Form NPORT-P GOLDMAN SACHS TRUST For: Sep 30

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000050578
        C000159649
        C000159651
        C000201777
        C000159648
        C000159647
        C000159650
        C000159646
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Global Real Estate Securities Fund
      S000050578
      549300IV19H0UGZG5L86
      2020-12-31
      2020-09-30
      N
    
    
      178159956.82
      4435751.79
      173724205.03
      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
      672894.27000000
      
        
        
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Ascendas India Trust
        N/A
        
        N/A
        
          
        
        2268400.00000000
        NS
        
        2295284.13000000
        1.321222986516
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Link REIT
        529900XUE70U36QX5M62
        
        N/A
        
          
        
        441200.00000000
        NS
        
        3615363.26000000
        2.081093569762
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        SBA Communications Corp.
        5299001HX8ZN8Y8QIT49
        
        78410G104
        
          
        
        5284.00000000
        NS
        USD
        1682848.32000000
        0.968689607593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entra ASA
        549300APU14LQKTYCH34
        
        N/A
        
          
        
        113255.00000000
        NS
        
        1591567.09000000
        0.916145847220
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          
        
      
      
        Urban Edge Properties
        N/A
        
        91704F104
        
          
        
        64567.00000000
        NS
        USD
        627591.24000000
        0.361257223707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Life Storage, Inc.
        W9EE01AFDDF9DQCQZC68
        
        53223X107
        
          
        
        18330.00000000
        NS
        USD
        1929599.10000000
        1.110725531693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        
        74965L101
        
          
        
        105057.00000000
        NS
        USD
        909793.62000000
        0.523699975972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digital Realty Trust, Inc.
        549300HKCZ31D08NEI41
        
        253868103
        
          
        
        5423.00000000
        NS
        USD
        795879.48000000
        0.458128146197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GDS Holdings Ltd.
        391200MGV8DDCHTN2R77
        
        36165L108
        
          
        
        19620.00000000
        NS
        USD
        1605504.60000000
        0.924168626774
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Warehouses De Pauw CVA
        549300HWDYC5JXC85138
        
        N/A
        
          
        
        59675.00000000
        NS
        
        2171641.35000000
        1.250051108091
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Welltower, Inc.
        T6IZ0MBEG5ACZDTR7D06
        
        95040Q104
        
          
        
        62610.00000000
        NS
        USD
        3449184.90000000
        1.985437147002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        
        N/A
        
          
        
        266055.00000000
        NS
        
        3444729.44000000
        1.982872472724
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Comforia Residential REIT, Inc.
        353800BJ2SV3UPG9JU05
        
        N/A
        
          
        
        578.00000000
        NS
        
        1684964.90000000
        0.969907964010
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ESCON Japan REIT Investment Corp.
        N/A
        
        N/A
        
          
        
        2072.00000000
        NS
        
        2162113.21000000
        1.244566472257
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        Kyoritsu Maintenance Co. Ltd.
        N/A
        
        N/A
        
          
        
        32900.00000000
        NS
        
        1220879.30000000
        0.702768678543
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ventas, Inc.
        ORQTRC074CWLT3DKHT41
        
        92276F100
        
          
        
        66992.00000000
        NS
        USD
        2810984.32000000
        1.618072921683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITE Group plc (The)
        213800BBUUWVDH9YI827
        
        N/A
        
          
        
        126217.00000000
        NS
        
        1364744.69000000
        0.785581197372
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Extra Space Storage, Inc.
        N/A
        
        30225T102
        
          
        
        26713.00000000
        NS
        USD
        2858023.87000000
        1.645150063864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mitsui Fudosan Logistics Park, Inc.
        353800DN63EIYS760S59
        
        N/A
        
          
        
        430.00000000
        NS
        
        2054828.78000000
        1.182810869472
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CyrusOne, Inc.
        5493006S177ZK2ZNBU43
        
        23283R100
        
          
        
        33073.00000000
        NS
        USD
        2316102.19000000
        1.333206382841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dalata Hotel Group plc
        635400L2CWET7ONOBJ04
        
        N/A
        
          
        
        230382.00000000
        NS
        
        667977.88000000
        0.384504784399
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Regency Centers Corp.
        529900053A7X7FJ97S58
        
        758849103
        
          
        
