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Form NPORT-P GOLDMAN SACHS TRUST For: Mar 31

May 25, 2021 3:36 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000050578
        C000201777
        C000159651
        C000159649
        C000159650
        C000159648
        C000159647
        C000159646
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Global Real Estate Securities Fund
      S000050578
      549300IV19H0UGZG5L86
      2021-12-31
      2021-03-31
      N
    
    
      175057044.31
      3969881.72
      171087162.59
      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
      611262.56000000
      
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Host Hotels & Resorts, Inc.
        N6EL63S0K3PB1YFTDI24
        Host Hotels & Resorts, Inc.
        44107P104
        
          
        
        103699.00000000
        NS
        USD
        1747328.15000000
        1.021308743185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CubeSmart
        N/A
        CubeSmart
        229663109
        
          
        
        67940.00000000
        NS
        USD
        2570170.20000000
        1.502257773810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dalata Hotel Group plc
        635400L2CWET7ONOBJ04
        Dalata Hotel Group plc
        N/A
        
          
        
        167305.00000000
        NS
        
        828938.99000000
        0.484512676141
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties, Inc.
        529900PEQG66LENB6798
        Equity LifeStyle Properties, Inc.
        29472R108
        
          
        
        26139.00000000
        NS
        USD
        1663485.96000000
        0.972303201957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essex Property Trust, Inc.
        549300TR2H2VEFX0NC60
        Essex Property Trust, Inc.
        297178105
        
          
        
        12009.00000000
        NS
        USD
        3264526.56000000
        1.908107253975
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mapletree Industrial Trust
        549300R7WZFHXNKDJF41
        Mapletree Industrial Trust
        N/A
        
          
        
        655700.00000000
        NS
        
        1337034.30000000
        0.781493058718
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        2544956.00000000
        NS
        USD
        2544956.00000000
        1.487520139718
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Link REIT
        529900XUE70U36QX5M62
        Link REIT
        N/A
        
          
        
        214100.00000000
        NS
        
        1953393.39000000
        1.141753338139
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Prologis REIT, Inc.
        353800PHBMSDLAFURY41
        Nippon Prologis REIT, Inc.
        N/A
        
          
        
        176.00000000
        NS
        
        565935.91000000
        0.330788062314
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        Goodman Group
        N/A
        
          
        
        160056.00000000
        NS
        
        2210108.56000000
        1.291802684983
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        WP Carey, Inc.
        54930042CRNE713E3Q67
        WP Carey, Inc.
        92936U109
        
          
        
        10233.00000000
        NS
        USD
        724087.08000000
        0.423227008408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA Communications Corp.
        5299001HX8ZN8Y8QIT49
        SBA Communications Corp.
        78410G104
        
          
        
        5209.00000000
        NS
        USD
        1445757.95000000
        0.845041748377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Communities, Inc.
        549300H5GEOJYN41ZG57
        Sun Communities, Inc.
        866674104
        
          
        
        12746.00000000
        NS
        USD
        1912409.84000000
        1.117798560130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Life Storage, Inc.
        W9EE01AFDDF9DQCQZC68
        Life Storage, Inc.
        53223X107
        
          
        
        8046.00000000
        NS
        USD
        691553.70000000
        0.404211332709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merlin Properties Socimi SA
        959800L8KD863DP30X04
        Merlin Properties Socimi SA
        N/A
        
          
        
        129752.00000000
        NS
        
        1328254.53000000
        0.776361306068
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Digital Realty Trust, Inc.
        549300HKCZ31D08NEI41
        Digital Realty Trust, Inc.
        253868103
        
          
        
        38196.00000000
        NS
        USD
        5379524.64000000
        3.144318111635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        Camden Property Trust
        133131102
        
          
        
        29458.00000000
        NS
        USD
        3237728.78000000
        1.892444021506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust, Inc.
        549300CB86LH2IOKHH22
        Healthcare Realty Trust, Inc.
        421946104
        
          
        
        33556.00000000
        NS
        USD
        1017417.92000000
        0.594678118800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EastGroup Properties, Inc.
        31TIGQQZC4P6JMHKSW85
        EastGroup Properties, Inc.
        277276101
        
          
        
        15703.00000000
        NS
        USD
        2249925.84000000
        1.315075781221
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITE Group plc (The)
        213800BBUUWVDH9YI827
        UNITE Group plc (The)
        N/A
        
          
        
        131768.00000000
        NS
        
        1937867.12000000
        1.132678273848
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Estate Co. Ltd.
        353800KOFMRGOXSJ5Z65
        Mitsubishi Estate Co. Ltd.
        N/A
        
          
        
        199300.00000000
        NS
        
        3490040.03000000
        2.039919288604
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Simon Property Group, Inc.
        529900GQL5X8H7AO3T64
        Simon Property Group, Inc.
        828806109
        
          
        
        45429.00000000
        NS
        USD
        5168457.33000000
        3.020949819821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTDC Ltd.
        529900RTERU3X7G3D672
        NEXTDC Ltd.
        N/A
        
