Form NPORT-P GOLDMAN SACHS TRUST For: Jul 31

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000036119
        C000110566
        C000110564
        C000110563
        C000110565
        C000201721
        C000110562
        C000198933
      
      
      
    
  
  
    
      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs Rising Dividend Growth Fund
      S000036119
      5493006ZAIOLOY1I3055
      2020-10-31
      2020-07-31
      N
    
    
      497337796.12
      2213965.97
      495123830.15
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1087504.23000000
      
        
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        NewMarket Corp
        54930082CG88ERDREQ47
        
        651587107
        
          
        
        4520.00000000
        NS
        USD
        1694141.20000000
        0.342165150783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perrigo Co PLC
        549300IFOQS6R1QLY196
        
        000000000
        
          
        
        75905.00000000
        NS
        USD
        4024483.10000000
        0.812823551389
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        
        988498101
        
          
        
        50710.00000000
        NS
        USD
        4617145.50000000
        0.932523384827
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plains All American Pipeline LP
        5521FA2ITF25TVH63740
        
        726503105
        
          
        
        885000.00000000
        NS
        USD
        6761400.00000000
        1.365597773379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        
        942622200
        
          
        
        13114.00000000
        NS
        USD
        3095821.98000000
        0.625262165034
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanover Insurance Group Inc/The
        JJYR6MFKFF6CF8DBZ078
        
        410867105
        
          
        
        19420.00000000
        NS
        USD
        1978509.60000000
        0.399598944652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aaron's Inc
        529900IVEJ72I7MQ3Z14
        
        002535300
        
          
        
        38849.00000000
        NS
        USD
        2027140.82000000
        0.409420976442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        
        278865100
        
          
        
        22475.00000000
        NS
        USD
        4204623.00000000
        0.849206348788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams-Sonoma Inc
        549300IARG6YWVTZ1I92
        
        969904101
        
          
        
        31170.00000000
        NS
        USD
        2715530.40000000
        0.548454797495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        
        254687106
        
          
        
        1.00000000
        NS
        USD
        116.94000000
        0.000023618334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennox International Inc
        S7DWAC87RDMPBF77GJ92
        
        526107107
        
          
        
        11490.00000000
        NS
        USD
        3080928.60000000
        0.622254153888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HP Inc
        WHKXQACZ14C5XRO8LW03
        
        40434L105
        
          
        
        279500.00000000
        NS
        USD
        4913610.00000000
        0.992400224103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WW Grainger Inc
        549300TWZSP6O1IH2V34
        
        384802104
        
          
        
        10879.00000000
        NS
        USD
        3715504.87000000
        0.750419318107
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Integrations Inc
        54930085LGXSCIHD5W31
        
        739276103
        
          
        
        17216.00000000
        NS
        USD
        2100868.48000000
        0.424311728111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack Henry & Associates Inc
        529900X1QS8C54W0JB21
        
        426281101
        
          
        
        22815.00000000
        NS
        USD
        4067914.50000000
        0.821595377214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEC Energy Group Inc
        549300IGLYTZUK3PVP70
        
        92939U106
        
          
        
        44055.00000000
        NS
        USD
        4196679.30000000
        0.847601962266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genesis Energy LP
        549300VJ5D6MDK138782
        
        371927104
        
          
        
        105000.00000000
        NS
        USD
        700350.00000000
        0.141449463215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Antero Midstream Corp
        N/A
        
        03676B102
        
          
        
        131500.00000000
        NS
        USD
        745605.00000000
        0.150589600943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aon PLC
        635400FALWQYX5E6QC64
        
        000000000
        
          
        
        25330.00000000
        NS
        USD
        5198222.60000000
        1.049883338966
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        
        682680103
        
          
        
        12600.00000000
        NS
        USD
        351666.00000000
        0.071025868396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantica Sustainable Infrastructure PLC
        549300ITBBGKJ651R879
        
        000000000
        
          
        
        35200.00000000
        NS
        USD
        1054944.00000000
        0.213066698825
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Best Buy Co Inc
        HL5XPTVRV0O8TUN5LL90
        
        086516101
        
          
        
        47390.00000000
        NS
        USD
        4719570.10000000
        0.953210048195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingredion Inc
        PKSTQ48QDN0XSVS7YK88
        
        457187102
        
          
        
        27360.00000000
        NS
        USD
        2366640.00000000
        0.477989516134
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Products Partners LP
        K4CDIF4M54DJZ6TB4Q48
        
        293792107
        
          
        
