Form NPORT-P GOLDMAN SACHS TRUST For: Nov 30

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009322
        C000055756
        C000025495
        C000055755
        C000200234
        C000025496
        C000025499
        C000161553
        C000025497
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Small/Mid Cap Growth Fund
      S000009322
      WKKIXNAZZHOZ6F6AIG36
      2021-08-31
      2020-11-30
      N
    
    
      2781531104.04
      66430266.35
      2715100837.69
      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
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Texas Roadhouse Inc
        5299002Y1CNRPDGXTQ75
        
        882681109
        
          
          
        
        337969.00000000
        NS
        USD
        25618050.20000000
        0.943539549042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Booz Allen Hamilton Holding Co
        529900JPV47PIUWMA015
        
        099502106
        
          
          
        
        399069.00000000
        NS
        USD
        34635198.51000000
        1.275650540459
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nCino Inc
        549300WVRR2WR3L6MZ46
        
        63947U107
        
          
          
        
        158404.00000000
        NS
        USD
        12908341.96000000
        0.475427718219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Xylem Inc/NY
        549300DF5MV96DRYLQ48
        
        98419M100
        
          
          
        
        243242.00000000
        NS
        USD
        23343934.74000000
        0.859781501148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        10X Genomics Inc
        5493003Z6741WNLG7H43
        
        88025U109
        
          
          
        
        173894.00000000
        NS
        USD
        26624910.34000000
        0.980623259747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Relay Therapeutics Inc
        N/A
        
        75943R102
        
          
          
        
        89258.00000000
        NS
        USD
        4758343.98000000
        0.175254779268
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Five Below Inc
        529900AAXP5Z6BGI7418
        
        33829M101
        
          
          
        
        221876.00000000
        NS
        USD
        34701406.40000000
        1.278089046207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultragenyx Pharmaceutical Inc
        529900EV44GVDN1DCX77
        
        90400D108
        
          
          
        
        200109.00000000
        NS
        USD
        23720920.86000000
        0.873666293741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennox International Inc
        S7DWAC87RDMPBF77GJ92
        
        526107107
        
          
          
        
        60664.00000000
        NS
        USD
        17460919.12000000
        0.643103890566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiteOne Landscape Supply Inc
        5299008LX7SBD4HIAU03
        
        82982L103
        
          
          
        
        187598.00000000
        NS
        USD
        25907283.80000000
        0.954192324659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iovance Biotherapeutics Inc
        549300220Z2GHH33XL82
        
        462260100
        
          
          
        
        145584.00000000
        NS
        USD
        5650115.04000000
        0.208099638936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exelixis Inc
        N/A
        
        30161Q104
        
          
          
        
        1108732.00000000
        NS
        USD
        21243305.12000000
        0.782413117962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences Inc
        549300FECER0XBN49756
        
        64125C109
        
          
          
        
        370964.00000000
        NS
        USD
        35219322.16000000
        1.297164424654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        112272389.29000000
        NS
        USD
        112272389.29000000
        4.135109375367
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
          
        
        266891.00000000
        NS
        USD
        36825620.18000000
        1.356326058642
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HubSpot Inc
        529900BLNVEW0MVKJB37
        
        443573100
        
          
          
        
        150594.00000000
        NS
        USD
        59383732.02000000
        2.187164881526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scotts Miracle-Gro Co/The
        2TH9E0JTOUXOEGI2R879
        
        810186106
        
          
          
        
        121503.00000000
        NS
        USD
        21356582.31000000
        0.786585235197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MongoDB Inc
        549300TPTG69WKWE1Z37
        
        60937P106
        
          
          
        
        120054.00000000
        NS
        USD
        34492714.74000000
        1.270402714373
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agios Pharmaceuticals Inc
        529900ONJHY8EOGYT555
        
        00847X104
        
          
          
        
        505116.00000000
        NS
        USD
        23396973.12000000
        0.861734960087
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        
        74967X103
        
          
          
        
        68735.00000000
        NS
        USD
        31147952.60000000
        1.147211630876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aerojet Rocketdyne Holdings In
        549300VULNLWHE8QWI76
        
        007800105
        
          
          
        
        671623.00000000
        NS
        USD
        25138848.89000000
        0.925890064230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rollins Inc
        549300F2A0BXT4SGWD84
        