          
        
        214552.00000000
        NS
        
        1708831.35000000
        0.998807464061
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        CK Asset Holdings Ltd.
        5299006GJZSGP78B8S35
        CK Asset Holdings Ltd.
        N/A
        
          
        
        298000.00000000
        NS
        
        1814099.08000000
        1.060336177499
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian Apartment Properties REIT
        549300B1MYVTQEB2DI90
        Canadian Apartment Properties REIT
        134921105
        
          
        
        36200.00000000
        NS
        
        1551469.72000000
        0.906830002037
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Keihanshin Building Co. Ltd.
        N/A
        Keihanshin Building Co. Ltd.
        N/A
        
          
        
        143800.00000000
        NS
        
        1936486.16000000
        1.131871106332
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Regency Centers Corp.
        529900053A7X7FJ97S58
        Regency Centers Corp.
        758849103
        
          
        
        48552.00000000
        NS
        USD
        2753383.92000000
        1.609345714966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Derwent London plc
        213800BXKQ9KZNUR1M61
        Derwent London plc
        N/A
        
          
        
        22695.00000000
        NS
        
        1009909.78000000
        0.590289630566
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Castellum AB
        549300GU5OHTR1T5IY68
        Castellum AB
        N/A
        
          
        
        95495.00000000
        NS
        
        2107186.54000000
        1.231645032917
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          
        
      
      
        Ventas, Inc.
        ORQTRC074CWLT3DKHT41
        Ventas, Inc.
        92276F100
        
          
        
        53379.00000000
        NS
        USD
        2847235.86000000
        1.664201928944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ascendas India Trust
        N/A
        Ascendas India Trust
        N/A
        
          
        
        1012900.00000000
        NS
        
        1115997.14000000
        0.652297415601
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Shangri-La Asia Ltd.
        529900FVJ8C1OTM8OL03
        Shangri-La Asia Ltd.
        N/A
        
          
        
        3020000.00000000
        NS
        
        3021093.54000000
        1.765821289140
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        GDS Holdings Ltd.
        391200MGV8DDCHTN2R77
        GDS Holdings Ltd.
        36165L108
        
          
        
        19279.00000000
        NS
        USD
        1563334.11000000
        0.913764707026
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Cousins Properties, Inc.
        5493007XPYD5EJABN062
        Cousins Properties, Inc.
        222795502
        
          
        
        38608.00000000
        NS
        USD
        1364792.80000000
        0.797717829519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        2556703.40000000
        NS
        USD
        2556703.40000000
        1.494386464358
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        CTP BV
        3157000YTVO4TN65UM14
        CTP BV
        N/A
        
          
        
        52665.00000000
        NS
        
        932579.72000000
        0.545090412326
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        Gecina SA
        N/A
        
          
        
        16482.00000000
        NS
        
        2268767.16000000
        1.326088483585
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Kilroy Realty Corp.
        549300CXXI18B214UN80
        Kilroy Realty Corp.
        49427F108
        
          
        
        18146.00000000
        NS
        USD
        1190921.98000000
        0.696090789028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Big Yellow Group plc
        213800W7Q4V2ZI8LIW31
        Big Yellow Group plc
        N/A
        
          
        
        77465.00000000
        NS
        
        1189938.88000000
        0.695516169644
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Open House Co. Ltd.
        529900WQOGPBIJEHW865
        Open House Co. Ltd.
        N/A
        
          
        
        26200.00000000
        NS
        
        1120731.57000000
        0.655064677579
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Wohnen SE
        529900QE24Q67I3FWZ10
        Deutsche Wohnen SE
        N/A
        
          
        
        18462.00000000
        NS
        
        861223.64000000
        0.503382969804
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Summit Industrial Income REIT
        2549002JNRHTJ9H0MR86
        Summit Industrial Income REIT
        866120116
        
          
        
        112520.00000000
        NS
        
        1276784.59000000
        0.746277260474
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Realty Income Corp.
        549300CUWDAUZSH43859
        Realty Income Corp.
        756109104
        
          
        
        21972.00000000
        NS
        USD
        1395222.00000000
        0.815503617500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitation Homes, Inc.
        N/A
        Invitation Homes, Inc.
        46187W107
        
          
        
        95040.00000000
        NS
        USD
        3040329.60000000
        1.777064716004
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weingarten Realty Investors
        549300JMKTJNB8GWHU88
        Weingarten Realty Investors
        948741103
        
          
        
        54181.00000000
        NS
        USD
        1458010.71000000
        0.852203454618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pebblebrook Hotel Trust
        5493004Q1NNH6JXCSI52
        Pebblebrook Hotel Trust
        70509V100
        
          
        
        44377.00000000
        NS
        USD
        1077917.33000000
        0.630039866043
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equities, Inc.
        MGCJBT4MKTQBVLNUIS88
        Alexandria Real Estate Equities, Inc.
        015271109
        
