Form NPORT-P GOLDMAN SACHS TRUST For: Sep 30

November 27, 2020 6:04 AM

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009338
        C000201786
        C000025589
        C000058976
        C000161534
        C000058975
        C000025590
        C000025593
        C000025591
      
      
      
    
  
  
    
      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs Dynamic Global Equity Fund
      S000009338
      5493004NJD3E28ZMJL46
      2020-12-31
      2020-09-30
      N
    
    
      773499530.01
      2062358.93
      771437171.08
      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
      27499985.28000000
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3310 PUT
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -40815.00000000
        -0.00529077435
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3310.00000000
            USD
            2020-10-14
            XXXX
            3882.85000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3540 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3540.00000000
            USD
            2020-09-30
            XXXX
            2626.75000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        31830787.05000000
        NS
        USD
        31830787.05000000
        4.126167138852
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3550 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -2710.00000000
        -0.00035129238
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3550.00000000
            USD
            2020-10-30
            XXXX
            4989.33000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3425 CALL
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -31410.00000000
        -0.00407162127
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3425.00000000
            USD
            2020-10-21
            XXXX
            -9016.08000000
          
        
        
          N
          N
          N
        
      
      
        The Montreal Exchange / Bourse De Montreal
        N/A
        S+P/TSX 60 IX FUT DEC20 XMOD 20201217
        000000000
        
          
        
        50.00000000
        NC
        
        -4052.80000000
        -0.00052535710
        N/A
        DE
        
        CA
        N
        
        1
        
          
            
              The Montreal Exchange / Bourse De Montreal
              N/A
            
            Long
            
              
                S&P/TSX 60 Index
                PTZ0 Index
              
            
            2020-12-17
            9620396.50000000
            CAD
            -4052.80000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs MarketBeta Emerging Markets Equity ETF
        N/A
        Goldman Sachs MarketBeta Emerging Markets Equity ETF
        381430164
        
          
        
        585460.00000000
        NS
        USD
        27499992.94000000
        3.564774160609
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD NOK
        000000000
        
          
        
        1.00000000
        NC
        
        19667.23000000
        0.002549427320
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            3200000.00000000
            NOK
            362814.18000000
            USD
            2020-12-16
            19667.23000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EURO$ FUT OPT Jun21C 98.25
        000000000
        
          
        
        102.00000000
        NC
        USD
        397800.00000000
        0.051566091823
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                  
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                    Eurodollar Time Deposit Future
                    N/A
                    
                      
                    
                    102.00000000
                    NC
                    N/A
                    397800.00000000
                    0.05000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      Eurodollar Time Deposit
                      EDM1 Comdty
                    
                  
                  2020-09-21
                  102.00000000
                  USD
                
              
            
            2500.00000000
            98.25000000
            USD
            2021-06-14
            XXXX
            281888.36000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3125 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -5.00000000
        -0.00000064814
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3125.00000000
            USD
            2020-09-30
            XXXX
            17649.06000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD HKD
        000000000
        
          
        
        1.00000000
        NC
        
        -458.96000000
        -0.00005949415
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            15400000.00000000
            HKD
            1986031.19000000
            USD
            2020-12-16
            -458.96000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3425 PUT
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -45255.00000000
        -0.00586632349
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3425.00000000
            USD
            2020-09-30
            XXXX
            -11214.00000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3315 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -15310.00000000
        -0.00198460750
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3315.00000000
            USD
            2020-10-30
            XXXX
            -474.08000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3525 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -1775.00000000
        -0.00023009002
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3525.00000000
            USD
            2020-10-30
            XXXX
            2984.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3255 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -11550.00000000
        -0.00149720553
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3255.00000000
            USD
            2020-10-30
            XXXX
            4156.83000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3145 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -16310.00000000
        -0.00211423569
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3145.00000000
            USD
            2020-11-30
            XXXX
            3500.50000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD NZD
        000000000
        
          
        
        1.00000000
        NC
        
        2572.64000000
        0.000333486652
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            200000.00000000
            NZD
            134873.40000000
            USD
            2020-12-16
            2572.64000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3185 PUT
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000097221
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3185.00000000
            USD
            2020-09-30
            XXXX
            19465.88000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3040 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3040.00000000
            USD
            2020-09-30
            XXXX
            9094.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3460 CALL
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -5310.00000000
        -0.00068832566
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3460.00000000
            USD
            2020-10-07
            XXXX
            41466.51000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3605 CALL
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -17.50000000
        -0.00000226849
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3605.00000000
            USD
            2020-09-30
            XXXX
            18588.50000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Large Cap Growth Insights Fund
        IYI7KZ6TLM47WE4G7I95
        Goldman Sachs Large Cap Growth Insights Fund
        38147X523
        
