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Form NPORT-P GOLDMAN SACHS TRUST For: Jul 31

September 25, 2020 3:28 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009335
        C000161505
        C000091958
        C000201742
        C000025571
        C000025575
        C000025573
        C000025572
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Emerging Markets Equity Fund
      S000009335
      BWG4TKY1KCT8ICDTBC46
      2020-10-31
      2020-07-31
      N
    
    
      2304260066.47
      16196878.89
      2288063187.58
      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
      10741317.83000000
      
        
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Hellenic Exchanges - Athens Stock Exchange SA
        549300GSRN07MNENPL97
        Hellenic Exchanges - Athens Stock Exchange SA
        N/A
        
          
        
        979358.00000000
        NS
        
        3506912.41000000
        0.153269910946
        Long
        EC
        CORP
        GR
        N
        
        2
        
          N
          N
          N
        
      
      
        Avenue Supermarts Ltd.
        335800B2ZPJKOU2ZM776
        Avenue Supermarts Ltd.
        N/A
        
          
        
        487147.00000000
        NS
        
        13411754.32000000
        0.586161885423
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Xinyi Solar Holdings Ltd.
        529900QF7VIH03SB7Q08
        Xinyi Solar Holdings Ltd.
        N/A
        
          
        
        11186000.00000000
        NS
        
        12276468.66000000
        0.536544127218
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Arca Continental SAB de CV
        254900U2BSJCQHJCXN24
        Arca Continental SAB de CV
        N/A
        
          
        
        2216700.00000000
        NS
        
        10932599.06000000
        0.477810189829
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Detsky Mir PJSC
        25340094SFG83VJ0YP24
        Detsky Mir PJSC
        N/A
        
          
        
        3700240.00000000
        NS
        
        5829876.09000000
        0.254795239993
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        Mavi Giyim Sanayi ve Ticaret A/S
        7890004V7753Z4N1L403
        Mavi Giyim Sanayi ve Ticaret A/S, Class B
        N/A
        
          
        
        1062973.00000000
        NS
        
        6293083.65000000
        0.275039766565
        Long
        EC
        CORP
        TR
        N
        
        2
        
          N
          N
          N
        
      
      
        Meituan Dianping
        21380033K525E5JLIA77
        Meituan Dianping, Class B
        N/A
        
          
        
        1552900.00000000
        NS
        
        38428837.06000000
        1.679535655684
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Minth Group Ltd.
        254900B2AH0G13K9G204
        Minth Group Ltd.
        N/A
        
          
        
        3958000.00000000
        NS
        
        11779526.96000000
        0.514825247132
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SBI Life Insurance Co. Ltd.
        335800WMVIESQUO95586
        SBI Life Insurance Co. Ltd.
        N/A
        
          
        
        838224.00000000
        NS
        
        10208430.21000000
        0.446160327451
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Fila Holdings Corp.
        N/A
        Fila Holdings Corp.
        N/A
        
          
        
        211955.00000000
        NS
        
        5961718.20000000
        0.260557410842
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Zhejiang Sanhua Intelligent Controls Co. Ltd.
        N/A
        Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A
        N/A
        
          
        
        4321002.00000000
        NS
        
        14681820.05000000
        0.641670218274
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges & Clearing Ltd.
        213800YTVSXYQN17BW16
        Hong Kong Exchanges & Clearing Ltd.
        N/A
        
          
        
        679313.00000000
        NS
        
        32344236.29000000
        1.413607651465
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Info Edge India Ltd.
        335800MXUVHTBF9DEC78
        Info Edge India Ltd.
        N/A
        
          
        
        434967.00000000
        NS
        
        18507226.13000000
        0.808859922683
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd.
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd.
        N/A
        
          
        
        3718800.00000000
        NS
        
        33532209.39000000
        1.465528118804
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        JUMBO SA
        549300TGIVUUMY40MZ05
        JUMBO SA
        N/A
        
          
        
        668719.00000000
        NS
        
        13083988.55000000
        0.571836854026
        Long
        EC
        CORP
        GR
        N
        
        1
        
          N
          N
          N
        
      
      
        China Merchants Bank Co. Ltd.
        549300MKO5B60FFIHF58
        China Merchants Bank Co. Ltd., Class H
        N/A
        
          
        
        8161000.00000000
        NS
        
        38087263.69000000
        1.664607161932
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Hankook Tire & Technology Co. Ltd.
        9884001BIEVM09M7AH02
        Hankook Tire & Technology Co. Ltd.
        N/A
        
          
        
        373363.00000000
        NS
        
        8176156.36000000
        0.357339622628
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Tong Hsing Electronic Industries Ltd.
        N/A
        Tong Hsing Electronic Industries Ltd.
        N/A
        
          
        
        1344390.00000000
        NS
        
        6453011.15000000
        0.282029411819
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Clicks Group Ltd.
        378900E967958A677472
        Clicks Group Ltd.
        N/A
        
          
        
        708270.00000000
        NS
        
        9452011.91000000
        0.413101000064
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco BBVA Peru SA
        549300H1JNU0HLNFU552
        Banco BBVA Peru SA
        N/A
        
          
        
        4756191.00000000
        NS
        
        3324219.52000000
        0.145285302348
        Long
        EC
        CORP
        PE
        N
        
        1
        
          N
          N
          N
        
      
      
        MercadoLibre, Inc.
        549300DKPDN9M5S8GB14
        MercadoLibre, Inc.
        58733R102
        
          
        
        40885.00000000
        NS
        USD
        45980088.70000000
        2.009563763343
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Dino Polska SA
        259400H4L81SMPRTW956
        Dino Polska SA
        N/A
        
          
        
        326004.00000000
        NS
        
        18047982.44000000
        0.788788637392
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        Maruti Suzuki India Ltd.
        335800D27PBEESKKD357
        Maruti Suzuki India Ltd.
        N/A
        
          
        
        220964.00000000
        NS
        
        18468189.03000000
        0.807153802842
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Map Aktif Adiperkasa PT
        254900N3WK9AC24SVF17
        Map Aktif Adiperkasa PT
        N/A
        
          
        
        11974200.00000000
        NS
        
        1810781.81000000
        0.079140376010
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Sino Biopharmaceutical Ltd.
        529900LPR4ADFEJAR786
        Sino Biopharmaceutical Ltd.
        N/A
        
          
        
        14746500.00000000
        NS
        
        19264658.41000000
        0.841963566153
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ping An Insurance Group Co. of China Ltd.
        529900M9MC28JLN35U89
        Ping An Insurance Group Co. of China Ltd., Class H
        N/A
        
          
        
        775500.00000000
        NS
        
        8219477.30000000
        0.359232968067
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Bharti Airtel Ltd.
        335800KQ1FPKOQ84OR26
        Bharti Airtel Ltd.
        N/A
        
          
        
        2376557.00000000
        NS
        
        17602015.47000000
        0.769297612301
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Bolsa Mexicana de Valores SAB de CV
        894500CS2D6RLGW61A19
        Bolsa Mexicana de Valores SAB de CV
        N/A
        
          
        
        3605910.00000000
        NS
        
        7278251.05000000
        0.318096593201
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Amber Enterprises India Ltd.
        3358009JZU4XT3666G06
        Amber Enterprises India Ltd.
        N/A
        
