Goldman Sachs Mid Cap Value Fund (GCMAX) NPORT-P Goldman Sachs Large Cap Growth Insights Fund (Jul 2021 report)

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.2%
	Aerospace & Defense – 0.4%
	20,814	Northrop Grumman Corp.	$       7,555,898
	Air Freight & Logistics – 1.5%
	153,851	United Parcel Service, Inc., Class B	29,440,927
	Automobiles – 2.2%
	819,456	Ford Motor Co.*	11,431,411
	45,929	Tesla, Inc.*	31,562,409
			42,993,820
	Banks – 0.5%
	124,676	Citigroup, Inc.	8,430,591
	40,034	Citizens Financial Group, Inc.	1,687,834
			10,118,425
	Beverages – 0.5%
	107,671	Monster Beverage Corp.*	10,155,529
	Biotechnology – 4.5%
	315,834	AbbVie, Inc.	36,731,494
	4,340	Amgen, Inc.	1,048,284
	4,949	Biogen, Inc.*	1,616,987
	276,701	Gilead Sciences, Inc.	18,895,911
	132,216	Incyte Corp.*	10,226,908
	33,691	Moderna, Inc.*	11,913,138
	5,368	Natera, Inc. *	614,743
	14,080	Ultragenyx Pharmaceutical, Inc.*	1,124,006
	18,475	Vertex Pharmaceuticals, Inc.*	3,724,190
			85,895,661
	Capital Markets – 2.4%
	163,714	Jefferies Financial Group, Inc.	5,433,668
	37,848	Moody’s Corp.	14,230,848
	60,393	S&P Global, Inc.	25,891,687
			45,556,203
	Chemicals – 0.5%
	297,378	Axalta Coating Systems Ltd.*	8,951,078
	Commercial Services & Supplies – 0.1%
	47,045	IAA, Inc.*	2,845,282

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – 0.6%
	91,397	Ally Financial, Inc.	$       4,694,150
	134,387	Synchrony Financial	6,318,877
			11,013,027
	Diversified Financial Services – 1.0%
	68,371	Berkshire Hathaway, Inc., Class B*	19,026,966
	Diversified Telecommunication Services – 0.7%
	508,045	Liberty Global PLC, Class C (United Kingdom)*	13,646,089
	Electronic Equipment, Instruments & Components – 0.2%
	6,657	Zebra Technologies Corp., Class A*	3,677,859
	Entertainment – 0.8%
	2,566	Netflix, Inc.*	1,328,085
	19,856	Roku, Inc.*	8,504,523
	99,379	World Wrestling Entertainment, Inc., Class A	4,907,335
			14,739,943
	Equity Real Estate Investment Trusts (REITs) – 2.3%
	245,274	Equity LifeStyle Properties, Inc. REIT	20,553,961
	66,606	First Industrial Realty Trust, Inc. REIT	3,648,677
	178,617	Invitation Homes, Inc. REIT	7,266,139
	90,929	Prologis, Inc. REIT	11,642,549
	13,853	Simon Property Group, Inc. REIT	1,752,682
			44,864,008
	Health Care Equipment & Supplies – 2.4%
	30,061	Align Technology, Inc.*	20,916,444
	69,289	Edwards Lifesciences Corp.*	7,779,076
	27,225	Hologic, Inc.*	2,042,964
	2,444	IDEXX Laboratories, Inc.*	1,658,327
	31,611	West Pharmaceutical Services, Inc.	13,015,197
			45,412,008
	Health Care Providers & Services – 2.1%
	27,451	Chemed Corp.	13,067,225
	13,294	DaVita, Inc.*	1,598,604
	97,360	HCA Healthcare, Inc.	24,164,752
	6,301	Universal Health Services, Inc., Class B	1,010,743
			39,841,324

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 2.7%
	2,073	Booking Holdings, Inc.*	$       4,515,533
	136,631	Darden Restaurants, Inc.	19,931,730
	24,199	Hilton Worldwide Holdings, Inc.*	3,180,959
	43,720	Marriott International, Inc., Class A*	6,382,246
	5,088	McDonald’s Corp.	1,234,909
	49,962	Vail Resorts, Inc.*	15,248,402
	40,926	Wendy’s Co. (The)	949,892
			51,443,671
	Household Durables – 0.8%
	342,783	Tempur Sealy International, Inc.	14,832,220
	Insurance – 0.7%
	35,734	Aon PLC, Class A	9,291,912
	63,062	Arch Capital Group Ltd.*	2,459,418
	13,937	Primerica, Inc.	2,037,868
			13,789,198
	Interactive Media & Services – 11.9%
	10,958	Alphabet, Inc., Class A*	29,526,660
	40,796	Alphabet, Inc., Class C*	110,329,518
	220,757	Facebook, Inc., Class A*	78,655,719
	152,365	Pinterest, Inc., Class A*	8,974,299
			227,486,196
	Internet & Direct Marketing Retail – 7.0%
	33,742	Amazon.com, Inc.*	112,279,542
	330,292	eBay, Inc.	22,529,217
			134,808,759
	IT Services – 6.4%
	59,494	Cognizant Technology Solutions Corp., Class A	4,374,594
	19,940	EPAM Systems, Inc.*	11,162,412
	14,790	Euronet Worldwide, Inc.*	2,112,308
	82,052	Gartner, Inc.*	21,721,626
	28,407	Mastercard, Inc., Class A	10,963,397
	36,650	MongoDB, Inc.*	13,154,418
	88,583	PayPal Holdings, Inc.*	24,407,274
	19,736	StoneCo Ltd., Class A (Brazil) *	1,161,266
	70,349	Visa, Inc., Class A	17,333,290

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	719,794	Western Union Co. (The)	$     16,706,419
			123,097,004
	Life Sciences Tools & Services – 2.2%
	85,554	IQVIA Holdings, Inc.*	21,191,726
	14,899	Mettler-Toledo International, Inc.*	21,956,805
			43,148,531
	Machinery – 1.4%
	18,353	Deere & Co.	6,636,261
	63,896	Parker-Hannifin Corp.	19,937,469
			26,573,730
	Media – 1.4%
	24,092	Charter Communications, Inc., Class A*	17,925,652
	113,564	News Corp., Class A	2,797,081
	47,580	Nexstar Media Group, Inc., Class A	6,997,591
			27,720,324
	Personal Products – 0.3%
	19,920	Estee Lauder Cos., Inc. (The), Class A	6,649,894
	Pharmaceuticals – 0.7%
	64,791	Zoetis, Inc.	13,133,136
	Professional Services – 0.6%
	117,905	Robert Half International, Inc.	11,579,450
	Road & Rail – 1.1%
	78,207	Old Dominion Freight Line, Inc.	21,049,414
	Semiconductors & Semiconductor Equipment – 4.4%
	221,833	Applied Materials, Inc.	31,041,092
	11,001	Broadcom, Inc.	5,339,885
	53,589	KLA Corp.	18,657,546
	10,844	Lam Research Corp.	6,912,074
	111,524	NVIDIA Corp.	21,746,065
			83,696,662
	Software – 19.8%
	11,166	Adobe, Inc.*	6,941,121
	23,011	Bill.com Holdings, Inc.*	4,759,135
	38,272	Crowdstrike Holdings, Inc., Class A*	9,706,162

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	75,450	Datadog, Inc., Class A*	$       8,352,315
	46,995	DocuSign, Inc.*	14,006,390
	41,887	Dolby Laboratories, Inc., Class A	4,067,228
	493,628	Dropbox, Inc., Class A*	15,544,346
	21,191	Dynatrace, Inc.*	1,353,469
	14,806	Fair Isaac Corp.*	7,757,011
	75,234	Fortinet, Inc.*	20,481,704
	37,138	HubSpot, Inc.*	22,134,991
	59,587	Intuit, Inc.	31,579,322
	36,576	Manhattan Associates, Inc.*	5,838,627
	28,201	McAfee Corp., Class A	763,401
	639,929	Microsoft Corp.	182,322,171
	56,877	Palo Alto Networks, Inc.*	22,696,767
	19,337	ServiceNow, Inc.*	11,368,029
	102,559	Teradata Corp.*	5,093,080
	7,648	VMware, Inc., Class A*(a)	1,175,803
	12,270	Zoom Video Communications, Inc., Class A*	4,639,287
			380,580,359
	Specialty Retail – 4.2%
	67,056	Dick’s Sporting Goods, Inc.	6,983,212
	3,514	GameStop Corp., Class A*(a)	566,176
	36,203	Home Depot, Inc. (The)	11,881,462
	47,373	L Brands, Inc.*	3,793,156
	123,069	Ross Stores, Inc.	15,099,336
	385,004	TJX Cos., Inc. (The)	26,492,125
	44,690	Ulta Beauty, Inc.*	15,006,902
			79,822,369
	Technology Hardware, Storage & Peripherals – 10.9%
	1,351,362	Apple, Inc.	197,109,661
	143,032	NetApp, Inc.	11,383,917
			208,493,578
	TOTAL COMMON STOCKS (Cost $1,189,847,338)		$1,903,638,542
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,189,847,338)		$1,903,638,542

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,692,581	0.026%	$       1,692,581
	(Cost $1,692,581)
	TOTAL INVESTMENTS – 99.3% (Cost $1,191,539,919)		$1,905,331,123
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		12,791,722
	NET ASSETS – 100.0%		$1,918,122,845

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

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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.0%
	Aerospace & Defense – 3.0%
	13,092	General Dynamics Corp.	$       2,566,425
	7,054	Howmet Aerospace, Inc.*	231,512
	13,809	Northrop Grumman Corp.	5,012,943
	10,079	Teledyne Technologies, Inc.*	4,563,469
			12,374,349
	Air Freight & Logistics – 0.7%
	184	FedEx Corp.	51,511
	13,985	United Parcel Service, Inc., Class B	2,676,169
			2,727,680
	Automobiles – 2.6%
	372,437	Ford Motor Co.*	5,195,496
	97,549	General Motors Co.*	5,544,685
			10,740,181
	Banks – 5.8%
	45,381	Bank of America Corp.	1,740,815
	100,945	Citigroup, Inc.	6,825,901
	46,012	Citizens Financial Group, Inc.	1,939,866
	33,352	First Horizon Corp.	515,288
	40,058	JPMorgan Chase & Co.	6,080,003
	149,119	KeyCorp	2,931,679
	24,813	PacWest Bancorp	988,054
	67,659	Regions Financial Corp.	1,302,436
	12,166	Umpqua Holdings Corp.	229,572
	18,337	Zions Bancorp NA	956,275
			23,509,889
	Biotechnology – 2.4%
	10,525	Biogen, Inc.*	3,438,833
	83,561	Gilead Sciences, Inc.	5,706,381
	9,936	Sage Therapeutics, Inc.*	434,501
			9,579,715
	Building Products – 0.2%
	2,411	Lennox International, Inc.	794,256
	Capital Markets – 4.5%
	41,359	Bank of New York Mellon Corp. (The)	2,122,957
	1,350	Evercore, Inc., Class A	178,470
	25,051	Interactive Brokers Group, Inc., Class A	1,549,655
	45,644	Intercontinental Exchange, Inc.	5,469,520

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	107,608	Jefferies Financial Group, Inc.	$       3,571,510
	11,065	S&P Global, Inc.	4,743,787
	8,702	SEI Investments Co.	529,082
			18,164,981
	Chemicals – 2.9%
	131,453	Axalta Coating Systems Ltd.*	3,956,735
	7,666	Celanese Corp.	1,194,133
	68,898	CF Industries Holdings, Inc.	3,255,430
	24,473	Corteva, Inc.	1,046,955
	3,879	International Flavors & Fragrances, Inc.	584,333
	21,181	Mosaic Co. (The)	661,483
	15,686	Westlake Chemical Corp.	1,300,683
			11,999,752
	Commercial Services & Supplies – 0.5%
	19,769	Clean Harbors, Inc.*	1,878,055
	Communications Equipment – 0.2%
	10,765	Cisco Systems, Inc.	596,058
	Construction & Engineering – 0.6%
	35,931	AECOM*	2,262,216
	2,081	MasTec, Inc.*	210,659
			2,472,875
	Construction Materials – 0.2%
	178	Martin Marietta Materials, Inc.	64,667
	4,143	Vulcan Materials Co.	745,699
			810,366
	Consumer Finance – 2.8%
	83,530	Ally Financial, Inc.	4,290,101
	16,176	Capital One Financial Corp.	2,615,659
	94,424	Synchrony Financial	4,439,816
			11,345,576
	Distributors – 0.3%
	25,800	LKQ Corp.*	1,309,350
	Diversified Financial Services – 3.6%
	52,185	Berkshire Hathaway, Inc., Class B*	14,522,564

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – 0.8%
	102,507	Liberty Global PLC, Class C (United Kingdom)*	$       2,753,338
	11,654	Verizon Communications, Inc.	650,060
			3,403,398
	Electric Utilities – 1.2%
	32,722	American Electric Power Co., Inc.	2,883,463
	66,839	PPL Corp.	1,896,222
			4,779,685
	Electrical Equipment – 1.1%
	32,069	AMETEK, Inc.	4,459,194
	Energy Equipment & Services – 0.9%
	142,322	Baker Hughes Co.	3,022,919
	10,632	Halliburton Co.	219,870
	8,466	Schlumberger NV	244,075
			3,486,864
	Entertainment – 2.2%
	50,114	Walt Disney Co. (The)*	8,821,066
	Equity Real Estate Investment Trusts (REITs) – 7.4%
	34,927	American Homes 4 Rent, Class A REIT	1,466,934
	44,562	Brixmor Property Group, Inc. REIT	1,025,817
	29,660	Camden Property Trust REIT	4,430,907
	10,775	Duke Realty Corp. REIT	548,232
	51,537	Equity LifeStyle Properties, Inc. REIT	4,318,801
	75,830	First Industrial Realty Trust, Inc. REIT	4,153,967
	111,385	Invitation Homes, Inc. REIT	4,531,142
	20,482	Kilroy Realty Corp. REIT	1,418,788
	12,166	Life Storage, Inc. REIT	1,427,802
	46,063	Prologis, Inc. REIT	5,897,907
	5,031	Sun Communities, Inc. REIT	986,629
			30,206,926
	Food & Staples Retailing – 2.1%
	11,368	Walgreens Boots Alliance, Inc.	536,001
	57,077	Walmart, Inc.	8,136,327
			8,672,328
	Food Products – 0.4%
	10,061	Archer-Daniels-Midland Co.	600,843

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	15,491	Darling Ingredients, Inc.*	$       1,069,963
			1,670,806
	Health Care Equipment & Supplies – 2.4%
	16,936	Danaher Corp.	5,038,291
	62,385	Hologic, Inc.*	4,681,370
	1,702	Medtronic PLC	223,490
			9,943,151
	Health Care Providers & Services – 5.0%
	14,198	Anthem, Inc.	5,452,174
	24,680	Cigna Corp.	5,663,813
	6,251	HCA Healthcare, Inc.	1,551,498
	8,075	UnitedHealth Group, Inc.	3,328,677
	27,951	Universal Health Services, Inc., Class B	4,483,620
			20,479,782
	Hotels, Restaurants & Leisure – 1.6%
	11,021	Darden Restaurants, Inc.	1,607,743
	20,173	McDonald’s Corp.	4,896,189
			6,503,932
	Household Products – 0.9%
	25,059	Procter & Gamble Co. (The)	3,564,142
	Independent Power and Renewable Electricity Producers – 0.2%
	25,907	AES Corp. (The)	613,996
	Insurance – 4.9%
	13,755	American Financial Group, Inc.	1,739,870
	110,851	Arch Capital Group Ltd.*	4,323,189
	33,047	Chubb Ltd.	5,576,351
	43,572	Globe Life, Inc.	4,056,989
	1,261	Marsh & McLennan Cos., Inc.	185,644
	102,020	Old Republic International Corp.	2,515,813
	22,871	W R Berkley Corp.	1,673,471
			20,071,327
	Interactive Media & Services – 2.1%
	3,156	Alphabet, Inc., Class A*	8,503,937
	2,439	Pinterest, Inc., Class A*	143,657
			8,647,594

