UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
| Robert Griffith, Esq. | Stephen H. Bier, Esq. |
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| Goldman Sachs & Co. LLC | Dechert LLP |
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| 200 West Street | 1095 Avenue of the Americas |
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| New York, New York 10282 | New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: August 31
Date of reporting period: August 31, 2023
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
| The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
| Annual Report | August 31, 2023 | |||
| Fundamental Equity Growth Funds | ||||
| Concentrated Growth | ||||
| Flexible Cap | ||||
| Large Cap Core | ||||
| Mid Cap Growth | ||||
| Small Cap Growth | ||||
| Small/Mid Cap Growth | ||||
| Strategic Growth | ||||
| Technology Opportunities | ||||
| U.S. Equity ESG | ||||
Goldman Sachs Fundamental Equity Growth Funds
| ∎ | CONCENTRATED GROWTH |
| ∎ | FLEXIBLE CAP |
| ∎ | LARGE CAP CORE |
| ∎ | MID CAP GROWTH |
| ∎ | SMALL CAP GROWTH |
| ∎ | SMALL/MID CAP GROWTH |
| ∎ | STRATEGIC GROWTH |
| ∎ | TECHNOLOGY OPPORTUNITIES |
| ∎ | U.S. EQUITY ESG |
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| 1 | ||||
| 4 | ||||
| 52 | ||||
| 73 | ||||
| 84 | ||||
| 84 | ||||
| 90 | ||||
| 97 | ||||
| 105 | ||||
| 113 | ||||
| 119 | ||||
| 127 | ||||
| 135 | ||||
| 142 | ||||
| 149 | ||||
| 174 | ||||
| 180 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
MARKET REVIEW
Goldman Sachs Fundamental Equity Growth Funds
Overall, U.S. equities rallied during the 12 months ended August 31, 2023 (the “Reporting Period”). The Standard & Poor’s® 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of 14.94%. The Russell 3000® Index generated a return of 14.76%. The U.S. equity market’s strength was predominantly driven throughout the Reporting Period by disinflation momentum, an upswing in soft economic landing expectations and consumer resilience. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.)
As the Reporting Period began in September 2022, the S&P 500 Index declined, impacted most by the noticeable tightening of financial conditions guided, in turn, by expectations for a more aggressive global interest rate hike cycle. The U.S. Federal Reserve (the “Fed”) increased its “raise and hold” messaging as the end of September approached. The Fed’s hawkish policy received plenty of support on the back of higher than consensus expected August inflation data and a still tight labor market that showed only moderate proof of cooling. (Hawkish tends to suggest higher interest rates; opposite of dovish.) The end of the month drove a surge in fears that tighter financial conditions in conjunction with deteriorating liquidity were preparing the basis for “something to break.” More specifically, from an equities perspective, there appeared to be a great deal of concern that corporate earnings could suffer given the combination of margin pressure, demand destruction, higher labor costs, slower economic activity and a strong U.S. dollar eroding overseas sales.
In the fourth quarter of 2022, the S&P 500 Index solidly increased, attributable primarily to gains in October and November. Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) Positive inflation developments further supported aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the technology sector. On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.
During the first quarter of 2023, the S&P 500 Index returned 7.53%, marking its second straight quarterly gain. Following a stellar start to the calendar year, February 2023 proved to be a setback for the disinflation path after nonfarm payrolls data illustrated the largest job growth in six months, and the U.S. unemployment rate fell to a 53-year low, in turn pushing market forecasts for the Fed’s terminal rate upward. (The terminal federal funds rate is the ultimate interest rate level the Fed sets as its target for a cycle of rate hikes or cuts.) The January 2023 Producer Price Index (“PPI”) and core Personal Consumption Expenditure (“PCE”) Index saw their largest monthly increases since mid-2022, illustrating that more work was needed to combat inflation. The bearish case was further supported by a disappointing fourth quarter 2022 corporate earnings season, as margins came under pressure by persistently high input costs and weaker demand. (Bearish refers to an expected downward movement in the prices of securities.) Consensus forecasts for the Fed’s interest rate path took a dovish turn in March 2023 due to an abrupt banking crisis that escalated the risk of raising interest rates. Economic data in March also contributed to the dovish sentiment, as February 2023 PPI, PCE and personal income growth data were cooler than consensus expected.
