Form NPORT-P GOLDMAN SACHS TRUST For: Aug 31
NPORT-P false 0000822977 XXXXXXXX S000058984 C000193459 C000193460 C000193455 C000201753 C000193456 C000193457 C000193458 GOLDMAN SACHS TRUST 811-05349 0000822977 S2FHCT8U6D2VORP0J605 71 SOUTH WACKER DRIVE C/O GOLDMAN SACHS & CO CHICAGO 60606 312-655-4400 GS Energy & Infrastructure Fund S000058984 5493004HQKOKO2ODA746 2020-11-30 2020-08-31 N 204426230.82 320039.75 204106191.07 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 1155068.91000000 N NextEra Energy Partners LP 5493008F4ZOQFNG3WN54 NextEra Energy Partners LP 65341B106 42976.00000000 NS USD 2592312.32000000 1.270080200120 Long EC CORP US N 1 N N N Emera Inc NQZVQT2P5IUF2PGA1Q48 Emera Inc 000000000 40074.00000000 NS 1636018.32000000 0.801552520981 Long EC CORP CA N 1 N N N Dominion Energy Inc ILUL7B6Z54MRYCF6H308 Dominion Energy Inc 25746U109 27285.00000000 NS USD 2140235.40000000 1.048589162719 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy Inc 16411R208 240866.00000000 NS USD 12537075.30000000 6.142427740322 Long EC CORP US N 1 N N N Goldman Sachs Financial Square Government Fund 549300BRJMXN4GUWZ402 Goldman Sachs Financial Square Government Fund 38141W273 332751.00000000 NS USD 332751.00000000 0.163028371778 Long EC RF US N 1 N N N Plains GP Holdings LP 549300O56BSKRD8FAM12 Plains GP Holdings LP 72651A207 1066385.00000000 NS USD 7795274.35000000 3.819224840331 Long EC CORP US N 1 N N N Holly Energy Partners LP 529900NVV7ODCT0QCG29 Holly Energy Partners LP 435763107 105874.00000000 NS USD 1512939.46000000 0.741251136023 Long EC CORP US N 1 N N N BP Midstream Partners LP 529900PIOYVTOPLH5962 BP Midstream Partners LP 0556EL109 136555.00000000 NS USD 1609983.45000000 0.788796969636 Long EC CORP US N 1 N N N Global Partners LP/MA 549300PCHWTW9P4DU444 Global Partners LP/MA 37946R109 50701.00000000 NS USD 643902.70000000 0.315474360000 Long EC CORP US N 1 N N N NextEra Energy Inc N/A NextEra Energy Inc 65339F101 15265.00000000 NS USD 4261530.05000000 2.087898474641 Long EC CORP US N 1 N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 Enbridge Inc 000000000 554005.00000000 NS 17724252.42000000 8.683838705275 Long EC CORP CA N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 000000000 372983.00000000 NS 17440283.03000000 8.544710446347 Long EC CORP CA N 1 N N N Western Midstream Partners LP N/A Western Midstream Partners LP 958669103 48306.00000000 NS USD 438135.42000000 0.214660524358 Long EC CORP US N 1 N N N Inter Pipeline Ltd QQTTPMZD0WKQL0H5S472 Inter Pipeline Ltd 000000000 346211.00000000 NS 3654943.44000000 1.790706798671 Long EC CORP CA N 1 N N N MPLX LP 5493000CZJ19CK4P3G36 MPLX LP 55336V100 429504.00000000 NS USD 7847038.08000000 3.844586016162 Long EC CORP US N 1 N N N Phillips 66 Partners LP 549300TL5L4IG0H4FX64 Phillips 66 Partners LP 718549207 100005.00000000 NS USD 2692134.60000000 1.318987232031 Long EC CORP US N 1 N N N Gibson Energy Inc 549300WYW5D9I3FR0643 Gibson Energy Inc 000000000 288885.00000000 NS 5260105.61000000 2.577141625359 Long EC CORP CA N 1 N N N Ameren Corp XRZQ5S7HYJFPHJ78L959 Ameren Corp 023608102 32827.00000000 NS USD 2596943.97000000 1.272349435549 Long EC CORP US N 1 N N N ONEOK Inc 2T3D6M0JSY48PSZI1Q41 ONEOK Inc 682680103 291102.00000000 NS USD 7999482.96000000 3.919275019568 Long EC CORP US N 1 N N N Magellan Midstream Partners LP MZF5TI8NFVZZNUSKDL39 Magellan Midstream Partners LP 559080106 190126.00000000 NS USD 7226689.26000000 3.540651668680 Long EC CORP US N 1 N N N Enterprise Products Partners LP K4CDIF4M54DJZ6TB4Q48 Enterprise Products Partners LP 293792107 920700.00000000 NS USD 16167492.00000000 7.921117882433 Long EC CORP US N 1 N N N Antero Midstream Corp N/A Antero Midstream Corp 03676B102 424908.00000000 NS USD 2876627.16000000 1.409377709181 Long EC CORP US N 1 N N N Williams Cos Inc/The D71FAKCBLFS2O0RBPG08 Williams Cos Inc/The 969457100 693489.00000000 NS USD 14396831.64000000 7.053598700032 Long EC CORP US N 1 N N N Eversource Energy SJ7XXD41SQU3ZNWUJ746 Eversource Energy 30040W108 30626.00000000 NS USD 2624954.46000000 1.286072924216 Long EC CORP US N 1 N N N Crestwood Equity Partners LP 549300CUY0F1TYDLDL45 Crestwood Equity Partners LP 226344208 71069.00000000 NS USD 