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 4.7%
	17,852	Amdocs Ltd.	$       1,376,568
	68,029	Cognizant Technology Solutions Corp., Class A	5,002,172
	11,359	Fidelity National Information Services, Inc.	1,693,059
	22,156	International Business Machines Corp.	3,123,110
	19,579	VeriSign, Inc.*	4,236,308
	167,805	Western Union Co. (The)	3,894,754
			19,325,971
	Life Sciences Tools & Services – 2.2%
	17,912	IQVIA Holdings, Inc.*	4,436,802
	15,623	QIAGEN NV *	824,738
	6,980	Thermo Fisher Scientific, Inc.	3,769,270
			9,030,810
	Machinery – 3.2%
	52,089	Otis Worldwide Corp.	4,664,570
	15,244	Parker-Hannifin Corp.	4,756,585
	2,281	Snap-on, Inc.	497,213
	16,565	Stanley Black & Decker, Inc.	3,264,133
			13,182,501
	Media – 3.3%
	58,692	Comcast Corp., Class A	3,452,851
	121,421	News Corp., Class A	2,990,599
	19,932	Nexstar Media Group, Inc., Class A	2,931,399
	55,656	Omnicom Group, Inc.	4,052,870
			13,427,719
	Mortgage Real Estate Investment Trusts (REITs) – 0.6%
	280,130	Annaly Capital Management, Inc.REIT	2,378,304
	Multiline Retail – 0.2%
	17,712	Kohl’s Corp.	899,770
	Multi-Utilities – 3.0%
	70,217	CMS Energy Corp.	4,338,708
	20,847	Dominion Energy, Inc.	1,560,815
	38,066	DTE Energy Co.	4,465,903
	59,123	MDU Resources Group, Inc.	1,875,382
			12,240,808

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 1.9%
	33,096	APA Corp.	$       620,550
	6,526	Cimarex Energy Co.	425,495
	26,765	EOG Resources, Inc.	1,950,098
	15,079	Exxon Mobil Corp.	868,098
	40,219	Hess Corp.	3,074,340
	18,207	Targa Resources Corp.	766,697
			7,705,278
	Pharmaceuticals – 5.4%
	86,465	Elanco Animal Health, Inc.*	3,153,378
	76,868	Johnson & Johnson	13,236,670
	27,248	Merck & Co., Inc.	2,094,554
	83,590	Pfizer, Inc.	3,578,488
			22,063,090
	Professional Services – 0.4%
	14,266	ManpowerGroup, Inc.	1,691,662
	Road & Rail – 1.9%
	5,722	AMERCO	3,364,307
	118,499	CSX Corp.	3,829,888
	2,605	Norfolk Southern Corp.	671,647
			7,865,842
	Semiconductors & Semiconductor Equipment – 2.3%
	153,699	Intel Corp.	8,256,710
	14,715	Micron Technology, Inc.*	1,141,590
			9,398,300
	Software – 2.5%
	14,114	Dolby Laboratories, Inc., Class A	1,370,470
	31,813	salesforce.com, Inc.*	7,696,519
	8,307	VMware, Inc., Class A*(a)	1,277,118
			10,344,107
	Specialty Retail – 2.1%
	35,108	Dick’s Sporting Goods, Inc.	3,656,147
	33,652	Gap, Inc. (The)	981,629
	10,684	L Brands, Inc.*	855,468
	41,669	TJX Cos., Inc. (The)	2,867,244
			8,360,488

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – 0.8%
	48,990	Western Digital Corp.*	$    3,180,921
	Textiles, Apparel & Luxury Goods – 0.2%
	13,957	Skechers USA, Inc., Class A*	749,212
	Tobacco – 0.8%
	33,040	Philip Morris International, Inc.	3,306,974
	TOTAL COMMON STOCKS (Cost $353,102,704)		$403,301,595
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $353,102,704)		$403,301,595

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	1,232,400	0.026%	$    1,232,400
	(Cost $1,232,400)
	TOTAL INVESTMENTS – 99.3% (Cost $354,335,104)		$404,533,995
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%		3,027,508
	NET ASSETS – 100.0%		$407,561,503

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 0.3%
	2,077	Kaman Corp.	$         92,115
	27,628	Parsons Corp.*	1,066,993
	13,065	Vectrus, Inc.*	591,714
			1,750,822
	Auto Components – 0.9%
	60,183	American Axle & Manufacturing Holdings, Inc.*	583,173
	202,448	Goodyear Tire & Rubber Co. (The)*	3,180,458
	36,503	Tenneco, Inc., Class A*	635,517
	8,426	Visteon Corp.*	960,986
			5,360,134
	Banks – 6.6%
	32,819	1st Source Corp.	1,502,782
	4,339	American National Bankshares, Inc.	137,069
	8,238	Ameris Bancorp	400,449
	68,229	Atlantic Capital Bancshares, Inc.*	1,637,496
	26,655	Atlantic Union Bankshares Corp.	945,453
	159,511	Bancorp, Inc. (The)*	3,727,772
	1,104	Bank First Corp.	77,269
	14,548	Byline Bancorp, Inc.	358,026
	37,340	Cadence BanCorp	709,460
	681	Cambridge Bancorp	58,280
	3,090	Camden National Corp.	138,339
	25,088	Columbia Banking System, Inc.	876,575
	8,634	Community Bank System, Inc.	618,540
	4,176	Community Trust Bancorp, Inc.	166,038
	10,707	Customers Bancorp, Inc.*	387,808
	122,933	CVB Financial Corp.	2,343,103
	2,275	Equity Bancshares, Inc., Class A*	67,021
	38,265	FB Financial Corp.	1,446,800
	90,050	First BanCorp. (Puerto Rico)	1,092,306
	12,642	First Bank	168,455
	4,055	First BankCorp	162,200
	71,795	First Commonwealth Financial Corp.	945,540
	2,550	First Financial Bancorp	57,375
	133,279	First Foundation, Inc.	3,141,386
	48,787	First Internet Bancorp	1,477,270
	19,834	First Midwest Bancorp, Inc.	355,822
	24,446	Fulton Financial Corp.	374,513
	12,549	Glacier Bancorp, Inc.	647,026

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	2,592	Guaranty Bancshares, Inc.	$         86,702
	1,925	Hancock Whitney Corp.	84,142
	49,213	Hanmi Financial Corp.	897,153
	4,493	Heartland Financial USA, Inc.	204,971
	35,500	Home BancShares, Inc.	751,890
	81,232	International Bancshares Corp.	3,174,547
	5,057	Metropolitan Bank Holding Corp.*	359,199
	4,809	Mid Penn Bancorp, Inc.	125,274
	44,878	Old National Bancorp	722,087
	17,029	Origin Bancorp, Inc.	692,740
	2,394	Orrstown Financial Services, Inc.	55,182
	1,622	Peoples Financial Services Corp.	69,584
	2,085	ServisFirst Bancshares, Inc.	148,202
	9,272	Sierra Bancorp	223,733
	3,675	Southern First Bancshares, Inc.*	182,023
	17,884	Southside Bancshares, Inc.	644,539
	5,884	Spirit of Texas Bancshares, Inc.	136,979
	64,231	Towne Bank	1,914,726
	7,458	TriState Capital Holdings, Inc.*	151,472
	793	Triumph Bancorp, Inc.*	60,791
	70,068	Trustmark Corp.	2,103,441
	38,331	United Bankshares, Inc.	1,323,953
			38,133,503
	Beverages – 0.0%
	553	Coca-Cola Consolidated, Inc.	220,730
	Biotechnology – 7.7%
	47,464	ACADIA Pharmaceuticals, Inc.*	1,026,646
	101,941	Affimed NV (Germany)*	677,908
	52,212	Aldeyra Therapeutics, Inc.*	464,687
	11,623	Alector, Inc.*	279,359
	5,607	Allakos, Inc.*	446,093
	56,663	Allogene Therapeutics, Inc.*	1,243,753
	60,921	Amicus Therapeutics, Inc.*	565,956
	22,424	Apellis Pharmaceuticals, Inc.*	1,434,912
	40,273	Ardelyx, Inc.*	70,075
	28,865	Arrowhead Pharmaceuticals, Inc.*	2,000,056
	4,035	Atara Biotherapeutics, Inc.*	51,446
	132,342	Avid Bioservices, Inc.*	3,394,572
	23,352	BioCryst Pharmaceuticals, Inc.*	376,434
	25,190	Bridgebio Pharma, Inc.*	1,346,405

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	32,123	CareDx, Inc.*	$      2,699,617
	8,208	ChemoCentryx, Inc.*	121,314
	3,757	Cortexyme, Inc.*(a)	212,308
	50,553	Denali Therapeutics, Inc.*	2,579,720
	14,233	Design Therapeutics, Inc.*	220,327
	35,884	Dynavax Technologies Corp.*(a)	335,156
	23,834	Eagle Pharmaceuticals, Inc.*	1,108,281
	14,417	Editas Medicine, Inc.*	603,496
	66,473	Eiger BioPharmaceuticals, Inc.*	529,125
	15,610	Emergent BioSolutions, Inc.*	1,028,699
	5,751	FibroGen, Inc.*	74,763
	33,899	Flexion Therapeutics, Inc.*	201,021
	3,877	Global Blood Therapeutics, Inc.*	105,958
	14,296	Halozyme Therapeutics, Inc.*	590,854
	33,040	ImmunityBio, Inc.*(a)	362,118
	2,434	Inhibrx, Inc.*	69,272
	4,702	Inovio Pharmaceuticals, Inc.*(a)	39,497
	11,996	Intellia Therapeutics, Inc.*	1,701,633
	97,071	Kadmon Holdings, Inc.*	364,987
	1,410	Karuna Therapeutics, Inc.*	161,050
	1,003	Kodiak Sciences, Inc.*	84,091
	11,157	Kronos Bio, Inc.*(a)	228,161
	1,559	Krystal Biotech, Inc.*	91,108
	2,816	Madrigal Pharmaceuticals, Inc.*	245,893
	56,828	Myriad Genetics, Inc.*	1,797,470
	14,832	Ocugen, Inc.*(a)	99,523
	390,170	OPKO Health, Inc.*(a)	1,342,185
	84,148	Organogenesis Holdings, Inc.*	1,290,830
	8,859	Precision BioSciences, Inc.*	87,350
	14,091	Protagonist Therapeutics, Inc.*	696,518
	5,949	Prothena Corp. PLC (Ireland)*	298,045
	8,222	Puma Biotechnology, Inc.*	61,829
	9,383	Recursion Pharmaceuticals, Inc., Class A*(a)	284,774
	10,357	Rubius Therapeutics, Inc.*	222,572
	46,006	Sana Biotechnology, Inc.*(a)	749,438
	223,535	Selecta Biosciences, Inc.*	773,431
	2,161	Silverback Therapeutics, Inc.*	65,435
	18,373	Sorrento Therapeutics, Inc.*(a)	150,842
	46,531	Translate Bio, Inc.*	1,286,117
	29,549	Twist Bioscience Corp.*	3,636,004
	15,598	Vanda Pharmaceuticals, Inc.*	254,403
	68,489	Veracyte, Inc.*	3,051,870

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	2,922	Vericel Corp.*	$         154,691
	4,144	Vir Biotechnology, Inc.*	147,734
	4,241	XBiotech, Inc.	68,704
	7,660	Y-mAbs Therapeutics, Inc.*	253,546
			43,910,062
	Building Products – 0.7%
	26,106	JELD-WEN Holding, Inc.*	691,287
	1,321	Masonite International Corp.*	149,484
	45,524	Quanex Building Products Corp.	1,130,816
	59,653	Resideo Technologies, Inc.*	1,759,764
	2,284	Simpson Manufacturing Co., Inc.	256,904
			3,988,255
	Capital Markets – 2.5%
	52,323	Artisan Partners Asset Management, Inc., Class A	2,516,213
	286,313	BGC Partners, Inc., Class A	1,531,775
	48,454	Cowen, Inc., Class A	1,937,191
	19,201	Focus Financial Partners, Inc., Class A*	985,587
	532	Moelis & Co., Class A	31,521
	17,799	Open Lending Corp., Class A*	676,362
	62,554	Oppenheimer Holdings, Inc., Class A	2,811,802
	5,364	Pzena Investment Management, Inc., Class A	61,418
	11,381	Virtus Investment Partners, Inc.	3,142,636
	109,469	WisdomTree Investments, Inc.	676,518
			14,371,023
	Chemicals – 1.1%
	33,235	AdvanSix, Inc.*	1,111,711
	9,571	American Vanguard Corp.	158,017
	45,286	Amyris, Inc.*	660,270
	9,183	Innospec, Inc.	812,236
	26,395	Koppers Holdings, Inc.*	810,591
	25,601	Minerals Technologies, Inc.	2,053,712
	6,987	Orion Engineered Carbons SA (Germany)*	126,325
	35,072	Tronox Holdings PLC, Class A	646,377
			6,379,239
	Commercial Services & Supplies – 1.0%
	1,227	Casella Waste Systems, Inc., Class A*	84,393
	6,033	Cimpress PLC (Ireland)*	616,874

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – (continued)
	73,219	Ennis, Inc.	$      1,447,540
	11,876	Healthcare Services Group, Inc.	309,964
	25,731	KAR Auction Services, Inc.*	424,047
	67,977	Matthews International Corp., Class A	2,352,004
	43,871	Team, Inc.*	270,684
	7,028	US Ecology, Inc.*	245,980
			5,751,486
	Communications Equipment – 1.2%
	42,901	Calix, Inc.*	2,006,909
	4,138	Cambium Networks Corp.*	182,279
	11,742	Casa Systems, Inc.*	88,182
	4,877	Clearfield, Inc.*	212,247
	35,918	Digi International, Inc.*	742,784
	3,041	EchoStar Corp., Class A*	67,814
	117,155	Extreme Networks, Inc.*	1,289,877
	8,018	Harmonic, Inc.*	70,959
	107,061	Infinera Corp.*	1,060,975
	38,651	NetScout Systems, Inc.*	1,111,603
	2,670	Plantronics, Inc.*	83,277
			6,916,906
	Construction & Engineering – 1.0%
	11,259	Argan, Inc.	506,092
	3,810	Comfort Systems USA, Inc.	284,798
	5,308	Matrix Service Co.*	57,910
	59,778	Primoris Services Corp.	1,787,362
	37,896	Sterling Construction Co., Inc.*	832,196
	76,161	WillScot Mobile Mini Holdings Corp.*	2,186,582
			5,654,940
	Construction Materials – 0.4%
	57,531	Summit Materials, Inc., Class A*	1,933,042
	629	United States Lime & Minerals, Inc.	87,431
			2,020,473
	Consumer Finance – 0.5%
	17,437	LendingClub Corp.*	425,463
	7,639	PRA Group, Inc.*	296,317
	31,942	PROG Holdings, Inc.	1,398,101

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – (continued)
	18,680	Regional Management Corp.	$         966,316
			3,086,197
	Distributors – 0.2%
	72,606	Funko, Inc., Class A*	1,354,828
	Diversified Consumer Services – 0.1%
	10,373	WW International, Inc.*	318,866
	Diversified Financial Services – 0.4%
	11,583	A-Mark Precious Metals, Inc.	590,038
	91,967	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	1,515,616
			2,105,654
	Diversified Telecommunication Services – 0.8%
	53,466	Consolidated Communications Holdings, Inc.*	411,153
	85,299	Iridium Communications, Inc.*	3,602,177
	8,632	Liberty Latin America Ltd., Class A (Chile)*	117,827
	17,102	Ooma, Inc.*	317,242
			4,448,399
	Electric Utilities – 0.5%
	53,177	Portland General Electric Co.	2,600,355
	Electrical Equipment – 2.1%
	34,046	Array Technologies, Inc.*	460,983
	50,873	Atkore, Inc.*	3,821,071
	16,092	Encore Wire Corp.	1,262,095
	36,386	EnerSys	3,589,843
	152,414	GrafTech International Ltd.	1,732,947
	25,078	Powell Industries, Inc.	729,519
	1,794	Stem, Inc.*(a)	48,635
	11,689	Thermon Group Holdings, Inc.*	194,739
			11,839,832
	Electronic Equipment, Instruments & Components – 2.0%
	38,070	Belden, Inc.	1,865,430
	55,870	Benchmark Electronics, Inc.	1,474,968
	48,242	CTS Corp.	1,687,988
	31,382	Knowles Corp.*	628,895
	10,706	MicroVision, Inc.*(a)	147,422