          
        
        23674.00000000
        NS
        USD
        3889638.20000000
        2.273483376027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Urban Investment Corp.
        353800GYZWBD7BDCN841
        United Urban Investment Corp.
        N/A
        
          
        
        1833.00000000
        NS
        
        2466891.21000000
        1.441891473711
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        Vonovia SE
        N/A
        
          
        
        87269.00000000
        NS
        
        5702965.85000000
        3.333368654705
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Instone Real Estate Group AG
        391200DINUIRPDZQHX03
        Instone Real Estate Group AG
        N/A
        
          
        
        27874.00000000
        NS
        
        766529.85000000
        0.448034696698
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Realty Corp.
        254900E47KH1NFFKNF25
        Duke Realty Corp.
        264411505
        
          
        
        67994.00000000
        NS
        USD
        2850988.42000000
        1.666395290470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Growth Properties LLC
        549300E2UGIBHWE12262
        MGM Growth Properties LLC, Class A
        55303A105
        
          
        
        25811.00000000
        NS
        USD
        841954.82000000
        0.492120394805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comforia Residential REIT, Inc.
        353800BJ2SV3UPG9JU05
        Comforia Residential REIT, Inc.
        N/A
        
          
        
        479.00000000
        NS
        
        1461674.28000000
        0.854344801721
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kyoritsu Maintenance Co. Ltd.
        353800IO2MFHL1NA0986
        Kyoritsu Maintenance Co. Ltd.
        N/A
        
          
        
        47300.00000000
        NS
        
        1571636.21000000
        0.918617262807
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Segro plc
        213800XC35KGM9NFC641
        Segro plc
        N/A
        
          
        
        222849.00000000
        NS
        
        2879904.20000000
        1.683296488411
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Swire Properties Ltd.
        5299001L12PHYVQ92465
        Swire Properties Ltd.
        N/A
        
          
        
        984800.00000000
        NS
        
        3056811.42000000
        1.786698296777
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Cushman & Wakefield plc
        N/A
        Cushman & Wakefield plc
        N/A
        
          
        
        46591.00000000
        NS
        USD
        760365.12000000
        0.444431428103
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Welltower, Inc.
        T6IZ0MBEG5ACZDTR7D06
        Welltower, Inc.
        95040Q104
        
          
        
        37670.00000000
        NS
        USD
        2698302.10000000
        1.577150534938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chartwell Retirement Residences
        549300M7UBEIZBWP4069
        Chartwell Retirement Residences
        16141A103
        
          
        
        71463.00000000
        NS
        
        665896.18000000
        0.389214579235
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities, Inc.
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities, Inc.
        053484101
        
          
        
        14486.00000000
        NS
        USD
        2672811.86000000
        1.562251556187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Warehouses De Pauw CVA
        549300HWDYC5JXC85138
        Warehouses De Pauw CVA
        N/A
        
          
        
        47438.00000000
        NS
        
        1567466.93000000
        0.916180329529
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        Americold Realty Trust
        03064D108
        
          
        
        40090.00000000
        NS
        USD
        1542262.30000000
        0.901448289078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumitomo Realty & Development Co. Ltd.
        N/A
        Sumitomo Realty & Development Co. Ltd.
        N/A
        
          
        
        29000.00000000
        NS
        
        1027280.96000000
        0.600443039938
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Terreno Realty Corp.
        N/A
        Terreno Realty Corp.
        88146M101
        
          
        
        18709.00000000
        NS
        USD
        1080818.93000000
        0.631735843670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital & Counties Properties plc
        549300TTXXZ1SHUI0D54
        Capital & Counties Properties plc
        N/A
        
          
        
        431138.00000000
        NS
        
        1014578.87000000
        0.593018701485
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        Public Storage
        74460D109
        
          
        
        18196.00000000
        NS
        USD
        4490044.96000000
        2.624419560198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis, Inc.
        529900DFH19P073LZ636
        Prologis, Inc.
        74340W103
        
          
        
        61673.00000000
        NS
        USD
        6537338.00000000
        3.821056998686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties, Inc.
        529900GCCWW9SRMPJR11
        Ryman Hospitality Properties, Inc.
        78377T107
        
          
        
        14269.00000000
        NS
        USD
        1105990.19000000
        0.646448379444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingenia Communities Group
        N/A
        Ingenia Communities Group
        N/A
        
          
        
        618970.00000000
        NS
        
        2388569.57000000
        1.396112679549
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Boston Properties, Inc.
        549300OF70FSEUQBT254
        Boston Properties, Inc.
        101121101
        
          
        
        21380.00000000
        NS
        USD
        2164938.80000000
        1.265401078155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity Residential
        5493008RACSH5EP3PI59
        Equity Residential
        29476L107
        
          
        
        40024.00000000
        NS
        USD
        2866919.12000000
        1.675706743042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vornado Realty Trust
        N/A
        Vornado Realty Trust
        929042109
        
          
        
