Form NPORT-P GOLDMAN SACHS TRUST For: Sep 30

November 24, 2020 5:09 PM

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000012820
        C000058983
        C000201769
        C000161522
        C000034660
        C000034662
        C000034661
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs International Real Estate Securities Fund
      S000012820
      TOI3DEWG0N7BDSMV3Y20
      2020-12-31
      2020-09-30
      N
    
    
      51543497.85
      2095330.31
      49448167.54
      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
      178358.67000000
      
        
        
      
      N
      
        
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Klepierre SA
        969500PB4U31KEFHZ621
        Klepierre SA
        N/A
        
          
        
        21583.00000000
        NS
        
        302118.41000000
        0.610979991838
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          
        
      
      
        Sun Hung Kai Properties Ltd.
        529900LUMD393RD3S874
        Sun Hung Kai Properties Ltd.
        N/A
        
          
        
        105475.00000000
        NS
        
        1359206.44000000
        2.748749868032
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Big Yellow Group plc
        213800W7Q4V2ZI8LIW31
        Big Yellow Group plc
        N/A
        
          
        
        66788.00000000
        NS
        
        895244.86000000
        1.810471256140
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Ingenia Communities Group
        N/A
        Ingenia Communities Group
        N/A
        
          
        
        364524.00000000
        NS
        
        1200738.70000000
        2.428277446335
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Mirvac Group
        N/A
        Mirvac Group
        N/A
        
          
        
        168062.00000000
        NS
        
        263453.60000000
        0.532787387493
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Kyoritsu Maintenance Co. Ltd.
        N/A
        Kyoritsu Maintenance Co. Ltd.
        N/A
        
          
        
        11800.00000000
        NS
        
        437883.76000000
        0.885540924536
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Wohnen SE
        529900QE24Q67I3FWZ10
        Deutsche Wohnen SE
        N/A
        
          
        
        21613.00000000
        NS
        
        1080202.40000000
        2.184514520434
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Derwent London plc
        213800BXKQ9KZNUR1M61
        Derwent London plc
        N/A
        
          
        
        30106.00000000
        NS
        
        996791.61000000
        2.015831242267
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Realty & Development Co. Ltd.
        N/A
        Sumitomo Realty & Development Co. Ltd.
        N/A
        
          
        
        57100.00000000
        NS
        
        1690338.91000000
        3.418405563022
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Entra ASA
        549300APU14LQKTYCH34
        Entra ASA
        N/A
        
          
        
        52366.00000000
        NS
        
        735896.89000000
        1.488218728034
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Chartwell Retirement Residences
        549300M7UBEIZBWP4069
        Chartwell Retirement Residences
        16141A103
        
          
        
        46370.00000000
        NS
        
        351723.18000000
        0.711296692067
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Dalata Hotel Group plc
        635400L2CWET7ONOBJ04
        Dalata Hotel Group plc
        N/A
        
          
        
        64839.00000000
        NS
        
        187996.53000000
        0.380189073433
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Swire Properties Ltd.
        5299001L12PHYVQ92465
        Swire Properties Ltd.
        N/A
        
          
        
        298200.00000000
        NS
        
        790105.81000000
        1.597846491198
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        United Urban Investment Corp.
        353800GYZWBD7BDCN841
        United Urban Investment Corp.
        N/A
        
          
        
        920.00000000
        NS
        
        1023737.04000000
        2.070323514358
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tritax EuroBox plc
        213800HK59N7H979QU33
        Tritax EuroBox plc
        N/A
        
          
        
        458214.00000000
        NS
        
        509753.54000000
        1.030884591603
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui Fudosan Logistics Park, Inc.
        353800DN63EIYS760S59
        Mitsui Fudosan Logistics Park, Inc.
        N/A
        
          
        
        162.00000000
        NS
        
        774144.80000000
        1.565568227323
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shangri-La Asia Ltd.
        529900FVJ8C1OTM8OL03
        Shangri-La Asia Ltd.
        N/A
        
          
        
        1220000.00000000
        NS
        
        1000298.47000000
        2.022923234093
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CapitaLand Ltd.
        2549006LYGY45GHGWZ89
        CapitaLand Ltd.
        N/A
        
          
        
        301925.00000000
        NS
        
        603657.79000000
        1.220788999939
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Summit Industrial Income REIT
        2549002JNRHTJ9H0MR86
        Summit Industrial Income REIT
        866120116
        
          
        