During the second quarter of 2023, the S&P 500 Index returned 8.74%, marking its third consecutive quarterly gain. In addition to those factors that drove strong performance throughout the Reporting Period, second quarter results were boosted by a better than consensus expected first quarter 2023 corporate earnings season and persistent enthusiasm around artificial intelligence (“AI”), including the possibility for a boom in AI-related chipmakers. In turn, growth stocks significantly outperformed their value counterparts, as mega-cap technology stocks accounted for a vast majority of the S&P 500 Index’s rally in the quarter. First quarter 2023 corporate earnings metrics, although supported by a lower bar, were well above their one-year averages due to a combination of ongoing pricing power, supply-chain normalization, cost-cutting initiatives and margin expansion. Disinflation progress was
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MARKET REVIEW
highlighted by a cooler than consensus expected May 2023 Consumer Price Index (“CPI”) reading, as the inflation rate fell to 4.0%, the lowest level in more than two years, on the back of lower energy prices. The May PPI and headline PCE Index data also came in below consensus forecasts. Furthermore, transitory inflation pressures, such as supply-chain disruptions, continued to fade throughout the quarter. The soft landing narrative continued to take form with a still-tight labor market and robust housing market helping to counteract the possibility of a recession. Despite the S&P 500 Index’s strong second calendar quarter, there were numerous bearish takeaways. These primarily surrounded the implacable higher-for-longer messaging from the Fed. Although the June Fed meeting left the federal funds rate unchanged, Fed Chair Powell made a hawkish statement that the Fed is open to additional rate hikes before year end. Concentrated market leadership was another concern for investors that raised doubts about the sustainability of the U.S. equity market rally. On the geopolitical front, a slower than consensus expected economic recovery in China presented an additional setback for the market.
In July 2023, U.S. equities continued to gain ground, driven by lower than consensus expected inflation, strong economic data and broadly resilient corporate quarter-end results. Spearheaded by initial outperformance of big information technology firms, the breadth of the rally expanded as second quarter 2023 earnings were widely reporting better than consensus expected results. As of July’s close, more than half of the S&P 500 Index companies had reported, with approximately 80% of the companies reporting positive earnings surprises. However, the majority of the corporate upside was derived from margin increases, as earnings growth was blended and slightly underwhelming consensus expectations. Supporting the relatively strong corporate data, the June CPI reading was the most dominant market mover for the month, with headline inflation falling more than consensus expected to 3% year over year. Coupled with falling inflation rates, second quarter Gross Domestic Product (“GDP”) was another signal of resilience, outperforming consensus expectations and rising 2.4% on an annualized basis, reflecting robust consumer spending durability. The theme of economic strength was further underpinned by the core PCE reading falling to its lowest level since September 2021, consumer confidence reaching its highest level since mid-2021, and both initial and continuing jobless claims realizing numbers below their respective forecasts. The Fed raised interest rates in July by another 25 basis points.
August 2023 saw the first monthly decline for the S&P 500 Index since February 2023. The U.S. equities market started the month sluggish, as Fitch Ratings, a leading credit rating agency, downgraded the U.S.’ credit rating by one notch from AAA to AA+. On the earnings front, S&P 500 Index companies saw earnings decline in the second quarter compared to a year earlier, marking the third consecutive quarter of negative earnings growth reported by the S&P 500 Index. Firms continued to juggle challenges regarding margin compression and top-line growth from rising costs, a reduction in consumer spending, and an increase in interest expenses. Mega-cap technology names, primarily in the semiconductor and software industries, continued to dominate headlines and positive sentiment from AI tailwinds. The theme of bearish corporate earnings was further underpinned by Fed Chair Powell’s cautious stance on monetary policy that is dependent on future economic data. Still, consumers exhibited resiliency, with personal spending rising in July, and data showing an ease in labor market pressures. Inflation seemed to be cooling based on CPI and labor market data. However, investors appeared to remain wary, as inflation may be stickier than consensus expected due to other macro factors.