        23666.00000000
        NS
        USD
        1074199.74000000
        0.627866944391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Douglas Emmett, Inc.
        N/A
        Douglas Emmett, Inc.
        25960P109
        
          
        
        32264.00000000
        NS
        USD
        1013089.60000000
        0.592148227057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        Cellnex Telecom SA
        N/A
        
          
        
        19093.00000000
        NS
        
        1100677.19000000
        0.643342944810
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties, Inc.
        N/A
        Hudson Pacific Properties, Inc.
        444097109
        
          
        
        42857.00000000
        NS
        USD
        1162710.41000000
        0.679601199995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Highwoods Properties, Inc.
        ZIIGTYKL9T0X3HLTDX53
        Highwoods Properties, Inc.
        431284108
        
          
        
        25803.00000000
        NS
        USD
        1107980.82000000
        0.647611897483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CoreSite Realty Corp.
        549300H0YYORITFM2B74
        CoreSite Realty Corp.
        21870Q105
        
          
        
        15731.00000000
        NS
        USD
        1885360.35000000
        1.101988203824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        alstria office REIT-AG
        529900QIJIGPI0DRL085
        alstria office REIT-AG
        N/A
        
          
        
        110942.00000000
        NS
        
        1792971.92000000
        1.047987407621
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui Fudosan Logistics Park, Inc.
        353800DN63EIYS760S59
        Mitsui Fudosan Logistics Park, Inc.
        N/A
        
          
        
        537.00000000
        NS
        
        2655675.66000000
        1.552235492013
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Healthpeak Properties, Inc.
        PZ9HF5U52KPF0MH0QN75
        Healthpeak Properties, Inc.
        42250P103
        
          
        
        87507.00000000
        NS
        USD
        2777472.18000000
        1.623425240066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tritax EuroBox plc
        213800HK59N7H979QU33
        Tritax EuroBox plc
        N/A
        
          
        
        1203896.00000000
        NS
        
        1665934.45000000
        0.973734337971
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Allied Properties REIT
        549300AMZMPKVHA0MY77
        Allied Properties REIT
        019456102
        
          
        
        38365.00000000
        NS
        
        1240672.87000000
        0.725170054385
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        STORE Capital Corp.
        5493004EA6C9IHDZ7N66
        STORE Capital Corp.
        862121100
        
          
        
        23800.00000000
        NS
        USD
        797300.00000000
        0.466019769063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp.
        5493006ORUSIL88JOE18
        American Tower Corp.
        03027X100
        
          
        
        11716.00000000
        NS
        USD
        2800826.96000000
        1.637076048021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sankei Real Estate, Inc.
        N/A
        Sankei Real Estate, Inc.
        N/A
        
          
        
        849.00000000
        NS
        
        905418.03000000
        0.529214475413
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        RLJ Lodging Trust
        74965L101
        
          
        
        77539.00000000
        NS
        USD
        1200303.72000000
        0.701574391572
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SITE Centers Corp.
        W2AVA6SODOQ1LCYJQR54
        SITE Centers Corp.
        82981J109
        
          
        
        64343.00000000
        NS
        USD
        872491.08000000
        0.509968759076
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Klepierre SA
        969500PB4U31KEFHZ621
        Klepierre SA
        N/A
        
          
        
        52409.00000000
        NS
        
        1219858.41000000
        0.713004056840
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          
        
      
      
        ESCON Japan REIT Investment Corp.
        N/A
        ESCON Japan REIT Investment Corp.
        N/A
        
          
        
        432.00000000
        NS
        
        512758.58000000
        0.299706051721
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2021-04-30
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX



GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

March 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 111.8%
 

Australia – 4.2%

  160,056      Goodman Group (REIT) (Industrial)   $    2,210,108
  618,970      Ingenia Communities Group (REIT) (Residential)   2,388,570
  214,552      NEXTDC Ltd. (Internet Services & Infrastructure)*   1,708,831
    

 

     6,307,509

 

 

 

Belgium – 1.0%

  47,438      Warehouses De Pauw CVA (REIT) (Industrial)   1,567,467

 

 

 

Canada – 3.2%

  38,365      Allied Properties REIT (REIT) (Office)   1,240,673
  36,200      Canadian Apartment Properties REIT (REIT) (Residential)   1,551,470
  71,463      Chartwell Retirement Residences (Health Care)   665,896
  112,520      Summit Industrial Income REIT (REIT) (Industrial)   1,276,784
    

 

     4,734,823

 

 

 

China – 3.0%

  19,279      GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*   1,563,334
  3,020,000      Shangri-La Asia Ltd. (Hotel)*   3,021,094
    

 

     4,584,428

 

 

 

France – 2.3%

  16,482      Gecina SA (REIT) (Diversified)   2,268,767
  52,409      Klepierre SA (REIT) (Retail)(a)   1,219,859
    

 

     3,488,626

 

 

 