        114021.00000000
        NS
        
        1099492.80000000
        2.223525875070
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Warehouses De Pauw CVA
        549300HWDYC5JXC85138
        Warehouses De Pauw CVA
        N/A
        
          
        
        22961.00000000
        NS
        
        835576.99000000
        1.689803751219
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Link REIT
        529900XUE70U36QX5M62
        Link REIT
        N/A
        
          
        
        225400.00000000
        NS
        
        1847014.69000000
        3.735254068830
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Estate Co. Ltd.
        353800KOFMRGOXSJ5Z65
        Mitsubishi Estate Co. Ltd.
        N/A
        
          
        
        161600.00000000
        NS
        
        2447853.64000000
        4.950342473297
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ESCON Japan REIT Investment Corp.
        N/A
        ESCON Japan REIT Investment Corp.
        N/A
        
          
        
        648.00000000
        NS
        
        676182.13000000
        1.367456396544
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Keppel DC REIT
        N/A
        Keppel DC REIT
        N/A
        
          
        
        408400.00000000
        NS
        
        872927.06000000
        1.765337531049
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Tritax Big Box REIT plc
        213800L6X88MIYPVR714
        Tritax Big Box REIT plc
        N/A
        
          
        
        218405.00000000
        NS
        
        436176.46000000
        0.882088218228
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Comforia Residential REIT, Inc.
        353800BJ2SV3UPG9JU05
        Comforia Residential REIT, Inc.
        N/A
        
          
        
        250.00000000
        NS
        
        728791.05000000
        1.473848448297
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Centuria Industrial REIT
        N/A
        Centuria Industrial REIT
        N/A
        
          
        
        409662.00000000
        NS
        
        917645.04000000
        1.855771579922
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Unibail-Rodamco-Westfield
        N/A
        Unibail-Rodamco-Westfield
        N/A
        
          
        
        3587.00000000
        NS
        
        132287.86000000
        0.267528336399
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          
        
      
      
        CK Asset Holdings Ltd.
        5299006GJZSGP78B8S35
        CK Asset Holdings Ltd.
        N/A
        
          
        
        296500.00000000
        NS
        
        1456922.51000000
        2.946362994789
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ascendas REIT
        549300ILIBAEMQZK3L20
        Ascendas REIT
        N/A
        
          
        
        131700.00000000
        NS
        
        315149.16000000
        0.637332333387
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Aedas Homes SA
        9598005H67MP8U20RW81
        Aedas Homes SA
        N/A
        
          
        
        8208.00000000
        NS
        
        176244.46000000
        0.356422631551
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian Apartment Properties REIT
        549300B1MYVTQEB2DI90
        Canadian Apartment Properties REIT
        134921105
        
          
        
        26214.00000000
        NS
        
        914453.31000000
        1.849316881682
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        Gecina SA
        N/A
        
          
        
        10546.00000000
        NS
        
        1390234.33000000
        2.811498179129
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ascendas India Trust
        N/A
        Ascendas India Trust
        N/A
        
          
        
        937800.00000000
        NS
        
        948914.41000000
        1.919008240765
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        Goodman Group
        N/A
        
          
        
        114935.00000000
        NS
        
        1488113.28000000
        3.009440701308
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        PSP Swiss Property AG
        50670042Y437P8X44F56
        PSP Swiss Property AG (Registered)
        N/A
        
          
        
        9985.00000000
        NS
        
        1206195.73000000
        2.439313305238
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Allied Properties REIT
        549300AMZMPKVHA0MY77
        Allied Properties REIT
        019456102
        
          
        
        22705.00000000
        NS
        
        611298.30000000
        1.236240553313
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Merlin Properties Socimi SA
        959800L8KD863DP30X04
        Merlin Properties Socimi SA
        N/A
        
          
        
        65681.00000000
        NS
        
        547850.49000000
        1.107928801520
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        Vonovia SE
        N/A
        
          
        
        65879.00000000
        NS
        
        4516202.60000000
        9.133205181661
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        alstria office REIT-AG
        529900QIJIGPI0DRL085
        alstria office REIT-AG
        N/A
        
          
        
        57485.00000000
        NS
        
        799343.70000000
        1.616528457507
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Segro plc
        213800XC35KGM9NFC641
        Segro plc
        N/A
        
          
        
        132806.00000000
        NS
        
        1596003.38000000
        3.227628968675
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sankei Real Estate, Inc.
        N/A
        Sankei Real Estate, Inc.
        N/A
        