For the Reporting Period overall, nine of the 11 sectors of the S&P 500 Index posted absolute gains, with six of the nine generating robust double-digit positive total returns. The information technology sector led the way, followed by communication services and industrials. On a relative basis, the weakest performing sectors in the S&P 500 Index were utilities, real estate and consumer staples.
Within the U.S. equity market, all capitalization segments generated positive absolute returns during the Reporting Period. Large-cap stocks, as measured by the Russell 1000® Index, were strongest, followed at some distance by mid-cap stocks, as measured by the Russell Midcap® Index, and then small-cap stocks, as measured by the Russell 2000® Index. From a style perspective, in a reversal from the prior 12-month period, growth stocks meaningfully outperformed value stocks on a relative basis across the capitalization spectrum during the Reporting Period. (All as measured by the FTSE Russell indices.)
Looking Ahead
At the end of the Reporting Period, we believed the U.S. equity market’s performance will likely depend on the effects of the Fed’s ongoing fight against inflation. Investor optimism improved during the Reporting Period with the consistent deceleration of
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MARKET REVIEW
inflation since its peak in the summer of 2022, thanks largely to declining oil prices and easing global supply constraints that pushed energy and core good prices lower. However, core inflation remained well above the Fed’s 2% target at the end of the Reporting Period, making the central bank inclined to further increase the federal funds rate. The most recent Summary of Economic Projections, a summary released four times a year of Fed policymakers’ projections on a variety of economic indicators and their views on the uncertainty and risks attending the outlook, was forecasting two additional interest rate hikes, bringing the terminal rate to 5.50% to 5.75%. Such a view was echoed by hawkish Fed commentary emphasizing that two additional interest rate hikes can be expected. After 500 basis points of interest rate hikes and the possibility for more, Fed commentary might have a more significant impact on the U.S. equity market than the absolute rate itself, in our opinion.
Although a U.S. economic recession remains a possibility, the combination of slowing inflation, resilient economic growth, and mega-cap technology dominance that we witnessed in the first eight months of 2023 has materially diminished the downside risks of a recession and more aggressive Fed policy, in our view. At the same time, we believed at the end of the Reporting Period that upside potential has vastly expanded from a potential AI-related profit boost. On the other hand, the lagged effect of monetary policy tightening has raised concerns around looming and unexpectedly large repercussions. Some key areas susceptible to recessionary risk, in our view, include the progression of unemployment claims and layoffs as well as tightening credit conditions and its consequent effect on small businesses.
We believe that implementing strategic active management may be the best course of action during this time. Without action, portfolios may be unbalanced during this period of macroeconomic uncertainty, with a decreasing, but still looming, possibility of recession. It is important to note that the S&P 500 Index is overly-concentrated now in the largest holdings and may not have the width of support necessary to weather a recessionary storm. As such, we intend to stay true, as always, to our quality-first investment approach as we continue to seek to invest in businesses with healthy balance sheets, relatively stable cash flow generation and differentiated business models aligned to secular advantages. We think focusing on higher quality investments can help navigate heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our strategies and re-evaluate our assumptions with increasing information, staying focused on the long-term investment horizon.
Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Fundamental Equity Growth Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.
At a meeting of the Board of Trustees of Goldman Sachs Trust (the “Trust”) held on June 13-14, 2023, the Trustees approved, on behalf of the Goldman Sachs Concentrated Growth Fund and Goldman Sachs Small Cap Growth Fund (the “Funds”), the termination of Class R Shares of the Funds (the “Termination”).