        448000.00000000
        NS
        USD
        7884800.00000000
        1.592490508407
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corp
        S4BKK9OTCEWQ3YHPFM11
        
        235851102
        
          
        
        44290.00000000
        NS
        USD
        9026302.00000000
        1.823039298525
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Casey's General Stores Inc
        549300CAFWSI86V66Q65
        
        147528103
        
          
        
        14695.00000000
        NS
        USD
        2339297.05000000
        0.472467069357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM Inc
        H1J8DDZKZP6H7RWC0H53
        
        747525103
        
          
        
        65405.00000000
        NS
        USD
        6907422.05000000
        1.395089799638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEI Investments Co
        5LJTIFADGZ6XH1RVOC11
        
        784117103
        
          
        
        54255.00000000
        NS
        USD
        2839164.15000000
        0.573425066036
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ViacomCBS Inc
        5KYC8KF17ROCY24M3H09
        
        92556H206
        
          
        
        333139.00000000
        NS
        USD
        8684933.73000000
        1.754093259330
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        
        969457100
        
          
        
        92700.00000000
        NS
        USD
        1773351.00000000
        0.358163128497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        
        18539C105
        
          
        
        31700.00000000
        NS
        USD
        726247.00000000
        0.146679871938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Inc
        8MCWUBXQ0WE04KMXBX50
        
        74834L100
        
          
        
        48210.00000000
        NS
        USD
        6126044.70000000
        1.237275268722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3M Co
        LUZQVYP4VS22CLWDAR65
        
        88579Y101
        
          
        
        31775.00000000
        NS
        USD
        4781184.25000000
        0.965654238163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSC Industrial Direct Co Inc
        0XVKH0LN6YGOWO2EGO17
        
        553530106
        
          
        
        25623.00000000
        NS
        USD
        1691374.23000000
        0.341606306747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Corp
        5493003QENHHS261UR94
        
        87612G101
        
          
        
        39000.00000000
        NS
        USD
        712920.00000000
        0.143988222054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FactSet Research Systems Inc
        549300ZSJE7NBK6K9P30
        
        303075105
        
          
        
        10390.00000000
        NS
        USD
        3598057.00000000
        0.726698409751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        
        91324P102
        
          
        
        29585.00000000
        NS
        USD
        8957746.30000000
        1.809193125947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Polaris Inc
        549300QJSN8UVWN1EI78
        
        731068102
        
          
        
        26239.00000000
        NS
        USD
        2719147.57000000
        0.549185356151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        
        74460D109
        
          
        
        19535.00000000
        NS
        USD
        3904655.80000000
        0.788622070324
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        
        000000000
        
          
        
        49.00000000
        NC
        USD
        231122.61000000
        0.046679758865
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                E-mini S&P 500 Index
                ESU0 Index
              
            
            2020-09-18
            7764452.39000000
            USD
            231122.61000000
          
        
        
          N
          N
          N
        
      
      
        KLA Corp
        549300H0BF5JCG96TJ81
        
        482480100
        
          
        
        24940.00000000
        NS
        USD
        4983760.20000000
        1.006568437332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amphenol Corp
        549300D3L3G0R4U4VT04
        
        032095101
        
          
        
        53350.00000000
        NS
        USD
        5642296.00000000
        1.139572700084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        
        38141W273
        
          
        
        380748.00000000
        NS
        USD
        380748.00000000
        0.076899550539
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insperity Inc
        5299000Q0KW7HY5DB751
        
        45778Q107
        
          
        
        21660.00000000
        NS
        USD
        1448187.60000000
        0.292489981659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Partners LP
        5493005UEC8AZ34LDV29
        
        16411Q101
        
          
        
        73850.00000000
        NS
        USD
        2502038.00000000
        0.505335806447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TerraForm Power Inc
        549300V0USOOV31S6Z05
        
        88104R209
        
          
        
        17600.00000000
        NS
        USD
        376687.08000000
        0.076079367839
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Applied Materials Inc
        41BNNE1AFPNAZELZ6K07
        
        038222105
        
          
        
        90200.00000000
        NS
        USD
        5802566.00000000
        1.171942380200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kontoor Brands Inc
        549300M0CPXV65RFF271
        
        50050N103
        
          
        
        1.00000000
        NS
        USD
        19.16000000
        0.000003869739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
        
        30145.00000000
        NS
        USD
        6180026.45000000
        1.248177945328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patterson Cos Inc
        YM48Q2087CUE26GWEK09
        
        703395103
        
          
        