          
        
        799.00000000
        NS
        
        751338.79000000
        1.519447185565
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Instone Real Estate Group AG
        391200DINUIRPDZQHX03
        Instone Real Estate Group AG
        N/A
        
          
        
        9573.00000000
        NS
        
        221760.02000000
        0.448469642116
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        GDS Holdings Ltd.
        391200MGV8DDCHTN2R77
        GDS Holdings Ltd.
        36165L108
        
          
        
        6965.00000000
        NS
        USD
        569945.95000000
        1.152612884064
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITE Group plc (The)
        213800BBUUWVDH9YI827
        UNITE Group plc (The)
        N/A
        
          
        
        93830.00000000
        NS
        
        1014554.26000000
        2.051752998084
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Elite Commercial REIT
        N/A
        Elite Commercial REIT
        N/A
        
          
        
        242100.00000000
        NS
        
        198370.02000000
        0.401167585916
        Long
        EC
        CORP
        SG
        N
        
        1
        
          N
          N
          N
        
      
      
        Activia Properties, Inc.
        353800RPGYN3ML8CXV54
        Activia Properties, Inc.
        N/A
        
          
        
        45.00000000
        NS
        
        171379.86000000
        0.346584855467
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        Cellnex Telecom SA
        N/A
        
          
        
        5898.00000000
        NS
        
        358024.38000000
        0.724039732534
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        GLP J-REIT
        353800E27V9KA51K2I90
        GLP J-REIT
        N/A
        
          
        
        865.00000000
        NS
        
        1331311.68000000
        2.692337747244
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Castellum AB
        549300GU5OHTR1T5IY68
        Castellum AB
        N/A
        
          
        
        63748.00000000
        NS
        
        1447990.46000000
        2.928299534717
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hibernia REIT plc
        635400MHRA4QVVFTON18
        Hibernia REIT plc
        N/A
        
          
        
        238770.00000000
        NS
        
        278891.89000000
        0.564008544450
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui Fudosan Co. Ltd.
        353800ND4ZKNZDYKMF33
        Mitsui Fudosan Co. Ltd.
        N/A
        
          
        
        58400.00000000
        NS
        
        1016258.47000000
        2.055199455425
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        601311.00000000
        NS
        USD
        601311.00000000
        1.216043040449
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nippon Prologis REIT, Inc.
        353800PHBMSDLAFURY41
        Nippon Prologis REIT, Inc.
        N/A
        
          
        
        376.00000000
        NS
        
        1267973.27000000
        2.564247237219
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        1110437.00000000
        NS
        USD
        1110437.00000000
        2.245658545590
        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)

 

Shares      Description   Value
  Common Stocks – 96.9%
 

Australia – 4.5%

  626,271      Centuria Industrial REIT (REIT) (Industrial)   $    1,402,850
  243,911      Goodman Group (REIT) (Industrial)   3,158,022
  989,231      Ingenia Communities Group (REIT) (Residential)   3,258,518
    

 

  7,819,390

 

 

 

Belgium – 1.2%

  59,675      Warehouses De Pauw CVA (REIT) (Industrial)   2,171,641

 

 

 

Canada – 2.7%

  29,354      Allied Properties REIT (REIT) (Office)   790,313
  43,862      Canadian Apartment Properties REIT (REIT) (Residential)   1,530,089
  86,588      Chartwell Retirement Residences (Health Care)   656,782
  176,194      Summit Industrial Income REIT (REIT) (Industrial)   1,699,021
    

 

  4,676,205

 

 

 

China – 0.9%

  19,620      GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*   1,605,505

 

 

 

France – 1.7%

  19,971      Gecina SA (REIT) (Diversified)   2,632,692
  22,767      Klepierre SA (REIT) (Retail)   318,692
    

 

  2,951,384

 

 

 

Germany – 6.5%

  134,436      alstria office REIT-AG (REIT) (Office)   1,869,367
  39,959      Deutsche Wohnen SE (Real Estate Operating Companies)   1,997,122
  33,774      Instone Real Estate Group AG (Real Estate Development)*(a)   782,380
  99,122      Vonovia SE (Real Estate Operating Companies)   6,795,110
    

 

  11,443,979

 

 

 