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PORTFOLIO RESULTS
Goldman Sachs Concentrated Growth Fund
Portfolio Composition
The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in U.S. equity investments selected for their potential to achieve capital appreciation over the long term. The Fund typically holds 30-40 companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund may invest in securities of companies of any capitalization. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest up to 10% of its total assets in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 24.58%, 23.69%, 24.94%, 24.88%, 24.90% and 24.97%, respectively. These returns compare to the 21.94% average annual total return of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation as a whole detracted from relative performance during the Reporting Period. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, industrials and consumer discretionary, wherein stock selection in each proved effective. Only partially offsetting these positive contributors was weak stock selection in communication services. Having overweighted allocations to real estate and materials, which each lagged the Russell Index during the Reporting Period, and having an underweighted allocation to communication services, which outpaced the Russell Index during the Reporting Period, also hurt. Having a position in cash during a Reporting Period when the Russell Index rallied further dampened the Fund’s relative results. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in NVIDIA, Eli Lilly and Company and Old Dominion Freight Line. |
| NVIDIA is a semiconductor manufacturer and designer. Its shares initially rose during the Reporting Period, as investors had broad-based positive sentiment toward artificial intelligence (“AI”)-related companies. This positive momentum was then boosted when NVIDIA reported first and second quarter 2023 earnings that surpassed any bullish, or optimistic, consensus expectations. Second quarter 2023 revenue doubled from the previous year, as investment in AI propelled the company forward faster than even the company had anticipated. Overall, the beating of consensus expectations and raising of guidance was largely attributable to increased data center demand. Such demand was driven by companies increasingly focusing on AI, the non-data center business coming off a trough, a new product cycle related to Hopper, and strength in China as consumers there were demanding more of the lower specification semiconductors as they feared the possibility of further restrictions past the high end. (The NVIDIA Hopper architecture advances tensor core technology with the transformer engine, designed to accelerate the training of AI models.) At the end of the Reporting Period, we continued to view NVIDIA as one of the best positioned semiconductor companies over the long term, and we remained bullish on consumer-levered semiconductor companies. We believed NVIDIA’s competitive advantage, compelling intellectual property and high growth end markets, particularly toward AI and |
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PORTFOLIO RESULTS
| autonomous vehicles, may well propel the company forward in the months and years ahead. |
| Eli Lilly and Company (“Eli Lilly”) engages in the discovery, development and sale of pharmaceutical products. Its shares surged after the company’s first and second quarter 2023 financial results exceeded consensus expectations given acceleration of revenue growth with impressive performance from growth products and soaring demand of new products. The company saw especially notable results during the Reporting Period from its obesity trial on a new drug, which showed the best weight loss results of any similar product. Scientific studies showed that anti-obesity drugs can reduce the risk of cardiovascular events, which may help weight loss treatments gain health insurance coverage—resulting in availability for a broader market of patients. Overall, we continued at the end of the Reporting Period to believe that Eli Lilly had an attractive new product suite in development and the path to further market share capture remained intact. We further believed the company was well positioned to benefit from the secular growth trend targeting obesity with its best-in-class obesity drug and a full portfolio of next generation obesity drugs in its pipeline. |
| Less-than-truckload shipping company Old Dominion Freight Line was another top positive contributor to the Fund’s relative results during the Reporting Period. The company released a solid fourth quarter 2022 earnings report, with a bottom-line beat of consensus expectations driven by improved margins due to strong pricing and cost controls. The company also announced a 33% increase to its dividend. Shares of the company then appreciated again in June 2023 on news that industry rival, Yellow Corporation, could declare bankruptcy, which would create a significant opportunity for Old Dominion Freight Line to increase its market share. Such a scenario could also cause immediate pricing and volume gains for other less-than-truckload companies. Subsequently, the company announced second quarter 2023 earnings with a slight earnings per share beat of consensus expectations on improved margins. The results also featured pricing growth, moderating tonnage declines and strong cost control. At the end of the Reporting Period, we continued to believe the company was likely to hold up well in a potential economic downturn due to execution and superior industry structure. We also believed Old Dominion Freight Line may be poised to potentially benefit from what we saw as structural growth opportunities in the industry, with the freight cycle well below mid-cycle and with industry price discipline remaining strong. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Those stocks detracting most from the Fund’s results relative to the Russell Index were American Tower, BILL Holdings and Adobe. |