        91010.00000000
        NS
        USD
        2417225.60000000
        0.488206273422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iron Mountain Inc
        SQL3F6CKNNBM3SQGHX24
        
        46284V101
        
          
        
        87750.00000000
        NS
        USD
        2473672.50000000
        0.499606835576
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NuStar Energy LP
        5493003BMLTUIEG2LG44
        
        67058H102
        
          
        
        173000.00000000
        NS
        USD
        2487740.00000000
        0.502448044006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TC PipeLines LP
        6HL0C5LCIE4TN8UZHL06
        
        87233Q108
        
          
        
        104800.00000000
        NS
        USD
        3213168.00000000
        0.648962502779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        
        000000000
        
          
        
        89000.00000000
        NS
        USD
        8586720.00000000
        1.734257064015
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Crestwood Equity Partners LP
        549300CUY0F1TYDLDL45
        
        226344208
        
          
        
        64000.00000000
        NS
        USD
        928000.00000000
        0.187427860161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donaldson Co Inc
        OZE6KXY9QQPR8EJ8WL20
        
        257651109
        
          
        
        48620.00000000
        NS
        USD
        2350290.80000000
        0.474687473492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AmerisourceBergen Corp
        AI8GXW8LG5WK7E9UD086
        
        03073E105
        
          
        
        59680.00000000
        NS
        USD
        5979339.20000000
        1.207645206288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rockwell Automation Inc
        VH3R4HHBHH12O0EXZJ88
        
        773903109
        
          
        
        17640.00000000
        NS
        USD
        3847989.60000000
        0.777177216219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rollins Inc
        549300F2A0BXT4SGWD84
        
        775711104
        
          
        
        73040.00000000
        NS
        USD
        3827296.00000000
        0.772997736513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
        
        64007.00000000
        NS
        USD
        2272248.50000000
        0.458925295377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        
        38141W273
        
          
        
        1127000.00000000
        NS
        USD
        1127000.00000000
        0.227619825864
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Sunoco LP
        54930001NJU8E40NQ561
        
        86765K109
        
          
        
        56300.00000000
        NS
        USD
        1397366.00000000
        0.282225559528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyson Foods Inc
        WD6L6041MNRW1JE49D58
        
        902494103
        
          
        
        63595.00000000
        NS
        USD
        3907912.75000000
        0.789279875463
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        A O Smith Corp
        549300XG4US7UJNECY36
        
        831865209
        
          
        
        54240.00000000
        NS
        USD
        2611113.60000000
        0.527365770136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dillard's Inc
        529900FGYKMWL6019P91
        
        254067101
        
          
        
        49660.00000000
        NS
        USD
        1169493.00000000
        0.236202123344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Principal Financial Group Inc
        CUMYEZJOAF02RYZ1JJ85
        
        74251V102
        
          
        
        82325.00000000
        NS
        USD
        3493049.75000000
        0.705490129396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Analog Devices Inc
        GYVOE5EZ4GDAVTU4CQ61
        
        032654105
        
          
        
        43995.00000000
        NS
        USD
        5052825.75000000
        1.020517584150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        
        437076102
        
          
        
        22285.00000000
        NS
        USD
        5916444.65000000
        1.194942414346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        
        824348106
        
          
        
        7562.00000000
        NS
        USD
        4899571.04000000
        0.989564779888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pembina Pipeline Corp
        5493002W3L9YICM6FU21
        
        706327103
        
          
        
        28800.00000000
        NS
        USD
        700992.00000000
        0.141579127748
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        
        000000000
        
          
        
        61623.00000000
        NS
        USD
        5488760.61000000
        1.108563206973
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        T Rowe Price Group Inc
        549300SIV6FPS9Y7IH33
        
        74144T108
        
          
        
        36414.00000000
        NS
        USD
        5028773.40000000
        1.015659738792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hormel Foods Corp
        MSD54751OJP1FS2ND863
        
        440452100
        
          
        
        85635.00000000
        NS
        USD
        4355396.10000000
        0.879657943080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
        
        26807.00000000
        NS
        USD
        1482427.10000000
        0.299405322412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NIKE Inc
        787RXPR0UX0O0XUXPZ81
        
        654106103
        
          
        
        58170.00000000
        NS
        USD
        5677973.70000000
        1.146778513625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        
        55336V100
        
          
        
        470000.00000000
        NS
        USD
        8586900.00000000
        1.734293418557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ensign Group Inc/The
        5493003K4HEEA8Q0BC72
        
        29358P101
        
          
        