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	1,127	PAR Technology Corp.*(a)	$           68,803
	7,542	Rogers Corp.*	1,437,505
	116,664	Vishay Intertechnology, Inc.	2,581,774
	43,659	Vishay Precision Group, Inc.*	1,586,132
			11,478,917
	Energy Equipment & Services – 0.5%
	2,491	Bristow Group, Inc.*	64,716
	1,556	ChampionX Corp.*	36,162
	11,803	DMC Global, Inc.*	516,617
	104,027	Helix Energy Solutions Group, Inc.*	431,712
	3,173	Nabors Industries Ltd.*	277,669
	67,743	Oceaneering International, Inc.*	898,272
	58,448	Oil States International, Inc.*	330,816
	53,293	US Silica Holdings, Inc.*	538,259
			3,094,223
	Entertainment – 1.4%
	79,026	AMC Entertainment Holdings, Inc., Class A*(a)	2,925,543
	161,274	Cinemark Holdings, Inc.*	2,504,585
	90,121	IMAX Corp.*	1,454,553
	60,965	Lions Gate Entertainment Corp., Class A*	916,304
			7,800,985
	Equity Real Estate Investment Trusts (REITs) – 9.1%
	53,442	Agree Realty Corp. REIT	4,016,166
	2,328	Centerspace REIT	209,520
	141,250	City Office REIT, Inc. REIT	1,817,888
	59,147	Community Healthcare Trust, Inc. REIT	2,947,295
	55,304	Gladstone Commercial Corp. REIT	1,281,947
	25,112	Global Medical REIT, Inc. REIT	390,743
	55,498	Global Net Lease, Inc. REIT	1,025,048
	29,230	Healthcare Realty Trust, Inc. REIT	931,852
	101,019	Independence Realty Trust, Inc. REIT	1,947,646
	95,154	Industrial Logistics Properties Trust REIT	2,578,673
	152,210	Kite Realty Group Trust REIT	3,068,554
	299,333	Lexington Realty Trust REIT	3,936,229
	22,491	Macerich Co. (The) REIT	366,603
	68,070	National Storage Affiliates Trust REIT	3,687,352
	64,586	NexPoint Residential Trust, Inc. REIT	3,807,345
	99,912	Outfront Media, Inc. REIT*	2,386,898

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	98,850	Piedmont Office Realty Trust, Inc., Class A REIT	$      1,880,127
	90,639	Retail Opportunity Investments Corp. REIT	1,601,591
	56,154	Retail Value, Inc. REIT	1,372,404
	81,467	RPT Realty REIT	1,037,890
	121,330	SITE Centers Corp. REIT	1,924,294
	103,432	STAG Industrial, Inc. REIT	4,273,810
	3,735	Tanger Factory Outlet Centers, Inc. REIT	64,130
	64,834	Terreno Realty Corp. REIT	4,432,052
	2,525	Urban Edge Properties REIT	47,975
	56,992	Urstadt Biddle Properties, Inc., Class A REIT	1,086,837
	37,844	Whitestone REIT	334,919
			52,455,788
	Food & Staples Retailing – 1.1%
	6,463	Chefs’ Warehouse, Inc. (The)*	186,910
	44,010	Ingles Markets, Inc., Class A	2,630,038
	20,286	Natural Grocers by Vitamin Cottage, Inc.	226,797
	73,925	Performance Food Group Co.*	3,387,244
			6,430,989
	Food Products – 0.3%
	3,021	B&G Foods, Inc. (a)	86,763
	10,053	John B. Sanfilippo & Son, Inc.	928,495
	12,493	Seneca Foods Corp., Class A*	683,867
			1,699,125
	Gas Utilities – 0.1%
	15,374	Northwest Natural Holding Co.	803,906
	Health Care Equipment & Supplies – 4.2%
	11,179	AngioDynamics, Inc.*	297,697
	2,440	CryoLife, Inc.*	65,880
	9,629	Heska Corp.*	2,317,700
	33,993	Integer Holdings Corp.*	3,327,575
	45,838	Invacare Corp.*	331,409
	37,102	LeMaitre Vascular, Inc.	2,020,575
	19,635	LivaNova PLC*	1,694,500
	32,526	Meridian Bioscience, Inc.*	666,783
	18,203	Merit Medical Systems, Inc.*	1,275,848
	3,512	Misonix, Inc.*	93,208
	77,596	Natus Medical, Inc.*	2,071,813

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	40,467	Neogen Corp.*	$      1,762,743
	13,353	Retractable Technologies, Inc.*(a)	157,165
	12,993	Shockwave Medical, Inc.*	2,364,726
	20,150	STAAR Surgical Co.*	2,577,588
	17,672	Stereotaxis, Inc.*	160,992
	35,036	Surmodics, Inc.*	1,930,834
	4,362	Utah Medical Products, Inc.	389,963
	26,400	Varex Imaging Corp.*	720,720
			24,227,719
	Health Care Providers & Services – 3.5%
	172,064	Community Health Systems, Inc.*	2,291,892
	901	Fulgent Genetics, Inc.*	83,117
	62,874	Hanger, Inc.*	1,542,928
	27,418	InfuSystem Holdings, Inc.*	500,379
	28,878	Joint Corp. (The)*	2,281,073
	21,468	National HealthCare Corp.	1,666,990
	40,115	Patterson Cos., Inc.	1,248,780
	27,308	RadNet, Inc.*	1,003,296
	112,464	Select Medical Holdings Corp.	4,436,705
	29,738	Sharps Compliance Corp.*	296,785
	9,478	Surgery Partners, Inc.*	517,120
	52,028	Tenet Healthcare Corp.*	3,737,692
	7,347	Triple-S Management Corp. (Puerto Rico)*	178,753
	3,452	US Physical Therapy, Inc.	407,888
			20,193,398
	Health Care Technology – 0.5%
	59,075	Castlight Health, Inc., Class B*	137,645
	3,493	Computer Programs and Systems, Inc.	110,274
	1,441	Health Catalyst, Inc.*	83,664
	11,133	Inovalon Holdings, Inc., Class A*	421,718
	8,654	Inspire Medical Systems, Inc.*	1,585,067
	4,558	NextGen Healthcare, Inc.*	73,931
	3,282	Omnicell, Inc.*	480,813
	1,677	Vocera Communications, Inc.*	70,367
			2,963,479
	Hotels, Restaurants & Leisure – 2.7%
	6,200	Cheesecake Factory, Inc. (The)*	280,612
	1,523	Chuy’s Holdings, Inc.*	50,259
	4,433	Dave & Buster’s Entertainment, Inc.*	147,530

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	16,828	Dine Brands Global, Inc.*	$      1,303,665
	27,549	Everi Holdings, Inc.*	625,087
	50,913	International Game Technology PLC*	954,619
	17,901	Monarch Casino & Resort, Inc.*	1,142,979
	15,651	Noodles & Co.*	186,873
	96,782	Red Rock Resorts, Inc., Class A*	3,813,211
	22,904	Ruth’s Hospitality Group, Inc.*	457,393
	45,556	SeaWorld Entertainment, Inc.*	2,159,810
	4,574	Shake Shack, Inc., Class A*	459,870
	45,431	Texas Roadhouse, Inc.	4,187,375
			15,769,283
	Household Durables – 1.4%
	34,634	Casper Sleep, Inc.*	239,321
	35,033	GoPro, Inc., Class A*	358,738
	2,674	iRobot Corp.*	233,975
	17,505	M/I Homes, Inc.*	1,132,748
	78,018	Sonos, Inc.*	2,604,241
	129,413	Tri Pointe Homes, Inc.*	3,121,441
	5,786	Universal Electronics, Inc.*	270,438
			7,960,902
	Independent Power and Renewable Electricity Producers – 0.0%
	1,455	Sunnova Energy International, Inc.*	55,436
	Insurance – 3.9%
	119,296	American Equity Investment Life Holding Co.	3,828,209
	29,575	AMERISAFE, Inc.	1,691,690
	62,592	Argo Group International Holdings Ltd.	3,262,921
	19,072	BRP Group, Inc., Class A*	519,903
	360,998	Genworth Financial, Inc., Class A*	1,205,733
	23,651	Goosehead Insurance, Inc., Class A	2,842,614
	11,267	James River Group Holdings Ltd.	409,893
	16,608	Kinsale Capital Group, Inc.	2,966,936
	58,392	MBIA, Inc.*	762,016
	1,889	National Western Life Group, Inc., Class A	392,704
	63,729	Stewart Information Services Corp.	3,760,648
	106,184	Tiptree, Inc.	1,020,428
			22,663,695
	Interactive Media & Services – 1.7%
	32,869	Cargurus, Inc.*	940,053

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	123,757	Cars.com, Inc.*	$      1,494,985
	102,577	Eventbrite, Inc., Class A*	1,822,793
	16,537	fuboTV, Inc.*(a)	430,624
	45,713	QuinStreet, Inc.*	838,377
	191,255	TrueCar, Inc.*	1,006,001
	89,603	Yelp, Inc.*	3,351,152
			9,883,985
	Internet & Direct Marketing Retail – 1.1%
	15,955	1-800-Flowers.com, Inc., Class A*	486,627
	71,300	Groupon, Inc.*	2,593,181
	18,634	Lands’ End, Inc.*	714,241
	12,146	Liquidity Services, Inc.*	240,977
	37,704	Stitch Fix, Inc., Class A*	2,033,000
			6,068,026
	IT Services – 1.0%
	96,473	Brightcove, Inc.*	1,106,545
	15,159	Conduent, Inc.*	101,717
	13,553	ExlService Holdings, Inc.*	1,534,470
	19,427	Hackett Group, Inc. (The)	348,132
	24,800	LiveRamp Holdings, Inc.*	992,248
	15,313	Perficient, Inc.*	1,443,863
			5,526,975
	Leisure Products – 0.3%
	7,662	Acushnet Holdings Corp.	392,524
	38,009	Callaway Golf Co.*	1,204,125
	9,268	Nautilus, Inc.*	133,923
	4,225	Vista Outdoor, Inc.*	170,648
			1,901,220
	Life Sciences Tools & Services – 1.1%
	6,549	Bionano Genomics, Inc.*(a)	38,835
	38,209	Harvard Bioscience, Inc.*	301,469
	23,538	Medpace Holdings, Inc.*	4,141,276
	6,869	NanoString Technologies, Inc.*	425,466
	30,478	Pacific Biosciences of California, Inc.*	979,868
	15,329	Personalis, Inc.*	321,756
			6,208,670

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – 1.9%
	2,913	Albany International Corp., Class A	$         251,538
	1,815	Douglas Dynamics, Inc.	72,419
	858	ESCO Technologies, Inc.	80,969
	5,598	Franklin Electric Co., Inc.	457,692
	9,671	Kennametal, Inc.	350,574
	22,928	Nikola Corp.*(a)	272,155
	10,056	RBC Bearings, Inc.*	2,363,160
	57,506	Rexnord Corp.	3,239,313
	78,138	Terex Corp.	3,744,373
	6,704	Titan International, Inc.*	57,788
	1,468	Watts Water Technologies, Inc., Class A	221,316
			11,111,297
	Marine – 0.4%
	51,598	Costamare, Inc. (Monaco)	559,322
	14,017	Eagle Bulk Shipping, Inc.*	584,509
	5,841	Matson, Inc.	392,048
	182,050	Safe Bulkers, Inc. (Greece)*	608,047
			2,143,926
	Media – 0.7%
	640	AMC Networks, Inc., Class A*	32,026
	1,051	Daily Journal Corp.*	349,983
	109,973	EW Scripps Co. (The), Class A	2,098,285
	11,472	Hemisphere Media Group, Inc.*	145,809
	10,852	John Wiley & Sons, Inc., Class A	637,881
	10,655	Magnite, Inc.*	322,846
	3,812	TechTarget, Inc.*	278,581
			3,865,411
	Metals & Mining – 1.0%
	33,072	Arconic Corp.*	1,188,608
	18,506	Coeur Mining, Inc.*	139,535
	33,533	Haynes International, Inc.	1,265,200
	105,632	Hecla Mining Co.	706,678
	3,411	Materion Corp.	243,409
	5,721	MP Materials Corp.*(a)	215,224
	92,861	SunCoke Energy, Inc.	717,816
	65,150	Warrior Met Coal, Inc.	1,216,350
			5,692,820

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – 1.4%
	185,666	Arbor Realty Trust, Inc. REIT	$      3,393,975
	24,431	Blackstone Mortgage Trust, Inc., Class A REIT	792,053
	21,266	Capstead Mortgage Corp. REIT	135,464
	63,182	Chimera Investment Corp. REIT	930,039
	46,561	Dynex Capital, Inc. REIT	812,489
	5,726	Great Ajax Corp. REIT	72,606
	28,665	Ladder Capital Corp. REIT	327,354
	252,780	MFA Financial, Inc. REIT	1,180,483
	23,786	New York Mortgage Trust, Inc. REIT	103,945
			7,748,408
	Multiline Retail – 0.2%
	6,080	Big Lots, Inc.	350,269
	41,257	Macy’s, Inc.*	701,369
			1,051,638
	Multi-Utilities – 0.2%
	16,229	NorthWestern Corp.	1,006,036
	Oil, Gas & Consumable Fuels – 3.0%
	8,418	Antero Resources Corp.*	114,485
	7,472	Bonanza Creek Energy, Inc.	287,448
	8,339	Callon Petroleum Co.*	328,223
	109,624	Centennial Resource Development, Inc., Class A*	571,141
	135,105	Comstock Resources, Inc.*	821,438
	17,708	Dorian LPG Ltd.*	214,267
	7,755	Earthstone Energy, Inc., Class A*	76,232
	101,216	Equitrans Midstream Corp.	831,996
	53,814	Golar LNG Ltd. (Cameroon)*	600,564
	242,972	Kosmos Energy Ltd. (Ghana)*	561,265
	112,004	Magnolia Oil & Gas Corp., Class A*	1,568,056
	62,112	Matador Resources Co.	1,919,261
	124,437	Ovintiv, Inc.	3,193,053
	51,724	PDC Energy, Inc.	2,045,684
	28,331	Range Resources Corp.*	431,481
	14,787	Scorpio Tankers, Inc. (Monaco)	241,768
	46,860	SFL Corp. Ltd. (Norway)	321,928
	82,830	SM Energy Co.	1,548,921
	18,764	Southwestern Energy Co.*	88,378
	10,138	Teekay Tankers Ltd., Class A (Bermuda)*	128,246

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	343,038	W&T Offshore, Inc.*	$      1,389,304
			17,283,139
	Personal Products – 0.1%
	8,837	Inter Parfums, Inc.	679,300
	Pharmaceuticals – 2.6%
	140,741	Amneal Pharmaceuticals, Inc.*	693,853
	135,216	Amphastar Pharmaceuticals, Inc.*	2,832,775
	51,738	ANI Pharmaceuticals, Inc.*	1,755,470
	5,293	Atea Pharmaceuticals, Inc.*	132,537
	282,831	BioDelivery Sciences International, Inc.*	1,063,445
	6,782	Cassava Sciences, Inc.*(a)	471,552
	13,141	Collegium Pharmaceutical, Inc.*	327,079
	215,676	Endo International PLC*	1,091,321
	5,921	Evolus, Inc.*	64,065
	104,642	Phibro Animal Health Corp., Class A	2,476,876
	76,203	Prestige Consumer Healthcare, Inc.*	4,004,468
	18,453	SIGA Technologies, Inc.*	117,546
			15,030,987
	Professional Services – 1.3%
	9,285	ASGN, Inc.*	938,992
	484	Barrett Business Services, Inc.	35,434
	6,356	CBIZ, Inc.*	205,553
	8,720	Exponent, Inc.	933,825
	16,084	Kforce, Inc.	1,004,124
	41,303	Korn Ferry	2,839,168
	696	TriNet Group, Inc.*	57,754
	28,929	Upwork, Inc.*	1,498,233
			7,513,083
	Road & Rail – 1.8%
	2,459	ArcBest Corp.	145,351
	21,322	Avis Budget Group, Inc.*	1,764,822
	46,699	Daseke, Inc.*	322,690
	39,690	Heartland Express, Inc.	675,921
	193,590	Marten Transport Ltd.	3,062,594
	3,433	Saia, Inc.*	775,858
	74,196	Werner Enterprises, Inc.	3,391,499
			10,138,735