| American Tower, a provider and operator of wireless communication infrastructure, faced headwinds affecting its returns during the Reporting Period. These headwinds included rising interest rates increasing its debt interest payments, foreign exchange rate fluctuations affecting its international tower operations, and customer consolidation hurting its earnings. However, demand for its tower and data center infrastructures remained strong, and investors appeared to expect that American Tower can produce enough capital to increase its dividend by 10%. At the end of the Reporting Period, we believed recent issues impeding the company would likely fade, and long-term tailwinds may well help reaccelerate its growth as demand for its operations remained robust. |
| Cloud-based infrastructure software company BILL Holdings simplifies, digitizes and automates complex back-office financial operations. Despite reporting relatively strong third quarter 2022 earnings, the company’s share price depreciated in line with the broader software industry in November 2022 as overall unfavorable macroeconomic trends affected the entire complex. The company’s stock further declined after reporting a disappointing fourth quarter 2022 when it saw an unexpected slowdown in total payment volume especially in BILL Holding’s core business. The company also announced weak guidance for the next year, which caused some investor worry. Due to the slowdown relative to industry data in terms of total payment volume growth, we decided to exit the Fund’s position in BILL Holdings during the first quarter of 2023 in favor of what we considered to be better risk/reward opportunities elsewhere in the Fund’s portfolio. |
| Computer software company Adobe saw a drop in its stock’s price, predominantly attributable to the announcement of its acquisition of Figma for more than $20 billion. The deal was broadly perceived as a massive overpay that will bring immense dilution. On the positive side, the deal reduced Adobe’s competition, and we were optimistic at the end of the Reporting Period that it would heighten Adobe’s presence within the enterprise. Still, while we remained confident in the company’s long-term revenue growth potential and dominant position in its core creative market, which is set to widely expand its subscribers driven by digital |
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PORTFOLIO RESULTS
| transformation initiatives, we ultimately decided to sell out of the Fund’s position in Adobe in favor of other investment opportunities with what we believed were greater risk/reward prospects. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We established a Fund position during the Reporting Period in financial business software company Intuit. We believe Intuit is a high quality business demonstrating durable revenue growth driven by pricing power, the opportunity to integrate generative AI into its offerings, its move to target upmarket customers, and product cross-sell abilities. The company has had continued subscriber growth and a high level of recurring revenue in defensive categories, which has allowed the company to withstand macroeconomic headwinds relatively well. Overall, we believe near-term headwinds the business may face are reflected in the stock already, and it has potential margin expansion opportunity going forward. |
| During the Reporting Period, we initiated a Fund position in pharmaceutical and biotechnology company AstraZeneca. In our view, the company has a rick product pipeline for 2023, and we believe it is one of the fastest growing names in the pharmaceuticals industry. We further believe that as China returns to growth and recent drug launches gain further adoption, this may well prove accretive to the company’s earnings potential. |
| Conversely, in addition to the sales of Adobe and BILL Holdings, already mentioned, we exited the Fund’s position in data analytics provider Verisk Analytics during the Reporting Period. A combination of decelerating organic revenue growth and transaction revenue headwinds in Verisk Analytics’ insurance business contributed to our decision to sell out of the company in favor of what we felt were other more attractive risk/reward opportunities. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples, financials, industrials, materials and real estate increased and its allocations to communication services, consumer discretionary and health care decreased relative to the Russell Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted positions relative to the Russell Index in the materials, health care and real estate sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in communication services, consumer discretionary and industrials. The Fund was rather neutrally weighted relative to the Russell Index in consumer staples, financials and information technology and had no positions at all in the utilities and energy sectors at the end of the Reporting Period. |