        775711104
        
          
          
        
        219284.00000000
        NS
        USD
        12538659.12000000
        0.461811913058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Halozyme Therapeutics Inc
        529900242I3SV9AGM753
        
        40637H109
        
          
          
        
        862025.00000000
        NS
        USD
        33705177.50000000
        1.241396895176
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nevro Corp
        254900SH91I4BOYKUE38
        
        64157F103
        
          
          
        
        158445.00000000
        NS
        USD
        25549256.25000000
        0.941005796003
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wingstop Inc
        549300SSH3F8HPIM3Q47
        
        974155103
        
          
          
        
        95482.00000000
        NS
        USD
        12155813.42000000
        0.447711306013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pool Corp
        5493005VZK1KMN6CO617
        
        73278L105
        
          
          
        
        89376.00000000
        NS
        USD
        30933927.36000000
        1.139328857720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Elastic NV
        N/A
        
        000000000
        
          
          
        
        324542.00000000
        NS
        USD
        40178299.60000000
        1.479808743832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        
        05988J103
        
          
          
        
        131144.00000000
        NS
        USD
        19905036.32000000
        0.733123280125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beam Therapeutics Inc
        N/A
        
        07373V105
        
          
          
        
        592369.00000000
        NS
        USD
        29618450.00000000
        1.090878452426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        
        875372203
        
          
          
        
        272540.00000000
        NS
        USD
        25586055.20000000
        0.942361139771
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bill.com Holdings Inc
        549300IBF9VZZIGOZW63
        
        090043100
        
          
          
        
        177099.00000000
        NS
        USD
        21731818.29000000
        0.800405568306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jacobs Engineering Group Inc
        549300CZ8QS1GE53O776
        
        469814107
        
          
          
        
        236982.00000000
        NS
        USD
        25556138.88000000
        0.941259290455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HEICO Corp
        529900O1DTDLCJ7L0I14
        
        422806208
        
          
          
        
        180613.00000000
        NS
        USD
        20002889.75000000
        0.736727324168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Beer Co Inc/The
        529900Q02MQ0DCQNRM58
        
        100557107
        
          
          
        
        23035.00000000
        NS
        USD
        21441899.40000000
        0.789727552743
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        
        879360105
        
          
          
        
        98488.00000000
        NS
        USD
        37222554.72000000
        1.370945572381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Elanco Animal Health Inc
        549300SHPNDCE059M934
        
        28414H103
        
          
          
        
        805554.00000000
        NS
        USD
        24641896.86000000
        0.907586801857
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vroom Inc
        N/A
        
        92918V109
        
          
          
        
        219851.00000000
        NS
        USD
        7883856.86000000
        0.290370683495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JFrog Ltd
        N/A
        
        000000000
        
          
          
          
        
        237446.00000000
        NS
        USD
        16706700.56000000
        0.615325233158
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          
        
      
      
        Brooks Automation Inc
        35ZN6X1ANPH25YN32Y17
        
        114340102
        
          
          
        
        188229.00000000
        NS
        USD
        13738834.71000000
        0.506015633720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        XPO Logistics Inc
        54930096DB9LCLPN7H13
        
        983793100
        
          
          
        
        177715.00000000
        NS
        USD
        18958636.20000000
        0.698266375112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Knight Inc
        549300TUSNXS3BFFML48
        
        09215C105
        
          
          
        
        341726.00000000
        NS
        USD
        31308936.12000000
        1.153140822078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        
        40131M109
        
          
          
        
        455869.00000000
        NS
        USD
        55214853.28000000
        2.033620722793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Well Corp
        N/A
        
        03044L105
        
          
          
        
        449383.00000000
        NS
        USD
        11926624.82000000
        0.439270050468
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Beyond Meat Inc
        549300XQ946NCE51DR09
        
        08862E109
        
          
          
        
        88100.00000000
        NS
        USD
        12325190.00000000
        0.453949622382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Brunswick Corp/DE
        YM4O38W15AX4YLLQKU27
        
        117043109
        
          
          
        
        331498.00000000
        NS
        USD
        24743010.72000000
        0.911310930943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entegris Inc
        IYX6OWO7BT5DKO3BYG52
        