        49251.00000000
        NS
        USD
        2265053.49000000
        0.457472121532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Costco Wholesale Corp
        29DX7H14B9S6O3FD6V18
        
        22160K105
        
          
        
        16295.00000000
        NS
        USD
        5304511.35000000
        1.071350443462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        MTLVN9N7JE8MIBIJ1H73
        
        29273V100
        
          
        
        840000.00000000
        NS
        USD
        5502000.00000000
        1.111237162293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Midstream Partners LP
        MZF5TI8NFVZZNUSKDL39
        
        559080106
        
          
        
        188800.00000000
        NS
        USD
        7644512.00000000
        1.543959618684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Destinations Inc
        T4VNTWMFQ7JQB65L7T35
        
        98310W108
        
          
        
        55900.00000000
        NS
        USD
        1486940.00000000
        0.300316791367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Union Co/The
        28ID94QU1140NC23S047
        
        959802109
        
          
        
        162275.00000000
        NS
        USD
        3940037.00000000
        0.795767999856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VF Corp
        CWAJJ9DJ5Z7P057HV541
        
        918204108
        
          
        
        67133.00000000
        NS
        USD
        4052147.88000000
        0.818410998067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        
        681919106
        
          
        
        133825.00000000
        NS
        USD
        7190417.25000000
        1.452246248745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enviva Partners LP
        549300WH5VXDEFM5KR81
        
        29414J107
        
          
        
        18800.00000000
        NS
        USD
        718348.00000000
        0.145084513460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties Inc
        529900PEQG66LENB6798
        
        29472R108
        
          
        
        44270.00000000
        NS
        USD
        3024526.40000000
        0.610862619778
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Midstream LP
        N/A
        
        428103105
        
          
        
        31200.00000000
        NS
        USD
        542568.00000000
        0.109582283655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        
        65339F101
        
          
        
        18900.00000000
        NS
        USD
        5305230.00000000
        1.071495588970
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lowe's Cos Inc
        WAFCR4OKGSC504WU3E95
        
        548661107
        
          
        
        39745.00000000
        NS
        USD
        5918427.95000000
        1.195342980806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66 Partners LP
        549300TL5L4IG0H4FX64
        
        718549207
        
          
        
        147500.00000000
        NS
        USD
        4100500.00000000
        0.828176660121
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Midstream Partners LP
        N/A
        
        958669103
        
          
        
        292000.00000000
        NS
        USD
        2628000.00000000
        0.530776310888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        
        57636Q104
        
          
        
        22220.00000000
        NS
        USD
        6855536.60000000
        1.384610512065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TC Energy Corp
        549300UGKOFV2IWJJG27
        
        87807B107
        
          
        
        27500.00000000
        NS
        USD
        1254000.00000000
        0.253269974830
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Enable Midstream Partners LP
        549300TLGDBYE711G509
        
        292480100
        
          
        
        115000.00000000
        NS
        USD
        534750.00000000
        0.108003284721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discover Financial Services
        Z1YLO2USPORE63VVUL20
        
        254709108
        
          
        
        79039.00000000
        NS
        USD
        3906897.77000000
        0.789074880281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
        
        45985.00000000
        NS
        USD
        5865386.75000000
        1.184630266780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moody's Corp
        549300GCEDD8YCF5WU84
        
        615369105
        
          
        
        17380.00000000
        NS
        USD
        4888994.00000000
        0.987428538537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Change Healthcare Inc
        549300GS1BPJEDOZHM07
        
        15912K100
        
          
        
        1.00000000
        NS
        USD
        11.66000000
        0.000002354966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kroger Co/The
        6CPEOKI6OYJ13Q6O7870
        
        501044101
        
          
        
        125280.00000000
        NS
        USD
        4358491.20000000
        0.880283059427
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Business Machines Corp
        VGRQXHF3J8VDLUA7XE92
        
        459200101
        
          
        
        52235.00000000
        NS
        USD
        6421770.90000000
        1.297002993787
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        
        126650100
        
          
        
        121476.00000000
        NS
        USD
        7645699.44000000
        1.544199445557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Corp
        549300DDU6FDRBIELS05
        
        35137L105
        
          
        
        1.00000000
        NS
        USD
        25.77000000
        0.000005204758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
        
        297820.00000000
        NS
        USD
        12746696.00000000
        2.574446072639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corning Inc
        549300X2937PB0CJ7I56
        
        219350105
        
          
        
        162320.00000000
        NS
        USD
        5031920.00000000
        1.016295256577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BP Midstream Partners LP
        529900PIOYVTOPLH5962
        