Germany – 6.1%

  110,942      alstria office REIT-AG (REIT) (Office)   1,792,972
  18,462      Deutsche Wohnen SE (Real Estate Operating Companies)   861,223
  27,874      Instone Real Estate Group AG (Real Estate Development)*(b)   766,530
  87,269      Vonovia SE (Real Estate Operating Companies)   5,702,966
    

 

     9,123,691

 

 

 

Hong Kong – 4.5%

  298,000      CK Asset Holdings Ltd. (Real Estate Development)   1,814,099
  214,100      Link REIT (REIT) (Retail)   1,953,393
  984,800      Swire Properties Ltd. (Real Estate Operating Companies)   3,056,812
    

 

     6,824,304

 

 

 

Ireland – 0.6%

  167,305      Dalata Hotel Group plc (Hotel)*   828,939

 

 

 

Japan – 11.8%

  479      Comforia Residential REIT, Inc. (REIT) (Residential)   1,461,674
  432      ESCON Japan REIT Investment Corp. (REIT) (Diversified)   512,759

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

  143,800      Keihanshin Building Co. Ltd. (Real Estate Operating Companies)   $    1,936,486
  47,300      Kyoritsu Maintenance Co. Ltd. (Hotel)   1,571,636
  199,300      Mitsubishi Estate Co. Ltd. (Diversified)   3,490,040
  537      Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)   2,655,676
  176      Nippon Prologis REIT, Inc. (REIT) (Industrial)   565,936
  26,200      Open House Co. Ltd. (Homebuilding)   1,120,732
  849      Sankei Real Estate, Inc. (REIT) (Office)   905,418
  29,000      Sumitomo Realty & Development Co. Ltd. (Diversified)   1,027,281
  1,833      United Urban Investment Corp. (REIT) (Diversified)   2,466,891
    

 

     17,714,529

 

 

 

Netherlands – 0.6%

  52,665      CTP BV (Real Estate Operating Companies)*(b)   932,580

 

 

 

Singapore – 1.6%

  1,012,900      Ascendas India Trust (Real Estate Operating Companies)   1,115,997
  655,700      Mapletree Industrial Trust (REIT) (Industrial)   1,337,034
    

 

     2,453,031

 

 

 

Spain – 1.6%

  19,093      Cellnex Telecom SA (Integrated Telecommunication Services)(b)   1,100,677
  129,752      Merlin Properties Socimi SA (REIT) (Diversified)   1,328,255
    

 

     2,428,932

 

 

 

Sweden – 1.4%

  95,495      Castellum AB (Real Estate Operating Companies)(a)   2,107,187

 

 

 

United Kingdom – 6.5%

  77,465      Big Yellow Group plc (REIT) (Specialized)   1,189,939
  431,138      Capital & Counties Properties plc (REIT) (Retail)   1,014,579
  22,695      Derwent London plc (REIT) (Office)   1,009,910
  222,849      Segro plc (REIT) (Industrial)   2,879,904
  1,203,896      Tritax EuroBox plc (Diversified)(b)   1,665,934
  131,768      UNITE Group plc (The) (REIT) (Residential)*   1,937,867
    

 

     9,698,133

 

 

 

United States – 63.4%

  23,674      Alexandria Real Estate Equities, Inc. (REIT) (Office)   3,889,638
  11,716      American Tower Corp. (REIT) (Specialized)   2,800,827
  40,090      Americold Realty Trust (REIT) (Industrial)   1,542,262

 

 

 

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

United States – (continued)

  14,486      AvalonBay Communities, Inc. (REIT) (Residential)   $    2,672,812
  21,380      Boston Properties, Inc. (REIT) (Office)   2,164,939
  29,458      Camden Property Trust (REIT) (Residential)   3,237,729
  15,731      CoreSite Realty Corp. (REIT) (Specialized)   1,885,360
  38,608      Cousins Properties, Inc. (REIT) (Office)   1,364,793
  67,940      CubeSmart (REIT) (Specialized)   2,570,170
  46,591      Cushman & Wakefield plc (Real Estate Services)*   760,365
  38,196      Digital Realty Trust, Inc. (REIT) (Specialized)   5,379,525
  32,264      Douglas Emmett, Inc. (REIT) (Office)   1,013,090
  67,994      Duke Realty Corp. (REIT) (Industrial)   2,850,988
  15,703      EastGroup Properties, Inc. (REIT) (Industrial)   2,249,926
  26,139      Equity LifeStyle Properties, Inc. (REIT) (Residential)   1,663,486
  40,024      Equity Residential (REIT) (Residential)   2,866,919
  12,009      Essex Property Trust, Inc. (REIT) (Residential)   3,264,526
  33,556      Healthcare Realty Trust, Inc. (REIT) (Health Care)   1,017,418
  87,507      Healthpeak Properties, Inc. (REIT) (Health Care)   2,777,472
  25,803      Highwoods Properties, Inc. (REIT) (Office)   1,107,981
  103,699      Host Hotels & Resorts, Inc. (REIT) (Hotel)*   1,747,328
  42,857      Hudson Pacific Properties, Inc. (REIT) (Office)   1,162,710
  95,040      Invitation Homes, Inc. (REIT) (Residential)   3,040,330
  18,146      Kilroy Realty Corp. (REIT) (Office)   1,190,922
  3,602      Life Storage, Inc. (REIT) (Specialized)   309,592
  25,811      MGM Growth Properties LLC Class A (REIT) (Hotel)   841,955
  44,377      Pebblebrook Hotel Trust (REIT) (Hotel)   1,077,917
  61,673      Prologis, Inc. (REIT) (Industrial)   6,537,338
  23,311      Public Storage (REIT) (Specialized)   5,752,222
  21,972      Realty Income Corp. (REIT) (Retail)   1,395,222
  48,552      Regency Centers Corp. (REIT) (Retail)   2,753,384
  77,539      RLJ Lodging Trust (REIT) (Hotel)   1,200,304
  14,269      Ryman Hospitality Properties, Inc. (REIT) (Hotel)*   1,105,990
  5,209      SBA Communications Corp. (REIT) (Specialized)   1,445,758
  45,429      Simon Property Group, Inc. (REIT) (Retail)   5,168,457