        29362U104
        
          
          
        
        525393.00000000
        NS
        USD
        48661899.66000000
        1.792268595865
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Churchill Downs Inc
        529900FODTBQC8MIS994
        
        171484108
        
          
          
        
        76863.00000000
        NS
        USD
        13829190.96000000
        0.509343548793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avalara Inc
        N/A
        
        05338G106
        
          
          
        
        311839.00000000
        NS
        USD
        53558348.25000000
        1.972609912181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        
        75524B104
        
          
          
        
        202553.00000000
        NS
        USD
        34199048.52000000
        1.259586680732
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp
        54930073RLKQ51TILZ35
        
        09073M104
        
          
          
        
        133162.00000000
        NS
        USD
        40389366.22000000
        1.487582547923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dynatrace Inc
        N/A
        
        268150109
        
          
          
        
        1004595.00000000
        NS
        USD
        38194701.90000000
        1.406750768509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegion plc
        N/A
        
        000000000
        
          
          
        
        272997.00000000
        NS
        USD
        31132577.88000000
        1.146645363878
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Monolithic Power Systems Inc
        529900TB7O85LSZ1XU31
        
        609839105
        
          
          
        
        135433.00000000
        NS
        USD
        43333142.68000000
        1.596004909963
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ashland Global Holdings Inc
        529900E4L9R04SB8HB11
        
        044186104
        
          
          
        
        290737.00000000
        NS
        USD
        21854700.29000000
        0.804931440726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neogen Corp
        549300HJT9FC36N4UW43
        
        640491106
        
          
          
        
        189945.00000000
        NS
        USD
        14097717.90000000
        0.519233676491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AZEK Co Inc/The
        N/A
        
        05478C105
        
          
          
        
        670319.00000000
        NS
        USD
        23943794.68000000
        0.881874969342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PerkinElmer Inc
        549300IKL1SDPFI7N655
        
        714046109
        
          
          
        
        394178.00000000
        NS
        USD
        52425674.00000000
        1.930892336382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinsale Capital Group Inc
        529900QTUQHNZ6HOA508
        
        49714P108
        
          
          
        
        103857.00000000
        NS
        USD
        24942297.12000000
        0.918650857226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iRhythm Technologies Inc
        549300FJI72RJGDQS384
        
        450056106
        
          
          
        
        73340.00000000
        NS
        USD
        17932363.40000000
        0.660467675861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEX Corp
        549300U5Y5EL6PHYLF13
        
        45167R104
        
          
          
        
        177096.00000000
        NS
        USD
        34206092.40000000
        1.259846114190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Etsy Inc
        54930089Q7XT501AEA40
        
        29786A106
        
          
          
        
        233584.00000000
        NS
        USD
        37536948.80000000
        1.382525034758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sarepta Therapeutics Inc
        549300IKDPIED8J8IG21
        
        803607100
        
          
          
        
        236762.00000000
        NS
        USD
        33350295.32000000
        1.228326213783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackline Inc
        529900P9N7PK9LV5EK56
        
        09239B109
        
          
          
        
        286259.00000000
        NS
        USD
        35181231.10000000
        1.295761491125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tradeweb Markets Inc
        N/A
        
        892672106
        
          
          
        
        184449.00000000
        NS
        USD
        11002382.85000000
        0.405229253266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        West Pharmaceutical Services I
        5493007NKRGM1RJQ1P16
        
        955306105
        
          
          
        
        130340.00000000
        NS
        USD
        35864354.40000000
        1.320921635842
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rapid7 Inc
        549300GNVG5D60KEYN14
        
        753422104
        
          
          
        
        362073.00000000
        NS
        USD
        27133750.62000000
        0.999364378786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumo Logic Inc
        549300L85NQSIULERR88
        
        86646P103
        
          
          
        
        571667.00000000
        NS
        USD
        14977675.40000000
        0.551643430405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Choice Hotels International In
        5493003CYRY5RFGTIR97
        
        169905106
        
          
          
        
        243837.00000000
        NS
        USD
        24298357.05000000
        0.894933871799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allogene Therapeutics Inc
        N/A
        
        019770106
        
          
          