          
        
        1595045.92200000
        NS
        USD
        64535558.00000000
        8.365627224009
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3685 CALL
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -1140.00000000
        -0.00014777613
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3685.00000000
            USD
            2020-10-30
            XXXX
            14536.61000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3500 CALL
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -7335.00000000
        -0.00095082273
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3500.00000000
            USD
            2020-10-14
            XXXX
            24680.79000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta International Equity ETF
        549300XBH2SEXT65RC75
        Goldman Sachs ActiveBeta International Equity ETF
        381430107
        
          
        
        4519094.00000000
        NS
        USD
        127212496.10000000
        16.49032492456
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3565 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -4220.00000000
        -0.00054703093
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3565.00000000
            USD
            2020-11-30
            XXXX
            3085.92000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3180 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -8050.00000000
        -0.00104350688
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3180.00000000
            USD
            2020-10-30
            XXXX
            4188.50000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3355 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3355.00000000
            USD
            2020-09-30
            XXXX
            4586.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3280 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -6500.00000000
        -0.00084258319
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3280.00000000
            USD
            2020-10-30
            XXXX
            80.50000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3605 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -6450.00000000
        -0.00083610179
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3605.00000000
            USD
            2020-11-30
            XXXX
            4317.07000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3345 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -1490.00000000
        -0.00019314599
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3345.00000000
            USD
            2020-09-30
            XXXX
            3119.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3210 PUT
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -29340.00000000
        -0.00380329093
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3210.00000000
            USD
            2020-10-21
            XXXX
            18472.77000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD SEK
        000000000
        
          
        
        1.00000000
        NC
        
        40296.35000000
        0.005223542695
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            13050000.00000000
            SEK
            1498916.47000000
            USD
            2020-12-16
            40296.35000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Global Infrastructure Fund
        54930073G57DO7G34278
        Goldman Sachs Global Infrastructure Fund
        38148U775
        
          
        
        1104757.09100000
        NS
        USD
        12306993.99000000
        1.595333288486
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3375 CALL
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000097221
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3375.00000000
            USD
            2020-09-30
            XXXX
            12710.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3195 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -4330.00000000
        -0.00056129003
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3195.00000000
            USD
            2020-10-30
            XXXX
            2149.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3390 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3390.00000000
            USD
            2020-09-30
            XXXX
            5621.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3510 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -11980.00000000
        -0.00155294565
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3510.00000000
            USD
            2020-11-30
            XXXX
            -2280.83000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
        549300HE2W614QP0GH20
        Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
        381430503
        
          
        
        3148296.00000000
        NS
        USD
        214241542.80000000
        27.77174225349
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3620 CALL
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -17.50000000
        -0.00000226849
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3620.00000000
            USD
            2020-09-30
            XXXX
            15820.58000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT MAR21C 98.25 EXP 03/15/2021
        000000000
        
          
        
        121.00000000
        NC
        USD
        470387.50000000
        0.060975477671
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                  
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                    Eurodollar Time Deposit Future
                    N/A
                    
                      
                    
                    121.00000000
                    NC
                    N/A
                    470387.50000000
                    0.06000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      Eurodollar Time Deposit
                      EDH1 Comdty
                    
                  
                  2021-03-15
                  121.00000000
                  USD
                
              
            
            2500.00000000
            98.25000000
            USD
            2021-03-15
            XXXX
            334144.27000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3235 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -21290.00000000
        -0.00275978404
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3235.00000000
            USD
            2020-11-30
            XXXX
            -2083.88000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3505 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -4390.00000000
        -0.00056906773
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3505.00000000
            USD
            2020-10-30
            XXXX
            7488.50000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3085 PUT
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000097221
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3085.00000000
            USD
            2020-09-30
            XXXX
            21580.82000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD GBP
        000000000
        
          
        
        1.00000000
        NC
        
        275242.48000000
        0.035679183000
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            6800000.00000000
            GBP
            9054159.20000000
            USD
            2020-12-16
            275242.48000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Large Cap Value Insights Fund
        549300KBU32INALWSS44
        Goldman Sachs Large Cap Value Insights Fund
        38147X515
        