965117.02000000 0.472850438754 Long EC CORP US N 1 N N N Targa Resources Corp 5493003QENHHS261UR94 Targa Resources Corp 87612G101 671547.00000000 NS USD 11423014.47000000 5.596603616047 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 8065.00000000 NS USD 997237.25000000 0.488587457720 Long EC CORP US N 1 N N N DCP Midstream LP 52990024YYS3MLGW0E91 DCP Midstream LP 23311P100 40172.00000000 NS USD 508979.24000000 0.249369819372 Long EC CORP US N 1 N N N Keyera Corp N/A Keyera Corp 000000000 420269.00000000 NS 7674939.69000000 3.760267951582 Long EC CORP CA N 1 N N N Equitrans Midstream Corp 549300RH0NLJNZ5SXU64 Equitrans Midstream Corp 294600101 613330.00000000 NS USD 6305032.40000000 3.089094146016 Long EC CORP US N 1 N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273V100 1174139.00000000 NS USD 7537972.38000000 3.693162044954 Long EC CORP US N 1 N N N Kinder Morgan Inc 549300WR7IX8XE0TBO16 Kinder Morgan Inc 49456B101 718771.00000000 NS USD 9933415.22000000 4.866787806839 Long EC CORP US N 1 N N N Pembina Pipeline Corp 5493002W3L9YICM6FU21 Pembina Pipeline Corp 000000000 385601.00000000 NS 9548750.18000000 4.678324616192 Long EC CORP CA N 1 N N N Shell Midstream Partners LP 529900YZVDXMTV4XGE96 Shell Midstream Partners LP 822634101 89261.00000000 NS USD 927421.79000000 0.454381998477 Long EC CORP US N 1 N N N American Water Works Co Inc 549300DXHIJQMD5WFW18 American Water Works Co Inc 030420103 18379.00000000 NS USD 2597687.86000000 1.272713897791 Long EC CORP US N 1 N N N 2020-09-29 GOLDMAN SACHS TRUST Peter Fortner Peter Fortner Vice President XXXX
GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND
Schedule of Investments
August 31, 2020 (Unaudited)
GOLDMAN SACHS ENERGY INFRASTRUCTURE FUND
Schedule of Investments (continued)
August 31, 2020 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation The Funds valuation policy is to value investments at fair value.
Investments and Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 GSAMs 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 Funds investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
Level 1 and Level 2 Fair Value Investments The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities Equity securities traded on a United States (U.S.) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the 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 Fund invests in Underlying Funds that fluctuate in value, the Funds shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Funds accounting policies and investment holdings, please see the Underlying Funds 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 the Funds 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 ENERGY INFRASTRUCTURE FUND
Schedule of Investments (continued)
August 31, 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 August 31, 2020:
|Investment Type||Level 1||Level 2||Level 3|
Common Stock and/or Other Equity Investments(a)
|(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.|
For further information regarding security characteristics, see the Schedule of Investments.
The Funds risks include, but are not limited to, the following:
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, the 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 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 Funds 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 Funds current expenses being allocated over a smaller asset base, leading to an increase in the Funds expense ratio. Similarly, large Fund share purchases may adversely affect the Funds 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 Funds NAV and dilute remaining investors interests. Redemptions by large shareholders may have a negative impact on the Funds liquidity.
Market and Credit Risks In the normal course of business, the 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 the 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 the Fund and its investments. Additionally, the 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 stocks, 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 MLPs general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partners 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.