        
        322905.00000000
        NS
        USD
        10026200.25000000
        0.369275428404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings Inc
        549300DSQICIGNT5GO63
        
        98585X104
        
          
          
        
        288874.00000000
        NS
        USD
        18248170.58000000
        0.672099184188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Factory Holding Corp
        529900GE1HSV0617R721
        
        35138V102
        
          
          
        
        83690.00000000
        NS
        USD
        7303626.30000000
        0.269000185872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Badger Meter Inc
        5493002JENE20OGTUG20
        
        056525108
        
          
          
        
        321318.00000000
        NS
        USD
        26489455.92000000
        0.975634331965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumentum Holdings Inc
        549300JLWRRC38DWEF52
        
        55024U109
        
          
          
        
        194186.00000000
        NS
        USD
        16773786.68000000
        0.617796085034
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        
        60855R100
        
          
          
        
        190389.00000000
        NS
        USD
        38864106.57000000
        1.431405641753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novanta Inc
        N/A
        
        67000B104
        
          
          
        
        290062.00000000
        NS
        USD
        34801638.76000000
        1.281780708727
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freshpet Inc
        549300S4ZK8ZQ6HNPN59
        
        358039105
        
          
          
        
        220101.00000000
        NS
        USD
        30127424.88000000
        1.109624528922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        
        115236101
        
          
          
        
        365998.00000000
        NS
        USD
        16480889.94000000
        0.607008392145
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alnylam Pharmaceuticals Inc
        529900S3ZI14OWRJII50
        
        02043Q107
        
          
          
        
        165942.00000000
        NS
        USD
        21557525.22000000
        0.793986172474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Y-mAbs Therapeutics Inc
        N/A
        
        984241109
        
          
          
        
        341014.00000000
        NS
        USD
        17347382.18000000
        0.638922206467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        
        368736104
        
          
          
        
        234231.00000000
        NS
        USD
        50500203.60000000
        1.859975250236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        
        243537107
        
          
          
        
        130778.00000000
        NS
        USD
        33294771.02000000
        1.226281195814
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegro MicroSystems Inc
        N/A
        
        01749D105
        
          
          
        
        583071.00000000
        NS
        USD
        13964550.45000000
        0.514328980203
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Inphi Corp
        549300DCMERAAZFGT726
        
        45772F107
        
          
          
        
        126165.00000000
        NS
        USD
        19571976.45000000
        0.720856337205
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        
        29355A107
        
          
          
        
        184825.00000000
        NS
        USD
        25241550.25000000
        0.929672662598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argenx SE
        7245009C5FZE6G9ODQ71
        
        04016X101
        
          
          
        
        65701.00000000
        NS
        USD
        18844360.82000000
        0.694057493497
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Teradyne Inc
        C3X4YJ278QNZHRJULN75
        
        880770102
        
          
          
        
        377178.00000000
        NS
        USD
        41617820.52000000
        1.532827803014
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avery Dennison Corp
        549300PW7VPFCYKLIV37
        
        053611109
        
          
          
        
        129909.00000000
        NS
        USD
        19400610.06000000
        0.714544734055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Floor & Decor Holdings Inc
        549300M5FR3N688XGQ36
        
        339750101
        
          
          
        
        398451.00000000
        NS
        USD
        31911940.59000000
        1.175350106596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Castle Biosciences Inc
        N/A
        
        14843C105
        
          
          
        
        249871.00000000
        NS
        USD
        11883864.76000000
        0.437695152792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arena Pharmaceuticals Inc
        529900CVGQMPJ3A3NI85
        
        040047607
        
          
          
        
        207081.00000000
        NS
        USD
        13640425.47000000
        0.502391118615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RPM International Inc
        549300TJCKW4BRXPJ474
        
        749685103
        
          
          
        
        535718.00000000
        NS
        USD
        47148541.18000000
        1.736530022218
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zscaler Inc
        529900MZ0RTK1BWRNF46
        
        98980G102
        
          
          
        
        168513.00000000
        NS
        USD
        26245899.75000000
        0.966663903810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atea Pharmaceuticals Inc
        N/A
        
        04683R106
        
          
          
        
        226871.00000000
        NS
        USD
        7559341.72000000
        0.278418451906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Ollie's Bargain Outlet Holding
        529900YO5DSQCPEFDZ05
        