          
        
        2373558.00000000
        NS
        USD
        46592943.54000000
        6.039758685048
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta Emerging Markets Equity ETF
        549300PZDHNP7HDURN13
        Goldman Sachs ActiveBeta Emerging Markets Equity ETF
        381430206
        
          
        
        1779023.00000000
        NS
        USD
        58334164.17000000
        7.561751799998
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3425 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -5.00000000
        -0.00000064814
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3425.00000000
            USD
            2020-09-30
            XXXX
            7837.20000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3390 PUT
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -32460.00000000
        -0.00420773087
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3390.00000000
            USD
            2020-10-30
            XXXX
            -9237.96000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD JPY
        000000000
        
          
        
        1.00000000
        NC
        
        -92804.73000000
        -0.01203010866
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            1363000000.00000000
            JPY
            12845100.16000000
            USD
            2020-12-16
            -92804.73000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs International Equity Insights Fund
        RP210Q47MZG236IVQP58
        Goldman Sachs International Equity Insights Fund
        38147X242
        
          
        
        5341606.65400000
        NS
        USD
        65594929.71000000
        8.502951655566
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3185 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -4125.00000000
        -0.00053471626
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3185.00000000
            USD
            2020-10-30
            XXXX
            3801.94000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3615 CALL
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -17.50000000
        -0.00000226849
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3615.00000000
            USD
            2020-09-30
            XXXX
            16948.60000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3545 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -1435.00000000
        -0.00018601644
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3545.00000000
            USD
            2020-10-30
            XXXX
            2436.75000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT SEP21C 98.25 EXP 09/13/2021
        000000000
        
          
        
        100.00000000
        NC
        USD
        390000.00000000
        0.050554991983
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                  
                  
                    ICE Futures Europe
                    549300UF4R84F48NCH34
                    Eurodollar Time Deposit Future
                    N/A
                    
                      
                    
                    100.00000000
                    NC
                    N/A
                    390000.00000000
                    0.05000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      Eurodollar Time Deposit
                      EDU1 Comdty
                    
                  
                  2021-09-13
                  100.00000000
                  USD
                
              
            
            2500.00000000
            98.25000000
            USD
            2021-09-13
            XXXX
            271805.49000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Small Cap Equity Insights Fund
        UBB2S4ORVV98300HEK13
        Goldman Sachs Small Cap Equity Insights Fund
        38147X499
        
          
        
        637098.56100000
        NS
        USD
        15194800.68000000
        1.969674427112
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3600 CALL
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -17.50000000
        -0.00000226849
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3600.00000000
            USD
            2020-09-30
            XXXX
            20111.73000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Emerging Markets Equity Insights Fund
        549300UHNMO4HOGWYU58
        Goldman Sachs Emerging Markets Equity Insights Fund
        38147X259
        
          
        
        2645141.68700000
        NS
        USD
        26266256.95000000
        3.404847203982
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3470 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -5.00000000
        -0.00000064814
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3470.00000000
            USD
            2020-09-30
            XXXX
            7827.67000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3430 PUT
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -49070.00000000
        -0.00636085501
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3430.00000000
            USD
            2020-09-30
            XXXX
            -14212.33000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3420 PUT
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -41755.00000000
        -0.00541262484
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3420.00000000
            USD
            2020-09-30
            XXXX
            -8411.81000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3140 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -8030.00000000
        -0.00104091432
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3140.00000000
            USD
            2020-11-30
            XXXX
            1042.58000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3220 PUT
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -8595.00000000
        -0.00111415424
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3220.00000000
            USD
            2020-10-07
            XXXX
            27349.16000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD AUD
        000000000
        
          
        
        1.00000000
        NC
        
        74531.90000000
        0.009661434889
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            5260000.00000000
            AUD
            3842808.72000000
            USD
            2020-12-16
            74531.90000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD DKK
        000000000
        
          
        
        1.00000000
        NC
        
        9688.55000000
        0.001255909147
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            6030000.00000000
            DKK
            960842.96000000
            USD
            2020-12-16
            9688.55000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3415 PUT
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -38255.00000000
        -0.00495892620
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3415.00000000
            USD
            2020-09-30
            XXXX
            -5783.90000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs MarketBeta International Equity ETF
        N/A
        Goldman Sachs MarketBeta International Equity ETF
        381430180
        
          
        
