Form NPORT-P GOLDMAN SACHS TRUST For: May 28

  
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          0000822977
          XXXXXXXX
        
      
      
      
      
        S000050285
        C000158773
        C000158770
        C000158769
        C000158768
        C000201811
        C000158771
        C000158772
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Focused Value Fund
      S000050285
      549300YGDSU7VEIWLF61
      2021-08-31
      2021-05-28
      N
    
    
      35946739.47
      250274.27
      35696465.20
      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
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        
        20030N101
        
          
          
        
        23061.00000000
        NS
        USD
        1322317.74000000
        3.704338041851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
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          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        
        000000000
        
          
          
        
        3913.00000000
        NS
        USD
        1176247.80000000
        3.295138029521
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        L3Harris Technologies Inc
        549300UTE50ZMDBG8A20
        
        502431109
        
          
          
        
        3495.00000000
        NS
        USD
        762119.70000000
        2.135000470578
        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
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        Eli Lilly & Co
        FRDRIPF3EKNDJ2CQJL29
        
        532457108
        
          
          
        
        4590.00000000
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        USD
        916806.60000000
        2.568340015918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
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        NextEra Energy Inc
        N/A
        
        65339F101
        
          
          
        
        17210.00000000
        NS
        USD
        1260116.20000000
        3.530086782934
        Long
        EC
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        US
        N
        
        1
        
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        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
          
        
        5049.00000000
        NS
        USD
        900034.74000000
        2.521355363779
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        EC
        CORP
        US
        N
        
        1
        
          N
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          N
        
      
      
        Marvell Technology Inc
        N/A
        
        573874104
        
          
          
        
        24542.00000000
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        USD
        1185378.60000000
        3.320717032789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
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        Chevron Corp
        N/A
        
        166764100
        
          
          
        
        8191.00000000
        NS
        USD
        850143.89000000
        2.381591245062
        Long
        EC
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        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc
        529900YLDW34GJAO4J06
        
        444859102
        
          
          
        
        1812.00000000
        NS
        USD
        793112.40000000
        2.221823352974
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        10935.00000000
        NS
        USD
        1795964.40000000
        5.031210765372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
          
        
        5174.00000000
        NS
        USD
        1070707.56000000
        2.999477830650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        672.00000000
        NS
        USD
        1583803.20000000
        4.436862840973
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        
        110122108
        
          
          
        
        13759.00000000
        NS
        USD
        904241.48000000
        2.533140116069
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        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Co
        54930070NSV60J38I987
        
        37045V100
        
          
          
        
        14730.00000000
        NS
        USD
        873636.30000000
        2.447402831359
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        6953.00000000
        NS
        USD
        1170398.49000000
        3.278751785204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        
        907818108
        
          
          
        
        4973.00000000
        NS
        USD
        1117582.29000000
        3.130792597357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        
        191216100
        
          
          
        
        18231.00000000
        NS
        USD
        1007991.99000000
        2.823786569209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        2229.00000000
        NS
        USD
        810575.85000000
        2.270745423835
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Airlines Holdings Inc
        98450079DA0B78DD6764
        
        910047109
        
          
          
        
        11155.00000000
        NS
        USD
        650894.25000000
        1.823413736775
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        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc
        549300IRDTHJQ1PVET45
        
        35671D857
        
          
          
        
        14938.00000000
        NS
        USD
        638151.36000000
        1.787715832434
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        3172.00000000
        NS
        USD
        566677.80000000
        1.587489956848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        703035.58000000
        NS
        USD
        703035.58000000
        1.969482345271
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        
        89832Q109
        
          
          
        
        20337.00000000
        NS
        USD
        1256419.86000000
        3.519731864095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International Inc
        549300DV9GIB88LZ5P30
        
        609207105
        
          
          
        
        14858.00000000
        NS
        USD
        943928.74000000
        2.644319919945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Electric Co
        3C7474T6CDKPR9K6YT90
        
        369604103
        
          
          
        
        113336.00000000
        NS
        USD
        1593504.16000000
        4.464039089226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        
        452308109
        
          
          
        
        4558.00000000
        NS
        USD
        1056362.08000000
        2.959290434168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Scientific Corp
        Y6ZDD9FP4P8JSSJMW954
        
        101137107
        
          
          
        
        23974.00000000
        NS
        USD
        1020093.70000000
        2.857688273291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameren Corp
        XRZQ5S7HYJFPHJ78L959
        
        023608102
        
          
          
        
        11529.00000000
        NS
        USD
        970741.80000000
        2.719433967932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Express Co
        R4PP93JZOLY261QX3811
        
        025816109
        
          
          
        
        8053.00000000
        NS
        USD
        1289526.89000000
        3.612477825955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ecolab Inc
        82DYEISM090VG8LTLS26
        
        278865100
        
          
          
        
        4506.00000000
        NS
        USD
        969150.48000000
        2.714976047544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognizant Technology Solutions
        5493006IEVQEFQO40L83
        
        192446102
        
          
          
        
        13836.00000000
        NS
        USD
        990104.16000000
        2.773675641138
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        7187.00000000
        NS
        USD
        1154879.03000000
        3.235275603703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        3321.00000000
        NS
        USD
        829187.28000000
        2.322883443372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Splunk Inc
        549300XGDSGBP6UEI867
        
        848637104
        
          
          
        
        5267.00000000
        NS
        USD
        638360.40000000
        1.788301436636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        
        09247X101
        
          
          
        
        1288.00000000
        NS
        USD
        1129627.52000000
        3.164536078491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-07-27
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

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

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

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

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

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

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 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.

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

 

EQUITY INCOME FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	4,662,794			$	—			$	—
Europe			18,436,698				—				—
North America			377,025,530				—				—
Oceania			7,157,370				—				—
Investment Company			8,656,628				—				—
Total		$	415,939,020			$	—			$	—
FOCUSED VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	1,176,248			$	—			$	—
North America			34,022,541				—				—
Investment Company			458,095				—				—
Total		$	35,656,884			$	—			$	—
LARGE CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	3,011,678			$	—			$	—
Europe			9,846,119				—				—
North America			479,059,779				—				—
Investment Company			3,777,722				—				—
Total		$	495,695,298			$	—			$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

MID CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	25,363,697			$	—			$	—
North America			1,202,836,914				—				—
Investment Company			7,998,083				—				—
Total		$	1,236,198,694			$	—			$	—
SMALL CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	5,568,394,918			$	—			$	—
Investment Company			26,616,680				—				—
Securities Lending Reinvestment Vehicle			7,396,836				—				—
Total		$	5,602,408,434			$	—			$	—
SMALL/MID CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	207,997,080			$	—			$	—
Investment Company			2,307,033				—				—
Securities Lending Reinvestment Vehicle			953,546				—				—
Total		$	211,257,659			$	—			$	—

 

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Securities Lending — The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Small Cap Value and Small/Mid Cap Value Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of May 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM 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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which 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 United States or other governments, or problems with registration, settlement or custody, may 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.

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“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.

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 Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.