6
FUND BASICS
Concentrated Growth Fund
as of August 31, 2023
| TOP TEN HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Microsoft Corp. | 10.2 | % | Software | |||||
| Apple, Inc. | 10.1 | Technology Hardware, Storage & Peripherals | ||||||
| NVIDIA Corp. | 7.6 | Semiconductors & Semiconductor Equipment | ||||||
| Amazon.com, Inc. | 5.4 | Broadline Retail | ||||||
| Eli Lilly & Co. | 4.0 | Pharmaceuticals | ||||||
| Mastercard, Inc., Class A | 4.0 | Financial Services | ||||||
| Alphabet, Inc., Class A | 3.0 | Interactive Media & Services | ||||||
| Marvell Technology, Inc. | 3.0 | Semiconductors & Semiconductor Equipment | ||||||
| Intuit, Inc. | 2.6 | Software | ||||||
| Sherwin-Williams Co. (The) | 2.6 | Chemicals | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
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GOLDMAN SACHS CONCENTRATED GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Concentrated Growth Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
24.58% | 11.46% | 12.74% | — | ||||||||
| Including sales charges |
17.75% | 10.20% | 12.11% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
23.69% | 10.63% | 11.90% | — | ||||||||
| Including contingent deferred sales charges |
22.51% | 10.63% | 11.90% | — | ||||||||
|
| ||||||||||||
| Institutional |
24.94% | 11.82% | 13.15% | — | ||||||||
|
| ||||||||||||
| Investor |
24.88% | 11.74% | 13.03% | — | ||||||||
|
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| Class R6 (Commenced July 31, 2015) |
24.90% | 11.84% | N/A | 12.18% | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
24.97% | 11.84% | N/A | 13.17% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
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PORTFOLIO RESULTS
Goldman Sachs Flexible Cap Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) (“Net Assets”) in equity investments in small-, mid- and large-cap issuers. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Advisor to be positioned for long-term growth of capital. This strategy is combined with a quantitative risk allocation process that is used to assist portfolio construction and trading decisions.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Flexible Cap Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 17.92%, 17.02%, 18.30%, 18.14%, 18.36%, 17.62% and 18.34%, respectively. These returns compare to the 15.94% average annual total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the S&P 500 Index on a relative basis during the Reporting Period due to stock selection overall. Sector allocation decisions as whole detracted, albeit modestly. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were industrials, consumer staples and materials. Effective stock selection drove results in each of these sectors. The sectors that detracted most from the Fund’s relative results during the Reporting Period were health care, energy and communication services, wherein stock selection proved challenging. Having a position in cash, though small, during a Reporting Period when the S&P 500 Index rallied further dampened the Fund’s relative results. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Those stocks the Fund benefited most from relative to the S&P 500 Index were positions in Saia, General Electric and Pfizer. |
| Saia provides regional and interregional less-than-truckload (“LTL”) services through a single integrated organization. The share price of transportation holding company Saia skyrocketed during the Reporting Period, with investors apparently wanting to buy truckers’ shares before an economic recovery. Industry concerns surrounding LTL competitor and third-largest LTL company based on 2022 revenue, Yellow Corporation, further boosted Saia’s share price. Any potential reduction in Yellow Corporation’s operations would be a tailwind to volume and industry-wide pricing. At the end of the Reporting Period, we continued to think LTL fundamentals should hold up well in an economic downturn, and good operators should take share and drive significant operating leverage in a recovery. Saia also has a distinctive opportunity to continue closing the price gap versus industry-leading peers, in our opinion, as its service has improved along with greater network density. |
| Industrials conglomerate General Electric was another top positive contributor to the Fund’s relative results during the Reporting Period. The company’s share price initially benefited from the news of its divestiture of GE HealthCare as a standalone business. Despite reporting a top-line third quarter 2022 earnings miss of consensus expectations, the company’s share price appreciated because of a strong beat of consensus expectations on earnings and free cash flow. The company’s share price continued to appreciate in January 2023 on the news of a solid fourth quarter 2022 earnings release, as the company’s core business reported results ahead of consensus expectations. Additionally, investors reacted positively to General Electric’s newly deleveraged business in the wake of the then-recent spinoff of its health care segment. General Electric’s stock appreciated further after the company reaffirmed its 2023 guidance and announced expectations for greater aerospace |