          
        
        435918.00000000
        NS
        
        8612846.70000000
        0.376425211801
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        TeamLease Services Ltd.
        335800SX5B4O4YX1WA11
        TeamLease Services Ltd.
        N/A
        
          
        
        342202.00000000
        NS
        
        8434650.71000000
        0.368637140608
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Santam Ltd.
        N/A
        Santam Ltd.
        N/A
        
          
        
        350472.00000000
        NS
        
        5439427.95000000
        0.237730670181
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercorp Financial Services, Inc.
        5299004181WFTEWB1398
        Intercorp Financial Services, Inc.
        N/A
        
          
        
        278340.00000000
        NS
        USD
        7028085.00000000
        0.307163064296
        Long
        EC
        CORP
        PA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Semen Indonesia Persero Tbk. PT
        2549006ADJYJS2SD8T24
        Semen Indonesia Persero Tbk. PT
        N/A
        
          
        
        12387700.00000000
        NS
        
        7853828.46000000
        0.343252253811
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        JSE Ltd.
        213800MZ1VUQEBWRFO39
        JSE Ltd.
        N/A
        
          
        
        790903.00000000
        NS
        
        5367151.62000000
        0.234571826911
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        New Oriental Education & Technology Group, Inc.
        529900NHZVBZQZ8EKN29
        New Oriental Education & Technology Group, Inc.
        647581107
        
          
        
        98398.00000000
        NS
        USD
        13795399.60000000
        0.602929135649
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electro-Mechanics Co. Ltd.
        N/A
        Samsung Electro-Mechanics Co. Ltd.
        N/A
        
          
        
        109967.00000000
        NS
        
        13009263.13000000
        0.568570973066
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Wal-Mart de Mexico SAB de CV
        N/A
        Wal-Mart de Mexico SAB de CV
        N/A
        
          
        
        5722700.00000000
        NS
        
        13430537.90000000
        0.586982823416
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Chailease Holding Co. Ltd.
        529900L76E6T0JCM3J27
        Chailease Holding Co. Ltd.
        N/A
        
          
        
        2773680.00000000
        NS
        
        11607848.76000000
        0.507322036515
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Vietnam Dairy Products JSC
        N/A
        Vietnam Dairy Products JSC
        N/A
        
          
        
        4180903.00000000
        NS
        
        19304554.34000000
        0.843707221233
        Long
        EC
        CORP
        VN
        N
        
        2
        
          N
          N
          N
        
      
      
        Transaction Capital Ltd.
        N/A
        Transaction Capital Ltd.
        N/A
        
          
        
        6796685.00000000
        NS
        
        7264374.06000000
        0.317490098150
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Central Asia Tbk. PT
        254900BR956G2OHVOM21
        Bank Central Asia Tbk. PT
        N/A
        
          
        
        14904800.00000000
        NS
        
        31925675.37000000
        1.395314410165
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Kotak Mahindra Bank Ltd.
        335800E6GTTXKHXE2I75
        Kotak Mahindra Bank Ltd.
        N/A
        
          
        
        1303470.00000000
        NS
        
        23754773.13000000
        1.038204419307
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Atacadao SA
        549300SMI26ISJIRM371
        Atacadao SA
        N/A
        
          
        
        3311000.00000000
        NS
        
        14242907.67000000
        0.622487514650
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Sberbank of Russia PJSC
        549300WE6TAF5EEWQS81
        Sberbank of Russia PJSC
        N/A
        
          
        
        7800843.00000000
        NS
        
        23357962.87000000
        1.020861792488
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        NCSoft Corp.
        N/A
        NCSoft Corp.
        N/A
        
          
        
        48109.00000000
        NS
        
        32781294.18000000
        1.432709304443
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Atul Ltd.
        335800RE4LWLLDL2OQ62
        Atul Ltd.
        N/A
        
          
        
        97517.00000000
        NS
        
        6591282.95000000
        0.288072592827
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Silergy Corp.
        N/A
        Silergy Corp.
        N/A
        
          
        
        372497.00000000
        NS
        
        22346301.52000000
        0.976647045470
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Hangzhou Robam Appliances Co. Ltd.
        N/A
        Hangzhou Robam Appliances Co. Ltd., Class A
        N/A
        
          
        
        2529578.00000000
        NS
        
        13887451.00000000
        0.606952250068
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Powszechna Kasa Oszczednosci Bank Polski SA
        P4GTT6GF1W40CVIMFR43
        Powszechna Kasa Oszczednosci Bank Polski SA
        N/A
        
          
        
        1014240.00000000
        NS
        
        5874214.81000000
        0.256733067595
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        Abbott India Ltd.
        5493008KZ9E3HFRN6T46
        Abbott India Ltd.
        N/A
        
          
        
        28850.00000000
        NS
        
        5997378.96000000
        0.262115967450
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        20368242.00000000
        NS
        USD
        20368242.00000000
        0.890195782641
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crompton Greaves Consumer Electricals Ltd.
        335800DIIEEWMH3UDH51
        Crompton Greaves Consumer Electricals Ltd.
        N/A
        
          
        
        2146286.00000000
        NS
        
        6988325.12000000
        0.305425355293
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Divi's Laboratories Ltd.
        335800C1DHFG1C9T1M03
        Divi's Laboratories Ltd.
        N/A
        
          
        
        334649.00000000
        NS
        
        11708102.70000000
        0.511703643656
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        FIT Hon Teng Ltd.
        3003001IDFNIKMGLFJ67
        FIT Hon Teng Ltd.
        N/A
        
          
        
        14090979.00000000
        NS
        
        6806099.40000000
        0.297461164400
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        China Mengniu Dairy Co. Ltd.
        2549005Q343BSJ8RSS21
        China Mengniu Dairy Co. Ltd.
        N/A
        
          
        
        3272000.00000000
        NS
        
        15353766.80000000
        0.671037709244
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sea Ltd.
        529900OM6JLLW44YKI15
        Sea Ltd.
        81141R100
        
          
        
        119592.00000000
        NS
        USD
        14614142.40000000
        0.638712360713
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LG Electronics, Inc.
        988400RMQFTGZIOG0609
        LG Electronics, Inc.
        N/A
        
          
        
        196119.00000000
        NS
        
        11662165.54000000
        0.509695956095
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Pearl Abyss Corp.
        N/A
        Pearl Abyss Corp.
        N/A
        
          
        
        40588.00000000
        NS
        
        6428859.05000000
        0.280973842195
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Bid Corp. Ltd.
        N/A
        Bid Corp. Ltd.
        N/A
        
          
        
        310633.00000000
        NS
        
        5123495.56000000
        0.223922817683
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Alicorp SAA
        549300Z1XH47TTIIJS11
        Alicorp SAA
        N/A
        
          
        
        2416454.00000000
        NS
        
        5333429.88000000
        0.233098015341
        Long
        EC
        CORP
        PE
        N
        
        1
        
          N
          N
          N
        
      
      
        Kweichow Moutai Co. Ltd.
        N/A
        Kweichow Moutai Co. Ltd., Class A
        N/A
        
          
        
        284281.00000000
        NS
        
        68371778.38000000
        2.988194502281
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Intercorp Financial Services, Inc.
        5299004181WFTEWB1398
        Intercorp Financial Services, Inc.
        N/A
        