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 1.6%
	24,547	Ambarella, Inc.*	$      2,417,634
	84,259	Axcelis Technologies, Inc.*	3,248,184
	5,054	CEVA, Inc.*	250,881
	29,310	Cohu, Inc.*	1,037,867
	33,711	FormFactor, Inc.*	1,256,072
	6,193	Ichor Holdings Ltd.*	319,373
	1,577	Kulicke & Soffa Industries, Inc. (Singapore)	85,726
	2,698	Ultra Clean Holdings, Inc.*	145,719
	6,590	Veeco Instruments, Inc.*	152,888
			8,914,344
	Software – 7.0%
	56,654	ACI Worldwide, Inc.*	1,943,232
	12,173	Appian Corp.*	1,417,302
	35,389	Bottomline Technologies DE, Inc.*	1,428,300
	130,277	Box, Inc., Class A*	3,116,226
	9,890	Cerence, Inc.*	1,063,274
	99,514	ChannelAdvisor Corp.*	2,317,681
	38,515	CommVault Systems, Inc.*	2,911,349
	50,029	Cornerstone OnDemand, Inc.*	2,398,390
	9,386	Digital Turbine, Inc.*	590,849
	24,727	Domo, Inc., Class B*	2,184,136
	18,747	eGain Corp.*	218,778
	2,938	JFrog Ltd. (Israel) *(a)	128,743
	8,562	Marathon Digital Holdings, Inc.*(a)	236,568
	2,290	MicroStrategy, Inc., Class A *(a)	1,433,563
	47,583	Momentive Global, Inc.*	999,243
	2,650	Ping Identity Holding Corp.*	58,486
	15,520	Rapid7, Inc.*	1,765,400
	7,731	Riot Blockchain, Inc. *(a)	254,736
	100,244	Sapiens International Corp. NV (Israel)	2,527,151
	38,690	SPS Commerce, Inc.*	4,215,276
	13,903	Telos Corp.*	389,562
	64,565	Tenable Holdings, Inc.*	2,763,382
	14,164	Upland Software, Inc.*	509,904
	17,053	Workiva, Inc.*	2,212,968
	46,694	Yext, Inc.*	608,423
	86,815	Zix Corp.*	643,299
	114,798	Zuora, Inc., Class A*	1,984,857
			40,321,078

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 5.3%
	46,850	Abercrombie & Fitch Co., Class A*	$      1,771,398
	90,289	Academy Sports & Outdoors, Inc.*	3,345,207
	119,683	American Eagle Outfitters, Inc.	4,125,473
	11,634	Bed Bath & Beyond, Inc.*	332,034
	37,636	Boot Barn Holdings, Inc.*	3,252,503
	74,976	Buckle, Inc. (The)	3,154,990
	62,768	Caleres, Inc.	1,552,880
	80,625	Cato Corp. (The), Class A	1,330,313
	37,426	Chico’s FAS, Inc.*	231,293
	803	Citi Trends, Inc.*	64,039
	4,548	Conn’s, Inc.*	101,148
	28,153	Designer Brands, Inc., Class A*	410,189
	67,442	Haverty Furniture Cos., Inc.	2,427,238
	1,741	Murphy USA, Inc.	256,815
	52,914	Shoe Carnival, Inc.	1,783,202
	15,467	Signet Jewelers Ltd.	995,147
	63,372	Tilly’s, Inc., Class A	939,807
	85,177	Urban Outfitters, Inc.*	3,166,881
	22,714	Zumiez, Inc.*	991,466
			30,232,023
	Technology Hardware, Storage & Peripherals – 0.5%
	15,751	3D Systems Corp.*	433,782
	23,471	Eastman Kodak Co.*	173,216
	33,244	Quantum Corp.*	206,113
	19,464	Super Micro Computer, Inc.*	740,411
	49,169	Turtle Beach Corp.*	1,519,322
			3,072,844
	Textiles, Apparel & Luxury Goods – 0.6%
	2,939	Crocs, Inc.*	399,145
	22,310	Movado Group, Inc.	670,862
	55,705	Steven Madden Ltd.	2,441,550
			3,511,557
	Thrifts & Mortgage Finance – 1.1%
	4,716	Bridgewater Bancshares, Inc.*	76,493
	23,317	Merchants Bancorp	854,335
	51,288	PennyMac Financial Services, Inc.	3,225,502
	12,010	Walker & Dunlop, Inc.	1,242,795
	10,669	Washington Federal, Inc.	344,289

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	17,627	WSFS Financial Corp.	$       771,710
			6,515,124
	Trading Companies & Distributors – 3.0%
	51,838	Boise Cascade Co.	2,651,514
	2,684	GMS, Inc.*	131,865
	86,573	H&E Equipment Services, Inc.	2,946,079
	17,690	Herc Holdings, Inc.*	2,194,268
	39,436	McGrath RentCorp	3,092,571
	175,098	MRC Global, Inc.*	1,605,649
	67,555	Rush Enterprises, Inc., Class A	3,174,409
	31,184	Titan Machinery, Inc.*	889,680
	951	Transcat, Inc.*	60,721
	7,908	Triton International Ltd. (Bermuda)	417,463
			17,164,219
	Wireless Telecommunication Services – 0.1%
	7,591	Gogo, Inc.*(a)	78,718
	5,763	Shenandoah Telecommunications Co.	304,229
			382,947
	TOTAL COMMON STOCKS (Cost $499,259,617)		$560,777,341
Shares		Dividend  Rate	Value
	Investment Company – 0.6%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	3,319,366	0.026%	$    3,319,366
	(Cost $3,319,366)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $502,578,983)		$564,096,707

Shares	Dividend  Rate	Value
Securities Lending Reinvestment Vehicle – 1.6%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
9,455,108	0.026%	$    9,455,108
(Cost $9,455,108)
TOTAL INVESTMENTS – 99.9% (Cost $512,034,091)		$573,551,815
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		293,305
NET ASSETS – 100.0%		$573,845,120

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

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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index	80	09/17/21	$	9,180,123	$	(293,723	)

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Auto Components – 1.0%
	66,896	Tenneco, Inc., Class A*	$    1,164,659
	36,493	Visteon Corp.*	4,162,027
	9,180	XPEL, Inc.*	850,068
			6,176,754
	Banks – 0.8%
	41,084	Atlantic Capital Bancshares, Inc.*	986,016
	78,018	Bancorp, Inc. (The)*	1,823,281
	2,467	Capital City Bank Group, Inc.	60,047
	4,546	CBTX, Inc.	119,560
	34,376	First Foundation, Inc.	810,242
	1,750	International Bancshares Corp.	68,390
	3,766	Silvergate Capital Corp., Class A*	387,145
	7,517	Triumph Bancorp, Inc.*	576,253
			4,830,934
	Beverages – 0.6%
	11,154	Celsius Holdings, Inc.*	765,499
	6,672	Coca-Cola Consolidated, Inc.	2,663,129
	8,294	National Beverage Corp.	376,382
			3,805,010
	Biotechnology – 11.7%
	88,880	ACADIA Pharmaceuticals, Inc.*	1,922,474
	184,242	Affimed NV (Germany)*	1,225,209
	73,910	Aldeyra Therapeutics, Inc.*	657,799
	24,246	Alector, Inc.*	582,753
	45,532	Alkermes PLC*	1,177,913
	16,480	Allakos, Inc.*	1,311,149
	25,366	Allogene Therapeutics, Inc.*	556,784
	158,737	Amicus Therapeutics, Inc.*	1,474,667
	11,427	Anavex Life Sciences Corp.*	205,115
	36,121	Apellis Pharmaceuticals, Inc.*	2,311,383
	2,936	Applied Molecular Transport, Inc.*	82,296
	63,369	Ardelyx, Inc.*	110,262
	50,793	Arrowhead Pharmaceuticals, Inc.*	3,519,447
	154,466	Avid Bioservices, Inc.*	3,962,053
	6,662	Beam Therapeutics, Inc.*	612,904
	33,996	Bridgebio Pharma, Inc.*	1,817,086
	51,619	CareDx, Inc.*	4,338,061
	6,784	Cortexyme, Inc.*(a)	383,364
	81,910	Denali Therapeutics, Inc.*	4,179,867
	2,758	Design Therapeutics, Inc.*	42,694
	17,112	Dicerna Pharmaceuticals, Inc.*	641,871

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	120,327	Dynavax Technologies Corp.*(a)	$    1,123,854
	15,296	Eagle Pharmaceuticals, Inc.*	711,264
	63,224	Editas Medicine, Inc.*	2,646,557
	62,136	Eiger BioPharmaceuticals, Inc.*	494,603
	5,950	Evelo Biosciences, Inc.*(a)	54,799
	17,629	Fate Therapeutics, Inc.*	1,459,681
	25,510	FibroGen, Inc.*	331,630
	124,295	Flexion Therapeutics, Inc.*	737,069
	34,734	Global Blood Therapeutics, Inc.*	949,280
	54,169	Halozyme Therapeutics, Inc.*	2,238,805
	8,942	Inhibrx, Inc.*	254,489
	13,819	Insmed, Inc.*	339,947
	25,944	Intellia Therapeutics, Inc.*	3,680,156
	21,788	Intercept Pharmaceuticals, Inc.*	376,497
	144,747	Kadmon Holdings, Inc.*	544,249
	6,595	Karuna Therapeutics, Inc.*	753,281
	11,698	Kodiak Sciences, Inc.*	980,760
	9,542	Kymera Therapeutics, Inc.*	574,238
	7,118	Madrigal Pharmaceuticals, Inc.*	621,544
	10,627	Myriad Genetics, Inc.*	336,132
	69,646	Ocugen, Inc.*(a)	467,325
	76,435	OPKO Health, Inc.*	262,936
	109,610	Organogenesis Holdings, Inc.*	1,681,417
	42,581	Precision BioSciences, Inc.*	419,849
	35,545	Protagonist Therapeutics, Inc.*	1,756,989
	1,143	Prothena Corp. PLC (Ireland)*	57,264
	8,972	PTC Therapeutics, Inc.*	343,897
	63,368	Puma Biotechnology, Inc.*	476,527
	9,537	Recursion Pharmaceuticals, Inc., Class A*	289,448
	69,697	Rigel Pharmaceuticals, Inc.*	278,788
	23,509	Rubius Therapeutics, Inc.*	505,208
	68,794	Sana Biotechnology, Inc.*(a)	1,120,654
	185,039	Selecta Biosciences, Inc.*	640,235
	18,864	Seres Therapeutics, Inc.*	133,934
	67,312	Sorrento Therapeutics, Inc.*(a)	552,632
	10,491	Stoke Therapeutics, Inc.*	300,357
	54,145	Translate Bio, Inc.*	1,496,568
	44,350	Twist Bioscience Corp.*	5,457,268
	5,031	Vaxart, Inc.*	36,173
	28,853	Veracyte, Inc.*	1,285,690
	19,396	Vericel Corp.*	1,026,824
	17,339	Vir Biotechnology, Inc.*	618,135
	25,715	Y-mAbs Therapeutics, Inc.*	851,167
			70,383,271

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Building Products – 0.7%
	5,665	Cornerstone Building Brands, Inc.*	$        95,285
	17,784	Masonite International Corp.*	2,012,437
	11,813	Resideo Technologies, Inc.*	348,484
	14,676	Simpson Manufacturing Co., Inc.	1,650,757
			4,106,963
	Capital Markets – 3.6%
	81,586	Artisan Partners Asset Management, Inc., Class A	3,923,471
	30,242	Brightsphere Investment Group, Inc.	755,747
	51,117	Focus Financial Partners, Inc., Class A*	2,623,836
	13,219	Greenhill & Co., Inc.	211,768
	28,359	Hamilton Lane, Inc., Class A	2,637,387
	5,306	Moelis & Co., Class A	314,380
	89,022	Open Lending Corp., Class A*	3,382,836
	59,624	Oppenheimer Holdings, Inc., Class A	2,680,099
	33,404	Pzena Investment Management, Inc., Class A	382,476
	14,129	Virtus Investment Partners, Inc.	3,901,441
	135,023	WisdomTree Investments, Inc.	834,442
			21,647,883
	Chemicals – 0.6%
	2,640	Hawkins, Inc.	95,858
	13,341	Innospec, Inc.	1,180,012
	59,161	Livent Corp.*	1,154,231
	52,263	Orion Engineered Carbons SA (Germany)*	944,915
			3,375,016
	Commercial Services & Supplies – 1.0%
	8,643	Brink’s Co. (The)	665,165
	32,387	Casella Waste Systems, Inc., Class A*	2,227,578
	16,105	Cimpress PLC (Ireland)*	1,646,736
	37,427	Ennis, Inc.	739,932
	104,673	Pitney Bowes, Inc.	837,384
			6,116,795
	Communications Equipment – 1.5%
	45,481	Calix, Inc.*	2,127,601
	13,144	Cambium Networks Corp.*	578,993
	70,665	Casa Systems, Inc.*	530,694
	27,282	Clearfield, Inc.*	1,187,313
	262,329	Extreme Networks, Inc.*	2,888,242

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	174,016	Infinera Corp.*	$    1,724,499
			9,037,342
	Construction & Engineering – 1.4%
	39,634	Comfort Systems USA, Inc.	2,962,642
	5,477	Dycom Industries, Inc.*	380,104
	9,514	Sterling Construction Co., Inc.*	208,927
	179,993	WillScot Mobile Mini Holdings Corp.*	5,167,599
			8,719,272
	Consumer Finance – 0.1%
	1,809	Atlanticus Holdings Corp.*	78,655
	4,139	Regional Management Corp.	214,111
			292,766
	Distributors – 0.3%
	102,593	Funko, Inc., Class A*	1,914,385
	Diversified Financial Services – 0.0%
	4,674	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	77,027
	Diversified Telecommunication Services – 1.1%
	24,860	Cogent Communications Holdings, Inc.	1,929,385
	105,365	Iridium Communications, Inc.*	4,449,564
			6,378,949
	Electrical Equipment – 1.6%
	3,110	Allied Motion Technologies, Inc.	102,350
	70,189	Atkore, Inc.*	5,271,896
	8,497	Bloom Energy Corp., Class A*	185,235
	310,933	GrafTech International Ltd.	3,535,308
	14,237	Stem, Inc.*(a)	385,965
			9,480,754
	Electronic Equipment, Instruments & Components – 1.3%
	7,022	908 Devices, Inc.*(a)	219,438
	6,034	Advanced Energy Industries, Inc.	626,027
	26,429	Arlo Technologies, Inc.*	161,481
	20,907	CTS Corp.	731,536
	41,342	MicroVision, Inc.*	569,279
	10,297	nLight, Inc.*	357,203
	3,053	PAR Technology Corp.*(a)	186,386
	14,220	Rogers Corp.*	2,710,332

