Form NPORT-P GOLDMAN SACHS TRUST For: May 29

  
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      Goldman Sachs Trust
      811-05349
      0000822977
      00000000000000000000
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Technology Opportunities Fund
      S000009339
      549300W65MIMM9LBP313
      2020-08-31
      2020-05-29
      N
    
    
      613907552.85
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      610506901.61
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        NVIDIA Corp
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        Splunk Inc
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        Paycom Software Inc
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        Amphenol Corp
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        Walt Disney Co/The
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        Analog Devices Inc
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        Adobe Inc
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        Alphabet Inc
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        16174.00000000
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        Visa Inc
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        143432.00000000
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        Alphabet Inc
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        17470.00000000
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        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        
        697435105
        
          
          
        
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        Equinix Inc
        549300EVUN2BTLJ3GT74
        
        29444U700
        
          
          
        
        16197.00000000
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        Marvell Technology Group Ltd
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        14335674.50000000
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        Fiserv Inc
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        Texas Instruments Inc
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        882508104
        
          
          
        
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        Motorola Solutions Inc
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        620076307
        
          
          
        
        56379.00000000
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        Activision Blizzard Inc
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        171527.00000000
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        Microsoft Corp
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        Lam Research Corp
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        American Tower Corp
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        Facebook Inc
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        Goldman Sachs Financial Square Government Fund
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        Atlassian Corp PLC
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        000000000
        
          
          
        
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        Amazon.com Inc
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        Illumina Inc
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        ServiceNow Inc
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        Xilinx Inc
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        983919101
        
          
          
        
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        Fidelity National Information
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        Intuit Inc
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        30918.00000000
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        Mastercard Inc
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        18968.00000000
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        N
        
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        Accenture PLC
        N/A
        
        000000000
        
          
          
        
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        N
        
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      2020-07-24
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS BLUE CHIP FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS BLUE CHIP FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

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GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

Schedule of Investments

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities may be valued at the closing bid price for long positions and at the closing ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

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. 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.

---

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the 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.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities.

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of May 31, 2020:

 

BLUE CHIP FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	288,179			$	—			$	—
North America			9,115,857				—				—
Investment Company			116,015				—				—
Total		$	9,520,051			$	—			$	—
CAPITAL GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	15,923,631			$	—			$	—
North America			835,239,689				—				—
South America			735,843				—				—
Investment Company			1,760,827				—				—
Total		$	853,659,990			$	—			$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

CONCENTRATED GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	7,473,979			$	—			$	—
North America			150,145,586				—				—
Investment Company			789,183				—				—
Total		$	158,408,748			$	—			$	—
FLEXIBLE CAP FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	316,353			$	—			$	—
North America			20,547,336				—				—
Total		$	20,863,689			$	—			$	—
GROWTH OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	1,120,254,721			$	—			$	—
South America			11,326,359				—				—
Investment Company			3,752,104				—				—
Total		$	1,135,333,184			$	—			$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

SMALL CAP GROWTH FUND

Investment Type

Level 1

Level 2

Level 3

Assets

Common Stock and/or Other Equity Investments(a)

Europe

$

144,401

$

–

$

–

North America

10,832,429

–

–

Investment Company

92,910

–

–

Total

$

11,069,740

$

–

$

–

SMALL/MID CAP GROWTH FUND

Investment Type

Level 1

Level 2

Level 3

Assets

Common Stock and/or Other Equity Investments(a)

Europe

$

42,202,621

$

–

$

–

North America

1,866,275,498

–

–

Investment Company

46,437,042

–

–

Securities Lending Reinvestment Vehicle

18,661,897

–

–

Total

$

1,973,577,058

$

–

$

–

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

STRATEGIC GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	4,263,630			$	—			$	—
North America			153,006,799				—				—
Investment Company			404,061				—				—
Total		$	157,674,490			$	—			$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	10,293,181			$	—			$	—
Europe			10,336,708				—				—
North America			567,581,856				—				—
Investment Company			21,886,525				—				—
Total		$	610,098,270			$	—			$	—

 

(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 GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which 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.

Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities 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.

---

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

May 31, 2020 (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 Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on 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.