          
        
        147220.00000000
        NS
        USD
        3717305.00000000
        0.162465137334
        Long
        EC
        CORP
        PA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Largan Precision Co. Ltd.
        N/A
        Largan Precision Co. Ltd.
        N/A
        
          
        
        144000.00000000
        NS
        
        18790347.07000000
        0.821233747913
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        NAVER Corp.
        N/A
        NAVER Corp.
        N/A
        
          
        
        144379.00000000
        NS
        
        36679749.45000000
        1.603091630034
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Airports of Thailand PCL
        5299006VS4CU6LW0TY22
        Airports of Thailand PCL
        N/A
        
          
        
        6579100.00000000
        NS
        
        10899530.67000000
        0.476364932977
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        NARI Technology Co. Ltd.
        N/A
        NARI Technology Co. Ltd., Class A
        N/A
        
          
        
        3366801.00000000
        NS
        
        10265237.08000000
        0.448643076630
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Yandex NV
        549300GGZHJ5Q1B18P93
        Yandex NV, Class A
        N/A
        
          
        
        413770.00000000
        NS
        USD
        23808325.80000000
        1.040544943392
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimberly-Clark de Mexico SAB de CV
        549300JGHL56QT00KT54
        Kimberly-Clark de Mexico SAB de CV, Class A
        N/A
        
          
        
        3323199.00000000
        NS
        
        5438369.25000000
        0.237684399605
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        TOTVS SA
        N/A
        TOTVS SA
        N/A
        
          
        
        1177800.00000000
        NS
        
        5831933.75000000
        0.254885170202
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Credicorp Ltd.
        529900UYAEYQCQ2BKB17
        Credicorp Ltd.
        N/A
        
          
        
        30896.00000000
        NS
        USD
        3929044.32000000
        0.171719222673
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Orion Corp.
        N/A
        Orion Corp.
        N/A
        
          
        
        170958.00000000
        NS
        
        19228878.67000000
        0.840399809514
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Anhui Conch Cement Co. Ltd.
        300300JVKW56SSAEQZ33
        Anhui Conch Cement Co. Ltd., Class H
        N/A
        
          
        
        2281000.00000000
        NS
        
        17249260.58000000
        0.753880429248
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        LexinFintech Holdings Ltd.
        549300F9QU71NQ28CS19
        LexinFintech Holdings Ltd.
        528877103
        
          
        
        876060.00000000
        NS
        USD
        7455270.60000000
        0.325833247983
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nien Made Enterprise Co. Ltd.
        N/A
        Nien Made Enterprise Co. Ltd.
        N/A
        
          
        
        713000.00000000
        NS
        
        7828452.73000000
        0.342143205331
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Sarantis SA
        21380078FJXYHFE8KP46
        Sarantis SA
        N/A
        
          
        
        1104326.00000000
        NS
        
        10992104.95000000
        0.480410899911
        Long
        EC
        CORP
        GR
        N
        
        1
        
          N
          N
          N
        
      
      
        Banco Pan SA
        549300C24AZJIIZMBJ10
        Banco Pan SA (Preference)
        N/A
        
          
        
        895062.00000000
        NS
        
        1693506.62000000
        0.074014853662
        Long
        EC
        CORP
        BR
        N
        
        2
        
          N
          N
          N
        
      
      
        Iochpe Maxion SA
        N/A
        Iochpe Maxion SA
        N/A
        
          
        
        1913000.00000000
        NS
        
        4712319.44000000
        0.205952329707
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Infosys Ltd.
        335800TYLGG93MM7PR89
        Infosys Ltd.
        N/A
        
          
        
        1667757.00000000
        NS
        
        21444258.64000000
        0.937223183188
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Moscow Exchange MICEX-RTS PJSC
        253400M5M1222KPNWE87
        Moscow Exchange MICEX-RTS PJSC
        N/A
        
          
        
        3424947.00000000
        NS
        
        6158635.08000000
        0.269163680156
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nexteer Automotive Group Ltd.
        529900O9GGNBKMJ9UO48
        Nexteer Automotive Group Ltd.
        N/A
        
          
        
        4915000.00000000
        NS
        
        3116279.83000000
        0.136197280167
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Pagseguro Digital Ltd.
        N/A
        Pagseguro Digital Ltd., Class A
        N/A
        
          
        
        195670.00000000
        NS
        USD
        7480464.10000000
        0.326934332085
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Larsen & Toubro Infotech Ltd.
        335800DY1I1WFHVV6T22
        Larsen & Toubro Infotech Ltd.
        N/A
        
          
        
        257852.00000000
        NS
        
        8306669.67000000
        0.363043718158
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Navin Fluorine International Ltd.
        335800OVIUAAKYG44C59
        Navin Fluorine International Ltd.
        N/A
        
          
        
        639054.00000000
        NS
        
        15027536.28000000
        0.656779776081
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        BFI Finance Indonesia Tbk. PT
        254900NOWNL3CGA4WS37
        BFI Finance Indonesia Tbk. PT
        N/A
        
          
        
        122564400.00000000
        NS
        
        2440287.11000000
        0.106652959727
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Fleury SA
        N/A
        Fleury SA
        N/A
        
          
        
        2234100.00000000
        NS
        
        10968034.62000000
        0.479358904051
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Huami Corp.
        N/A
        Huami Corp.
        44331K103
        
          
        
        527311.00000000
        NS
        USD
        7160883.38000000
        0.312967029008
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Infosys Ltd.
        335800TYLGG93MM7PR89
        Infosys Ltd.
        456788108
        
          
        
        403559.00000000
        NS
        USD
        5185733.15000000
        0.226642916950
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Techtronic Industries Co. Ltd.
        549300HZW2SBE758OK89
        Techtronic Industries Co. Ltd.
        N/A
        
          
        
        1444000.00000000
        NS
        
        15102851.02000000
        0.660071413323
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Moneta Money Bank A/S
        I6USJ58BDV2BO5KP3C31
        Moneta Money Bank A/S
        N/A
        
          
        
        4310014.00000000
        NS
        
        9812521.27000000
        0.428857092901
        Long
        EC
        CORP
        CZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd.
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd.
        N/A
        
          
        
        2948400.00000000
        NS
        
        202254980.64000000
        8.839571465415
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        WuXi AppTec Co. Ltd.
        254900OEPQLZSPLN9175
        WuXi AppTec Co. Ltd., Class H
        N/A
        
          
        
        1534312.00000000
        NS
        
        23134229.95000000
        1.011083525821
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          
        
      
      
        SK Hynix, Inc.
        988400XAIK6XISWQV045
        SK Hynix, Inc.
        N/A
        
          
        
        470010.00000000
        NS
        
        32908352.63000000
        1.438262405017
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sunny Optical Technology Group Co. Ltd.
        3003004QIVP0DFVVWM94
        Sunny Optical Technology Group Co. Ltd.
        N/A
        
          
        
        1174400.00000000
        NS
        
        22054180.99000000
        0.963879892378
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Contemporary Amperex Technology Co. Ltd.
        300300KINDY1K0E9I032
        Contemporary Amperex Technology Co. Ltd., Class A
        N/A
        
