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

 

---

GOLDMAN SACHS GLOBAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL REAL ESTATE SECURITIES FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

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

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

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

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

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

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

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

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

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

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

 

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

 

(a)

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

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

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

---

GOLDMAN SACHS REAL ESTATE SECURITIES FUNDS

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

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

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

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

SEC Filings