9
PORTFOLIO RESULTS
| profits. The company maintained this trend by announcing two quarters with results ahead of consensus expectations, as General Electric had the fastest free cash flow and earnings growth rate of large-cap industrial companies during these quarters. At the end of the Reporting Period, we continued to like General Electric for its leading aerospace exposure, which we believed was still below mid-cycle, as well as for its improvement and energy transition opportunities within its power business—all at an attractive valuation, in our view. Finally, we maintained our belief that the company’s balance sheet remained strong. |
| Pharmaceutical company Pfizer was a top contributor to the Fund’s relative results during the Reporting Period mostly due to strong third quarter 2022 earnings being announced in November 2022, beating consensus expectations. We ultimately decided to sell the Fund’s position in Pfizer at a lofty valuation and move on to focus on other businesses with what we believed were better risk/reward opportunities. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the S&P 500 Index were positions in Meta Platforms (Class A), Broadcom and Adobe. |
| Meta Platforms (Class A) is the parent company of Facebook, Instagram and Threads, engaging in the development of social media applications. Due to what many saw as excessive hiring and high product development costs, the company posted weak performance in 2022. The company has been focusing its efforts on different new devices to diversify and enter new markets. In doing so, it ramped up spending throughout the fourth quarter of 2022, especially on its metaverse construction project, which lost several billion dollars in 2022. As of the second quarter of 2023, the company had already showed improved cost efficiency and better engagement trends. Overall, the company performed well during the Reporting Period, especially in the narrow breadth growth lead market at the beginning of 2023, but the Fund’s underweight positioning caused the holding to be a relative detractor from results. At the end of the Reporting Period, we were optimistic that despite near-term challenges, the company can maintain its attractive operating margins and that the broader industry had positive tailwinds. |
| Similarly, the Fund’s underweight position in the strongly performing semiconductor company Broadcom led to it being a top detractor from relative results during the Reporting Period. The company primarily participates in semiconductor solutions as well as infrastructure software. At the end of the Reporting Period, we remained positive on Broadcom’s long-term positioning, as we believed there was growth opportunity within the artificial intelligence (“AI”) space. However, while we intend to continue to monitor the company, we still believed at the end of the Reporting Period that there were better risk/reward opportunities elsewhere in the sector. |
| Computer software company Adobe saw a drop in its stock’s price, predominantly attributable to the announcement of its acquisition of Figma for more than $20 billion. The deal was broadly perceived as a massive overpay that will bring immense dilution. On the positive side, the deal reduced Adobe’s competition, and we were optimistic at the end of the Reporting Period that it would heighten Adobe’s presence within the enterprise. As with the other holdings mentioned here, for the Reporting Period overall, the company performed well, especially in the narrow breadth growth lead market at the beginning of 2023, but the Fund’s underweight positioning caused the holding to be a relative detractor from results. While we remained confident in the company’s long-term revenue growth potential and dominant position in its core creative market, which is set to widely expand its subscribers driven by digital transformation initiatives, we ultimately decided to sell out of the Fund’s position in Adobe because of what we felt was its less attractive valuation after its rally in favor of other investment opportunities with what we believed were greater risk/reward prospects. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We established a Fund position during the Reporting Period in financial business software company Intuit. We believe Intuit is a high quality business demonstrating durable revenue growth driven by pricing power, the opportunity to integrate generative AI into its offerings, its move to target upmarket customers, and product cross-sell abilities. The company has had continued subscriber growth and a high level of recurring revenue in defensive categories, which has allowed the company to withstand macroeconomic headwinds relatively well. Overall, we believe near-term |
10
PORTFOLIO RESULTS
| headwinds the business may face are reflected in the stock already, and it has potential margin expansion opportunity going forward. |