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	3,990	Vishay Intertechnology, Inc.	$         88,299
	53,831	Vishay Precision Group, Inc.*	1,955,680
			7,605,661
	Energy Equipment & Services – 0.2%
	25,061	DMC Global, Inc.*	1,096,920
	61,710	TETRA Technologies, Inc.*	190,684
	7,872	US Silica Holdings, Inc.*	79,507
			1,367,111
	Entertainment – 0.5%
	172,234	Cinemark Holdings, Inc.*	2,674,794
	23,025	IMAX Corp.*	371,623
			3,046,417
	Equity Real Estate Investment Trusts (REITs) – 3.4%
	3,060	Alexander’s, Inc. REIT	853,250
	24,194	City Office REIT, Inc. REIT	311,377
	82,337	Community Healthcare Trust, Inc. REIT	4,102,853
	21,313	EastGroup Properties, Inc. REIT	3,755,777
	1,408	Gladstone Commercial Corp. REIT	32,637
	100,234	Kite Realty Group Trust REIT	2,020,717
	171,384	Lexington Realty Trust REIT	2,253,700
	93,157	National Storage Affiliates Trust REIT	5,046,315
	32,544	NexPoint Residential Trust, Inc. REIT	1,918,469
	919	Terreno Realty Corp. REIT	62,823
	6,454	Universal Health Realty Income Trust REIT	385,626
			20,743,544
	Food & Staples Retailing – 0.9%
	119,310	Performance Food Group Co.*	5,466,784
	Food Products – 0.2%
	12,530	John B. Sanfilippo & Son, Inc.	1,157,271
	3,266	Tattooed Chef, Inc.*	64,405
			1,221,676
	Health Care Equipment & Supplies – 6.2%
	31,797	Accuray, Inc.*	130,368
	7,161	Apyx Medical Corp.*	64,449
	24,843	CryoLife, Inc.*	670,761
	8,027	Cutera, Inc.*	417,003
	5,658	Glaukos Corp.*	288,558
	16,954	Heska Corp.*	4,080,828

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	1,351	Integer Holdings Corp.*	$       132,249
	9,456	iRhythm Technologies, Inc.*	483,391
	56,943	LeMaitre Vascular, Inc.	3,101,116
	30,670	LivaNova PLC*	2,646,821
	35,615	Merit Medical Systems, Inc.*	2,496,255
	116,212	Natus Medical, Inc.*	3,102,860
	106,657	Neogen Corp.*	4,645,979
	15,221	Neuronetics, Inc.*	201,830
	35,381	Retractable Technologies, Inc.*(a)	416,434
	62,041	Senseonics Holdings, Inc.*(a)	190,466
	25,757	Shockwave Medical, Inc.*	4,687,774
	9,601	SI-BONE, Inc.*	291,294
	30,692	STAAR Surgical Co.*	3,926,121
	57,205	Stereotaxis, Inc.*	521,138
	74,389	Surmodics, Inc.*	4,099,578
	9,210	Utah Medical Products, Inc.	823,374
			37,418,647
	Health Care Providers & Services – 4.4%
	36,264	1Life Healthcare, Inc.*	980,579
	15,740	Accolade, Inc.*	736,789
	6,984	AMN Healthcare Services, Inc.*	702,311
	212,534	Community Health Systems, Inc.*	2,830,953
	108,841	Hanger, Inc.*	2,670,958
	8,017	HealthEquity, Inc.*	593,098
	25,815	InfuSystem Holdings, Inc.*	471,124
	44,495	Joint Corp. (The)*	3,514,660
	9,780	National Research Corp.	516,188
	5,942	Owens & Minor, Inc.	274,817
	19,439	Patterson Cos., Inc.	605,136
	8,531	Progyny, Inc.*	475,091
	71,036	RadNet, Inc.*	2,609,863
	138,941	Select Medical Holdings Corp.	5,481,222
	78,692	Sharps Compliance Corp.*	785,346
	28,694	Surgery Partners, Inc.*	1,565,545
	14,360	US Physical Therapy, Inc.	1,696,778
			26,510,458
	Health Care Technology – 1.9%
	26,015	Health Catalyst, Inc.*	1,510,431
	78,065	Inovalon Holdings, Inc., Class A*	2,957,102
	19,662	Inspire Medical Systems, Inc.*	3,601,292
	14,251	Omnicell, Inc.*	2,087,771
	11,399	OptimizeRx Corp.*	630,023

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Technology – (continued)
	18,007	Vocera Communications, Inc.*	$       755,574
			11,542,193
	Hotels, Restaurants & Leisure – 4.5%
	61,717	Bloomin’ Brands, Inc.*	1,550,948
	25,201	Cheesecake Factory, Inc. (The)*	1,140,597
	5,957	Dave & Buster’s Entertainment, Inc.*	198,249
	24,065	Dine Brands Global, Inc.*	1,864,316
	73,493	Everi Holdings, Inc.*	1,667,556
	121,253	International Game Technology PLC*	2,273,494
	35,522	Monarch Casino & Resort, Inc.*	2,268,080
	1,408	Papa John’s International, Inc.	160,681
	15,448	PlayAGS, Inc.*	119,876
	5,116	RCI Hospitality Holdings, Inc.	321,080
	112,512	Red Rock Resorts, Inc., Class A*	4,432,973
	90,176	Ruth’s Hospitality Group, Inc.*	1,800,815
	51,351	SeaWorld Entertainment, Inc.*	2,434,551
	12,065	Shake Shack, Inc., Class A*	1,213,015
	60,608	Texas Roadhouse, Inc.	5,586,239
			27,032,470
	Household Durables – 1.8%
	74,292	Casper Sleep, Inc.*	513,358
	22,556	Century Communities, Inc.	1,566,514
	156,197	GoPro, Inc., Class A*	1,599,457
	8,118	Installed Building Products, Inc.	974,160
	6,828	iRobot Corp.*	597,450
	5,697	LGI Homes, Inc.*	973,617
	126,555	Sonos, Inc.*	4,224,406
	11,072	Tri Pointe Homes, Inc.*	267,057
			10,716,019
	Insurance – 2.8%
	121,778	American Equity Investment Life Holding Co.	3,907,856
	14,465	Argo Group International Holdings Ltd.	754,061
	57,834	BRP Group, Inc., Class A*	1,576,555
	10,479	Goosehead Insurance, Inc., Class A	1,259,471
	28,175	Kinsale Capital Group, Inc.	5,033,323
	8,446	MBIA, Inc.*	110,220
	66,630	Stewart Information Services Corp.	3,931,836
	17,818	Tiptree, Inc.	171,231
			16,744,553

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – 2.0%
	77,327	Cargurus, Inc.*	$    2,211,552
	40,377	Cars.com, Inc.*	487,754
	158,406	Eventbrite, Inc., Class A*	2,814,875
	40,332	fuboTV, Inc.*(a)	1,050,245
	8,685	Liberty TripAdvisor Holdings, Inc., Class A*	36,304
	102,921	QuinStreet, Inc.*	1,887,571
	95,278	Yelp, Inc.*	3,563,397
			12,051,698
	Internet & Direct Marketing Retail – 1.3%
	26,816	1-800-Flowers.com, Inc., Class A*	817,888
	71,108	Groupon, Inc.*	2,586,198
	11,691	Lands’ End, Inc.*	448,116
	13,847	Liquidity Services, Inc.*	274,724
	2,553	Revolve Group, Inc.*	177,714
	3,367	Shutterstock, Inc.	365,286
	53,527	Stitch Fix, Inc., Class A*	2,886,176
			7,556,102
	IT Services – 1.4%
	125,606	Brightcove, Inc.*	1,440,701
	40,280	ExlService Holdings, Inc.*	4,560,501
	51,420	Hackett Group, Inc. (The)	921,446
	15,699	Perficient, Inc.*	1,480,259
			8,402,907
	Leisure Products – 0.1%
	13,736	Smith & Wesson Brands, Inc.	322,109
	Life Sciences Tools & Services – 1.6%
	60,340	Bionano Genomics, Inc.*(a)	357,816
	40,206	Harvard Bioscience, Inc.*	317,225
	4,271	Inotiv, Inc.*	111,559
	32,234	Medpace Holdings, Inc.*	5,671,250
	35,676	NanoString Technologies, Inc.*	2,209,771
	15,830	Pacific Biosciences of California, Inc.*	508,934
	12,114	Personalis, Inc.*	254,273
	1,358	Quanterix Corp.*	72,178
			9,503,006
	Machinery – 2.3%
	9,290	CIRCOR International, Inc.*	286,504
	28,855	Douglas Dynamics, Inc.	1,151,315
	2,014	Energy Recovery, Inc.*	42,596

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	18,135	Enerpac Tool Group Corp.	$       465,525
	7,777	Federal Signal Corp.	308,047
	31,453	Franklin Electric Co., Inc.	2,571,597
	10,332	Hydrofarm Holdings Group, Inc.*	509,781
	454	Kadant, Inc.	81,779
	58,390	Nikola Corp.*(a)	693,089
	527	Omega Flex, Inc.	82,644
	3,780	RBC Bearings, Inc.*	888,300
	44,880	Rexnord Corp.	2,528,090
	94,040	Terex Corp.	4,506,397
			14,115,664
	Marine – 0.0%
	2,047	Eagle Bulk Shipping, Inc.*	85,360
	41,823	Safe Bulkers, Inc. (Greece)*	139,689
			225,049
	Media – 0.9%
	8,617	Cardlytics, Inc.*	1,085,397
	3,089	Daily Journal Corp.*	1,028,637
	13,143	EW Scripps Co. (The), Class A	250,769
	36,271	Magnite, Inc.*	1,099,011
	29,821	TechTarget, Inc.*	2,179,319
	1,874	Thryv Holdings, Inc.*	62,254
			5,705,387
	Metals & Mining – 0.2%
	14,278	Hecla Mining Co.	95,520
	20,221	MP Materials Corp.*(a)	760,714
	40,207	Novagold Resources, Inc. (Canada)*	314,419
			1,170,653
	Mortgage Real Estate Investment Trusts (REITs) – 0.3%
	83,591	Arbor Realty Trust, Inc.REIT	1,528,043
	Oil, Gas & Consumable Fuels – 1.5%
	15,214	Callon Petroleum Co.*	598,823
	33,181	Contango Oil & Gas Co.*	126,751
	19,635	Falcon Minerals Corp.	93,659
	224,555	Kosmos Energy Ltd. (Ghana)*	518,722
	194,296	Magnolia Oil & Gas Corp., Class A*	2,720,144
	104,484	Matador Resources Co.	3,228,556
	29,452	Ovintiv, Inc.	755,738
	17,574	SM Energy Co.	328,634

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	122,056	Southwestern Energy Co.*	$       574,884
	31,318	W&T Offshore, Inc.*	126,838
			9,072,749
	Personal Products – 0.2%
	14,208	Inter Parfums, Inc.	1,092,169
	913	Medifast, Inc.	260,671
			1,352,840
	Pharmaceuticals – 2.8%
	280,169	Amneal Pharmaceuticals, Inc.*	1,381,233
	88,159	Amphastar Pharmaceuticals, Inc.*	1,846,931
	78,721	ANI Pharmaceuticals, Inc.*	2,671,003
	143,980	Antares Pharma, Inc.*	633,512
	2,366	Arvinas, Inc.*	239,202
	468,884	BioDelivery Sciences International, Inc.*	1,763,004
	14,326	Cassava Sciences, Inc.*(a)	996,087
	54,640	Collegium Pharmaceutical, Inc.*	1,359,990
	144,814	Durect Corp.*	204,188
	42,365	Endo International PLC*	214,367
	11,139	Evolus, Inc.*	120,524
	20,615	Nuvation Bio, Inc.*	178,114
	6,434	Ocular Therapeutix, Inc.*	70,838
	16,405	Pacira BioSciences, Inc.*	967,075
	142,055	Phibro Animal Health Corp., Class A	3,362,442
	11,192	Prestige Consumer Healthcare, Inc.*	588,140
	74,279	SIGA Technologies, Inc.*	473,157
			17,069,807
	Professional Services – 3.1%
	35,304	ASGN, Inc.*	3,570,294
	9,250	CRA International, Inc.	793,002
	45,086	Exponent, Inc.	4,828,260
	11,615	Forrester Research, Inc.*	544,163
	12,966	Franklin Covey Co.*	474,426
	46,450	Kforce, Inc.	2,899,873
	2,319	Korn Ferry	159,408
	29,611	TriNet Group, Inc.*	2,457,121
	58,138	Upwork, Inc.*	3,010,967
			18,737,514
	Road & Rail – 1.2%
	28,302	Daseke, Inc.*	195,567
	2,477	HyreCar, Inc.*	43,298

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – (continued)
	112,658	Marten Transport Ltd.	$    1,782,249
	17,192	Saia, Inc.*	3,885,392
	3,232	Universal Logistics Holdings, Inc.	74,498
	28,056	Werner Enterprises, Inc.	1,282,440
			7,263,444
	Semiconductors & Semiconductor Equipment – 4.1%
	42,170	Ambarella, Inc.*	4,153,323
	110,272	Axcelis Technologies, Inc.*	4,250,986
	25,966	CEVA, Inc.*	1,288,952
	52,533	Cohu, Inc.*	1,860,194
	72,791	FormFactor, Inc.*	2,712,193
	15,788	Ichor Holdings Ltd.*	814,187
	24,728	Kulicke & Soffa Industries, Inc. (Singapore)	1,344,214
	46,395	Lattice Semiconductor Corp.*	2,632,916
	18,793	MACOM Technology Solutions Holdings, Inc.*	1,159,904
	23,532	MaxLinear, Inc.*	1,134,948
	8,844	Power Integrations, Inc.	857,780
	5,812	SiTime Corp.*	788,340
	9,473	SMART Global Holdings, Inc.*	443,715
	4,840	Synaptics, Inc.*	735,293
	10,951	Ultra Clean Holdings, Inc.*	591,463
			24,768,408
	Software – 12.5%
	121,925	ACI Worldwide, Inc.*	4,182,027
	4,010	American Software, Inc., Class A	88,220
	28,857	Appian Corp.*	3,359,821
	42,942	Bottomline Technologies DE, Inc.*	1,733,139
	172,290	Box, Inc., Class A*	4,121,177
	18,738	Cerence, Inc.*	2,014,522
	156,065	ChannelAdvisor Corp.*	3,634,754
	52,679	CommVault Systems, Inc.*	3,982,006
	88,516	Cornerstone OnDemand, Inc.*	4,243,457
	30,446	Digital Turbine, Inc.*	1,916,576
	39,769	Domo, Inc., Class B*	3,512,796
	13,968	J2 Global, Inc.*	1,973,259
	14,126	JFrog Ltd. (Israel)*(a)	619,001
	7,186	LivePerson, Inc.*	457,676
	4,975	MicroStrategy, Inc., Class A*(a)	3,114,400
	24,882	Mimecast Ltd.*	1,382,195
	131,573	Momentive Global, Inc.*	2,763,033
	23,369	Progress Software Corp.	1,065,393

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	19,489	Rapid7, Inc.*	$    2,216,874
	24,523	Riot Blockchain, Inc.*(a)	808,033
	134,056	Sapiens International Corp. NV (Israel)	3,379,552
	52,017	SPS Commerce, Inc.*	5,667,252
	40,741	Telos Corp.*	1,141,563
	86,321	Tenable Holdings, Inc.*	3,694,539
	33,086	Upland Software, Inc.*	1,191,096
	34,625	Varonis Systems, Inc.*	2,119,050
	13,108	Vonage Holdings Corp.*	186,920
	31,921	Workiva, Inc.*	4,142,388
	136,816	Yext, Inc.*	1,782,712
	212,195	Zix Corp.*	1,572,365
	200,372	Zuora, Inc., Class A*	3,464,432
			75,530,228
	Specialty Retail – 5.6%
	5,981	Aaron’s Co., Inc. (The)	172,672
	1,372	Abercrombie & Fitch Co., Class A*	51,875
	21,778	Academy Sports & Outdoors, Inc.*	806,875
	142,980	American Eagle Outfitters, Inc.	4,928,521
	6,114	Asbury Automotive Group, Inc.*	1,256,182
	5,076	Blink Charging Co.*(a)	175,274
	50,726	Boot Barn Holdings, Inc.*	4,383,741
	82,734	Buckle, Inc. (The)	3,481,447
	69,495	Caleres, Inc.	1,719,306
	8,585	Camping World Holdings, Inc., Class A	337,906
	34,984	Cato Corp. (The), Class A	577,236
	16,373	Children’s Place, Inc. (The)*	1,380,735
	13,144	Citi Trends, Inc.*	1,048,234
	94,683	Designer Brands, Inc., Class A*	1,379,531
	42,161	Haverty Furniture Cos., Inc.	1,517,374
	29,517	Murphy USA, Inc.	4,354,053
	34,982	Shoe Carnival, Inc.	1,178,893
	24,667	Signet Jewelers Ltd.	1,587,075
	98,346	Urban Outfitters, Inc.*	3,656,504
			33,993,434
	Technology Hardware, Storage & Peripherals – 0.5%
	34,844	3D Systems Corp.*	959,604
	11,574	Corsair Gaming, Inc.*(a)	337,845
	20,123	Eastman Kodak Co.*	148,507
	52,561	Turtle Beach Corp.*	1,624,135
			3,070,091