        29128.00000000
        NS
        USD
        1107446.56000000
        0.637473954656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumitomo Realty & Development Co. Ltd.
        N/A
        
        N/A
        
          
        
        70000.00000000
        NS
        
        2072219.32000000
        1.192821299508
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pebblebrook Hotel Trust
        5493004Q1NNH6JXCSI52
        
        70509V100
        
          
        
        42664.00000000
        NS
        USD
        534579.92000000
        0.307717580234
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equities, Inc.
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
        
        22653.00000000
        NS
        USD
        3624480.00000000
        2.086341393459
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        
        38141W273
        
          
        
        2864724.15000000
        NS
        USD
        2864724.15000000
        1.649006912712
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Segro plc
        213800XC35KGM9NFC641
        
        N/A
        
          
        
        249192.00000000
        NS
        
        2994678.51000000
        1.723811894538
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties, Inc.
        529900GCCWW9SRMPJR11
        
        78377T107
        
          
        
        15301.00000000
        NS
        USD
        563076.80000000
        0.324121097519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties, Inc.
        529900PEQG66LENB6798
        
        29472R108
        
          
        
        36742.00000000
        NS
        USD
        2252284.60000000
        1.296471380951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Castellum AB
        549300GU5OHTR1T5IY68
        
        N/A
        
          
        
        115736.00000000
        NS
        
        2628860.89000000
        1.513238117593
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          
        
      
      
        Canadian Apartment Properties REIT
        549300B1MYVTQEB2DI90
        
        134921105
        
          
        
        43862.00000000
        NS
        
        1530088.92000000
        0.880757474029
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Simon Property Group, Inc.
        529900GQL5X8H7AO3T64
        
        828806109
        
          
        
        18276.00000000
        NS
        USD
        1182091.68000000
        0.680441553781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        
        03064D108
        
          
        
        45513.00000000
        NS
        USD
        1627089.75000000
        0.936593579299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust, Inc.
        549300CB86LH2IOKHH22
        
        421946104
        
          
        
        43584.00000000
        NS
        USD
        1312750.08000000
        0.755651798650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis, Inc.
        529900DFH19P073LZ636
        
        74340W103
        
          
        
        109284.00000000
        NS
        USD
        10996156.08000000
        6.329662627093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        
        N/A
        
          
        
        19971.00000000
        NS
        
        2632692.00000000
        1.515443400385
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Healthpeak Properties, Inc.
        PZ9HF5U52KPF0MH0QN75
        
        42250P103
        
          
        
        94866.00000000
        NS
        USD
        2575611.90000000
        1.482586666351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Swire Properties Ltd.
        5299001L12PHYVQ92465
        
        N/A
        
          
        
        718400.00000000
        NS
        
        1903460.82000000
        1.095679683594
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Duke Realty Corp.
        N/A
        
        264411505
        
          
        
        82343.00000000
        NS
        USD
        3038456.70000000
        1.749011716286
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Big Yellow Group plc
        213800W7Q4V2ZI8LIW31
        
        N/A
        
          
        
        93843.00000000
        NS
        
        1257897.58000000
        0.724077326923
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Vornado Realty Trust
        N/A
        
        929042109
        
          
        
        40367.00000000
        NS
        USD
        1360771.57000000
        0.783294170069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nippon Prologis REIT, Inc.
        353800PHBMSDLAFURY41
        
        N/A
        
          
        
        957.00000000
        NS
        
        3227261.75000000
        1.857692628061
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CoreSite Realty Corp.
        549300H0YYORITFM2B74
        
        21870Q105
        
          
        
        9193.00000000
        NS
        USD
        1092863.84000000
        0.629079776080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merlin Properties Socimi SA
        959800L8KD863DP30X04
        
        N/A
        
          
        
        157230.00000000
        NS
        
        1311468.04000000
        0.754913824342
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Boston Properties, Inc.
        549300OF70FSEUQBT254
        
        101121101
        
          
        
        10939.00000000
        NS
        USD
        878401.70000000
        0.505630001212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cushman & Wakefield plc
        N/A
        
        N/A
        
          
        
        56421.00000000
        NS
        USD
        592984.71000000
        0.341336838984
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Centuria Industrial REIT
        N/A
        
        N/A
        
          
        