Hong Kong – 6.1%

  360,500      CK Asset Holdings Ltd. (Real Estate Development)   1,771,402
  441,200      Link REIT (REIT) (Retail)   3,615,363
  3,664,000      Shangri-La Asia Ltd. (Hotel)*   3,004,175
  862,400      Swire Properties Ltd. (Real Estate Operating Companies)   2,285,001
    

 

  10,675,941

 

 

 

Ireland – 0.8%

  230,382      Dalata Hotel Group plc (Hotel)   667,978
  644,867      Hibernia REIT plc (REIT) (Office)   753,228
    

 

  1,421,206

 

 

 

Japan – 11.3%

  578      Comforia Residential REIT, Inc. (REIT) (Residential)   1,684,965
  2,072      ESCON Japan REIT Investment Corp. (REIT) (Diversified)(b)   2,162,113

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

  32,900      Kyoritsu Maintenance Co. Ltd. (Hotel)   $    1,220,879
  241,600      Mitsubishi Estate Co. Ltd. (Diversified)   3,659,663
  654      Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)   3,125,251
  957      Nippon Prologis REIT, Inc. (REIT) (Industrial)   3,227,262
  1,405      Sankei Real Estate, Inc. (REIT) (Office)   1,321,190
  70,000      Sumitomo Realty & Development Co. Ltd. (Diversified)   2,072,219
  1,130      United Urban Investment Corp. (REIT) (Diversified)   1,257,416
    

 

  19,730,958

 

 

 

Norway – 0.9%

  113,255      Entra ASA (Real Estate Operating Companies)(a)(b)   1,591,567

 

 

 

Singapore – 3.7%

  2,268,400      Ascendas India Trust (Real Estate Operating Companies)   2,295,284
  544,174      CapitaLand Ltd. (Diversified)   1,088,002
  724,400      Elite Commercial REIT (REIT) (Diversified)   593,553
  1,176,800      Keppel DC REIT (REIT) (Specialized)   2,515,329
    

 

  6,492,168

 

 

 

Spain – 1.7%

  24,115      Aedas Homes SA (Real Estate Development)*(a)   517,804
  18,969      Cellnex Telecom SA (Integrated Telecommunication Services)(a)   1,151,469
  157,230      Merlin Properties Socimi SA (REIT) (Diversified)   1,311,468
    

 

  2,980,741

 

 

 

Sweden – 1.5%

  115,736      Castellum AB (Real Estate Operating Companies)(b)   2,628,861

 

 

 

United Kingdom – 4.6%

  93,843      Big Yellow Group plc (REIT) (Specialized)   1,257,898
  37,645      Derwent London plc (REIT) (Office)   1,246,403
  249,192      Segro plc (REIT) (Industrial)   2,994,678
  1,111,013      Tritax EuroBox plc (Diversified)(a)   1,235,979
  126,217      UNITE Group plc (The) (REIT) (Residential)   1,364,745
    

 

  8,099,703

 

 

 

United States – 48.8%

  22,653      Alexandria Real Estate Equities, Inc. (REIT) (Office)   3,624,480
  5,365      American Tower Corp. (REIT) (Specialized)   1,296,881
  45,513      Americold Realty Trust (REIT) (Industrial)   1,627,090
  17,544      AvalonBay Communities, Inc. (REIT) (Residential)   2,620,021

 

 

 


GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

United States – (continued)

