP: 902685106<br>LEI: 2549000T304QU9SAM180 | Long             | EC               | CORP              | US        |     19841 | NS      | $281543.79    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                           | Matador Resources Co                           | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      2669 | NS      | $177114.84    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Instructure Holdings Inc                       | Instructure Holdings Inc                       | CUSIP: 457790103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18665 | NS      | $468678.15    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                      | Casella Waste Systems Inc                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      1897 | NS      | $163312.73    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc                       | Acadia Healthcare Co Inc                       | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      2476 | NS      | $220512.56    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp                         | National Research Corp                         | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |      2717 | NS      | $105256.58    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                   | Balchem Corp                                   | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      3356 | NS      | $472524.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      2488 | NS      | $183813.44    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                                  | TopBuild Corp                                  | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      1589 | NS      | $244833.12    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                   | Wingstop Inc                                   | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      3373 | NS      | $558265.23    | 1.88%             |  |  |  | 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        |    389689 | NS      | $389688.86    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sage Therapeutics Inc                          | Sage Therapeutics Inc                          | CUSIP: 78667J108<br>LEI: 5493000JX4BJS9W6CN35 | Long             | EC               | CORP              | US        |      3801 | NS      | $155993.04    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                     | Cactus Inc                                     | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      4539 | NS      | $246876.21    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                              | Kosmos Energy Ltd                              | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |     28207 | NS      | $187576.55    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                       | Alignment Healthcare Inc                       | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23900 | NS      | $317870.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| 2seventy bio Inc                               | 2seventy bio Inc                               | CUSIP: 901384107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10784 | NS      | $168985.28    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     11423 | NS      | $555043.57    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                                 | Sweetgreen Inc                                 | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13502 | NS      | $193483.66    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |      3281 | NS      | $322686.35    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | Ultragenyx Pharmaceutical Inc                  | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      2039 | NS      | $74015.70     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                               | Cytokinetics Inc                               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      5836 | NS      | $248030.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PagerDuty Inc                                  | PagerDuty Inc                                  | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |     10954 | NS      | $243616.96    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc                    | Apellis Pharmaceuticals Inc                    | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      4095 | NS      | $204463.35    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                                   | Flywire Corp                                   | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |     16738 | NS      | $363047.22    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EverCommerce Inc                               | EverCommerce Inc                               | CUSIP: 29977X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18881 | NS      | $125936.27    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                         | Boot Barn Holdings Inc                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      3559 | NS      | $239698.65    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     21124 | NS      | $214619.84    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                       | Saia Inc                                       | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      2076 | NS      | $505692.84    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc                              | Sprout Social Inc                              | CUSIP: 85209W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4484 | NS      | $265901.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                     | Qualys Inc                                     | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      1609 | NS      | $198421.88    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolent Health Inc                             | Evolent Health Inc                             | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |     13049 | NS      | $375680.71    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                                       | Moog Inc                                       | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      5343 | NS      | $465001.29    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Outset Medical Inc                             | Outset Medical Inc                             | CUSIP: 690145107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6112 | NS      | $128840.96    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                                   | Alkermes PLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      6945 | NS      | $172097.10    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of Califor                 | Pacific Biosciences of California Inc          | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |     11542 | NS      | $124076.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                               | PJT Partners Inc                               | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      3651 | NS      | $281163.51    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                           | Simulations Plus Inc                           | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6904 | NS      | $280233.36    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                      | Allogene Therapeutics Inc                      | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15774 | NS      | $155531.64    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc                             | Hostess Brands Inc                             | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15572 | NS      | $411100.80    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                 | Murphy USA Inc                                 | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      1527 | NS      | $451701.87    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc                  | Shoals Technologies Group Inc                  | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14388 | NS      | $416820.36    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Annexon Inc                                    | Annexon Inc                                    | CUSIP: 03589W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24311 | NS      | $132251.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Shockwave Medical Inc                          | Shockwave Medical Inc                          | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               | CORP              | US        |      1309 | NS      | $331962.40    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                        | Avidity Biosciences Inc                        | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5982 | NS      | $69630.48     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                       | Cohu Inc                                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      8160 | NS      | $292291.20    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding                 | Credo Technology Group Holding Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18497 | NS      | $257663.21    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      2595 | NS      | $485784.