        685277.00000000
        NS
        USD
        31239859.65000000
        4.049566292775
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        S+P500 EMINI FUT  DEC20 XCME 20201218
        000000000
        
          
        
        416.00000000
        NC
        USD
        -198509.28000000
        -0.02573239758
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                E-mini S&P 500 Index
                ESZ0 Index
              
            
            2020-12-18
            69920109.28000000
            USD
            -198509.28000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD CHF
        000000000
        
          
        
        1.00000000
        NC
        
        50580.66000000
        0.006556679130
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            4630000.00000000
            CHF
            5089517.24000000
            USD
            2020-12-16
            50580.66000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD EUR
        000000000
        
          
        
        1.00000000
        NC
        
        162705.73000000
        0.021091248399
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            14580000.00000000
            EUR
            17287695.54000000
            USD
            2020-12-16
            162705.73000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3450 CALL
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000097221
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3450.00000000
            USD
            2020-09-30
            XXXX
            11470.88000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        MSCI EAFE         DEC20 IFUS 20201218
        000000000
        
          
        
        242.00000000
        NC
        USD
        -649403.05000000
        -0.08418093842
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Long
            
              
                MSCI EAFE
                MFSZ0 Index
              
            
            2020-12-18
            23073123.05000000
            USD
            -649403.05000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3595 CALL
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -1700.00000000
        -0.00022036791
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3595.00000000
            USD
            2020-10-30
            XXXX
            5652.69000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD ILS
        000000000
        
          
        
        1.00000000
        NC
        
        3049.78000000
        0.000395337444
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            560000.00000000
            ILS
            166716.38000000
            USD
            2020-12-16
            3049.78000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3295 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3295.00000000
            USD
            2020-09-30
            XXXX
            5276.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3610 CALL
        000000000
        
          
        
        -7.00000000
        NC
        USD
        -17.50000000
        -0.00000226849
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3610.00000000
            USD
            2020-09-30
            XXXX
            17448.81000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX OCT20 3445 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -3995.00000000
        -0.00051786459
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3445.00000000
            USD
            2020-10-30
            XXXX
            -835.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3220 PUT
        000000000
        
          
        
        -2.00000000
        NC
        USD
        -5.00000000
        -0.00000064814
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3220.00000000
            USD
            2020-09-30
            XXXX
            10756.83000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 2980 PUT
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2980.00000000
            USD
            2020-09-30
            XXXX
            10896.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3630 CALL
        000000000
        
          
        
        -9.00000000
        NC
        USD
        -22.50000000
        -0.00000291663
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3630.00000000
            USD
            2020-09-30
            XXXX
            31296.29000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3500 CALL
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000032407
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3500.00000000
            USD
            2020-09-30
            XXXX
            2816.75000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Global Real Estate Securities Fund
        549300IV19H0UGZG5L86
        Goldman Sachs Global Real Estate Securities Fund
        38148U718
        
          
        
        1111901.97900000
        NS
        USD
        10340688.40000000
        1.340444664537
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX SEP20 3435 PUT
        000000000
        
          
        
        -16.00000000
        NC
        USD
        -119440.00000000
        -0.01548279036
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3435.00000000
            USD
            2020-09-30
            XXXX
            -43660.91000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs International Small Cap Insights Fund
        549300VMLASEOM8ZWE07
        Goldman Sachs International Small Cap Insights Fund
        38147X234
        
          
        
        1097411.40300000
        NS
        USD
        12620231.13000000
        1.635937650286
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD SGD
        000000000
        
          
        
        1.00000000
        NC
        
        747.18000000
        0.000096855586
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            960000.00000000
            SGD
            704091.63000000
            USD
            2020-12-16
            747.18000000
          
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2020-10-28
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX



GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Underlying Funds(a) – 92.3%
 

Equity – 32.9%

  5,341,607      Goldman Sachs International Equity Insights Fund - Class R6   $  65,594,930
  1,595,046      Goldman Sachs Large Cap Growth Insights Fund - Class R6   64,535,558
  2,373,558      Goldman Sachs Large Cap Value Insights Fund - Class R6   46,592,943
  2,645,142      Goldman Sachs Emerging Markets Equity Insights Fund - Class R6   26,266,257
  637,099      Goldman Sachs Small Cap Equity Insights Fund - Class R6   15,194,801
  1,097,411      Goldman Sachs International Small Cap Insights Fund - Class R6   12,620,231
  1,104,757      Goldman Sachs Global Infrastructure Fund - Class R6   12,306,994
  1,111,902      Goldman Sachs Global Real Estate Securities Fund - Class R6   10,340,688
    