  10,939      Boston Properties, Inc. (REIT) (Office)   $       878,402
  35,677      Camden Property Trust (REIT) (Residential)   3,174,539
  115,695      Columbia Property Trust, Inc. (REIT) (Office)   1,262,232
  9,193      CoreSite Realty Corp. (REIT) (Specialized)   1,092,864
  64,894      CubeSmart (REIT) (Specialized)   2,096,725
  56,421      Cushman & Wakefield plc (Real Estate Services)*   592,985
  33,073      CyrusOne, Inc. (REIT) (Specialized)   2,316,102
  5,423      Digital Realty Trust, Inc. (REIT) (Specialized)   795,879
  82,343      Duke Realty Corp. (REIT) (Industrial)   3,038,457
  7,009      Equinix, Inc. (REIT) (Specialized)   5,327,751
  36,742      Equity LifeStyle Properties, Inc. (REIT) (Residential)   2,252,285
  32,646      Equity Residential (REIT) (Residential)   1,675,719
  14,544      Essex Property Trust, Inc. (REIT) (Residential)   2,920,290
  26,713      Extra Space Storage, Inc. (REIT) (Specialized)   2,858,024
  13,520      Federal Realty Investment Trust (REIT) (Retail)   992,909
  43,584      Healthcare Realty Trust, Inc. (REIT) (Health Care)   1,312,750
  94,866      Healthpeak Properties, Inc. (REIT) (Health Care)   2,575,612
  99,276      Host Hotels & Resorts, Inc. (REIT) (Hotel)   1,071,188
  65,490      Hudson Pacific Properties, Inc. (REIT) (Office)   1,436,196
  115,096      Invitation Homes, Inc. (REIT) (Residential)   3,221,537
  21,977      Kilroy Realty Corp. (REIT) (Office)   1,141,925
  18,330      Life Storage, Inc. (REIT) (Specialized)   1,929,599
  42,664      Pebblebrook Hotel Trust (REIT) (Hotel)   534,580
  109,284      Prologis, Inc. (REIT) (Industrial)   10,996,156
  4,348      Public Storage (REIT) (Specialized)   968,387
  26,605      Realty Income Corp. (REIT) (Retail)   1,616,254
  29,128      Regency Centers Corp. (REIT) (Retail)   1,107,446
  105,057      RLJ Lodging Trust (REIT) (Hotel)   909,794
  15,301      Ryman Hospitality Properties, Inc. (REIT) (Hotel)   563,077
  5,284      SBA Communications Corp. (REIT) (Specialized)   1,682,848
  18,276      Simon Property Group, Inc. (REIT) (Retail)   1,182,092
  17,476      Sun Communities, Inc. (REIT) (Residential)   2,457,300

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

United States – (continued)

  22,654      Terreno Realty Corp. (REIT) (Industrial)   $    1,240,533
  64,567      Urban Edge Properties (REIT) (Retail)   627,591
  66,992      Ventas, Inc. (REIT) (Health Care)   2,810,984
  40,367      Vornado Realty Trust (REIT) (Office)   1,360,772
  62,610      Welltower, Inc. (REIT) (Health Care)   3,449,185
       12,388      WP Carey, Inc. (REIT) (Diversified)   807,202
    

 

     85,446,643

 

 

 
TOTAL COMMON STOCKS
(Cost $158,403,807)
  $169,735,892

 

 

Shares  

Dividend

Rate

    Value
Investment Company(c) – 1.6%

Goldman Sachs Financial Square Government Fund — Institutional Shares

  2,864,774     0.027   $    2,864,774
(Cost $2,864,774)

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $161,268,581)

 

  $172,600,666

 

   
Securities Lending Reinvestment Vehicle(c) – 2.2%

Goldman Sachs Financial Square Government Fund — Institutional Shares

  3,926,463     0.027%     $    3,926,463
(Cost $3,926,463)

 

TOTAL INVESTMENTS – 100.7%
(Cost $165,195,044)

 

  $176,527,129

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (0.7)%

 

 

  (1,267,026)

 

NET ASSETS – 100.0%

 

  $175,260,103

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   All or a portion of security is on loan.
(c)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

CVA  

— Dutch Certification

REIT  

— Real Estate Investment Trust

 

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 INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.8%  
 

Australia – 7.8%

 
  409,662      Centuria Industrial REIT (REIT) (Industrial)   $       917,645
  114,935      Goodman Group (REIT) (Industrial)   1,488,113
  364,524      Ingenia Communities Group (REIT) (Residential)   1,200,739
  168,062      Mirvac Group (REIT) (Diversified)   263,454
    

 

     3,869,951

 

 

 

Belgium – 1.7%

 
  22,961      Warehouses De Pauw CVA (REIT) (Industrial)   835,577

 

 

 

Canada – 6.0%

 
  22,705      Allied Properties REIT (REIT) (Office)   611,298
  26,214      Canadian Apartment Properties REIT (REIT) (Residential)   914,454
  46,370      Chartwell Retirement Residences (Health Care)   351,723
  114,021      Summit Industrial Income REIT (REIT) (Industrial)   1,099,493
    

 

     2,976,968

 

 

 

China – 1.2%

 
  6,965      GDS Holdings Ltd. ADR (Internet Services & Infrastructure)*   569,946

 

 

 

France – 3.7%

 
  10,546      Gecina SA (REIT) (Diversified)   1,390,234
  21,583      Klepierre SA (REIT) (Retail)(a)   302,119
  3,587      Unibail-Rodamco-Westfield (REIT) (Retail)(a)   132,288
    

 

     1,824,641

 

 

 

