Form NPORT-P GOLDMAN SACHS TRUST For: Aug 31

October 28, 2020 3:51 PM

  
    NPORT-P
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          0000822977
          XXXXXXXX
        
      
      
      
      
        S000040184
        C000199576
        C000124921
        C000124917
        C000124920
        C000124918
        C000124919
        C000201752
      
      
      
    
  
  
    
      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs MLP Energy Infrastructure Fund
      S000040184
      549300QNI1STTSJRLK10
      2020-11-30
      2020-08-31
      N
    
    
      834852522.19
      1265991.22
      833586530.97
      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
      4903131.11000000
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Sunoco LP
        54930001NJU8E40NQ561
        Sunoco LP
        86765K109
        
          
        
        480000.00000000
        NS
        USD
        12734400.00000000
        1.527663838951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plains All American Pipeline LP
        5521FA2ITF25TVH63740
        Plains All American Pipeline LP
        726503105
        
          
        
        6300000.00000000
        NS
        USD
        44604000.00000000
        5.350854211631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NuStar Energy LP
        5493003BMLTUIEG2LG44
        NuStar Energy LP
        67058H102
        
          
        
        812500.00000000
        NS
        USD
        11009375.00000000
        1.320723715051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        Cheniere Energy Inc
        16411R208
        
          
        
        675000.00000000
        NS
        USD
        35133750.00000000
        4.214769396419
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Partners LP
        5493005UEC8AZ34LDV29
        Cheniere Energy Partners LP
        16411Q101
        
          
        
        120000.00000000
        NS
        USD
        4342800.00000000
        0.520977707610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northland Power Inc
        549300IT8CIDW8V5KX72
        Northland Power Inc
        666511100
        
          
        
        243000.00000000
        NS
        
        6805527.66000000
        0.816415261902
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        10718459.00000000
        NS
        USD
        10718459.00000000
        1.285824398761
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66 Partners LP
        549300TL5L4IG0H4FX64
        Phillips 66 Partners LP
        718549207
        
          
        
        637500.00000000
        NS
        USD
        17161500.00000000
        2.058754473879
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TC PipeLines LP
        6HL0C5LCIE4TN8UZHL06
        TC PipeLines LP
        87233Q108
        
          
        
        275000.00000000
        NS
        USD
        8351750.00000000
        1.001905583848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xcel Energy Inc
        LGJNMI9GH8XIDG5RCM61
        Xcel Energy Inc
        98389B100
        
          
        
        127000.00000000
        NS
        USD
        8823325.00000000
        1.058477395230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Grid PLC
        8R95QZMKZLJX5Q2XR704
        National Grid PLC
        636274409
        
          
        
        115000.00000000
        NS
        USD
        6495200.00000000
        0.779187253954
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        MTLVN9N7JE8MIBIJ1H73
        Energy Transfer LP
        29273V100
        
          
        
        9700000.00000000
        NS
        USD
        62274000.00000000
        7.470610150998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Products Partners LP
        K4CDIF4M54DJZ6TB4Q48
        Enterprise Products Partners LP
        293792107
        
          
        
        5700000.00000000
        NS
        USD
        100092000.00000000
        12.00739170815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336V100
        
          
        
        3725000.00000000
        NS
        USD
        68055750.00000000
        8.164209409766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Midstream Partners LP
        N/A
        Western Midstream Partners LP
        958669103
        
          
        
        1212500.00000000
        NS
        USD
        10997375.00000000
        1.319284152444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        ONEOK Inc
        682680103
        
          
        
        1475000.00000000
        NS
        USD
        40533000.00000000
        4.862482597077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Antero Midstream Corp
        N/A
        Antero Midstream Corp
        03676B102
        
          
        
        1325000.00000000
        NS
        USD
        8970250.00000000
        1.076103039904
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan Inc
        549300WR7IX8XE0TBO16
        Kinder Morgan Inc
        49456B101
        
          
        
        2087500.00000000
        NS
        USD
        28849250.00000000
        3.460858462579
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc
        98TPTUM4IVMFCZBCUR27
        Enbridge Inc
        29250N105
        
          
        
        937500.00000000
        NS
        USD
        30018750.00000000
        3.601155835023
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
        
        40000.00000000
        NS
        USD
        11166800.00000000
        1.339608977007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantica Sustainable Infrastructure PLC
        549300ITBBGKJ651R879
        Atlantica Sustainable Infrastructure PLC
        000000000
        