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

United States – (continued)

  64,343      SITE Centers Corp. (REIT) (Retail)   $       872,491
  23,800      STORE Capital Corp. (REIT) (Diversified)   797,300
  12,746      Sun Communities, Inc. (REIT) (Residential)   1,912,410
  18,709      Terreno Realty Corp. (REIT) (Industrial)   1,080,819
  53,379      Ventas, Inc. (REIT) (Health Care)   2,847,236
  23,666      Vornado Realty Trust (REIT) (Office)   1,074,200
  54,181      Weingarten Realty Investors (REIT) (Retail)   1,458,011
  37,670      Welltower, Inc. (REIT) (Health Care)   2,698,302
  10,233      WP Carey, Inc. (REIT) (Diversified)   724,087
    

 

     95,274,511

 

 

 
TOTAL COMMON STOCKS
(Cost $138,854,131)
  $168,068,690

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(c)1.7%
 

Goldman Sachs Financial Square Government Fund —
Institutional Shares

  2,544,986      0.036%   $    2,544,986
  (Cost $2,544,986)  

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $141,399,117)
  $170,613,676

 

 

    
  Securities Lending Reinvestment Vehicle(c) – 1.7%
 

Goldman Sachs Financial Square Government Fund —
Institutional Shares

  2,556,703      0.036%   $    2,556,703
 

(Cost $2,556,703)

 

 

 

 
TOTAL INVESTMENTS – 115.2%
(Cost $143,955,820)
  $173,170,379

 

 

 

LIABILITIES IN EXCESS OF
OTHER ASSETS – (15.2)%

  (22,848,494)

 

 

  NET ASSETS – 100.0%   $150,321,885

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

CVA  

— Dutch Certification

REIT  

— Real Estate Investment Trust

 

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 INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

March 31, 2021 (Unaudited)

 

Shares

     Description   Value
  Common Stocks98.6%
 

Australia – 8.0%

  105,308      Goodman Group (REIT) (Industrial)   $  1,454,129
  335,201      Ingenia Communities Group (REIT) (Residential)   1,293,521
  326,560      Mirvac Group (REIT) (Diversified)   622,949
  77,309      NEXTDC Ltd. (Internet Services & Infrastructure)*   615,739
    

 

     3,986,338

 

 

 

Belgium – 1.5%

  21,955      Warehouses De Pauw CVA (REIT) (Industrial)   725,447

 

 

 

Canada – 6.6%

  28,444      Allied Properties REIT (REIT) (Office)   919,841
  24,045      Canadian Apartment Properties REIT (REIT) (Residential)   1,030,527
  42,533      Chartwell Retirement Residences (Health Care)   396,325
  85,958      Summit Industrial Income REIT (REIT) (Industrial)   975,381
    

 

     3,322,074

 

 

 

China – 3.8%

  7,579      GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*   614,581
  1,304,000      Shangri-La Asia Ltd. (Hotel)*   1,304,472
    

 

     1,919,053

 

 

 

France – 4.7%

  10,225      Gecina SA (REIT) (Diversified)   1,407,484
  40,400      Klepierre SA (REIT) (Retail)(a)   940,340
    

 

     2,347,824

 

 

 

Germany – 12.3%

  71,470      alstria office REIT-AG (REIT) (Office)   1,155,051
  14,713      Deutsche Wohnen SE (Real Estate Operating Companies)   686,338
  8,783      Instone Real Estate Group AG (Real Estate Development)*(b)   241,531
  62,420      Vonovia SE (Real Estate Operating Companies)   4,079,102
    

 

     6,162,022

 

 

 

Hong Kong – 10.5%

  272,000      CK Asset Holdings Ltd. (Real Estate Development)   1,655,822
  155,900      Link REIT (REIT) (Retail)   1,422,392
  58,975      Sun Hung Kai Properties Ltd. (Diversified)   892,990
  411,800      Swire Properties Ltd. (Real Estate Operating Companies)   1,278,224
    