        755256.00000000
        NS
        
        1691777.42000000
        0.973829421011
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        alstria office REIT-AG
        529900QIJIGPI0DRL085
        
        N/A
        
          
        
        134436.00000000
        NS
        
        1869367.14000000
        1.076054508165
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        WP Carey, Inc.
        54930042CRNE713E3Q67
        
        92936U109
        
          
        
        12388.00000000
        NS
        USD
        807202.08000000
        0.464645718114
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties, Inc.
        N/A
        
        444097109
        
          
        
        65490.00000000
        NS
        USD
        1436195.70000000
        0.826710186845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingenia Communities Group
        N/A
        
        N/A
        
          
        
        989231.00000000
        NS
        
        3258517.81000000
        1.875684398404
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Derwent London plc
        213800BXKQ9KZNUR1M61
        
        N/A
        
          
        
        37645.00000000
        NS
        
        1246403.38000000
        0.717460977751
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Invitation Homes, Inc.
        N/A
        
        46187W107
        
          
        
        115096.00000000
        NS
        USD
        3221537.04000000
        1.854397341719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sankei Real Estate, Inc.
        N/A
        
        N/A
        
          
        
        1405.00000000
        NS
        
        1321190.23000000
        0.760510160211
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Chartwell Retirement Residences
        549300M7UBEIZBWP4069
        
        16141A103
        
          
        
        86588.00000000
        NS
        
        656782.55000000
        0.378060472279
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp.
        N/A
        
        88146M101
        
          
        
        22654.00000000
        NS
        USD
        1240533.04000000
        0.714081863138
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mitsubishi Estate Co. Ltd.
        353800KOFMRGOXSJ5Z65
        
        N/A
        
          
        
        241600.00000000
        NS
        
        3659662.37000000
        2.106593246098
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shangri-La Asia Ltd.
        529900FVJ8C1OTM8OL03
        
        N/A
        
          
        
        3664000.00000000
        NS
        
        3004175.06000000
        1.729278346377
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CapitaLand Ltd.
        2549006LYGY45GHGWZ89
        
        N/A
        
          
        
        544174.00000000
        NS
        
        1088001.58000000
        0.626280937542
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Host Hotels & Resorts, Inc.
        N6EL63S0K3PB1YFTDI24
        
        44107P104
        
          
        
        99276.00000000
        NS
        USD
        1071188.04000000
        0.616602643146
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        
        133131102
        
          
        
        35677.00000000
        NS
        USD
        3174539.46000000
        1.827344358520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        
        74460D109
        
          
        
        4348.00000000
        NS
        USD
        968386.56000000
        0.557427538570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CubeSmart
        N/A
        
        229663109
        
          
        
        64894.00000000
        NS
        USD
        2096725.14000000
        1.206927462778
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp.
        5493006ORUSIL88JOE18
        
        03027X100
        
          
        
        5365.00000000
        NS
        USD
        1296881.45000000
        0.746517418097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Instone Real Estate Group AG
        391200DINUIRPDZQHX03
        
        N/A
        
          
        
        33774.00000000
        NS
        
        782379.90000000
        0.450357450111
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        AvalonBay Communities, Inc.
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
        
        17544.00000000
        NS
        USD
        2620020.96000000
        1.508149632659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Elite Commercial REIT
        N/A
        
        N/A
        
          
        
        731200.00000000
        NS
        
        599124.99000000
        0.344871337817
        Long
        EC
        CORP
        SG
        N
        
        1
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        
        N/A
        
          
        
        99122.00000000
        NS
        
        6795109.73000000
        3.911435213548
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        
        N/A
        
          
        
        18969.00000000
        NS
        
        1151469.03000000
        0.662814390085
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Wohnen SE
        529900QE24Q67I3FWZ10
        
        N/A
        
          
        
        39959.00000000
        NS
        
        1997122.47000000
        1.149593673291
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Federal Realty Investment Trust
        549300LI6XZ51GOCJ427
        
        313747206
        
          
        
        13520.00000000
        NS
        USD
        992908.80000000
        0.571543153602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Hung Kai Properties Ltd.
        529900LUMD393RD3S874
        
        N/A
        
          
        
        41500.00000000
        NS
        
        534790.87000000
        0.307839008333
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Keppel DC REIT
        N/A
        
        N/A
        
          
        