        0556EL109
        
          
        
        48200.00000000
        NS
        USD
        525380.00000000
        0.106110828848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Holly Energy Partners LP
        529900NVV7ODCT0QCG29
        
        435763107
        
          
        
        131300.00000000
        NS
        USD
        1773863.00000000
        0.358266536971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        
        863667101
        
          
        
        43440.00000000
        NS
        USD
        8396952.00000000
        1.695929682369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        
        053015103
        
          
        
        39695.00000000
        NS
        USD
        5275862.45000000
        1.065564234385
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shell Midstream Partners LP
        529900YZVDXMTV4XGE96
        
        822634101
        
          
        
        134500.00000000
        NS
        USD
        1589790.00000000
        0.321089372636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Partners LP
        5493008F4ZOQFNG3WN54
        
        65341B106
        
          
        
        17400.00000000
        NS
        USD
        1082280.00000000
        0.218587741913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        
        09247X101
        
          
        
        9875.00000000
        NS
        USD
        5678223.75000000
        1.146829016143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
        
        111950.00000000
        NS
        USD
        6207627.50000000
        1.253752520479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WD-40 Co
        549300UZHTN0CNKBOB19
        
        929236107
        
          
        
        7195.00000000
        NS
        USD
        1414177.25000000
        0.285620922259
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions Inc
        N/A
        
        11133T103
        
          
        
        33237.00000000
        NS
        USD
        4465058.58000000
        0.901806438734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co
        529900PP0C7H2HHPSJ32
        
        311900104
        
          
        
        87300.00000000
        NS
        USD
        4106592.00000000
        0.829407059392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extra Space Storage Inc
        N/A
        
        30225T102
        
          
        
        29120.00000000
        NS
        USD
        3009260.80000000
        0.607779431478
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        
        38148U619
        
          
        
        7341038.10000000
        NS
        USD
        7341038.10000000
        1.482667093154
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Target Corp
        8WDDFXB5T1Z6J0XC1L66
        
        87612E106
        
          
        
        42310.00000000
        NS
        USD
        5325982.80000000
        1.075687025281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pool Corp
        5493005VZK1KMN6CO617
        
        73278L105
        
          
        
        12000.00000000
        NS
        USD
        3800400.00000000
        0.767565560083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
        
        33525.00000000
        NS
        USD
        6383160.00000000
        1.289204762789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walgreens Boots Alliance Inc
        549300RPTUOIXG4LIH86
        
        931427108
        
          
        
        111090.00000000
        NS
        USD
        4522473.90000000
        0.913402592363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        
        00507V109
        
          
        
        132625.00000000
        NS
        USD
        10958803.75000000
        2.213346052578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DCP Midstream LP
        52990024YYS3MLGW0E91
        
        23311P100
        
          
        
        102000.00000000
        NS
        USD
        1167900.00000000
        0.235880385649
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
        
        34510.00000000
        NS
        USD
        4295114.60000000
        0.867482908002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information Services Inc
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
        
        43565.00000000
        NS
        USD
        6373995.15000000
        1.287353740996
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J & J Snack Foods Corp
        N/A
        
        466032109
        
          
        
        11115.00000000
        NS
        USD
        1368589.95000000
        0.276413670007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        
        000000000
        
          
        
        27482.00000000
        NS
        USD
        6177403.96000000
        1.247648281870
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MAXIMUS Inc
        549300DQCDS8HJ7QF202
        
        577933104
        
          
        
        31760.00000000
        NS
        USD
        2356909.60000000
        0.476024270390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameriprise Financial Inc
        6ZLKQF7QB6JAEKQS5388
        
        03076C106
        
          
        
        26415.00000000
        NS
        USD
        4058136.45000000
        0.819620507615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2020-08-31
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

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GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

UNFUNDED LOAN COMMITMENTS — At July 31, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

 

Borrower		Principal Amount				Current Value				Unrealized Gain (Loss)
Intelsat Jackson Holdings SA, due 07/13/22		$	741,223			$	753,579			$	12,356
OEConnection LLC, due 09/25/26			134,186				127,584				(6,011	)
TOTAL										$	6,345

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty		Currency Purchased						Currency Sold								Settlement Date				Unrealized Gain
MS & Co. Int. PLC		USD			4,544,933				EUR				4,153,507				08/12/20			$	(348,941	)
		USD			2,192,716				GBP				1,738,875				09/30/20				(84,236	)
																				$	(433,177	)

FUTURES CONTRACTS — At July 31, 2020, the Fund had the following futures contracts:

 

Description		Number of Contracts		Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		391		09/18/20		$	63,801,425			$	4,051,362
Ultra Long U.S. Treasury Bonds		291		09/21/20			66,257,062				2,843,783
Ultra 10 Year U.S. Treasury Notes		8		09/21/20			1,274,000				18,039
2 Year U.S. Treasury Notes		71		09/30/20			15,689,891				13,887
5 Year U.S. Treasury Notes		30		09/30/20			3,783,750				16,053
10 Year U.S. Treasury Notes		167		09/21/20			23,393,047				202,571
20 Year U.S. Treasury Bonds		10		09/21/20			1,822,813				47,673
Total										$	7,193,368
Short position contracts:
5 Year U.S. Treasury Notes		(473)		09/30/20			(59,657,125	)			(334,248	)
10 Year U.S. Treasury Bonds		(89)		09/21/20			(14,173,250	)			(82,928	)
20 Year U.S. Treasury Bonds		(167)		09/21/20			(30,440,969	)			(719,603	)
Total										$	(1,136,779	)
TOTAL FUTURES CONTRACTS										$	6,056,589

SWAP CONTRACTS — At July 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made by the Fund		Payments Received by Fund				Termination Date				Notional Amount (000s)(a)				Market Value				Upfront Premium (Received) Paid				Unrealized Appreciation/ (Depreciation)
0.250%(b)			6M EURO(c)				09/16/23			EUR	570			$	(3,614	)		$	(2,030	)		$	(1,584	)
0.000(b)			6M EURO(c)				09/16/25				740				(17,402	)			(20,591	)			3,189
0.750(c)			3M LIBOR(d)				09/16/40			$	810				391				6,788				(6,397	)
0.750(c)			3M LIBOR(d)				09/16/50				10				82				459				(377	)
3M LIBOR(d)			0.500%(c)				09/16/22				7,530				48,903				37,381				11,522
3M LIBOR(d)			0.500(c)				09/16/23				3,070				29,292				25,541				3,751
3M LIBOR(d)			0.500(c)				09/16/25				81,810				945,912				393,563				552,349
3M LIBOR(d)			0.750(c)				09/16/27				3,640				91,454				80,638				10,816
3M LIBOR(d)			0.750(c)				09/16/30				98,060				2,024,861				782,066				1,242,795
TOTAL														$	3,119,879			$	1,303,815			$	1,816,064

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GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to July 31, 2020.

 

(b)

Payments made annually.

 

(c)

Payments made semi-annually.

 

(d)

Payments made quarterly.

 

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GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At July 31, 2020, the Fund had the following futures contracts:

 

Description		Number of Contracts		Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		49		09/18/20		$	7,995,575			$	231,123

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

---

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

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 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. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

---

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

ii. 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.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

Securities Lending —The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 the Funds’ 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 investment are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

B. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2020:

 

INCOME BUILDER
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	4,646,029			$	—			$	—
Europe			141,630,663				—				—
North America			474,872,558				9,582,192				48,685
Fixed Income
Corporate Obligations			—				883,051,440				—
Mortgage-Backed Obligations			—				191,354				—
Foreign Debt Obligations			—				4,120,721				—
Bank Loans			—				118,905,646				60,523
U.S. Treasury Obligations			1,741,353				—				—
Unfunded Loan Commitments(b)			—				12,356				—
Investment Companies			71,692,990				—				—
Securities Lending Reinvestment Vehicle			3,352,010				—				—
Total		$	697,935,603			$	1,015,863,709			$	109,208
Liabilities(b)
Unfunded Loan Commitments		$	—			$	—			$	6,011
Derivative Type
Assets(b)
Futures Contracts		$	7,193,368			$	—			$	—
Interest Rate Swap Contracts			—				1,824,422				—
Total		$	7,193,368			$	1,824,422			$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts		$	—			$	(433,177	)		$	—
Futures Contract			(1,136,779	)			—				—
Interest Rate Swap Contracts			—				(8,358	)			—
Total		$	(1,136,779	)		$	(441,535	)		$	—
RISING DIVIDEND GROWTH
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	29,896,494			$	—			$	—
North America			450,559,005				376,687				—
Investment Companies			7,722,792				—				—
Total		$	488,178,291			$	376,687			$	—
Derivative Type
Assets(b)
Futures Contracts		$	231,123			$	—			$	—

 

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

 

(b)

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

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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (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.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Foreign Custody Risk — If a Fund invests in foreign securities, 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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

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

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GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enter 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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund have taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund’s NAV.