 

     5,249,428

 

 

 

Ireland – 0.5%

  50,832      Dalata Hotel Group plc (Hotel)*   251,855

 

 

 

Japan – 25.9%

  232      Comforia Residential REIT, Inc. (REIT) (Residential)   707,951

 

 

Shares

     Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

  521      ESCON Japan REIT Investment Corp. (REIT) (Diversified)   $     618,396
  786      GLP J-REIT (REIT) (Industrial)   1,291,564
  46,500      Keihanshin Building Co. Ltd. (Real Estate Operating Companies)   626,193
  20,400      Kyoritsu Maintenance Co. Ltd. (Hotel)   677,831
  139,200      Mitsubishi Estate Co. Ltd. (Diversified)   2,437,600
  53,300      Mitsui Fudosan Co. Ltd. (Diversified)   1,215,000
  214      Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)   1,058,314
  174      Nippon Prologis REIT, Inc. (REIT) (Industrial)   559,505
  10,700      Open House Co. Ltd. (Homebuilding)   457,703
  507      Sankei Real Estate, Inc. (REIT) (Office)   540,691
  37,000      Sumitomo Realty & Development Co. Ltd. (Diversified)   1,310,669
  1,070      United Urban Investment Corp. (REIT) (Diversified)   1,440,029
    

 

     12,941,446

 

 

 

Netherlands – 0.5%

  15,526      CTP BV (Real Estate Operating Companies)*(b)   274,931

 

 

 

Singapore – 4.2%

  661,900      Ascendas India Trust (Real Estate Operating Companies)   729,271
  72,825      CapitaLand Ltd. (Diversified)   204,049
  326,600      Keppel DC REIT (REIT) (Specialized)   655,861
  246,600      Mapletree Industrial Trust (REIT) (Industrial)   502,841
    

 

     2,092,022

 

 

 

Spain – 2.3%

  9,184      Cellnex Telecom SA (Integrated Telecommunication Services)(b)   529,441
  60,243      Merlin Properties Socimi SA (REIT) (Diversified)   616,700
    

 

     1,146,141

 

 

 

Sweden – 2.6%

  58,476      Castellum AB (Real Estate Operating Companies)   1,290,328

 

 

 

Switzerland – 2.2%

  9,163      PSP Swiss Property AG (Registered) (Real Estate Operating Companies)   1,116,310

 

 

 

United Kingdom – 13.0%

  61,258      Big Yellow Group plc (REIT) (Specialized)   940,983
  169,927      Capital & Counties Properties plc (REIT) (Retail)   399,882

 

 

 

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

United Kingdom – (continued)

  18,606      Derwent London plc (REIT) (Office)   $     827,953
  126,839      Segro plc (REIT) (Industrial)   1,639,156
  274,827      Tritax Big Box REIT plc (REIT) (Industrial)   680,077
  557,254      Tritax EuroBox plc (Diversified)(b)   771,120
  82,951      UNITE Group plc (The) (REIT) (Residential)*   1,219,932
    

 

     6,479,103

 

 

 
TOTAL COMMON STOCKS
(Cost $47,275,279)
  $49,304,322

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(c)1.0%
 

Goldman Sachs Financial Square Government Fund —
Institutional Shares

  512,906      0.036%   $     512,906
  (Cost $512,906)  

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $47,788,185)
  $49,817,228

 

 

Shares   

Dividend

Rate

  Value
Securities Lending Reinvestment Vehicle(c) 2.0%

Goldman Sachs Financial Square Government Fund — Institutional Shares

990,000    0.036%   $     990,000
(Cost $990,000)  

 

TOTAL INVESTMENTS – 101.6%
(Cost $48,778,185)
  $50,807,228

 

LIABILITIES IN EXCESS OF
OTHER ASSETS – (1.6)%

  (799,661)

 

NET ASSETS – 100.0%   $50,007,567

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

CVA   — Dutch Certification
REIT   — Real Estate Investment Trust

 

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 REAL ESTATE SECURITIES FUND

 

Schedule of Investments

March 31, 2021 (Unaudited)

 

Shares

     Description   Value
  Common Stocks – 96.7%
 

Health Care – 9.3%

  43,245      Healthcare Realty Trust, Inc. (REIT)   $    1,311,188
  112,195      Healthpeak Properties, Inc. (REIT)   3,561,069
  72,721      Ventas, Inc. (REIT)   3,878,938
  55,908      Welltower, Inc. (REIT)   4,004,690
    

 

     12,755,885

 

 

 

Hotel – 4.9%

  170,670      Host Hotels & Resorts, Inc. (REIT)*   2,875,790
  51,440      Pebblebrook Hotel Trust (REIT)   1,249,478
  60,552      RLJ Lodging Trust (REIT)   937,345
  21,000      Ryman Hospitality Properties, Inc. (REIT)*   1,627,710
    