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 1.4%
	12,026	Crocs, Inc.*	$    1,633,251
	29,653	Kontoor Brands, Inc.	1,642,183
	106,375	Steven Madden Ltd.	4,662,417
	10,502	Wolverine World Wide, Inc.	352,237
			8,290,088
	Thrifts & Mortgage Finance – 0.1%
	8,084	PennyMac Financial Services, Inc.	508,403
	Trading Companies & Distributors – 1.8%
	907	Boise Cascade Co.	46,393
	100,418	H&E Equipment Services, Inc.	3,417,225
	20,297	Herc Holdings, Inc.*	2,517,640
	44,214	McGrath RentCorp	3,467,262
	27,946	MRC Global, Inc.*	256,265
	20,176	Titan Machinery, Inc.*	575,621
	7,437	Transcat, Inc.*	474,852
			10,755,258
	Wireless Telecommunication Services – 0.1%
	10,648	Shenandoah Telecommunications Co.	562,108
	TOTAL COMMON STOCKS (Cost $533,654,484)		$  597,313,644
Shares		Dividend Rate	Value
	Investment Company – 2.4%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	14,398,274	0.026%	$   14,398,274
	(Cost $14,398,274)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $548,052,758)		$  611,711,918

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.3%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
13,996,823	0.026%	$  13,996,823
(Cost $13,996,823)
TOTAL INVESTMENTS – 103.8%
(Cost $562,049,581)		$625,708,741
LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.8)%		(22,919,303)
NET ASSETS – 100.0%		$602,789,438

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

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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index	4	09/17/21	$	442,199	$	2,121

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 0.9%
	29,907	AAR Corp.*	$       1,069,474
	19,493	Kaman Corp.	864,515
	31,155	Maxar Technologies, Inc.	1,129,992
	24,016	Moog, Inc., Class A	1,870,126
	107,255	Parsons Corp.*	4,142,188
	43,532	Vectrus, Inc.*	1,971,564
			11,047,859
	Air Freight & Logistics – 0.0%
	2,193	Echo Global Logistics, Inc.*	67,830
	49,070	Radiant Logistics, Inc.*	305,215
			373,045
	Auto Components – 0.9%
	56,029	Adient PLC*	2,360,502
	501,861	Goodyear Tire & Rubber Co. (The)*	7,884,236
			10,244,738
	Automobiles – 0.0%
	39,759	Workhorse Group, Inc.*(a)	458,819
	Banks – 14.1%
	58,673	1st Source Corp.	2,686,637
	8,806	Allegiance Bancshares, Inc.	321,155
	56,193	Amalgamated Financial Corp.	863,124
	83,426	Ameris Bancorp	4,055,338
	18,655	Arrow Financial Corp.	672,513
	129,729	Atlantic Capital Bancshares, Inc.*	3,113,496
	163,799	Atlantic Union Bankshares Corp.	5,809,951
	345,566	Bancorp, Inc. (The)*	8,075,877
	17,645	Bank of Marin Bancorp	612,281
	11,843	Banner Corp.	628,153
	66,886	Byline Bancorp, Inc.	1,646,064
	73,341	Cadence BanCorp	1,393,479
	4,430	Cambridge Bancorp	379,119
	33,679	Camden National Corp.	1,507,809
	26,315	Capital Bancorp, Inc.	597,877
	25,543	Capital City Bank Group, Inc.	621,717
	22,398	Capstar Financial Holdings, Inc.	474,838
	21,131	Civista Bancshares, Inc.	483,689
	136,459	Columbia Banking System, Inc.	4,767,877
	35,282	Community Trust Bancorp, Inc.	1,402,812
	66,572	Customers Bancorp, Inc.*	2,411,238

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	364,281	CVB Financial Corp.	$       6,943,196
	16,485	Equity Bancshares, Inc., Class A*	485,648
	112,167	FB Financial Corp.	4,241,034
	9,306	Financial Institutions, Inc.	273,969
	355,155	First BanCorp. (Puerto Rico)	4,308,030
	9,034	First Bancshares, Inc. (The)	348,441
	36,399	First BankCorp	1,455,960
	409,158	First Commonwealth Financial Corp.	5,388,611
	12,671	First Financial Bancorp	285,097
	271,019	First Foundation, Inc.	6,387,918
	49,524	First Internet Bancorp	1,499,587
	203,986	First Midwest Bancorp, Inc.	3,659,509
	301,634	Fulton Financial Corp.	4,621,033
	102,318	Glacier Bancorp, Inc.	5,275,516
	99,334	Hancock Whitney Corp.	4,341,889
	251,681	Hanmi Financial Corp.	4,588,145
	16,047	Heartland Financial USA, Inc.	732,064
	240,881	Home BancShares, Inc.	5,101,860
	65,436	Independent Bank Corp.	1,376,119
	188,838	International Bancshares Corp.	7,379,789
	18,738	Mercantile Bank Corp.	585,562
	3,753	Metropolitan Bank Holding Corp.*	266,576
	16,800	Mid Penn Bancorp, Inc.	437,640
	38,484	National Bank Holdings Corp., Class A	1,364,643
	22,918	NBT Bancorp, Inc.	798,692
	328,036	Old National Bancorp	5,278,099
	66,876	Origin Bancorp, Inc.	2,720,516
	16,563	QCR Holdings, Inc.	813,078
	20,032	Republic Bancorp, Inc., Class A	976,760
	4,266	S&T Bancorp, Inc.	125,634
	18,036	Sandy Spring Bancorp, Inc.	750,117
	51,531	Sierra Bancorp	1,243,443
	25,314	South State Corp.	1,742,616
	9,849	Southern First Bancshares, Inc.*	487,821
	150,648	Southside Bancshares, Inc.	5,429,354
	38,823	Spirit of Texas Bancshares, Inc.	903,799
	254,680	Towne Bank	7,592,011
	48,522	TriCo Bancshares	1,913,222
	113,988	TriState Capital Holdings, Inc.*	2,315,096
	249,624	Trustmark Corp.	7,493,712
	32,973	UMB Financial Corp.	3,086,273
	201,947	United Bankshares, Inc.	6,975,249
	46,933	United Community Banks, Inc.	1,352,140

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	34,410	Univest Financial Corp.	$          941,458
	11,257	Westamerica BanCorp	625,326
			167,437,296
	Biotechnology – 4.1%
	141,135	Allogene Therapeutics, Inc.*	3,097,913
	11,911	Anika Therapeutics, Inc.*	477,988
	9,594	Arcus Biosciences, Inc.*	301,348
	11,391	Arrowhead Pharmaceuticals, Inc.*	789,282
	37,250	Atara Biotherapeutics, Inc.*	474,937
	166,236	Avid Bioservices, Inc.*	4,263,953
	20,442	Avrobio, Inc.*	150,453
	95,456	BioCryst Pharmaceuticals, Inc.*	1,538,751
	64,870	Bluebird Bio, Inc.*	1,648,347
	3,686	Bridgebio Pharma, Inc.*	197,017
	49,044	Cardiff Oncology, Inc.*	260,914
	13,989	CareDx, Inc.*	1,175,636
	12,002	ChemoCentryx, Inc.*	177,390
	28,001	Denali Therapeutics, Inc.*	1,428,891
	13,006	Design Therapeutics, Inc.*	201,333
	4,227	Eagle Pharmaceuticals, Inc.*	196,555
	83,720	Emergent BioSolutions, Inc.*	5,517,148
	118,141	Homology Medicines, Inc.*	751,377
	7,726	Ideaya Biosciences, Inc.*	189,287
	77,037	ImmunityBio, Inc.*(a)	844,326
	101,005	Inovio Pharmaceuticals, Inc.*(a)	848,442
	21,507	Jounce Therapeutics, Inc.*	108,395
	13,820	Kronos Bio, Inc.*	282,619
	4,571	Krystal Biotech, Inc.*	267,129
	162,012	Myriad Genetics, Inc.*	5,124,440
	953,559	OPKO Health, Inc.*(a)	3,280,243
	37,148	Organogenesis Holdings, Inc.*	569,850
	22,558	Passage Bio, Inc.*	266,184
	29,176	Sana Biotechnology, Inc.*(a)	475,277
	383,022	Selecta Biosciences, Inc.*	1,325,256
	39,647	Translate Bio, Inc.*	1,095,843
	19,537	Twist Bioscience Corp.*	2,404,028
	167,312	Vanda Pharmaceuticals, Inc.*	2,728,859
	124,493	Veracyte, Inc.*	5,547,408
	114,611	Viking Therapeutics, Inc.*	704,858
	19,263	XBiotech, Inc.	312,061
			49,023,738

Shares		Description	Value
	Common Stocks – (continued)
	Building Products – 1.0%
	27,870	Caesarstone Ltd.	$          369,835
	6,980	Griffon Corp.	161,378
	30,020	JELD-WEN Holding, Inc.*	794,930
	194,705	Quanex Building Products Corp.	4,836,472
	183,485	Resideo Technologies, Inc.*	5,412,807
			11,575,422
	Capital Markets – 2.1%
	29,443	Artisan Partners Asset Management, Inc., Class A	1,415,914
	15,386	AssetMark Financial Holdings, Inc.*	401,574
	822,449	BGC Partners, Inc., Class A	4,400,102
	81,513	Cowen, Inc., Class A	3,258,890
	32,671	Donnelley Financial Solutions, Inc.*	1,052,333
	141,754	Oppenheimer Holdings, Inc., Class A	6,371,842
	27,974	Virtus Investment Partners, Inc.	7,724,461
			24,625,116
	Chemicals – 1.4%
	121,063	AdvanSix, Inc.*	4,049,557
	36,929	American Vanguard Corp.	609,698
	115,837	Amyris, Inc.*	1,688,904
	30,169	FutureFuel Corp.	256,437
	30,129	Innospec, Inc.	2,664,910
	51,906	Koppers Holdings, Inc.*	1,594,033
	38,188	Minerals Technologies, Inc.	3,063,441
	175,349	Tronox Holdings PLC, Class A	3,231,682
			17,158,662
	Commercial Services & Supplies – 1.1%
	158,256	Ennis, Inc.	3,128,721
	180,405	KAR Auction Services, Inc.*	2,973,075
	151,177	Matthews International Corp., Class A	5,230,724
	9,575	Steelcase, Inc., Class A	131,656
	126,546	Team, Inc.*	780,789
	15,230	US Ecology, Inc.*	533,050
			12,778,015
	Communications Equipment – 0.8%
	6,439	Calix, Inc.*	301,216
	109,457	Digi International, Inc.*	2,263,571
	100,796	EchoStar Corp., Class A*	2,247,751
	105,974	Harmonic, Inc.*	937,870

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	5,397	NETGEAR, Inc.*	$          184,847
	123,271	NetScout Systems, Inc.*	3,545,274
			9,480,529
	Construction & Engineering – 1.1%
	165,514	APi Group, Inc.*(b)	3,793,581
	26,660	Argan, Inc.	1,198,367
	27,277	Concrete Pumping Holdings, Inc.*	237,310
	4,703	EMCOR Group, Inc.	572,872
	43,170	Matrix Service Co.*	470,985
	136,750	Primoris Services Corp.	4,088,825
	110,224	Sterling Construction Co., Inc.*	2,420,519
	37,017	Tutor Perini Corp.*	520,829
			13,303,288
	Construction Materials – 0.4%
	157,725	Summit Materials, Inc., Class A*	5,299,560
	Consumer Finance – 1.3%
	128,184	LendingClub Corp.*	3,127,690
	9,200	Nelnet, Inc., Class A	692,760
	3,417	Oportun Financial Corp.*	72,030
	74,129	PRA Group, Inc.*	2,875,464
	131,872	PROG Holdings, Inc.	5,772,037
	65,468	Regional Management Corp.	3,386,660
			15,926,641
	Distributors – 0.2%
	104,939	Funko, Inc., Class A*	1,958,162
	Diversified Consumer Services – 0.0%
	16,921	WW International, Inc.*	520,152
	Diversified Financial Services – 0.5%
	32,458	A-Mark Precious Metals, Inc.	1,653,411
	188,788	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	3,111,226
	51,824	Cannae Holdings, Inc.*	1,723,148
			6,487,785
	Diversified Telecommunication Services – 0.4%
	3,678	ATN International, Inc.	158,338

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – (continued)
	166,486	Consolidated Communications Holdings, Inc.*	$       1,280,277
	46,222	Iridium Communications, Inc.*	1,951,955
	64,816	Liberty Latin America Ltd., Class A (Chile)*	884,739
	12,982	Liberty Latin America Ltd., Class C (Chile)*	179,541
			4,454,850
	Electric Utilities – 0.9%
	207,646	Portland General Electric Co.	10,153,889
	Electrical Equipment – 1.5%
	86,996	Array Technologies, Inc.*	1,177,926
	30,513	Atkore, Inc.*	2,291,832
	64,866	Encore Wire Corp.	5,087,440
	65,689	EnerSys	6,480,877
	33,414	GrafTech International Ltd.	379,917
	50,512	Powell Industries, Inc.	1,469,394
	51,421	Thermon Group Holdings, Inc.*	856,674
			17,744,060
	Electronic Equipment, Instruments & Components – 2.2%
	66,755	Belden, Inc.	3,270,995
	162,472	Benchmark Electronics, Inc.	4,289,261
	109,438	CTS Corp.	3,829,236
	64,243	Daktronics, Inc.*	392,525
	12,973	ePlus, Inc.*	1,199,483
	168,074	Knowles Corp.*	3,368,203
	4,640	OSI Systems, Inc.*	464,232
	7,207	PC Connection, Inc.	342,765
	4,830	ScanSource, Inc.*	133,260
	319,719	Vishay Intertechnology, Inc.	7,075,381
	53,722	Vishay Precision Group, Inc.*	1,951,720
			26,317,061
	Energy Equipment & Services – 0.9%
	7,744	Bristow Group, Inc.*	201,189
	126,663	ChampionX Corp.*	2,943,648
	305,842	Helix Energy Solutions Group, Inc.*	1,269,244
	10,110	Nabors Industries Ltd.*	884,726
	169,301	Oceaneering International, Inc.*	2,244,931
	327,241	Oil States International, Inc.*	1,852,184
	33,247	RPC, Inc.*	139,638