        1176800.00000000
        NS
        
        2515329.50000000
        1.447886608297
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Summit Industrial Income REIT
        2549002JNRHTJ9H0MR86
        
        866120116
        
          
        
        176194.00000000
        NS
        
        1699020.66000000
        0.977998811222
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Property Trust, Inc.
        549300J5GYF2C9BGCC39
        
        198287203
        
          
        
        115695.00000000
        NS
        USD
        1262232.45000000
        0.726572586578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tritax EuroBox plc
        213800HK59N7H979QU33
        
        N/A
        
          
        
        1111013.00000000
        NS
        
        1235978.85000000
        0.711460357401
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Equinix, Inc.
        549300EVUN2BTLJ3GT74
        
        29444U700
        
          
        
        7009.00000000
        NS
        USD
        5327751.17000000
        3.066786904611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essex Property Trust, Inc.
        549300TR2H2VEFX0NC60
        
        297178105
        
          
        
        14544.00000000
        NS
        USD
        2920289.76000000
        1.680991868401
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aedas Homes SA
        9598005H67MP8U20RW81
        
        N/A
        
          
        
        24115.00000000
        NS
        
        517803.98000000
        0.298060929339
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Equity Residential
        5493008RACSH5EP3PI59
        
        29476L107
        
          
        
        32646.00000000
        NS
        USD
        1675719.18000000
        0.964585896197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Urban Investment Corp.
        353800GYZWBD7BDCN841
        
        N/A
        
          
        
        1130.00000000
        NS
        
        1257416.15000000
        0.723800203767
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Realty Income Corp.
        549300CUWDAUZSH43859
        
        756109104
        
          
        
        26605.00000000
        NS
        USD
        1616253.75000000
        0.930356106520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Klepierre SA
        969500PB4U31KEFHZ621
        
        N/A
        
          
        
        22767.00000000
        NS
        
        318692.02000000
        0.183447102230
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sun Communities, Inc.
        549300H5GEOJYN41ZG57
        
        866674104
        
          
        
        17476.00000000
        NS
        USD
        2457300.36000000
        1.414483583088
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CK Asset Holdings Ltd.
        5299006GJZSGP78B8S35
        
        N/A
        
          
        
        360500.00000000
        NS
        
        1771401.56000000
        1.019663068651
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Kilroy Realty Corp.
        549300CXXI18B214UN80
        
        49427F108
        
          
        
        21977.00000000
        NS
        USD
        1141924.92000000
        0.657320561520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allied Properties REIT
        549300AMZMPKVHA0MY77
        
        019456102
        
          
        
        29354.00000000
        NS
        
        790312.72000000
        0.454923779828
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Hibernia REIT plc
        635400MHRA4QVVFTON18
        
        N/A
        
          
        
        644867.00000000
        NS
        
        753227.71000000
        0.433576719991
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        
        38141W273
        
          
        
        3926463.40000000
        NS
        USD
        3926463.40000000
        2.260170595871
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
    
    
      2020-10-30
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

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GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

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

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

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

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

L.P. (“GSAM”)’s assumptions in determining fair value measurement).

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of September 30, 2020:

 

GLOBAL REAL ESTATE SECURITIES
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	2,199,058			$	36,305,514			$	—
Australia and Oceania			—				7,819,390				—
Europe			1,869,367				31,419,715				—
North America			90,122,848				—				—
Investment Company			2,864,774				—				—
Securities Lending Reinvestment Vehicle			3,926,463				—				—
Total		$	100,982,510			$	75,544,619			$	—
INTERNATIONAL REAL ESTATE SECURITIES
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	766,432			$	21,543,969			$	—
Australia and Oceania			—				3,869,951				—
Europe			799,344				18,865,997				—
North America			2,976,968				—				—
Investment Company			601,311				—				—
Securities Lending Reinvestment Vehicle			1,110,437				—				—
Total		$	6,254,492			$	44,279,917			$	—
REAL ESTATE SECURITIES
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	116,828,539			$	—			$	—
Investment Company			165,752				—				—
Total		$	116,994,291			$	—			$	—

 

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent third party (fair value) service for certain international equity securities, resulting in a Level 2 classification.

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Global Real Estate Securities and International Real Estate Securities Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Each of the Global Real Estate Securities and International Real Estate Securities Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

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

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

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

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

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

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

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

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

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