Germany – 13.4%

 
  57,485      alstria office REIT-AG (REIT) (Office)   799,344
  21,613      Deutsche Wohnen SE (Real Estate Operating Companies)   1,080,202
  9,573      Instone Real Estate Group AG (Real Estate Development)*(b)   221,760
  65,879      Vonovia SE (Real Estate Operating Companies)   4,516,203
    

 

     6,617,509

 

 

 

Hong Kong – 12.9%

 
  296,500      CK Asset Holdings Ltd. (Real Estate Development)   1,456,923
  225,400      Link REIT (REIT) (Retail)   1,847,015
  1,220,000      Shangri-La Asia Ltd. (Hotel)*   1,000,298
  88,975      Sun Hung Kai Properties Ltd. (Diversified)   1,146,579
  340,000      Swire Properties Ltd. (Real Estate Operating Companies)   900,858
    

 

     6,351,673

 

 

 

Ireland – 1.0%

 
  64,839      Dalata Hotel Group plc (Hotel)   187,996
  238,770      Hibernia REIT plc (REIT) (Office)   278,892
    

 

     466,888

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Japan – 25.2%

 
  250      Comforia Residential REIT, Inc. (REIT) (Residential)   $       728,791
  648      ESCON Japan REIT Investment Corp. (REIT) (Diversified)   676,182
  865      GLP J-REIT (REIT) (Industrial)   1,331,312
  11,800      Kyoritsu Maintenance Co. Ltd. (Hotel)   437,884
  161,600      Mitsubishi Estate Co. Ltd. (Diversified)   2,447,853
  58,400      Mitsui Fudosan Co. Ltd. (Diversified)   1,016,258
  226      Mitsui Fudosan Logistics Park, Inc. (REIT) (Industrial)   1,079,980
  376      Nippon Prologis REIT, Inc. (REIT) (Industrial)   1,267,973
  799      Sankei Real Estate, Inc. (REIT) (Office)   751,339
  57,100      Sumitomo Realty & Development Co. Ltd. (Diversified)   1,690,339
  920      United Urban Investment Corp. (REIT) (Diversified)   1,023,737
    

 

     12,451,648

 

 

 

Norway – 1.5%

 
  52,366      Entra ASA (Real Estate Operating Companies)(a)(b)   735,897

 

 

 

Singapore – 5.9%

 
  937,800      Ascendas India Trust (Real Estate Operating Companies)   948,914
  131,700      Ascendas REIT (REIT) (Industrial)   315,149
  301,925      CapitaLand Ltd. (Diversified)   603,658
  239,800      Elite Commercial REIT (REIT) (Diversified)   196,486
  408,400      Keppel DC REIT (REIT) (Specialized)   872,927
    

 

     2,937,134

 

 

 

Spain – 2.2%

 
  8,208      Aedas Homes SA (Real Estate
Development)*(b)
  176,244
  5,898      Cellnex Telecom SA (Integrated Telecommunication Services)(b)   358,024
  65,681      Merlin Properties Socimi SA (REIT) (Diversified)   547,851
    

 

     1,082,119

 

 

 

Sweden – 2.9%

 
  63,748      Castellum AB (Real Estate Operating Companies)   1,447,990

 

 

 

Switzerland – 2.4%

 
  9,985      PSP Swiss Property AG (Registered) (Real Estate Operating Companies)   1,206,196

 

 

 

United Kingdom – 11.0%

 
  66,788      Big Yellow Group plc (REIT) (Specialized)   895,245
  30,106      Derwent London plc (REIT) (Office)   996,792

 

 

 


GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

United Kingdom – (continued)

  132,806      Segro plc (REIT) (Industrial)   $  1,596,003
  218,405      Tritax Big Box REIT plc (REIT) (Industrial)   436,176
  458,214      Tritax EuroBox plc (Diversified)(b)   509,754
  93,830      UNITE Group plc (The) (REIT) (Residential)   1,014,554
    

 

     5,448,524

 

 

 
TOTAL COMMON STOCKS
(Cost $51,538,478)
  $48,822,661

 

 

Shares  

Dividend

Rate

    Value
Investment Company(c) – 1.2%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    601,311     0.027   $     601,311
(Cost $601,311)

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $52,139,789)

 

  $49,423,972

 

   
Shares  

Dividend

Rate

    Value
Securities Lending Reinvestment Vehicle(c) – 2.2%

Goldman Sachs Financial Square Government Fund — Institutional Shares

1,110,437     0.027   $  1,110,437
(Cost $1,110,437)