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – (continued)
	131,067	US Silica Holdings, Inc.*	$       1,323,777
			10,859,337
	Entertainment – 2.1%
	336,024	AMC Entertainment Holdings, Inc., Class A*(a)	12,439,608
	295,856	Cinemark Holdings, Inc.*	4,594,644
	275,996	IMAX Corp.*	4,454,575
	132,961	Lions Gate Entertainment Corp., Class A*	1,998,404
	79,588	Lions Gate Entertainment Corp., Class B*	1,063,296
			24,550,527
	Equity Real Estate Investment Trusts (REITs) – 13.8%
	140,257	Agree Realty Corp. REIT	10,540,314
	11,332	Armada Hoffler Properties, Inc. REIT	147,316
	34,258	CareTrust REIT, Inc. REIT	826,303
	20,923	Centerspace REIT	1,883,070
	339,906	City Office REIT, Inc. REIT	4,374,590
	28,832	Community Healthcare Trust, Inc. REIT	1,436,699
	26,325	DigitalBridge Group, Inc. REIT*	183,222
	108,064	Empire State Realty Trust, Inc., Class A REIT	1,235,172
	21,672	Franklin Street Properties Corp. REIT	113,128
	36,682	Getty Realty Corp. REIT	1,158,784
	220,567	Gladstone Commercial Corp. REIT	5,112,743
	204,566	Global Medical REIT, Inc. REIT	3,183,047
	398,461	Global Net Lease, Inc. REIT	7,359,575
	175,749	Healthcare Realty Trust, Inc. REIT	5,602,878
	381,826	Independence Realty Trust, Inc. REIT	7,361,605
	292,803	Industrial Logistics Properties Trust REIT	7,934,961
	374,395	Kite Realty Group Trust REIT	7,547,803
	739,164	Lexington Realty Trust REIT	9,720,007
	129,660	Macerich Co. (The) REIT	2,113,458
	109,817	National Storage Affiliates Trust REIT	5,948,787
	140,145	NexPoint Residential Trust, Inc. REIT	8,261,548
	147,934	Outfront Media, Inc. REIT*	3,534,143
	244,612	Paramount Group, Inc. REIT	2,387,413
	432,055	Piedmont Office Realty Trust, Inc., Class A REIT	8,217,686
	2,366	PotlatchDeltic Corp. REIT	122,890
	334,220	Retail Opportunity Investments Corp. REIT	5,905,667
	432,589	Retail Properties of America, Inc., Class A REIT	5,454,947
	132,757	Retail Value, Inc. REIT	3,244,581

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	257,856	RPT Realty REIT	$       3,285,086
	19,860	Sabra Health Care REIT, Inc. REIT	369,197
	552,337	SITE Centers Corp. REIT	8,760,065
	298,154	STAG Industrial, Inc. REIT	12,319,723
	26,707	Tanger Factory Outlet Centers, Inc. REIT	458,559
	151,616	Terreno Realty Corp. REIT	10,364,470
	92,988	Urban Edge Properties REIT	1,766,772
	242,366	Urstadt Biddle Properties, Inc., Class A REIT	4,621,920
	241,371	Whitestone REIT	2,136,133
			164,994,262
	Food & Staples Retailing – 1.0%
	109,062	Ingles Markets, Inc., Class A	6,517,545
	47,638	Natural Grocers by Vitamin Cottage, Inc.	532,593
	105,170	Performance Food Group Co.*	4,818,890
	28,021	Rite Aid Corp.*(a)	425,919
			12,294,947
	Food Products – 0.2%
	34,203	B&G Foods, Inc.(a)	982,310
	24,243	Seneca Foods Corp., Class A*	1,327,062
			2,309,372
	Gas Utilities – 0.7%
	90,252	Northwest Natural Holding Co.	4,719,277
	56,760	Southwest Gas Holdings, Inc.	3,969,227
			8,688,504
	Health Care Equipment & Supplies – 1.8%
	91,386	AngioDynamics, Inc.*	2,433,609
	11,022	Heska Corp.*	2,652,995
	60,275	Integer Holdings Corp.*	5,900,320
	80,210	Invacare Corp.*	579,918
	25,109	LeMaitre Vascular, Inc.	1,367,436
	35,493	Meridian Bioscience, Inc.*	727,607
	169,170	Natus Medical, Inc.*	4,516,839
	7,829	Utah Medical Products, Inc.	699,913
	98,548	Varex Imaging Corp.*	2,690,360
			21,568,997
	Health Care Providers & Services – 2.7%
	313,715	Community Health Systems, Inc.*	4,178,684
	72,472	Covetrus, Inc.*	1,845,137

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	7,268	Fulgent Genetics, Inc.*(a)	$          670,473
	130,975	Hanger, Inc.*	3,214,127
	4,813	InfuSystem Holdings, Inc.*	87,837
	2,579	Joint Corp. (The)*	203,715
	40,293	National HealthCare Corp.	3,128,751
	72,855	Patterson Cos., Inc.	2,267,976
	167,238	Select Medical Holdings Corp.	6,597,539
	124,718	Tenet Healthcare Corp.*	8,959,741
	26,263	Triple-S Management Corp. (Puerto Rico)*	638,979
			31,792,959
	Health Care Technology – 0.3%
	173,487	Castlight Health, Inc., Class B*	404,225
	22,495	Computer Programs and Systems, Inc.	710,167
	25,444	HealthStream, Inc.*	743,219
	134,315	NextGen Healthcare, Inc.*	2,178,589
			4,036,200
	Hotels, Restaurants & Leisure – 1.3%
	25,459	Carrols Restaurant Group, Inc.*	125,004
	68,149	Fiesta Restaurant Group, Inc.*	912,515
	37,850	Monarch Casino & Resort, Inc.*	2,416,722
	162,405	Red Rock Resorts, Inc., Class A*	6,398,757
	57,409	SeaWorld Entertainment, Inc.*	2,721,761
	26,806	Texas Roadhouse, Inc.	2,470,709
			15,045,468
	Household Durables – 1.4%
	5,818	Bassett Furniture Industries, Inc.	132,534
	103,311	Ethan Allen Interiors, Inc.	2,455,702
	8,427	Hooker Furniture Corp.	279,692
	46,767	M/I Homes, Inc.*	3,026,293
	9,889	Sonos, Inc.*	330,095
	382,964	Tri Pointe Homes, Inc.*	9,237,092
	16,346	Universal Electronics, Inc.*	764,012
	38,483	VOXX International Corp.*	439,476
			16,664,896
	Independent Power and Renewable Electricity Producers – 0.2%
	90,024	Clearway Energy, Inc., Class C	2,581,888
	Insurance – 4.3%
	89,638	Ambac Financial Group, Inc.*	1,301,544

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	284,012	American Equity Investment Life Holding Co.	$       9,113,945
	97,907	AMERISAFE, Inc.	5,600,280
	150,966	Argo Group International Holdings Ltd.	7,869,858
	54,919	Donegal Group, Inc., Class A	849,597
	1,584,621	Genworth Financial, Inc., Class A*	5,292,634
	43,349	Goosehead Insurance, Inc., Class A	5,210,116
	1,728	Investors Title Co.	287,764
	1,133	Kinsale Capital Group, Inc.	202,405
	261,489	MBIA, Inc.*	3,412,431
	8,709	National Western Life Group, Inc., Class A	1,810,514
	133,066	Stewart Information Services Corp.	7,852,225
	244,751	Tiptree, Inc.	2,352,057
			51,155,370
	Interactive Media & Services – 0.8%
	213,602	Cars.com, Inc.*	2,580,312
	62,134	Eventbrite, Inc., Class A*	1,104,121
	502,252	TrueCar, Inc.*	2,641,846
	94,708	Yelp, Inc.*	3,542,079
			9,868,358
	Internet & Direct Marketing Retail – 0.5%
	86,252	Groupon, Inc.*	3,136,985
	66,659	Lands’ End, Inc.*	2,555,039
	3,366	Stitch Fix, Inc., Class A*	181,495
			5,873,519
	IT Services – 0.7%
	204,681	Conduent, Inc.*	1,373,409
	60,361	Hackett Group, Inc. (The)	1,081,669
	144,877	LiveRamp Holdings, Inc.*	5,796,529
			8,251,607
	Leisure Products – 0.7%
	32,139	Acushnet Holdings Corp.	1,646,481
	142,242	Callaway Golf Co.*	4,506,227
	46,464	Vista Outdoor, Inc.*	1,876,681
			8,029,389
	Life Sciences Tools & Services – 0.4%
	19,922	Fluidigm Corp.*(a)	147,622
	13,913	Harvard Bioscience, Inc.*	109,774
	16,630	Medpace Holdings, Inc.*	2,925,882

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – (continued)
	17,263	Pacific Biosciences of California, Inc.*	$          555,005
	27,498	Personalis, Inc.*	577,183
			4,315,466
	Machinery – 1.8%
	16,320	Albany International Corp., Class A	1,409,232
	9,050	Barnes Group, Inc.	458,564
	15,784	ESCO Technologies, Inc.	1,489,536
	16,405	Hyliion Holdings Corp.*	159,129
	108,431	Ideanomics, Inc.*(a)	256,981
	107,800	Kennametal, Inc.	3,907,750
	56,215	Miller Industries, Inc.	2,108,625
	218,230	Mueller Water Products, Inc., Class A	3,234,169
	2,895	RBC Bearings, Inc.*	680,325
	46,268	Rexnord Corp.	2,606,276
	98,184	Terex Corp.	4,704,977
			21,015,564
	Marine – 0.6%
	288,108	Costamare, Inc. (Monaco)	3,123,091
	36,290	Eagle Bulk Shipping, Inc.*	1,513,293
	41,850	Genco Shipping & Trading Ltd.	734,467
	506,273	Safe Bulkers, Inc. (Greece)*	1,690,952
			7,061,803
	Media – 0.8%
	2,429	Daily Journal Corp.*	808,857
	295,308	EW Scripps Co. (The), Class A	5,634,477
	12,947	Gray Television, Inc.	287,035
	52,398	John Wiley & Sons, Inc., Class A	3,079,954
			9,810,323
	Metals & Mining – 1.4%
	133,091	Arconic Corp.*	4,783,291
	38,620	Constellium SE*	728,759
	65,505	Haynes International, Inc.	2,471,504
	204,528	Hecla Mining Co.	1,368,292
	332,914	SunCoke Energy, Inc.	2,573,425
	182,483	Warrior Met Coal, Inc.	3,406,958
	24,497	Worthington Industries, Inc.	1,567,073
			16,899,302

Shares		Description	Value
	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – 3.2%
	441,146	Arbor Realty Trust, Inc. REIT	$       8,064,149
	58,459	ARMOUR Residential REIT, Inc. REIT	607,974
	117,280	Blackstone Mortgage Trust, Inc., Class A REIT	3,802,218
	213,566	Broadmark Realty Capital, Inc. REIT	2,214,679
	313,124	Capstead Mortgage Corp. REIT	1,994,600
	454,210	Chimera Investment Corp. REIT	6,685,971
	241,246	Dynex Capital, Inc. REIT	4,209,743
	74,801	Great Ajax Corp. REIT	948,477
	253,765	Ladder Capital Corp. REIT	2,897,996
	835,224	MFA Financial, Inc. REIT	3,900,496
	555,985	New York Mortgage Trust, Inc. REIT	2,429,654
			37,755,957
	Multiline Retail – 0.7%
	57,797	Big Lots, Inc.	3,329,685
	3,712	Dillard’s, Inc., Class A(a)	680,298
	264,819	Macy’s, Inc.*	4,501,923
			8,511,906
	Multi-Utilities – 0.7%
	25,338	Avista Corp.	1,085,227
	101,964	NorthWestern Corp.	6,320,748
	6,471	Unitil Corp.	342,445
			7,748,420
	Oil, Gas & Consumable Fuels – 4.2%
	127,224	Antero Resources Corp.*	1,730,246
	3,843	Arch Resources, Inc.*	252,562
	19,945	Berry Corp.	110,695
	32,001	Bonanza Creek Energy, Inc.	1,231,078
	355,397	Centennial Resource Development, Inc., Class A*	1,851,618
	49,264	Clean Energy Fuels Corp.*	369,973
	104,763	CNX Resources Corp.*	1,267,632
	375,175	Comstock Resources, Inc.*	2,281,064
	85,313	DHT Holdings, Inc.	494,815
	86,595	Dorian LPG Ltd.*	1,047,800
	13,710	Earthstone Energy, Inc., Class A*	134,769
	348,391	Equitrans Midstream Corp.	2,863,774
	214,622	Golar LNG Ltd. (Cameroon)*	2,395,182
	69,536	Magnolia Oil & Gas Corp., Class A*	973,504
	91,728	Murphy Oil Corp.	1,991,415

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	364,888	Ovintiv, Inc.	$       9,363,026
	39,459	PBF Energy, Inc., Class A*	361,839
	169,244	PDC Energy, Inc.	6,693,600
	18,986	Penn Virginia Corp.*	351,051
	93,788	Range Resources Corp.*	1,428,391
	78,152	Scorpio Tankers, Inc. (Monaco)	1,277,785
	209,088	SFL Corp. Ltd. (Norway)*	1,436,435
	32,176	SFL Corp. Ltd. (Norway)	221,049
	251,200	SM Energy Co.	4,697,440
	102,078	Teekay Tankers Ltd., Class A (Bermuda)*	1,291,287
	987,650	W&T Offshore, Inc.*	3,999,983
			50,118,013
	Paper & Forest Products – 0.1%
	81,247	Glatfelter Corp.	1,237,392
	Pharmaceuticals – 1.5%
	25,666	Amneal Pharmaceuticals, Inc.*	126,533
	34,512	Amphastar Pharmaceuticals, Inc.*	723,026
	68,892	ANI Pharmaceuticals, Inc.*	2,337,506
	31,186	Atea Pharmaceuticals, Inc.*	780,897
	522,593	Endo International PLC*	2,644,321
	109,185	Phibro Animal Health Corp., Class A	2,584,409
	159,573	Prestige Consumer Healthcare, Inc.*	8,385,561
			17,582,253
	Professional Services – 1.1%
	3,449	ASGN, Inc.*	348,797
	1,793	Barrett Business Services, Inc.	131,266
	76,588	CBIZ, Inc.*	2,476,856
	7,007	Kelly Services, Inc., Class A*	153,594
	132,533	Korn Ferry	9,110,318
	37,961	Resources Connection, Inc.	588,016
			12,808,847
	Real Estate Management & Development – 0.3%
	145,174	Kennedy-Wilson Holdings, Inc.	2,931,063
	10,242	Realogy Holdings Corp.*	181,488
			3,112,551
	Road & Rail – 1.5%
	22,066	ArcBest Corp.	1,304,321
	43,161	Avis Budget Group, Inc.*	3,572,436

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – (continued)
	15,834	Covenant Logistics Group, Inc.*	$          332,672
	182,149	Heartland Express, Inc.	3,101,998
	425,720	Marten Transport Ltd.	6,734,891
	74,358	Werner Enterprises, Inc.	3,398,904
			18,445,222
	Semiconductors & Semiconductor Equipment – 0.5%
	106,635	Axcelis Technologies, Inc.*	4,110,779
	35,835	DSP Group, Inc.*	575,152
	56,506	Veeco Instruments, Inc.*	1,310,939
			5,996,870
	Software – 1.4%
	113,472	Bottomline Technologies DE, Inc.*	4,579,730
	28,495	Box, Inc., Class A*	681,600
	103,683	ChannelAdvisor Corp.*	2,414,777
	35,523	Cleanspark, Inc.*(a)	479,560
	12,873	Cornerstone OnDemand, Inc.*	617,132
	8,990	Domo, Inc., Class B*	794,087
	5,043	Ebix, Inc.	152,399
	53,120	Marathon Digital Holdings, Inc.*(a)	1,467,706
	2,389	MicroStrategy, Inc., Class A*(a)	1,495,538
	49,181	Ping Identity Holding Corp.*	1,085,425
	10,596	Sapiens International Corp. NV (Israel)	267,125
	10,343	SPS Commerce, Inc.*	1,126,870
	19,619	Tenable Holdings, Inc.*	839,693
	10,955	Zuora, Inc., Class A*	189,412
			16,191,054
	Specialty Retail – 4.2%
	5,450	Aaron’s Co., Inc. (The)	157,341
	116,839	Abercrombie & Fitch Co., Class A*	4,417,683
	200,737	Academy Sports & Outdoors, Inc.*	7,437,306
	188,053	American Eagle Outfitters, Inc.	6,482,187
	60,063	Bed Bath & Beyond, Inc.*	1,714,198
	19,182	Boot Barn Holdings, Inc.*	1,657,708
	145,960	Buckle, Inc. (The)	6,141,997
	90,879	Caleres, Inc.	2,248,346
	195,586	Cato Corp. (The), Class A	3,227,169
	98,773	Chico’s FAS, Inc.*	610,417
	8,881	Conn’s, Inc.*	197,513
	101,920	Haverty Furniture Cos., Inc.	3,668,101
	44,178	Shoe Carnival, Inc.	1,488,799