 

     6,690,323

 

 

 

Industrial – 14.7%

  24,595      Americold Realty Trust (REIT)   946,170
  99,800      Duke Realty Corp. (REIT)   4,184,614
  18,976      EastGroup Properties, Inc. (REIT)   2,718,881
  104,888      Prologis, Inc. (REIT)   11,118,128
  19,056      Terreno Realty Corp. (REIT)   1,100,865
    

 

     20,068,658

 

 

 

Office – 14.5%

  29,375      Alexandria Real Estate Equities, Inc. (REIT)   4,826,313
  35,555      Boston Properties, Inc. (REIT)   3,600,299
  54,931      Cousins Properties, Inc. (REIT)   1,941,811
  58,610      Douglas Emmett, Inc. (REIT)   1,840,354
  46,288      Highwoods Properties, Inc. (REIT)   1,987,607
  61,158      Hudson Pacific Properties, Inc. (REIT)   1,659,217
  35,201      Kilroy Realty Corp. (REIT)   2,310,242
  38,821      Vornado Realty Trust (REIT)   1,762,085
    

 

     19,927,928

 

 

 

Residential – 19.6%

  23,359      AvalonBay Communities, Inc. (REIT)   4,309,969
  32,705      Camden Property Trust (REIT)   3,594,607
  45,454      Equity LifeStyle Properties, Inc. (REIT)   2,892,693
  55,937      Equity Residential (REIT)   4,006,767
  17,542      Essex Property Trust, Inc. (REIT)   4,768,617
  125,939      Invitation Homes, Inc. (REIT)   4,028,789
  21,284      Sun Communities, Inc. (REIT)   3,193,451
    

 

     26,794,893

 

 

 

Retail – 8.8%

  46,844      Regency Centers Corp. (REIT)   2,656,523
  60,534      Simon Property Group, Inc. (REIT)   6,886,953
  87,182      SITE Centers Corp. (REIT)   1,182,188
  50,019      Weingarten Realty Investors (REIT)   1,346,011
    

 

     12,071,675

 

 

 

Specialized – 24.9%

  10,190      American Tower Corp. (REIT)   2,436,021
  16,596      CoreSite Realty Corp. (REIT)   1,989,031

 

 

Shares

     Description   Value
  Common Stocks – (continued)
 

Specialized – (continued)

  72,162      CubeSmart (REIT)   $    2,729,888
  49,993      Digital Realty Trust, Inc. (REIT)   7,041,014
  11,869      Equinix, Inc. (REIT)   8,066,054
  16,517      Extra Space Storage, Inc. (REIT)   2,189,328
  4,121      Life Storage, Inc. (REIT)   354,200
  30,339      Public Storage (REIT)   7,486,452
  5,157      SBA Communications Corp. (REIT)   1,431,325
    

 

     33,723,313

 

 

 
TOTAL COMMON STOCKS
(Cost $95,274,522)
  $132,032,675

 

 

Shares      Dividend
Rate
  Value
  Investment Company(a)3.1%
 

Goldman Sachs Financial Square Government Fund —
Institutional Shares

  4,271,420      0.036%   $    4,271,420
  (Cost $4,271,420)  

 

 

 
TOTAL INVESTMENTS – 99.8%
(Cost $99,545,942)
  $136,304,095

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2%

  254,341

 

 

  NET ASSETS – 100.0%   $136,558,436

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is on loan.

 

 

Investment Abbreviation:
REIT  

— Real Estate Investment Trust

 

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 REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

March 31, 2021 (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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management,

L.P. (“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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the net asset value (“NAV”) per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the 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 REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

 

                                                                    
GLOBAL REAL ESTATE SECURITIES               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 1,563,334        $ 30,012,958        $  

Australia and Oceania

                6,307,509           

Europe

       4,193,983          25,981,572           

North America

       100,009,334                    

Investment Company

       2,544,986                    

Securities Lending Reinvestment Vehicle

       2,556,703                    
Total      $ 110,868,340        $ 62,302,039        $  
INTERNATIONAL REAL ESTATE SECURITIES               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 614,581        $ 21,587,368        $  

Australia and Oceania

                3,986,338           

Europe

       1,539,437          18,254,524           

North America

       3,322,074                    

Investment Company

       512,906                    

Securities Lending Reinvestment Vehicle

       990,000                    
Total      $ 6,978,998        $ 43,828,230        $  
REAL ESTATE SECURITIES               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

North America

     $ 132,032,675        $        $  

Investment Company

       4,271,420                    
Total      $ 136,304,095        $        $  

 

(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 third party (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.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities and International Real Estate Securities Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. 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 Global Real Estate Securities and International Real Estate Securities 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 Global Real Estate Securities and International Real Estate Securities Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information 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 problems with 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.

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Foreign Custody Risk — The Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. 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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

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

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

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

Non-Diversification Risk — The International Real Estate Securities and Real Estate Securities Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.



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