 

     253,452,402

 

 

 

Exchange Traded Funds – 59.4%

  3,148,296      Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF   214,241,543
  4,519,094      Goldman Sachs ActiveBeta International Equity ETF   127,212,496
  1,779,023      Goldman Sachs ActiveBeta Emerging Markets Equity ETF   58,334,164
  685,277      Goldman Sachs MarketBeta International Equity ETF   31,239,860
  585,460      Goldman Sachs MarketBeta Emerging Markets Equity ETF   27,499,993
    

 

     458,528,056

 

 

 
TOTAL UNDERLYING FUNDS – 92.3%
(Cost $644,582,138)
  $711,980,458

 

 

Shares      Dividend
Rate
  Value
  Investment Company(a) – 4.1%
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  31,831,534      0.027%   $  31,831,534
  (Cost $31,831,534)  

 

 

 
TOTAL INVESTMENTS – 96.4%
(Cost $676,413,672)
  $743,811,992

 

 

 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 3.6%
  27,568,663

 

 

  NET ASSETS – 100.0%   $771,380,655

 

 

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.

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

DKK  

— Danish Krone

EUR  

— Euro

GBP  

— British Pound

GBP  

— Great British Pound

HKD  

— Hong Kong Dollar

ILS  

— Israeli Shekel

JPY  

— Japanese Yen

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

USD  

— U.S. Dollar

Investment Abbreviations:
ETF  

— Exchange Traded Fund

PLC  

— Public Limited Company

 

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


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty      Currency
Purchased
       Currency
Sold
       Settlement
Date
       Unrealized
Gain
 

 

 

MS & Co. Int. PLC

     USD 9,054,159        GBP 6,800,000          12/16/20        $ 275,242  
     USD   17,287,696        EUR   14,580,000          12/16/20          162,706  
     USD 3,842,809        AUD 5,260,000          12/16/20          74,532  
     USD 5,089,517        CHF 4,630,000          12/16/20          50,581  
     USD 134,873        NZD 200,000          12/16/20          2,573  
     USD 166,716        ILS 560,000          12/16/20          3,050  
     USD 362,814        NOK 3,200,000          12/16/20          19,667  
     USD 960,843        DKK 6,030,000          12/16/20          9,689  
     USD 1,498,916        SEK 13,050,000          12/16/20          40,296  
     USD 704,092        SGD 960,000          12/16/20          747  

 

 

TOTAL

                    $ 639,083  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased
       Currency
Sold
       Settlement
Date
       Unrealized
Loss
 

 

 

MS & Co. Int. PLC

       USD    12,845,100        JPY     1,363,000,000          12/16/20        $ (92,805
       USD      1,986,031        HKD 15,400,000          12/16/20          (459

 

 

TOTAL

                    $ (93,264

 

 

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

 

Description      Number of
Contracts
     Expiration
Date
     Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

 

 

Long position contracts:

                   

Mini MSCI EAFE Index

     242      12/18/20      $ 22,423,720        $ (649,403

S&P 500 E-Mini Index

     485      12/18/20        81,286,000          (211,537

S&P Toronto Stock Exchange 60 Index

     50      12/17/20        9,615,000          (4,053

 

 

TOTAL FUTURES CONTRACTS

 

     $ (864,993

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description    Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
    Premiums Paid
(Received)
by Portfolio
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Purchased option contracts

 

Calls

 

Eurodollar Futures

     98.250       03/15/2021       121     $ 302,500     $ 470,387     $ 136,243     $ 334,144  

Eurodollar Futures

     98.250       06/14/2021       102       255,000       397,800       115,912       281,888  

Eurodollar Futures

     98.250       09/13/2021       100       250,000       390,000       118,194       271,806  

 

 

TOTAL

         323     $ 807,500     $ 1,258,187     $ 370,349     $ 887,838  

 

 


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

 

Description    Exercise
Price
    Expiration
Date
  Number of
Contracts
  Notional
Amount
    Market
Value
    Premiums Paid
(Received)
by Portfolio
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Written option contracts

 

Calls

 

