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      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs Clean Energy Income Fund
      S000068536
      549300E9VFMF6J1RE232
      2020-11-30
      2020-08-31
      N
    
    
      44340799.58
      7388477.35
      36952322.23
      0.00000000
      0.00000000
      0.00000000
      0.00000000
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      0.00000000
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      0.00000000
      0.00000000
      4060220.83000000
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        SSE PLC
        549300KI75VYLLMSK856
        
        000000000
        
          
        
        21177.00000000
        NS
        
        356936.08000000
        0.965936803046
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        RWE AG
        529900GB7KCA94ACC940
        
        000000000
        
          
        
        27544.00000000
        NS
        
        1096789.61000000
        2.968120929378
        Long
        EC
        CORP
        DE
        N
        
        2
        
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        Brookfield Renewable Partners LP
        VA8DFMRI2GY8Y7V79H93
        
        000000000
        
          
        
        73973.00000000
        NS
        
        3353979.55000000
        9.076505474064
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
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          N
        
      
      
        Innergex Renewable Energy Inc
        549300EORYEC4J59SU80
        
        000000000
        
          
        
        116361.00000000
        NS
        
        2009008.10000000
        5.436757363976
        Long
        EC
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        CA
        N
        
        1
        
          N
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        Vestas Wind Systems A/S
        549300DYMC8BGZZC8844
        
        000000000
        
          
        
        1801.00000000
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        272296.93000000
        0.736887192921
        Long
        EC
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        DK
        N
        
        2
        
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        State Street Bank and Trust Company
        571474TGEMMWANRLN572
        
        000000000
        
          
        
        1.00000000
        NC
        
        551.89000000
        0.001493519125
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        GB
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              State Street Bank and Trust Company
              571474TGEMMWANRLN572
            
            42422.23000000
            USD
            32148.04000000
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            2020-09-01
            551.89000000
          
        
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        
        18539C105
        
          
        
        68203.00000000
        NS
        USD
        1647102.45000000
        4.457371960950
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        EC
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        1
        
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        State Street Bank and Trust Company
        571474TGEMMWANRLN572
        
        000000000
        
          
        
        1.00000000
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        40.84000000
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        GB
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              State Street Bank and Trust Company
              571474TGEMMWANRLN572
            
            11229.70000000
            USD
            8431.21000000
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            2020-09-02
            40.84000000
          
        
        
          N
          N
          N
        
      
      
        Green Plains Partners LP
        549300RTI0PBG5HI4Z38
        
        393221106
        
          
        
        23610.00000000
        NS
        USD
        177075.00000000
        0.479198570790
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hannon Armstrong Sustainable Infrastructure Capital Inc
        N/A
        
        41068X100
        
          
        
        42921.00000000
        NS
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        1822425.66000000
        4.931829855392
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        EC
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        US
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        1
        
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          N
          N
        
      
      
        Northland Power Inc
        549300IT8CIDW8V5KX72
        
        666511100
        
          
        
        103830.00000000
        NS
        
        2907892.74000000
        7.869309868810
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        EC
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        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Hydro One Ltd
        5493007QZDXTP1W2VL44
        
        000000000
        
          
        
        84632.00000000
        NS
        
        1751879.48000000
        4.740918497884
        Long
        EC
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        CA
        N
        
        1
        
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        NextEra Energy Inc
        N/A
        
        65339F101
        
          
        
        8930.00000000
        NS
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        2492988.10000000
        6.746499136057
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        Enviva Partners LP
        549300WH5VXDEFM5KR81
        
        29414J107
        
          
        
        22641.00000000
        NS
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        934394.07000000
        2.528647764500
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        EC
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        1
        
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        NextEra Energy Partners LP
        5493008F4ZOQFNG3WN54
        
        65341B106
        
          
        
        37667.00000000
        NS
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        2272073.44000000
        6.148662121579
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        EC
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        1
        
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        Iberdrola SA
        5QK37QC7NWOJ8D7WVQ45
        
        000000000
        
          
        
        63906.00000000
        NS
        
        806293.93000000
        2.181984463605
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        EC
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        ES
        N
        
        2
        
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          N
        
      
      
        Boralex Inc
        5493004UT7HNQU2SVR90
        
        000000000
        
          
        
        81217.00000000
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        2085919.81000000
        5.644895054272
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        N
        
        1
        
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        Atlantica Sustainable Infrastructure PLC
        549300ITBBGKJ651R879
        
        000000000
        
          
        
        57335.00000000
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        1721770.05000000
        4.659436663501
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        GB
        
        N
        
        1
        
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          N
        
      
      