          
        
        848232.00000000
        NS
        
        25529268.83000000
        1.115758907733
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Win Semiconductors Corp.
        529900G3R9LZ0M2UBM97
        Win Semiconductors Corp.
        N/A
        
          
        
        1097000.00000000
        NS
        
        11829719.55000000
        0.517018918630
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co. Ltd.
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd.
        N/A
        
          
        
        10908883.00000000
        NS
        
        158763556.05000000
        6.938774982780
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        ICICI Lombard General Insurance Co. Ltd.
        335800ZZITZ7ZZZ2ZX87
        ICICI Lombard General Insurance Co. Ltd.
        N/A
        
          
        
        826579.00000000
        NS
        
        14382393.02000000
        0.628583733966
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Wiz Solucoes e Corretagem de Seguros SA
        N/A
        Wiz Solucoes e Corretagem de Seguros SA
        N/A
        
          
        
        2895783.00000000
        NS
        
        5739884.83000000
        0.250862164172
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Novatek Microelectronics Corp.
        N/A
        Novatek Microelectronics Corp.
        N/A
        
          
        
        1756000.00000000
        NS
        
        17406979.03000000
        0.760773527780
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd.
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd.
        01609W102
        
          
        
        700153.00000000
        NS
        USD
        175752406.06000000
        7.681274145487
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        B3 SA - Brasil Bolsa Balcao
        4GTK5S46E6H318LMDS44
        B3 SA - Brasil Bolsa Balcao
        N/A
        
          
        
        1058800.00000000
        NS
        
        12876378.45000000
        0.562763236605
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Jollibee Foods Corp.
        2138009XN3KTAAKUPR35
        Jollibee Foods Corp.
        N/A
        
          
        
        2988300.00000000
        NS
        
        8219911.90000000
        0.359251962298
        Long
        EC
        CORP
        PH
        N
        
        2
        
          N
          N
          N
        
      
      
        Topsports International Holdings Ltd.
        N/A
        Topsports International Holdings Ltd.
        N/A
        
          
        
        7527000.00000000
        NS
        
        9064480.29000000
        0.396163897011
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LUKOIL PJSC
        549300LCJ1UJXHYBWI24
        LUKOIL PJSC
        N/A
        
          
        
        334779.00000000
        NS
        
        22987644.24000000
        1.004676984655
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco Davivienda SA
        549300P161V4IPKAQS70
        Banco Davivienda SA (Preference)
        N/A
        
          
        
        311069.00000000
        NS
        
        2299894.03000000
        0.100517067993
        Long
        EC
        CORP
        CO
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco Bradesco SA
        549300CTUU1RFXHQJE44
        Banco Bradesco SA
        059460303
        
          
        
        304430.00000000
        NS
        USD
        1284694.60000000
        0.056147688882
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electronics Co. Ltd.
        9884007ER46L6N7EI764
        Samsung Electronics Co. Ltd.
        N/A
        
          
        
        2027479.00000000
        NS
        
        99090713.85000000
        4.330768240487
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sao Martinho SA
        549300R3Z74BNJBF4161
        Sao Martinho SA
        N/A
        
          
        
        2992500.00000000
        NS
        
        12281953.59000000
        0.536783846559
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Prestige Estates Projects Ltd.
        335800HHEBP52VZLTU94
        Prestige Estates Projects Ltd.
        N/A
        
          
        
        2449458.00000000
        NS
        
        6420822.76000000
        0.280622615444
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco Bradesco SA
        549300CTUU1RFXHQJE44
        Banco Bradesco SA (Preference)
        N/A
        
          
        
        3006768.00000000
        NS
        
        12934194.81000000
        0.565290105632
        Long
        EC
        CORP
        BR
        N
        
        2
        
          N
          N
          N
        
      
      
        TAL Education Group
        5493003PJZS0EC085V72
        TAL Education Group
        874080104
        
          
        
        366631.00000000
        NS
        USD
        28659545.27000000
        1.252567910954
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AIA Engineering Ltd.
        3358009DFG4JFX1O8H85
        AIA Engineering Ltd.
        N/A
        
          
        
        400891.00000000
        NS
        
        8843773.70000000
        0.386517896359
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Commercial International Bank Egypt SAE
        213800FIIXJAMEVRIH48
        Commercial International Bank Egypt SAE (Registered)
        201712205
        
          
        
        1693572.00000000
        NS
        USD
        6530469.52000000
        0.285414736596
        Long
        EC
        CORP
        EG
        N
        
        2
        
          N
          N
          N
        
      
      
        iShares MSCI Emerging Markets ETF
        549300BPYHDEDI59G670
        iShares MSCI Emerging Markets ETF
        464287234
        
          
        
        1382870.00000000
        NS
        USD
        59864442.30000000
        2.616380641275
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pakuwon Jati Tbk. PT
        254900GUXQAQB065PM73
        Pakuwon Jati Tbk. PT
        N/A
        
          
        
        203560200.00000000
        NS
        
        5929493.33000000
        0.259149020105
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Ping An Insurance Group Co. of China Ltd.
        529900M9MC28JLN35U89
        Ping An Insurance Group Co. of China Ltd., Class H
        N/A
        
          
        
        4100500.00000000
        NS
        
        43265313.39000000
        1.890914273034
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        ANTA Sports Products Ltd.
        529900291XG0CTK4LF95
        ANTA Sports Products Ltd.
        N/A
        
          
        
        1580000.00000000
        NS
        
        14998920.04000000
        0.655529100831
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Union Technology Corp.
        N/A
        Taiwan Union Technology Corp.
        N/A
        
          
        
        1417000.00000000
        NS
        
        6567335.79000000
        0.287025980123
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Gree Electric Appliances, Inc. of Zhuhai
        N/A
        Gree Electric Appliances, Inc. of Zhuhai, Class A
        N/A
        
          
        
        1119977.00000000
        NS
        
        9127304.35000000
        0.398909628000
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Sok Marketler Ticaret A/S
        7890005KB5WP0KUURR88
        Sok Marketler Ticaret A/S
        N/A
        
          
        
        3414508.00000000
        NS
        
        6620865.29000000
        0.289365491562
        Long
        EC
        CORP
        TR
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        12156950.00000000
        NS
        USD
        12156950.00000000
        0.531320553819
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
    
    
      2020-08-31
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX



GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.7%
 

China – 93.1%

  108,204      Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)   $     702,916
  133,100      Alibaba Group Holding Ltd. (Retailing)*   4,176,154
  21,046      Alibaba Group Holding Ltd. ADR
(Retailing)*
  5,282,967
  70,000      Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*   193,766
  148,300      Anhui Conch Cement Co. Ltd. Class H (Materials)   1,121,467
  270,256      Bank of Ningbo Co. Ltd. Class A (Banks)   1,121,009
  175,300      Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)(a)   636,129
  815,000      China Life Insurance Co. Ltd. Class H (Insurance)   1,869,539
  348,000      China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*   1,632,980
  81,000      China Merchants Bank Co. Ltd. Class A (Banks)   403,685
  455,500      China Merchants Bank Co. Ltd. Class H (Banks)   2,125,812
  534,000      China Oilfield Services Ltd. Class H (Energy)   416,649
  560,000      China Resources Cement Holdings Ltd. (Materials)   766,693
  132,000      China Resources Land Ltd. (Real Estate)   550,164
  39,625      China Tourism Group Duty Free Corp. Ltd. Class A (Retailing)   1,380,768
  265,400      China Vanke Co. Ltd. Class A (Real Estate)   1,019,979
  195,600      China Vanke Co. Ltd. Class H (Real Estate)   616,614
  305,359      CITIC Securities Co. Ltd. Class A (Diversified Financials)   1,310,338
  63,198      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   1,902,073
  422,000      Geely Automobile Holdings Ltd. (Automobiles & Components)   885,265
  72,665      Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)   592,187
  86,800      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   476,534
  1,700      Hangzhou Tigermed Consulting Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)   21,935
  4,925      Huami Corp. ADR (Technology Hardware & Equipment)*   66,882
  774,247      Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks)   826,330