 

 

 

TOTAL INVESTMENTS – 102.2%
(Cost $53,250,226)

 

  $50,534,409

 

LIABILITIES IN EXCESS OF
    OTHER ASSETS – (2.2)%

 

  (1,100,517)

 

NET ASSETS – 100.0%

 

  $49,433,892

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

CVA  

— Dutch Certification

REIT  

— Real Estate Investment Trust

 

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 REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.2%
 

Diversified – 0.9%

  17,042      WP Carey, Inc. (REIT)   $       1,110,457

 

 

 

Health Care – 10.9%

  53,238      Healthcare Realty Trust, Inc. (REIT)   1,603,529
  121,335      Healthpeak Properties, Inc. (REIT)   3,294,245
  89,363      Ventas, Inc. (REIT)   3,749,671
  75,371      Welltower, Inc. (REIT)   4,152,188
    

 

     12,799,633

 

 

 

Hotel – 3.4%

  191,500      Host Hotels & Resorts, Inc. (REIT)   2,066,285
  127,795      RLJ Lodging Trust (REIT)   1,106,705
  26,944      Ryman Hospitality Properties, Inc. (REIT)   991,539
    

 

     4,164,529

 

 

 

Industrial – 17.5%

  34,281      Americold Realty Trust (REIT)   1,225,546
  107,931      Duke Realty Corp. (REIT)   3,982,654
  141,250      Prologis, Inc. (REIT)   14,212,575
  20,606      Terreno Realty Corp. (REIT)   1,128,385
    

 

     20,549,160

 

 

 

Office – 11.7%

  27,719      Alexandria Real Estate Equities, Inc. (REIT)   4,435,040
  32,007      Boston Properties, Inc. (REIT)   2,570,162
  119,211      Columbia Property Trust, Inc. (REIT)   1,300,592
  90,108      Hudson Pacific Properties, Inc. (REIT)   1,976,068
  30,967      Kilroy Realty Corp. (REIT)   1,609,045
  53,534      Vornado Realty Trust (REIT)   1,804,631
    

 

     13,695,538

 

 

 

Residential – 19.6%

  25,265      AvalonBay Communities, Inc. (REIT)   3,773,075
  35,368      Camden Property Trust (REIT)   3,147,045
  57,600      Equity LifeStyle Properties, Inc. (REIT)   3,530,880
  35,369      Equity Residential (REIT)   1,815,491
  18,976      Essex Property Trust, Inc. (REIT)   3,810,191
  110,449      Invitation Homes, Inc. (REIT)   3,091,468
  28,366      Sun Communities, Inc. (REIT)   3,988,543
    

 

     23,156,693

 

 

 

Retail – 5.4%

  17,422      Federal Realty Investment Trust (REIT)   1,279,472
  43,607      Regency Centers Corp. (REIT)   1,657,938
  35,956      Simon Property Group, Inc. (REIT)   2,325,634
  108,711      Urban Edge Properties (REIT)   1,056,671
    

 

     6,319,715

 

 

 

Specialized – 29.8%

  2,439      American Tower Corp. (REIT)   589,579
  13,164      CoreSite Realty Corp. (REIT)   1,564,936
  86,973      CubeSmart (REIT)   2,810,098
  36,357      CyrusOne, Inc. (REIT)   2,546,081

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialized – (continued)

  18,022      Digital Realty Trust, Inc. (REIT)   $    2,644,909
  18,691      Equinix, Inc. (REIT)   14,207,590
  38,050      Extra Space Storage, Inc. (REIT)   4,070,969
  23,302      Life Storage, Inc. (REIT)   2,453,002
       12,106      Public Storage (REIT)   2,696,248
  4,551      SBA Communications Corp. (REIT)   1,449,402
    

 

     35,032,814

 

 

 
TOTAL COMMON STOCKS
(Cost $93,565,008)
  $116,828,539

 

 

Shares   Dividend
Rate
    Value
Investment Company(a) – 0.1%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    165,752     0.027   $       165,752
(Cost $165,752)

 

 

 

TOTAL INVESTMENTS – 99.3%
(Cost $93,730,760)

 

  $116,994,291

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.7%

 

  787,020

 

NET ASSETS – 100.0%

 

  $117,781,311

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Represents an Affiliated Issuer.

 

 

Investment Abbreviation:
REIT  

— Real Estate Investment Trust

 

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 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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