        Ameresco Inc
        529900NZXZGBCBXYY327
        
        02361E108
        
          
        
        3026.00000000
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        103307.64000000
        0.279570088604
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        1
        
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        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        
        38141W273
        
          
        
        775404.00000000
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        775404.00000000
        2.098390448031
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        RF
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        1
        
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        Polaris Infrastructure Inc
        529900TVRAUXW0I7VZ94
        
        000000000
        
          
        
        8318.00000000
        NS
        
        90491.37000000
        0.244886828591
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        CA
        N
        
        1
        
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          N
        
      
      
        Brookfield Renewable Corp
        N/A
        
        11284V105
        
          
        
        5066.00000000
        NS
        USD
        257960.72000000
        0.698090686681
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        CA
        
        N
        
        1
        
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        Brookfield Renewable Corp
        N/A
        
        11284V105
        
          
        
        1658.00000000
        NS
        
        84276.00000000
        0.228066857274
        Long
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        CA
        
        N
        
        1
        
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        TransAlta Renewables Inc
        529900U45A1JKZFABZ35
        
        000000000
        
          
        
        132600.00000000
        NS
        
        1620457.70000000
        4.385266208477
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        CA
        N
        
        1
        
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          N
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        
        29355A107
        
          
        
        2414.00000000
        NS
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        186433.22000000
        0.504523690932
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        1
        
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          N
        
      
      
        Avangrid Inc
        549300OX0Q38NLSKPB49
        
        05351W103
        
          
        
        7501.00000000
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        360348.04000000
        0.975170214627
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        1
        
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        EDP Renovaveis SA
        529900MUFAH07Q1TAX06
        
        000000000
        
          
        
        33348.00000000
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        569876.45000000
        1.542193874725
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        EDP - Energias de Portugal SA
        529900CLC3WDMGI9VH80
        
        000000000
        
          
        
        245251.00000000
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        1246750.11000000
        3.373942515006
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        Emera Inc
        NQZVQT2P5IUF2PGA1Q48
        
        000000000
        
          
        
        48281.00000000
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        1971068.54000000
        5.334085711126
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        1
        
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        Algonquin Power & Utilities Corp
        549300K5VIUTJXQL7X75
        
        000000000
        
          
        
        52877.00000000
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        732944.50000000
        1.983486979351
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        1
        
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        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        
        000000000
        
          
        
        157583.00000000
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        1426944.39000000
        3.861582449726
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        IT
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        2
        
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        Orsted A/S
        W9NG6WMZIYEU8VEDOG48
        
        000000000
        
          
        
        7961.00000000
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        1126963.47000000
        3.049777123574
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        N
        
        2
        
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          N
          N
        
      
      
        SolarEdge Technologies Inc
        5493000K6Y58XXPDF853
        
        83417M104
        
          
        
        415.00000000
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        USD
        91777.25000000
        0.248366664018
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        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransAlta Corp
        GJZNVO2UY6DNFNIYH321
        
        000000000
        
          
        
        141218.00000000
        NS
        
        907277.07000000
        2.455264013863
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        CA
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2020-09-29
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

Schedule of Investments

August 31, 2020 (Unaudited)

 

---

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2020 the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty		Currency Purchased						Currency Sold								Settlement Date				Unrealized Gain
State Street Bank and Trust		GBP			32,148				USD				42,422				09/01/20			$	552
		GBP			8,431				USD				11,230				09/02/20				41
TOTAL																				$	593

---

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

Investment Valuation — The Fund’s 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 Fund’s 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 Fund, 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 Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies. Investments in the Underlying Funds are valued at the NAV per share on the day of valuation. Because the Funds invest in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments.

---

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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 the 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 the 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 Fund’s investments classified in the fair value hierarchy as of August 31, 2020:

 

CLEAN ENERGY INCOME
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	91,998			$	—			$	—
Europe			2,296,772				6,381,006				—
North America			27,830,831				—				—
Investment Company			775,410				—				—
Total		$	30,995,011			$	6,381,006			$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts		$	—			$	593			$	—

 

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. 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 fair value service for international equities, resulting in a Level 2 classification.

 

(b)

Amount shown represents unrealized gain (loss) at period end.

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

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

Derivatives Risk — A Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — The Fund’s investments in dividend-paying securities could cause the 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 the 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 the Fund to produce current income.

Foreign 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 the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other

---

GOLDMAN SACHS CLEAN ENERGY INCOME FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 the 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 the 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 the 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.

Geographic and Sector Risk — The Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the 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.

Large Shareholder Transactions Risk — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the 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 — The 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 the 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, the 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. 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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

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

SEC Filings