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

China – (continued)

 
  110,645      Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)   $  1,497,421
  71,536      Juewei Food Co. Ltd. Class A (Food, Beverage & Tobacco)   877,660
  15,040      Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)   3,617,236
  25,705      LexinFintech Holdings Ltd. ADR (Diversified Financials)*   218,750
  176,174      Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)   1,486,885
  91,400      Meituan Dianping Class B (Retailing)*   2,261,830
  64,600      Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)   663,497
  354,000      Minth Group Ltd. (Automobiles & Components)   1,053,550
  183,666      NARI Technology Co. Ltd. Class A (Capital Goods)   559,990
  1,157      New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*   162,211
  5,207      Pinduoduo, Inc. ADR (Retailing)*   478,003
  10,200      Ping An Insurance Group Co. of China Ltd. Class A (Insurance)   110,805
  216,000      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   2,279,065
  325,201      Sany Heavy Industry Co. Ltd. Class A (Capital Goods)   983,657
  46,929      Shanghai Putailai New Energy Technology Co. Ltd. Class A (Materials)   714,745
  236,752      Shenzhen Inovance Technology Co. Ltd. Class A (Capital Goods)   1,705,889
  38,900      Shenzhen Kangtai Biological Products Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)   1,254,362
  17,700      Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)   880,668
  104,174      Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment)   828,451
  256,865      Songcheng Performance Development Co. Ltd. Class A (Consumer Services)   687,108
  15,400      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   289,198
  15,571      TAL Education Group ADR (Consumer Services)*   1,217,185

 

 

 


GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  127,800      Tencent Holdings Ltd. (Media & Entertainment)   $  8,766,852
  619,000      Topsports International Holdings Ltd. (Retailing)(a)   745,438
  130,000      Tsingtao Brewery Co. Ltd. Class H (Food, Beverage & Tobacco)   1,158,885
  241,506      Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment)   837,034
  431,000      Weichai Power Co. Ltd. Class H (Capital Goods)   923,058
  44,300      Wuhan Jingce Electronic Group Co. Ltd. Class A (Technology Hardware & Equipment)   423,800
  99,540      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)(b)   1,500,856
  47,000      Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)   970,261
  786,000      Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)   862,623
  148,278      Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy)   666,684
  36,480      Yifeng Pharmacy Chain Co. Ltd. Class A (Food & Staples Retailing)   451,522
  71,320      Yunnan Energy New Material Co. Ltd. (Materials)   815,782
  513,919      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   1,746,184
    

 

     73,795,980

 

 

 

Hong Kong – 3.7%

  23,901      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   1,138,002
  628,500      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   821,065
  53,000      Techtronic Industries Co. Ltd. (Capital Goods)   554,329
  294,000      Xinyi Glass Holdings Ltd. (Automobiles & Components)   431,342
    

 

     2,944,738

 

 

 

Taiwan – 1.9%

  54,000      MediaTek, Inc. (Semiconductors & Semiconductor Equipment)   1,289,415
  23,000      Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)   227,996
    

 

     1,517,411

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Vietnam – 0.0%

  6      Vietnam Dairy Products JSC (Food, Beverage & Tobacco)   $              28

 

 

 
TOTAL COMMON STOCKS
(Cost $56,773,325)
  $78,258,157

 

 

    
Shares     

Dividend

Rate

  Value
  Investment Company(c) – 0.1%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  53,485      0.130%   $       53,485
 

(Cost $53,485)

 

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $56,826,810)
  $78,311,642

 

 

    
  Securities Lending Reinvestment Vehicle(c) – 1.0%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  775,180      0.130%   $     775,180
 

(Cost $775,180)

 

 

 

  TOTAL INVESTMENTS – 99.8% (Cost $57,601,990)   $79,086,822

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.2%

  164,336

 

 

  NET ASSETS – 100.0%   $79,251,158

 

 

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   All or a portion of security is on loan.
(c)   Represents an Affiliated Issuer.

 

 

Investment Abbreviation:
ADR  

— American Depositary Receipt

 

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 96.0%
 

Argentina – 2.0%

  40,885      MercadoLibre, Inc. (Retailing)*   $     45,980,089

 

 

 

Brazil – 3.9%

  3,311,000      Atacadao SA (Food & Staples
Retailing)*
  14,242,908
  1,058,800      B3 SA - Brasil Bolsa Balcao (Diversified Financials)   12,876,378
  304,430      Banco Bradesco SA ADR (Banks)   1,284,694
  3,006,768      Banco Bradesco SA (Preference) (Banks)(a)   12,934,195
  895,062      Banco Pan SA (Preference) (Banks)(a)   1,693,507
  2,234,100      Fleury SA (Health Care Equipment & Services)   10,968,035
  1,913,000      Iochpe Maxion SA (Capital Goods)   4,712,319
  195,670      Pagseguro Digital Ltd. Class A (Software & Services)*   7,480,464
  2,992,500      Sao Martinho SA (Food, Beverage & Tobacco)*   12,281,953
  1,177,800      TOTVS SA (Software & Services)   5,831,934
  2,895,783      Wiz Solucoes e Corretagem de Seguros SA (Insurance)   5,739,885
    

 

     90,046,272

 

 

 

China – 37.4%

  700,153      Alibaba Group Holding Ltd. ADR (Retailing)*   175,752,406
  2,281,000      Anhui Conch Cement Co. Ltd. Class H (Materials)   17,249,261
  1,580,000      ANTA Sports Products Ltd. (Consumer Durables & Apparel)   14,998,920
  3,272,000      China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*   15,353,767
  8,161,000      China Merchants Bank Co. Ltd. Class H (Banks)   38,087,264
  848,232      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   25,529,269
  1,119,977      Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)   9,127,304
  2,529,578      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   13,887,451
  48,600      Hangzhou Tigermed Consulting Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(b)   627,072
  527,311      Huami Corp. ADR (Technology Hardware & Equipment)*   7,160,883
  284,281      Kweichow Moutai Co. Ltd. Class A (Food, Beverage & Tobacco)   68,371,778
  876,060      LexinFintech Holdings Ltd. ADR (Diversified Financials)*   7,455,271
  1,552,900      Meituan Dianping Class B (Retailing)*   38,428,837
  3,958,000      Minth Group Ltd. (Automobiles & Components)   11,779,527