S&P 500 Index

     3,375.000     09/30/2020   (3)   $ (300   $ (8   $ (12,718   $ 12,710  

S&P 500 Index

     3,390.000     09/30/2020   (1)     (100     (2     (5,624     5,622  

S&P 500 Index

     3,425.000     09/30/2020   (2)     (200     (5     (7,842     7,837  

S&P 500 Index

     3,425.000     10/21/2020   (10)     (1,000     (34,900     (26,643     (8,257

S&P 500 Index

     3,445.000     10/30/2020   (1)     (100     (3,995     (3,159     (836

S&P 500 Index

     3,450.000     09/30/2020   (3)     (300     (7     (11,478     11,471  

S&P 500 Index

     3,450.000     10/28/2020   (10)     (1,000     (35,000     (42,025     7,025  

S&P 500 Index

     3,450.000     10/30/2020   (8)     (800     (30,560     (36,067     5,507  

S&P 500 Index

     3,455.000     10/30/2020   (8)     (800     (29,120     (34,512     5,392  

S&P 500 Index

     3,460.000     10/07/2020   (9)     (900     (5,311     (46,777     41,466  

S&P 500 Index

     3,460.000     10/30/2020   (8)     (800     (27,760     (32,883     5,123  

S&P 500 Index

     3,465.000     10/30/2020   (8)     (800     (26,401     (31,832     5,431  

S&P 500 Index

     3,470.000     09/30/2020   (2)     (200     (5     (7,833     7,828  

S&P 500 Index

     3,470.000     10/30/2020   (8)     (800     (25,120     (30,353     5,233  

S&P 500 Index

     3,500.000     09/30/2020   (1)     (100     (2     (2,819     2,817  

S&P 500 Index

     3,500.000     10/14/2020   (9)     (900     (7,335     (32,016     24,681  

S&P 500 Index

     3,505.000     10/30/2020   (2)     (200     (4,390     (11,878     7,488  

S&P 500 Index

     3,510.000     11/30/2020   (2)     (200     (11,980     (9,699     (2,281

S&P 500 Index

     3,525.000     10/30/2020   (1)     (100     (1,775     (4,759     2,984  

S&P 500 Index

     3,530.000     11/30/2020   (3)     (300     (15,870     (17,392     1,522  

S&P 500 Index

     3,540.000     09/30/2020   (1)     (100     (2     (2,629     2,627  

S&P 500 Index

     3,545.000     10/30/2020   (1)     (100     (1,435     (3,872     2,437  

S&P 500 Index

     3,550.000     10/30/2020   (2)     (200     (2,710     (7,699     4,989  

S&P 500 Index

     3,565.000     11/30/2020   (1)     (100     (4,220     (7,306     3,086  

S&P 500 Index

     3,595.000     10/30/2020   (2)     (200     (1,700     (7,353     5,653  

S&P 500 Index

     3,600.000     09/30/2020   (7)     (700     (17     (20,129     20,112  

S&P 500 Index

     3,605.000     09/30/2020   (7)     (700     (18     (18,606     18,588  


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS — (continued)

 

Description    Exercise
Price
    Expiration
Date
  Number of
Contracts
  Notional
Amount
    Market
Value
    Premiums Paid
(Received)
by Portfolio
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Calls – (continued)

 

S&P 500 Index

     3,605.000     11/30/2020   (2)   $ (200   $ (6,450   $ (10,767   $ 4,317  

S&P 500 Index

     3,610.000     09/30/2020   (7)     (700     (17     (17,466     17,449  

S&P 500 Index

     3,615.000     09/30/2020   (7)     (700     (17     (16,966     16,949  

S&P 500 Index

     3,620.000     09/30/2020   (7)     (700     (17     (15,838     15,821  

S&P 500 Index

     3,630.000     09/30/2020   (9)     (900     (23     (31,319     31,296  

S&P 500 Index

     3,685.000     10/30/2020   (3)     (300     (1,140     (15,677     14,537  

 

 
       (155)   $ (15,500   $ (277,312   $ (583,936   $ 306,624  

 

 

Puts

 