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                      | Agios Pharmaceuticals Inc                      | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |     10728 | NS      | $323341.92    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Inari Medical Inc                              | Inari Medical Inc                              | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4815 | NS      | $354287.70    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                                  | Timken Co/The                                  | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      3228 | NS      | $245263.44    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid Micro Biosystems Inc                     | Rapid Micro Biosystems Inc                     | CUSIP: 75340L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5269 | NS      | $10801.45     | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Axcelis Technologies Inc                       | Axcelis Technologies Inc                       | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      4997 | NS      | $399060.42    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                               | Badger Meter Inc                               | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      6153 | NS      | $712640.46    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sovos Brands Inc                               | Sovos Brands Inc                               | CUSIP: 84612U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22466 | NS      | $323285.74    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I                 | First Watch Restaurant Group Inc               | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15895 | NS      | $249233.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc                          | Beam Therapeutics Inc                          | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4850 | NS      | $224021.50    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                     | Azenta Inc                                     | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |      4948 | NS      | $297919.08    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu                 | Kratos Defense & Security Solutions Inc        | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      9945 | NS      | $94676.40     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                    | Novanta Inc                                    | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2293 | NS      | $361720.75    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                                  | MaxLinear Inc                                  | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |      6914 | NS      | $253052.40    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corp                                    | Livent Corp                                    | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |      4692 | NS      | $131329.08    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                   | Wyndham Hotels & Resorts Inc                   | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      3297 | NS      | $241736.04    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                      | Crocs Inc                                      | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |      5165 | NS      | $521665.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp                 | Evoqua Water Technologies Corp                 | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               | CORP              | US        |      8834 | NS      | $384190.66    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                         | Power Integrations Inc                         | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      4461 | NS      | $359021.28    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Denbury Inc                                    | Denbury Inc                                    | CUSIP: 24790A101<br>LEI: 549300KCWA5W52MS5559 | Long             | EC               | CORP              | US        |      3502 | NS      | $314339.52    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxCyte Inc                                    | MaxCyte Inc                                    | CUSIP: 57777K106<br>LEI: 54930053YHXULRFCU991 | Long             | EC               | CORP              | US        |     13704 | NS      | $82086.96     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc                               | 10X Genomics Inc                               | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |      4205 | NS      | $162565.30    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycor HCM Inc                                 | Paycor HCM Inc                                 | CUSIP: 70435P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13593 | NS      | $393109.56    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                                    | Ashland Inc                                    | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |      5518 | NS      | $617298.66    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                           | Palomar Holdings Inc                           | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      3192 | NS      | $200266.08    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Callon Petroleum Co                            | Callon Petroleum Co                            | CUSIP: 13123X508<br>LEI: 549300EFOWPEB0WLZW21 | Long             | EC               | CORP              | US        |      4141 | NS      | $173590.72    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxar Technologies Inc                         | Maxar Technologies Inc                         | CUSIP: 57778K105<br>LEI: 549300OEN2G821MIJ922 | Long             | EC               | CORP              | US        |      3833 | NS      | $92758.60     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                      | Halozyme Therapeutics Inc                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      8099 | NS      | $463748.74    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                            | Texas Roadhouse Inc                            | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      3798 | NS      | $377217.36    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                 | Ollie's Bargain Outlet Holdings Inc            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      2545 | NS      | $154990.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc                   | Watts Water Technologies Inc                   | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      4218 | NS      | $668342.10    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                       | iRhythm Technologies Inc                       | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      2844 | NS      | $310138.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atea Pharmaceuticals Inc                       | Atea Pharmaceuticals Inc                       | CUSIP: 04683R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2606 | NS      | $12222.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| 4D Molecular Therapeutics Inc                  | 4D Molecular Therapeutics Inc                  | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $91846.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                   | Omnicell Inc                                   | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      4907 | NS      | $253250.27    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                     | Arhaus Inc                                     | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25486 | NS      | $245430.18    | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| AAON Inc                                       | AAON Inc                                       | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8153 | NS      | $646206.78    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      2656 | NS      | $379781.44    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KnowBe4 Inc                                    | KnowBe4 Inc                                    | CUSIP: 49926T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7356 | NS      | $181619.64    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                            | Onto Innovation Inc                            | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      3439 | NS      | $274948.05    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Design Therapeutics Inc                        | Design Therapeutics Inc                        | CUSIP: 25056L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5442 | NS      | $76188.00     | 0.26%             |  |  |  | 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