          
        
        450000.00000000
        NS
        USD
        13513500.00000000
        1.621127441235
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PBF Logistics LP
        529900XB9LDTN4488F04
        PBF Logistics LP
        69318Q104
        
          
        
        687500.00000000
        NS
        USD
        6634375.00000000
        0.795883181111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        Eversource Energy
        30040W108
        
          
        
        51500.00000000
        NS
        USD
        4414065.00000000
        0.529526910045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern Co/The
        549300FC3G3YU2FBZD92
        Southern Co/The
        842587107
        
          
        
        162500.00000000
        NS
        USD
        8479250.00000000
        1.017200936552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        CMS Energy Corp
        125896100
        
          
        
        110000.00000000
        NS
        USD
        6653900.00000000
        0.798225469437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DCP Midstream LP
        52990024YYS3MLGW0E91
        DCP Midstream LP
        23311P100
        
          
        
        900000.00000000
        NS
        USD
        11403000.00000000
        1.367944367662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Midstream Partners LP
        MZF5TI8NFVZZNUSKDL39
        Magellan Midstream Partners LP
        559080106
        
          
        
        2132500.00000000
        NS
        USD
        81056325.00000000
        9.723804546803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TC Energy Corp
        549300UGKOFV2IWJJG27
        TC Energy Corp
        87807B107
        
          
        
        830000.00000000
        NS
        USD
        38727800.00000000
        4.645924395507
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        American Water Works Co Inc
        549300DXHIJQMD5WFW18
        American Water Works Co Inc
        030420103
        
          
        
        62500.00000000
        NS
        USD
        8833750.00000000
        1.059728015245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pembina Pipeline Corp
        5493002W3L9YICM6FU21
        Pembina Pipeline Corp
        706327103
        
          
        
        1187500.00000000
        NS
        USD
        29378750.00000000
        3.524379162630
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Equitrans Midstream Corp
        549300RH0NLJNZ5SXU64
        Equitrans Midstream Corp
        294600101
        
          
        
        1050000.00000000
        NS
        USD
        10794000.00000000
        1.294886565338
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Holly Energy Partners LP
        529900NVV7ODCT0QCG29
        Holly Energy Partners LP
        435763107
        
          
        
        300000.00000000
        NS
        USD
        4287000.00000000
        0.514283741486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Corp
        5493003QENHHS261UR94
        Targa Resources Corp
        87612G101
        
          
        
        2175000.00000000
        NS
        USD
        36996750.00000000
        4.438261491215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crestwood Equity Partners LP
        549300CUY0F1TYDLDL45
        Crestwood Equity Partners LP
        226344208
        
          
        
        700000.00000000
        NS
        USD
        9506000.00000000
        1.140373512146
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        Williams Cos Inc/The
        969457100
        
          
        
        2525000.00000000
        NS
        USD
        52419000.00000000
        6.288369359687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2020-09-29
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX



GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments

August 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 101.2%  
 

Gathering + Processing – 29.1%

  1,475,000      Antero Midstream Corp.   $    9,985,750
  695,000      Crestwood Equity Partners LP   9,438,100
  950,000      DCP Midstream LP   12,036,500
  3,675,000      MPLX LP   67,142,250
  1,537,500      ONEOK, Inc.   42,250,500
  2,250,000      Targa Resources Corp.   38,272,500
  2,512,500      The Williams Cos., Inc.   52,159,500
  1,262,500      Western Midstream Partners LP   11,450,875
    

 

     242,735,975

 

 

 

Marketing | Wholesale – 1.6%

  519,339      Sunoco LP   13,778,064

 

 

 

Other – 1.1%

  62,500      American Water Works Co., Inc.   8,833,750

 

 

 

Other | Liquefaction – 5.0%

  120,000      Cheniere Energy Partners LP   4,342,800
  712,500      Cheniere Energy, Inc.(*)   37,085,625
    

 

     41,428,425

 

 

 

Pipeline Transportation | Natural Gas – 30.4%

  445,000      Atlantica Sustainable Infrastructure PLC   13,363,350
  9,300,000      Energy Transfer LP   59,706,000
  5,400,000      Enterprise Products Partners LP   94,824,000
  1,150,000      Equitrans Midstream Corp.   11,822,000
  1,775,000      Kinder Morgan, Inc.   24,530,500
  875,000      TC Energy Corp.   40,827,500
  275,000      TC PipeLines LP   8,351,750
    