S&P 500 Index

     2,980.000     09/30/2020   (1)     (100     (2     (10,899     10,897  

S&P 500 Index

     3,040.000     09/30/2020   (1)     (100     (3     (9,097     9,094  

S&P 500 Index

     3,085.000     09/30/2020   (3)     (300     (7     (21,588     21,581  

S&P 500 Index

     3,125.000     09/30/2020   (2)     (200     (5     (17,654     17,649  

S&P 500 Index

     3,140.000     11/30/2020   (1)     (100     (8,031     (9,073     1,042  

S&P 500 Index

     3,145.000     11/30/2020   (2)     (200     (16,311     (19,811     3,500  

S&P 500 Index

     3,175.000     11/30/2020   (3)     (300     (26,790     (24,046     (2,744

S&P 500 Index

     3,180.000     10/30/2020   (2)     (200     (8,050     (12,238     4,188  

S&P 500 Index

     3,185.000     09/30/2020   (3)     (300     (7     (19,473     19,466  

S&P 500 Index

     3,185.000     10/30/2020   (1)     (100     (4,125     (7,927     3,802  

S&P 500 Index

     3,195.000     10/30/2020   (1)     (100     (4,330     (6,479     2,149  

S&P 500 Index

     3,210.000     10/21/2020   (10)     (1,000     (32,600     (50,562     17,962  

S&P 500 Index

     3,220.000     09/30/2020   (2)     (200     (5     (10,762     10,757  

S&P 500 Index

     3,220.000     10/07/2020   (9)     (900     (8,595     (35,944     27,349  

S&P 500 Index

     3,220.000     10/30/2020   (8)     (800     (39,080     (34,010     (5,070

S&P 500 Index

     3,225.000     10/30/2020   (8)     (800     (40,040     (34,772     (5,268

S&P 500 Index

     3,230.000     10/28/2020   (10)     (1,000     (47,200     (40,540     (6,660

S&P 500 Index

     3,230.000     10/30/2020   (8)     (800     (41,000     (35,753     (5,247

S&P 500 Index

     3,235.000     10/30/2020   (8)     (800     (41,960     (36,664     (5,296

S&P 500 Index

     3,235.000     11/30/2020   (2)     (200     (21,290     (19,206     (2,084

S&P 500 Index

     3,240.000     10/30/2020   (8)     (800     (43,000     (37,462     (5,538

S&P 500 Index

     3,255.000     10/30/2020   (2)     (200     (11,550     (15,707     4,157  

S&P 500 Index

     3,280.000     10/30/2020   (1)     (100     (6,500     (6,580     80  

S&P 500 Index

     3,295.000     09/30/2020   (1)     (100     (2     (5,279     5,277  


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS — (continued)

 

Description    Exercise
Price
    Expiration
Date
    Number of
Contracts
  Notional
Amount
    Market
Value
    Premiums Paid
(Received)
by Portfolio
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Puts – (continued)

 

S&P 500 Index

     3,310.000       10/14/2020     (9)   $ (900   $ (40,815   $ (44,698   $ 3,883  

S&P 500 Index

     3,315.000       10/30/2020     (2)     (200     (15,310     (14,836     (474

S&P 500 Index

     3,355.000       09/30/2020     (1)     (100     (2     (4,589     4,587  

S&P 500 Index

     3,390.000       10/30/2020     (3)     (300     (32,460     (23,222     (9,238

 

 
       (112)   $ (11,200   $ (489,070   $ (608,871   $ 119,801  

 

 

TOTAL

       (267)   $ (26,700   $ (766,382   $ (1,192,807   $ 426,425  

 

 

 

 

Abbreviations:
MS & Co. Int. PLC  

—Morgan Stanley & Co. International PLC

 

 


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

A. Investment Valuation — The valuation policy of the Fund and Underlying Funds is to value investments at fair value.

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

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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

B. 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:

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

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


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options swap contracts.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

D. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of September 30, 2020:

 

                                                                    
Investment Type      Level 1      Level 2      Level 3  
Assets

 

Underlying Funds

 

Equity

     $ 253,452,402      $      $  

Exchange Traded Funds

       458,528,056                

Investment Companies

       31,831,534                
Total      $ 743,811,992      $      $  
Derivative Type                          
Assets

 

Forward Foreign Currency Exchange Contracts(a)

     $      $ 639,083      $  

Options Purchased

       1,258,187                
Total      $ 1,258,187      $ 639,083      $  
Liabilities

 

Forward Foreign Currency Exchange Contracts(a)

     $      $ (93,264    $  

Futures Contracts(a)

       (864,993              

Written option contracts

       (766,382              
Total      $ (1,631,375    $ (93,264    $  

 

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

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

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


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

Investments in the Underlying Funds Risk — The investments of the Fund are concentrated in the Underlying Funds, and the Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. The Fund that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in 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 the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the 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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

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

 

 

Categories

SEC Filings