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  3,366,801      NARI Technology Co. Ltd. Class A (Capital Goods)   $     10,265,237
  98,398      New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*   13,795,400
  4,915,000      Nexteer Automotive Group Ltd. (Automobiles & Components)   3,116,280
  4,876,000      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   51,484,791
  372,497      Silergy Corp. (Semiconductors & Semiconductor Equipment)   22,346,301
  1,174,400      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   22,054,181
  366,631      TAL Education Group ADR (Consumer Services)*   28,659,545
  2,948,400      Tencent Holdings Ltd. (Media & Entertainment)   202,254,981
  7,527,000      Topsports International Holdings Ltd. (Retailing)(b)   9,064,480
  1,534,312      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)(c)   23,134,230
  11,186,000      Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)   12,276,469
  4,321,002      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   14,681,820
    

 

     856,942,725

 

 

 

Colombia – 0.1%

  311,069      Banco Davivienda SA (Preference) (Banks)(a)   2,299,894

 

 

 

Czech Republic – 0.4%

  4,310,014      Moneta Money Bank A/S (Banks)(b)   9,812,521

 

 

 

Egypt – 0.3%

  1,693,572      Commercial International Bank Egypt SAE (Registered) GDR (Banks)   6,530,470

 

 

 

Greece – 1.2%

  979,358      Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials)   3,506,912
  668,719      JUMBO SA (Retailing)   13,083,989
  1,107,586      Sarantis SA (Household & Personal Products)   11,024,554
    

 

     27,615,455

 

 

 

Hong Kong – 4.4%

  3,718,800      AIA Group Ltd. (Insurance)   33,532,209
  679,313      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   32,344,236
  14,746,500      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   19,264,659

 

 

 


GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hong Kong – (continued)

  1,444,000      Techtronic Industries Co. Ltd. (Capital Goods)   $     15,102,851
    

 

     100,243,955

 

 

 

India – 10.1%

  28,850      Abbott India Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   5,997,379
  400,891      AIA Engineering Ltd. (Capital Goods)   8,843,774
  435,918      Amber Enterprises India Ltd. (Consumer Durables & Apparel)   8,612,847
  97,517      Atul Ltd. (Materials)   6,591,283
  487,147      Avenue Supermarts Ltd. (Food & Staples Retailing)*(b)   13,411,754
  2,376,557      Bharti Airtel Ltd. (Telecommunication Services)*   17,602,015
  2,146,286      Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)*   6,988,325
  334,649      Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   11,708,103
  826,579      ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)   14,382,393
  434,967      Info Edge India Ltd. (Media & Entertainment)   18,507,226
  1,667,757      Infosys Ltd. (Software & Services)   21,444,259
  403,559      Infosys Ltd. ADR (Software & Services)   5,185,733
  1,303,470      Kotak Mahindra Bank Ltd. (Banks)*   23,754,773
  257,852      Larsen & Toubro Infotech Ltd. (Software & Services)(b)   8,306,670
  220,964      Maruti Suzuki India Ltd. (Automobiles & Components)   18,468,189
  639,054      Navin Fluorine International Ltd. (Materials)   15,027,536
  2,449,458      Prestige Estates Projects Ltd. (Real Estate)   6,420,823
  838,224      SBI Life Insurance Co. Ltd. (Insurance)*(b)   10,208,430
  342,202      TeamLease Services Ltd. (Commercial & Professional
Services)*
  8,434,651
    

 

     229,896,163

 

 

 

Indonesia – 2.2%

  14,904,800      Bank Central Asia Tbk. PT (Banks)   31,925,675
  122,564,400      BFI Finance Indonesia Tbk. PT (Diversified Financials)   2,440,287
  11,974,200      Map Aktif Adiperkasa PT
(Retailing)*
  1,810,782
  203,560,200      Pakuwon Jati Tbk. PT (Real Estate)*   5,929,493
  12,387,700      Semen Indonesia Persero Tbk. PT (Materials)   7,853,829
    

 

     49,960,066

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Mexico – 1.6%

  2,216,700      Arca Continental SAB de CV (Food, Beverage & Tobacco)   $     10,932,599
  3,605,910      Bolsa Mexicana de Valores SAB de CV (Diversified Financials)   7,278,251
  3,323,199      Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)   5,438,369
  5,722,700      Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)   13,430,538
    

 

     37,079,757

 

 

 

Peru – 1.0%

  2,416,454      Alicorp SAA (Food, Beverage & Tobacco)*   5,333,430
  4,756,191      Banco BBVA Peru SA (Banks)   3,324,220
  30,896      Credicorp Ltd. (Banks)   3,929,044
  425,560      Intercorp Financial Services, Inc. (Banks)   10,745,390
    

 

     23,332,084

 

 

 

Philippines – 0.4%

  2,988,300      Jollibee Foods Corp. (Consumer Services)   8,219,912

 

 

 

Poland – 1.1%

  326,004      Dino Polska SA (Food & Staples Retailing)*(b)   18,047,982
  1,014,240      Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*   5,874,215
    

 

     23,922,197

 

 

 

Russia – 3.6%

  3,700,240      Detsky Mir PJSC (Retailing)(b)   5,829,876
  334,779      LUKOIL PJSC (Energy)   22,987,644
  3,424,947      Moscow Exchange MICEX-RTS PJSC (Diversified Financials)   6,158,635
  7,800,843      Sberbank of Russia PJSC (Banks)   23,357,963
  413,770      Yandex NV Class A (Media & Entertainment)*   23,808,326
    

 

     82,142,444

 

 

 

South Africa – 1.4%

  310,633      Bid Corp. Ltd. (Food & Staples Retailing)   5,123,495
  708,270      Clicks Group Ltd. (Food & Staples Retailing)   9,452,012
  790,903      JSE Ltd. (Diversified Financials)   5,367,152
  350,472      Santam Ltd. (Insurance)   5,439,428
  6,796,685      Transaction Capital Ltd. (Diversified Financials)   7,264,374
    

 

     32,646,461

 

 

 

South Korea – 11.6%

  211,955      Fila Holdings Corp. (Consumer Durables & Apparel)   5,961,718
  373,363      Hankook Tire & Technology Co. Ltd. (Automobiles & Components)   8,176,156

 

 

 


GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

South Korea – (continued)

  196,119      LG Electronics, Inc. (Consumer Durables & Apparel)   $     11,662,166
  144,379      NAVER Corp. (Media & Entertainment)   36,679,749
  48,109      NCSoft Corp. (Media & Entertainment)   32,781,294
  170,958      Orion Corp. (Food, Beverage & Tobacco)   19,228,879
  40,588      Pearl Abyss Corp. (Media & Entertainment)*   6,428,859
  109,967      Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)   13,009,263
  2,027,479      Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)   99,090,714
  470,010      SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)   32,908,353
    

 

     265,927,151

 

 

  Taiwan – 11.4%
  2,773,680      Chailease Holding Co. Ltd. (Diversified Financials)   11,607,849
  13,901,203      FIT Hon Teng Ltd. (Technology Hardware & Equipment)*(b)   6,714,435
  144,000      Largan Precision Co. Ltd. (Technology Hardware & Equipment)   18,790,347
  713,000      Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)   7,828,453
  1,756,000      Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)   17,406,979
  119,592      Sea Ltd. ADR (Media & Entertainment)*   14,614,142
  10,908,883      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   158,763,556
  1,417,000      Taiwan Union Technology Corp. (Technology Hardware & Equipment)   6,567,336
  1,344,390      Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)*   6,453,011
  1,097,000      Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)   11,829,720
    