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	213,278	Tilly’s, Inc., Class A	$       3,162,913
	120,364	Urban Outfitters, Inc.*	4,475,134
	77,333	Zumiez, Inc.*	3,375,585
			50,462,397
	Technology Hardware, Storage & Peripherals – 0.5%
	113,781	Quantum Corp.*	705,442
	48,475	Super Micro Computer, Inc.*	1,843,989
	91,286	Turtle Beach Corp.*	2,820,738
			5,370,169
	Textiles, Apparel & Luxury Goods – 0.2%
	20,096	Fossil Group, Inc.*	253,611
	81,794	Movado Group, Inc.	2,459,546
			2,713,157
	Thrifts & Mortgage Finance – 2.6%
	25,630	Essent Group Ltd.	1,157,707
	1,697	Federal Agricultural Mortgage Corp., Class C	165,458
	8,234	FS Bancorp, Inc.	286,379
	34,858	HomeStreet, Inc.	1,314,495
	64,860	Merchants Bancorp	2,376,471
	21,016	Mr Cooper Group, Inc.*	781,375
	129,874	PennyMac Financial Services, Inc.	8,167,776
	60,422	Premier Financial Corp.	1,618,101
	18,886	TrustCo Bank Corp.	635,136
	57,280	Walker & Dunlop, Inc.	5,927,334
	130,605	Washington Federal, Inc.	4,214,623
	10,338	Waterstone Financial, Inc.	203,969
	90,317	WSFS Financial Corp.	3,954,078
			30,802,902
	Trading Companies & Distributors – 3.0%
	67,970	Boise Cascade Co.	3,476,666
	59,122	GMS, Inc.*	2,904,664
	180,038	H&E Equipment Services, Inc.	6,126,693
	43,015	McGrath RentCorp	3,373,236
	389,196	MRC Global, Inc.*	3,568,927
	159,756	Rush Enterprises, Inc., Class A	7,506,934
	86,906	Titan Machinery, Inc.*	2,479,428
	121,450	Triton International Ltd. (Bermuda)	6,411,346
			35,847,894

Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.1%
	18,350	Gogo, Inc.*(a)	$          190,289
	22,025	Shenandoah Telecommunications Co.	1,162,700
			1,352,989
	TOTAL COMMON STOCKS (Cost $1,052,770,939)		$1,180,094,738
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,052,770,939)		$1,180,094,738
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.8%(c)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	21,738,085	0.026%	$     21,738,085
	(Cost $21,738,085)
	TOTAL INVESTMENTS – 100.9% (Cost $1,074,509,024)		$1,201,832,823
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%		(10,509,550)
	NET ASSETS – 100.0%		$1,191,323,273

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2021, the Fund had the following futures contracts:
Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index	91	09/17/21	$	10,336,749	$	(228,469	)

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 1.1%
	4,380	Howmet Aerospace, Inc.*	$          143,751
	36,982	Northrop Grumman Corp.	13,425,206
			13,568,957
	Air Freight & Logistics – 1.4%
	5,869	FedEx Corp.	1,643,027
	76,939	United Parcel Service, Inc., Class B	14,723,047
			16,366,074
	Automobiles – 2.7%
	947,459	Ford Motor Co.*	13,217,053
	222,261	General Motors Co.*	12,633,315
	8,135	Tesla, Inc.*	5,590,372
			31,440,740
	Banks – 2.6%
	237,630	Citigroup, Inc.	16,068,541
	88,697	Citizens Financial Group, Inc.	3,739,465
	32,061	JPMorgan Chase & Co.	4,866,219
	182,182	KeyCorp	3,581,698
	16,022	PacWest Bancorp	637,996
	50,722	Regions Financial Corp.	976,398
	3,600	Zions Bancorp NA	187,740
			30,058,057
	Beverages – 0.2%
	22,701	Monster Beverage Corp.*	2,141,158
	Biotechnology – 3.9%
	144,492	AbbVie, Inc.	16,804,420
	18,884	Biogen, Inc.*	6,169,969
	210,249	Gilead Sciences, Inc.	14,357,904
	7,597	Moderna, Inc.*	2,686,299
	4,594	Sage Therapeutics, Inc.*	200,896
	28,097	Vertex Pharmaceuticals, Inc.*	5,663,793
			45,883,281
	Capital Markets – 2.8%
	1,448	Evercore, Inc., Class A	191,426
	25,526	Interactive Brokers Group, Inc., Class A	1,579,038
	32,497	Intercontinental Exchange, Inc.	3,894,115
	286,131	Jefferies Financial Group, Inc.	9,496,688
	6,371	Moody’s Corp.	2,395,496

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	35,539	S&P Global, Inc.	$      15,236,280
			32,793,043
	Chemicals – 1.7%
	235,322	Axalta Coating Systems Ltd.*	7,083,192
	37,108	Celanese Corp.	5,780,313
	97,059	CF Industries Holdings, Inc.	4,586,038
	4,252	International Flavors & Fragrances, Inc.	640,522
	4,987	Mosaic Co. (The)	155,744
	22,698	Westlake Chemical Corp.	1,882,118
			20,127,927
	Construction & Engineering – 0.1%
	19,461	AECOM*	1,225,265
	Consumer Finance – 2.0%
	210,738	Ally Financial, Inc.	10,823,504
	262,673	Synchrony Financial	12,350,884
			23,174,388
	Distributors – 0.0%
	10,956	LKQ Corp.*	556,017
	Diversified Financial Services – 2.4%
	101,972	Berkshire Hathaway, Inc., Class B*	28,377,788
	Diversified Telecommunication Services – 0.9%
	380,851	Liberty Global PLC, Class C (United Kingdom)*	10,229,658
	Electric Utilities – 0.0%
	3,360	American Electric Power Co., Inc.	296,083
	Energy Equipment & Services – 0.6%
	338,812	Baker Hughes Co.	7,196,367
	Entertainment – 1.2%
	2,144	Roku, Inc.*	918,297
	75,567	Walt Disney Co. (The)*	13,301,303
			14,219,600
	Equity Real Estate Investment Trusts (REITs) – 4.7%
	93,413	American Homes 4 Rent, Class A REIT	3,923,346
	56,754	Camden Property Trust REIT	8,478,480

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	142,242	Equity LifeStyle Properties, Inc. REIT	$     11,919,880
	73,297	First Industrial Realty Trust, Inc. REIT	4,015,210
	290,930	Invitation Homes, Inc. REIT	11,835,032
	1,285	Life Storage, Inc. REIT	150,808
	115,486	Prologis, Inc. REIT	14,786,827
	2,211	Simon Property Group, Inc. REIT	279,736
	1,804	Sun Communities, Inc. REIT	353,782
			55,743,101
	Food & Staples Retailing – 1.4%
	35,706	Walgreens Boots Alliance, Inc.	1,683,538
	104,699	Walmart, Inc.	14,924,842
			16,608,380
	Health Care Equipment & Supplies – 1.2%
	9,394	Align Technology, Inc.*	6,536,345
	1,381	Danaher Corp.	410,834
	77,266	Hologic, Inc.*	5,798,040
	939	Stryker Corp.	254,413
	3,499	West Pharmaceutical Services, Inc.	1,440,643
			14,440,275
	Health Care Providers & Services – 3.4%
	15,229	Anthem, Inc.	5,848,088
	556	Chemed Corp.	264,667
	62,612	Cigna Corp.	14,368,828
	51,052	HCA Healthcare, Inc.	12,671,107
	2,046	UnitedHealth Group, Inc.	843,402
	40,973	Universal Health Services, Inc., Class B	6,572,479
			40,568,571
	Hotels, Restaurants & Leisure – 2.7%
	41,724	Darden Restaurants, Inc.	6,086,697
	32,363	Marriott International, Inc., Class A*	4,724,351
	72,179	McDonald’s Corp.	17,518,565
	11,647	Vail Resorts, Inc.*	3,554,664
			31,884,277
	Household Durables – 0.2%
	47,590	Tempur Sealy International, Inc.	2,059,219

Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 0.4%
	30,988	Procter & Gamble Co. (The)	$       4,407,423
	Insurance – 3.8%
	34,694	Aon PLC, Class A	9,021,481
	259,487	Arch Capital Group Ltd.*	10,119,993
	85,000	Chubb Ltd.	14,342,900
	49,746	Globe Life, Inc.	4,631,850
	4,079	Marsh & McLennan Cos., Inc.	600,510
	79,201	W R Berkley Corp.	5,795,137
			44,511,871
	Interactive Media & Services – 8.1%
	6,800	Alphabet, Inc., Class A*	18,322,804
	16,103	Alphabet, Inc., Class C*	43,549,275
	88,817	Facebook, Inc., Class A*	31,645,497
	30,855	Pinterest, Inc., Class A*	1,817,360
			95,334,936
	Internet & Direct Marketing Retail – 3.6%
	11,029	Amazon.com, Inc.*	36,699,990
	78,956	eBay, Inc.	5,385,589
			42,085,579
	IT Services – 6.4%
	11,100	Amdocs Ltd.	855,921
	165,385	Cognizant Technology Solutions Corp., Class A	12,160,759
	21,453	Gartner, Inc.*	5,679,253
	47,103	International Business Machines Corp.	6,639,639
	40,090	PayPal Holdings, Inc.*	11,045,998
	44,499	VeriSign, Inc.*	9,628,248
	76,053	Visa, Inc., Class A	18,738,699
	452,031	Western Union Co. (The)	10,491,639
			75,240,156
	Life Sciences Tools & Services – 3.4%
	53,767	IQVIA Holdings, Inc.*	13,318,086
	8,145	Mettler-Toledo International, Inc.*	12,003,368
	27,470	Thermo Fisher Scientific, Inc.	14,834,075
			40,155,529
	Machinery – 3.2%
	20,226	Caterpillar, Inc.	4,181,726

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	143,955	Otis Worldwide Corp.	$     12,891,170
	42,733	Parker-Hannifin Corp.	13,333,978
	35,948	Stanley Black & Decker, Inc.	7,083,553
			37,490,427
	Media – 1.7%
	11,576	Charter Communications, Inc., Class A*	8,613,123
	187,853	News Corp., Class A	4,626,819
	8,662	Nexstar Media Group, Inc., Class A	1,273,920
	75,323	Omnicom Group, Inc.	5,485,021
			19,998,883
	Mortgage Real Estate Investment Trusts (REITs) – 0.1%
	90,171	Annaly Capital Management, Inc.REIT	765,552
	Multiline Retail – 0.1%
	6,256	Dollar Tree, Inc.*	624,286
	13,724	Kohl’s Corp.	697,179
			1,321,465
	Multi-Utilities – 1.4%
	194,917	CMS Energy Corp.	12,043,922
	22,483	Dominion Energy, Inc.	1,683,302
	23,807	DTE Energy Co.	2,793,037
			16,520,261
	Oil, Gas & Consumable Fuels – 0.7%
	45,549	APA Corp.	854,044
	21,181	EOG Resources, Inc.	1,543,248
	69,684	Hess Corp.	5,326,645
	3,703	Targa Resources Corp.	155,933
			7,879,870
	Personal Products – 0.8%
	28,747	Estee Lauder Cos., Inc. (The), Class A	9,596,611
	Pharmaceuticals – 3.9%
	61,088	Elanco Animal Health, Inc.*	2,227,879
	151,958	Johnson & Johnson	26,167,168
	86,908	Merck & Co., Inc.	6,680,618
	51,878	Zoetis, Inc.	10,515,671
			45,591,336

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 0.1%
	6,027	ManpowerGroup, Inc.	$          714,682
	Road & Rail – 1.9%
	13,502	AMERCO	7,938,636
	231,490	CSX Corp.	7,481,757
	2,761	Norfolk Southern Corp.	711,868
	24,612	Old Dominion Freight Line, Inc.	6,624,320
			22,756,581
	Semiconductors & Semiconductor Equipment – 3.8%
	115,221	Applied Materials, Inc.	16,122,874
	337,701	Intel Corp.	18,141,298
	11,508	KLA Corp.	4,006,625
	9,796	Micron Technology, Inc.*	759,974
	19,222	NVIDIA Corp.	3,748,098
	10,020	NXP Semiconductors NV (China)	2,068,028
			44,846,897
	Software – 9.9%
	689	Crowdstrike Holdings, Inc., Class A*	174,738
	1,080	Datadog, Inc., Class A*	119,556
	9,149	DocuSign, Inc.*	2,726,768
	10,021	Dolby Laboratories, Inc., Class A	973,039
	7,113	Fortinet, Inc.*	1,936,443
	5,406	HubSpot, Inc.*	3,222,084
	31,198	Intuit, Inc.	16,534,004
	226,588	Microsoft Corp.	64,557,187
	6,782	Palo Alto Networks, Inc.*	2,706,357
	76,488	salesforce.com, Inc.*	18,504,742
	36,757	VMware, Inc., Class A*(a)	5,651,021
			117,105,939
	Specialty Retail – 2.0%
	43,599	Dick’s Sporting Goods, Inc.	4,540,400
	57,010	Gap, Inc. (The)	1,662,982
	33,672	L Brands, Inc.*	2,696,117
	3,027	Ross Stores, Inc.	371,383
	208,909	TJX Cos., Inc. (The)	14,375,028
			23,645,910
	Technology Hardware, Storage & Peripherals – 6.4%
	468,346	Apple, Inc.	68,312,948
	22,200	Dell Technologies, Inc., Class C*	2,144,964

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – (continued)
	6,941	NetApp, Inc.	$          552,434
	64,613	Western Digital Corp.*	4,195,322
			75,205,668
	Textiles, Apparel & Luxury Goods – 0.1%
	31,847	Skechers USA, Inc., Class A*	1,709,547
	Tobacco – 0.1%
	8,257	Philip Morris International, Inc.	826,443
	TOTAL COMMON STOCKS (Cost $873,799,844)		$1,166,669,792
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $873,799,844)		$1,166,669,792

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.5%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	5,514,200	0.026%	$       5,514,200
	(Cost $5,514,200)
	TOTAL INVESTMENTS – 99.6%
	(Cost $879,314,044)		$1,172,183,992
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%		5,094,036
	NET ASSETS – 100.0%		$1,177,278,028

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.
Investment Abbreviations:
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified, and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. 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, GSAL will 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, GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of the cash collateral received from the borrower for the loan, subject to the 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 July 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities where applicable.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

C. 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.

D. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2021:

LARGE CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	13,646,089		$	—	$	—
North America		1,888,831,187			—		—
South America		1,161,266			—		—
Securities Lending Reinvestment Vehicle		1,692,581			—		—
Total	$	1,905,331,123		$	—	$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	2,753,338		$	—	$	—
North America		400,548,257			—		—
Securities Lending Reinvestment Vehicle		1,232,400			—		—
Total	$	404,533,995		$	—	$	—
SMALL CAP EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,161,829		$	—	$	—
Asia		2,741,620			—		—
Europe		3,450,217			—		—
North America		553,305,848			—		—
South America		117,827			—		—
Investment Company		3,319,366			—		—
Securities Lending Reinvestment Vehicle		9,455,108			—		—
Total	$	573,551,815		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(293,723	)	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SMALL CAP GROWTH INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	518,722		$	—	$	—
Asia		5,342,767			—		—
Europe		4,013,813			—		—
North America		587,438,342			—		—
Investment Company		14,398,274			—		—
Securities Lending Reinvestment Vehicle		13,996,823			—		—
Total	$	625,708,741		$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	2,121		$	—	$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,395,182		$	—	$	—
Asia		267,125			—		—
Europe		7,749,312			—		—
North America		1,168,618,839			—		—
South America		1,064,280			—		—
Securities Lending Reinvestment Vehicle		21,738,085			—		—
Total	$	1,201,832,823		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(228,469	)	$	—	$	—
U.S. EQUITY INSIGHTS FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,068,028		$	—	$	—
Europe		10,229,658			—		—
North America		1,154,372,106			—		—
Securities Lending Reinvestment Vehicle		5,514,200			—		—
Total	$	1,172,183,992		$	—	$	—

(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.

(b) Amount shown represents unrealized loss at period end.

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Foreign Custody Risk — The 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.

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

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

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

Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets 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.