 

     253,425,100

 

 

 

Pipeline Transportation | Petroleum – 27.7%

  1,037,500      Enbridge, Inc.   33,220,750
  300,000      Holly Energy Partners LP   4,287,000
  2,130,000      Magellan Midstream Partners LP   80,961,300
  850,000      NuStar Energy LP   11,517,500
  675,000      PBF Logistics LP   6,513,750
  1,300,000      Pembina Pipeline Corp.   32,162,000
  662,500      Phillips 66 Partners LP   17,834,500
  6,350,000      Plains All American Pipeline LP   44,958,000
    

 

     231,454,800

 

 

 

Power Generation – 6.3%

  109,500      CMS Energy Corp.   6,623,655
  51,500      Eversource Energy   4,414,065
  115,750      National Grid PLC ADR   6,537,560
  39,500      NextEra Energy, Inc.   11,027,215
  237,500      Northland Power, Inc.   6,651,493
  165,000      The Southern Co.   8,609,700
  127,500      Xcel Energy, Inc.   8,858,062
    

 

     52,721,750

 

 

 
TOTAL COMMON STOCKS
(Cost $1,298,768,293)
  $844,377,864

 

 

Shares    Dividend
Rate
  Value
Investment Company(a) – 1.3%

Goldman Sachs Financial Square Government Fund — Institutional Shares

10,718,793    0.027%   $  10,718,793
(Cost $10,718,793)  

 

TOTAL INVESTMENTS – 102.5%
(Cost $1,309,487,086)
  $855,096,657

 

LIABILITIES IN EXCESS OF
    OTHER ASSETS – (2.5)%
  (20,491,400)

 

NET ASSETS – 100.0%   $834,605,257

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(*) Non-income producing security.
(a) Represents an Affiliated fund.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

LP  

— Limited Partnership

PLC  

— Public Limited Company

 

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
 


GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE 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 — The fair value of a financial instrument is 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 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 portfolio 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 to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the 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. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities

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

 

                                                                    
MLP ENERGY INFRASTRUCTURE               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 19,900,910        $         —        $         —  

North America

       824,476,954                    

Investment Company

       10,718,793                    
Total      $ 855,096,657        $        $  

 

(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.


GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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 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 a 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 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, the Fund trade financial instruments and enter 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 prospectus 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.


GOLDMAN SACHS MLP ENERGY INFRASTRUCTURE FUND

 

Schedule of Investments (continued)

August 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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 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.

Strategy Risk — The Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a corporation, or a “C” corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively new investment strategy for funds. This strategy involves complicated accounting, tax and valuation issues. Volatility in the NAV may be experienced because of the use of estimates at various times during a given year that may result in unexpected and potentially significant consequences for the Fund and its shareholders.

Tax Risks — Tax risks associated with investments in the Fund include but are not limited to the following:

Fund Structure Risk. Unlike traditional mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes, the Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the rates applicable to corporations (currently a maximum rate of 35%), and will also be subject to state and local income taxes.

MLP Tax Risk. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of the Fund’s investment in the MLP and lower income to the Fund.

To the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

Tax Estimation/NAV Risk. In calculating the Fund’s daily NAV, the Fund will, among other things, include its current taxes and deferred tax liability and/or asset balances and related valuation balances, if any. The Fund may accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 35%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce the Fund’s NAV which could have an effect on the market price of the shares. The Fund may also record a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses and/or unrealized losses. Any deferred tax asset balance will increase the Fund’s NAV to the extent it exceeds any valuation allowance which could have an effect on the market price of the shares. The Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate current taxes and deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund’s current taxes and deferred tax liability and/or asset balances used to calculate the Fund’s NAV could vary significantly from the Fund’s actual tax liability or benefit, and, as a result, the determination of the Fund’s actual tax liability or benefit may have a material impact on the Fund’s NAV. From time to time, the Fund may modify its estimates or assumptions regarding its current taxes and deferred tax liability and/or asset balances as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund’s NAV. From time to time, the Fund may modify its estimates or assumptions regarding its current taxes and deferred tax liability and/or asset balances as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund’s NAV.

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