 

     260,575,828

 

 

  Thailand – 0.5%
  6,579,100      Airports of Thailand PCL (Transportation)   10,899,531

 

 

 

Turkey – 0.6%

  1,062,973      Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)*(b)   6,293,084
  3,414,508      Sok Marketler Ticaret A/S (Food & Staples Retailing)*   6,620,865
    

 

     12,913,949

 

 

Shares      Description   Value
  Common Stocks – (continued)
  Vietnam – 0.8%
  4,180,903      Vietnam Dairy Products JSC (Food, Beverage & Tobacco)   $     19,304,554

 

 

 
TOTAL COMMON STOCKS
(Cost $1,791,714,848)
  $2,196,291,478

 

 

    
  Exchange Traded Fund – 2.6%
  1,382,870      iShares MSCI Emerging Markets ETF   $     59,864,442
  (Cost $57,005,128)

 

 

    
Shares     

Dividend

Rate

  Value
  Investment Company(d) – 0.9%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  20,368,315      0.130%   $     20,368,315
  (Cost $20,368,315)

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $1,869,088,291)
  $2,276,524,235

 

 

    
  Securities Lending Reinvestment Vehicle(d) – 0.5%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  12,156,950      0.130%   $     12,156,950
  (Cost $12,156,950)

 

 

 
TOTAL INVESTMENTS – 100.0%
(Cost $1,881,245,241)
  $2,288,681,185

 

 

 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.0%
  157,947

 

 

  NET ASSETS – 100.0%   $2,288,839,132

 

 

 

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)   Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   All or a portion of security is on loan.
(d)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

GDR  

— Global Depositary Receipt

 

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.3%
 

Argentina – 2.9%

  224      MercadoLibre, Inc. (Retailing)*   $   251,915

 

 

 

Brazil – 4.1%

  17,700      Atacadao SA (Food & Staples Retailing)*   76,140
  4,000      B3 SA - Brasil Bolsa Balcao (Diversified Financials)   48,645
  17,483      Banco Bradesco SA ADR (Banks)   73,778
  8,100      Fleury SA (Health Care Equipment & Services)   39,766
  1,697      Pagseguro Digital Ltd. Class A (Software & Services)*   64,877
  13,400      Sao Martinho SA (Food Products)*   54,997
    

 

     358,203

 

 

 

China – 37.8%

  2,943      Alibaba Group Holding Ltd. ADR (Retailing)*   738,752
  9,000      Anhui Conch Cement Co. Ltd. Class H (Materials)   68,059
  7,000      ANTA Sports Products Ltd. (Consumer Durables & Apparel)   66,451
  18,000      China Mengniu Dairy Co. Ltd. (Food Products)*   84,465
  33,500      China Merchants Bank Co. Ltd. Class H (Banks)   156,344
  4,300      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   129,417
  4,500      Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer Durables & Apparel)   36,673
  9,600      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   52,704
  6,100      Meituan Dianping Class B (Retailing)*   150,954
  18,900      NARI Technology Co. Ltd. Class A (Capital Goods)   57,625
  621      New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*   87,064
  20,000      Nexteer Automotive Group Ltd. (Automobiles & Components)   12,681
  21,500      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   226,851
  2,000      Silergy Corp. (Semiconductors & Semiconductor Equipment)   119,981
  6,100      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   114,553
  1,454      TAL Education Group ADR (Consumer Services)*   113,659
  12,000      Tencent Holdings Ltd. (Media & Entertainment)   823,179
  33,000      Topsports International Holdings Ltd.
(Retailing)(a)
  39,741

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  6,124      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)   $     92,337
  50,000      Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)   54,874
  14,950      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   50,797
    

 

     3,277,161

 

 

 

Colombia – 0.1%

  1,285      Banco Davivienda SA (Preference) (Banks)(b)   9,501

 

 

 

Czech Republic – 0.5%

  18,317      Moneta Money Bank A/S (Banks)(a)   41,702

 

 

 

Egypt – 0.5%

  10,415      Commercial International Bank Egypt SAE (Registered) GDR (Banks)   40,161

 

 

 

Greece – 1.4%

  6,024      JUMBO SA (Retailing)   117,864

 

 

 

Hong Kong – 5.3%

  17,800      AIA Group Ltd. (Insurance)   160,502
  2,967      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   141,268
  69,000      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   90,141
  6,000      Techtronic Industries Co. Ltd. (Capital Goods)   62,754
    

 

     454,665

 

 

 

India – 9.8%

  1,737      Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)   47,822
  10,934      Bharti Airtel Ltd. (Telecommunication Services)*   80,983
  1,273      Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   44,537
  5,045      ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)   87,783
  2,383      Info Edge India Ltd. (Media & Entertainment)   101,393
  8,862      Infosys Ltd. (Software & Services)   113,949
  3,032      Infosys Ltd. ADR (Software & Services)   38,961
  5,255      Kotak Mahindra Bank Ltd. (Banks)*   95,769
  1,859      Larsen & Toubro Infotech Ltd. (Software & Services)(a)   59,887

 

 

 


GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

India – (continued)

  1,410      Maruti Suzuki India Ltd. (Automobiles & Components)   $   117,848
  5,163      SBI Life Insurance Co. Ltd. (Insurance)*(a)   62,878
    

 

     851,810

 

 

 

Indonesia – 1.6%

  64,100      Bank Central Asia Tbk. PT (Banks)   137,300

 

 

 

Mexico – 2.1%

  10,800      Arca Continental SAB de CV (Food Products)   53,265
  21,865      Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)   35,782
  40,300      Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)   94,579
    

 

     183,626

 

 

 

Peru – 1.0%

  336      Credicorp Ltd. (Banks)   42,729
  1,753      Intercorp Financial Services, Inc. (Banks)   44,263
    

 

     86,992

 

 

 

Philippines – 0.3%

  8,820      Jollibee Foods Corp. (Consumer Services)   24,261

 

 

 

Poland – 0.5%

  7,470      Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*   43,264

 

 

 

Russia – 4.1%

  28,650      Moscow Exchange MICEX-RTS PJSC (Diversified Financials)   51,517
  11,875      Sberbank of Russia PJSC ADR (Banks)*   141,550
  2,800      Yandex NV Class A (Media & Entertainment)*   161,112
    

 

     354,179

 

 

 

South Africa – 1.5%

  2,286      Bid Corp. Ltd. (Food & Staples Retailing)   37,705
  4,132      Clicks Group Ltd. (Food & Staples Retailing)   55,142
  2,646      Santam Ltd. (Insurance)   41,067
    

 

     133,914

 

 

 

South Korea – 12.1%

  716      LG Electronics, Inc. (Consumer Durables & Apparel)   42,577
  688      NAVER Corp. (Media & Entertainment)   174,788
  188      NCSoft Corp. (Media & Entertainment)   128,102
  751      Orion Corp. (Food Products)   84,470
  196      Pearl Abyss Corp. (Media & Entertainment)*   31,045

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

South Korea – (continued)