        681116109
        
          
          
        
        149933.00000000
        NS
        USD
        13203099.98000000
        0.486283963995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zendesk Inc
        549300SLI6BN94BKKO36
        
        98936J101
        
          
          
        
        454364.00000000
        NS
        USD
        60657594.00000000
        2.234082548904
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Inc
        549300QMYW171MP1PL50
        
        92538J106
        
          
          
        
        784227.00000000
        NS
        USD
        19793889.48000000
        0.729029625906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkeley Lights Inc
        549300LTLRE4N65CD358
        
        084310101
        
          
          
        
        133960.00000000
        NS
        USD
        11099925.60000000
        0.408821854640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Repligen Corp
        54930006QJ0T5AUO1E71
        
        759916109
        
          
          
        
        140230.00000000
        NS
        USD
        26597424.10000000
        0.979610912817
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FactSet Research Systems Inc
        549300ZSJE7NBK6K9P30
        
        303075105
        
          
          
        
        70089.00000000
        NS
        USD
        23392904.64000000
        0.861585113719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teleflex Inc
        UUL85LWXB4NGSWWXIQ25
        
        879369106
        
          
          
        
        80778.00000000
        NS
        USD
        30917779.50000000
        1.138734115168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        
        194014106
        
          
          
        
        1242173.00000000
        NS
        USD
        44817601.84000000
        1.650679091467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudflare Inc
        5493007DY18BGNLDWU14
        
        18915M107
        
          
          
        
        390365.00000000
        NS
        USD
        29308604.20000000
        1.079466507952
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-01-26
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CAPITAL GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS CONCENTRATED GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FLEXIBLE CAP FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS STRATEGIC GROWTH FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

Schedule of Investments

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS U.S. EQUITY ESG FUND

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 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 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 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.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (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 November 30, 2020:

 

CAPITAL GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	1,870,352			$	—			$	—
Europe			27,377,632				—				—
North America			962,751,576				—				—
South America			1,095,098				—				—
Investment Company			3,839,534				—				—
Securities Lending Reinvestment Vehicle			3,497,295				—				—
Total		$	1,000,431,487			$	—			$	—
CONCENTRATED GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	8,167,480			$	—			$	—
North America			179,092,305				—				—
Investment Company			1,366,702				—				—
Total		$	188,626,487			$	—			$	—
FLEXIBLE CAP FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	340,550			$	—			$	—
North America			23,848,030				—				—
Investment Company			102,069				—				—
Total		$	24,290,649			$	—			$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

GROWTH OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	23,723,538			$	—			$	—
North America			1,348,624,798				—				—
South America			12,473,240				—				—
Investment Company			12,538,795				—				—
Securities Lending Reinvestment Vehicle			8,607,588				—				—
Total		$	1,405,967,959			$	—			$	—
SMALL CAP GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	83,035			$	—			$	—
Europe			78,164				—				—
North America			15,863,153				—				—
Investment Company			320,379				—				—
Total		$	16,344,731			$	—			$	—
SMALL/MID CAP GROWTH FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	37,033,835			$	—			$	—
Europe			18,844,361				—				—
North America			2,624,850,048				—				—
Investment Company			49,258,601				—				—
Securities Lending Reinvestment Vehicle			49,787,439				—				—
Total		$	2,779,774,284			$	—			$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 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		$	5,229,988			$	—			$	—
North America			176,585,706				—				—
Investment Company			960,688				—				—
Securities Lending Reinvestment Vehicle			803,035				—				—
Total		$	183,579,417			$	—			$	—
TECHNOLOGY OPPORTUNITIES FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	29,807,534			$	—			$	—
Europe			17,006,070				—				—
North America			715,553,286				—				—
Investment Company			10,985,698				—				—
Total		$	773,352,588			$	—			$	—
U.S. EQUITY ESG FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	362,731			$	—			$	—
North America			10,934,600				—				—
Investment Company			112,729				—				—
Securities Lending Reinvestment Vehicle			42,704				—				—
Total		$	11,452,764			$	—			$	—

 

(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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

 

Schedule of Investments (continued)

November 30, 2020 (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. 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 Capital Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and U.S. Equity ESG 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.

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:

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

November 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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