  379      Samsung Electro-Mechanics Co. Ltd. (Technology Hardware & Equipment)   $     44,836
  8,530      Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)   416,894
  1,770      SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)   123,929
    

 

     1,046,641

 

 

 

Taiwan – 12.5%

  14,440      Chailease Holding Co. Ltd. (Diversified Financials)   60,431
  1,000      Largan Precision Co. Ltd. (Technology Hardware & Equipment)   130,489
  3,000      Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)   32,939
  6,000      Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)   59,477
  680      Sea Ltd. ADR (Media & Entertainment)*   83,096
  45,000      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   654,912
  6,000      Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)   64,702
    

 

     1,086,046

 

 

 

Thailand – 0.5%

  27,000      Airports of Thailand PCL (Transportation)   44,731

 

 

 

Turkey – 0.7%

  31,596      Sok Marketler Ticaret A/S (Food & Staples Retailing)*   61,266

 

 

 
TOTAL INVESTMENTS – 99.3%
(Cost $6,984,558)
  $8,605,202

 

 

 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.7%
  63,531

 

 

  NET ASSETS – 100.0%   $8,668,733

 

 

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

GDR  

— Global Depositary Receipt

 

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS IMPRINT EMERGING MARKETS OPPORTUNITIES FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.8%
 

Bangladesh – 0.7%

  396,785      BRAC Bank Ltd. (Banks)   $     133,390

 

 

 

Brazil – 3.4%

  88,200      Atacadao SA (Food & Staples Retailing)*   379,409
  15,764      Vasta Platform Ltd. (Consumer Services)*   297,152
    

 

     676,561

 

 

 

China – 28.3%

  6,022      Alibaba Group Holding Ltd. ADR (Retailing)*   1,511,642
  108,000      Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*   298,953
  10,195      Baozun, Inc. ADR (Retailing)*   428,802
  99,000      Flat Glass Group Co. Ltd. Class H (Semiconductors & Semiconductor Equipment)   154,589
  407,500      Haier Smart Home Co. Ltd. Class A (Consumer Durables & Apparel)   1,051,459
  30,357      Huize Holding Ltd. (Insurance)*   273,213
  148,000      Li Ning Co. Ltd. (Consumer Durables & Apparel)   477,035
  130,600      Maoyan Entertainment (Retailing)*(a)   218,474
  6,392      TAL Education Group ADR (Consumer Services)*   499,663
  10,550      Trip.com Group Ltd. ADR (Retailing)*   286,960
  118,800      Zhuzhou CRRC Times Electric Co. Ltd. Class H (Capital Goods)   417,313
    

 

     5,618,103

 

 

 

Egypt – 4.4%

  711,844      Cleopatra Hospital (Health Care Equipment & Services)*   222,424
  147,708      Commercial International Bank Egypt SAE (Banks)   581,353
  158,992      Juhayna Food Industries (Food, Beverage & Tobacco)   78,753
    

 

     882,530

 

 

 

Hong Kong – 3.5%

  76,200      AIA Group Ltd. (Insurance)   687,091

 

 

 

India – 3.6%

  15,083      HDFC Bank Ltd. ADR (Banks)*   705,130

 

 

 

Indonesia – 2.2%

  28,200      Bank Central Asia Tbk. PT (Banks)   60,404
  821,400      Map Aktif Adiperkasa PT (Retailing)*   124,215
  5,465,800      Mitra Adiperkasa Tbk. PT (Retailing)*   255,467
    

 

     440,086

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – 4.3%

  25,900      Suzuki Motor Corp. (Automobiles & Components)   $     849,868

 

 

 

Philippines – 3.0%

  320,730      Bank of the Philippine Islands (Banks)   445,395
  467,600      Wilcon Depot, Inc. (Retailing)   142,183
    

 

     587,578

 

 

 

Poland – 1.1%

  4,082      Dino Polska SA (Food & Staples Retailing)*(a)   225,984

 

 

 

Russia – 3.6%

  12,246      Yandex NV Class A (Media & Entertainment)*   704,635

 

 

 

Saudi Arabia – 1.9%

  24,176      Leejam Sports Co. JSC (Consumer Services)   373,238

 

 

 

Slovenia – 3.4%

  79,623      Nova Ljubljanska Banka dd GDR (Banks)*   679,053

 

 

 

South Africa – 11.5%

  12,482      Naspers Ltd. Class N (Retailing)   2,271,115

 

 

 

South Korea – 8.7%

  9,279      Cosmax, Inc. (Household & Personal Products)   724,646
  1,084      LG Chem Ltd. (Materials)   519,063
  7,765      LG Corp. (Capital Goods)   482,186
    

 

     1,725,895

 

 

 

Taiwan – 8.3%

  147,000      Delta Electronics, Inc. (Technology Hardware & Equipment)   1,004,813
  69,000      Merida Industry Co. Ltd. (Consumer Durables & Apparel)   636,664
    

 

     1,641,477

 

 

 

United Arab Emirates – 4.1%

  332,334      Emirates NBD Bank PJSC (Banks)   805,981
  35,803      NMC Health plc (Health Care Equipment & Services)*   10,723
    

 

     816,704

 

 

 

Vietnam – 3.8%

  396,612      FPT Corp. (Technology Hardware & Equipment)   759,545

 

 

 
TOTAL INVESTMENTS – 99.8%
(Cost $19,963,741)
  $19,777,983

 

 

 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.2%
  43,225

 

 

  NET ASSETS – 100.0%   $19,821,208

 

 

 

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)   Exempt from registration under Rule 144A of the Securities Act of 1933.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

GDR  

— Global Depositary Receipt

 

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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


GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

C. 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:

 

                                                                    
CHINA EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 7,425,998        $ 70,832,159        $                 —  

Investment Company

       53,485                    

Securities Lending Reinvestment Vehicle

       775,180                    
Total      $ 8,254,663        $ 70,832,159        $  
EMERGING MARKETS EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 10,806,580        $ 28,370,351        $  

Asia

       276,431,706          1,620,594,572           

Europe

       24,108,543          37,241,630           

North America

       37,079,757                    

South America

       144,730,743          16,927,596           

Exchange Traded Fund

       59,864,442                    

Investment Company

       20,368,315                    

Securities Lending Reinvestment Vehicle

       12,156,950                    
Total      $     585,547,036        $     1,703,134,149        $  
ESG EMERGING MARKETS EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 41,067        $ 133,008        $  

Asia

       1,364,194          5,973,866           

Europe

       117,864          84,966           

North America

       183,626                    

South America

       697,110          9,501           
Total      $ 2,403,861        $ 6,201,341        $  
IMPRINT EMERGING MARKETS OPPORTUNITIES               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 222,424        $ 2,931,221        $  

Asia

       4,783,283          10,259,457           

Europe

       679,053          225,984           

South America

       676,561                    
Total      $ 6,361,321        $ 13,416,662        $  

 

(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. The Funds utilize fair value model prices provided by an independent fair value service for certain international equity securities, resulting in a Level 2 classification.

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


GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities 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 Fund’s 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 China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities 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.

Each of the China Equity, Emerging Markets Equity and Imprint Emerging Markets Opportunities Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

ESG Standards Risk— The ESG Emerging Markets Equity Fund’s adherence to its environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Fund’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Fund will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, 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. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.


GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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



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