| We initiated a Fund position in semiconductor equipment company Applied Materials during the Reporting Period. We believe the company will be a relatively strong performer given its exposure to lagging edge nodes. Further, we are increasingly bullish on the company’s trajectory in wafer fab equipment compared to its peers. Overall, we believe Applied Materials is well positioned to outperform its competitors given its higher exposure to logic and foundry investments. |
| Conversely, in addition to the sales of Adobe and Pfizer already mentioned, we exited the Fund’s position in multinational investment bank and financial services company Morgan Stanley during the Reporting Period. While we still like the company for the long term, its stock has been a relative outperformer versus its peers in recent history causing it to trade at a relative premium, in our view. Further, its management guided to flat net interest income for the rest of the calendar year. Given the events in the industry, investors appeared focused on the metric and margin headwinds the company faced. Ultimately, we preferred to rotate proceeds into ideas we had more conviction in for the medium to long term. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to financials increased and its allocations to information technology and real estate decreased relative to the S&P 500 Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had underweighted positions relative to the S&P 500 Index in the consumer staples and health care sectors and was rather neutrally weighted in the remaining nine sectors of the S&P 500 Index at the end of the Reporting Period. |
11
FUND BASICS
Flexible Cap Fund
as of August 31, 2023
| TOP TEN HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Apple, Inc. | 6.6 | % | Technology Hardware, Storage & Peripherals | |||||
| Microsoft Corp. | 6.4 | Software | ||||||
| Amazon.com, Inc. | 2.8 | Broadline Retail | ||||||
| NVIDIA Corp. | 2.7 | Semiconductors & Semiconductor Equipment | ||||||
| Alphabet, Inc., Class A | 2.6 | Interactive Media & Services | ||||||
| Alphabet, Inc., Class C | 2.0 | Interactive Media & Services | ||||||
| JPMorgan Chase & Co. | 1.6 | Banks | ||||||
| Visa, Inc., Class A | 1.5 | Financial Services | ||||||
| Eli Lilly & Co. | 1.5 | Pharmaceuticals | ||||||
| SPDR S&P 500 ETF Trust | 1.4 | |||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
12
GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 1, 2013 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the S&P 500® Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Flexible Cap Growth Fund’s 10 Year Performance |
Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
17.92% | 11.34% | 13.00% | — | ||||||||
| Including sales charges |
11.43% | 10.09% | 12.36% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
17.02% | 10.51% | 12.15% | — | ||||||||
| Including contingent deferred sales charges |
15.97% | 10.51% | 12.15% | — | ||||||||
|
| ||||||||||||
| Institutional |
18.30% | 11.74% | 13.42% | — | ||||||||
|
| ||||||||||||
| Investor |
18.14% | 11.61% | 13.28% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
18.36% | 11.76% | N/A | 11.75% | ||||||||
|
| ||||||||||||
| Class R |
17.62% | 11.06% | 12.72% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
18.34% | 11.77% | N/A | 12.26% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
13
PORTFOLIO RESULTS
Goldman Sachs Large Cap Core Fund
Portfolio Composition
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in large-cap issuers. Large-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 1000® Index at the time of investment. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Core Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 16.13%, 15.32%, 16.54%, 15.99%, 16.43%, 16.55%, 15.85% and 16.56%, respectively. These returns compare to the 15.40% average annual total return of the Fund’s benchmark, the Russell 1000® Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation as a whole detracted, albeit modestly, from the Fund’s relative performance during the Reporting Period. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were industrials, materials and consumer discretionary, wherein stock selection in each proved effective. The sectors that detracted most from the Fund’s relative performance during the Reporting Period were information technology, financials and communication services, wherein stock selection in each dampened results. Having underweighted allocations to information technology and communication services, the two strongest performing sectors in the Russell Index during the Reporting Period, also hurt. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Those stocks the Fund benefited most from relative to the Russell Index were positions in Intuitive Surgical, Eaton and KLA. |
| Intuitive Surgical develops, manufactures and markets robotic surgical systems and related instruments and accessories for invasive surgery. Despite sporadic volatility throughout, the company’s shares generated a robust double-digit gain during the Reporting Period in large part, we believe, due to what we see as its solid balance sheet and progress within its use of artificial intelligence (“AI”) for health care. At the end of the Reporting Period, we continued to believe the company is one of the highest quality names in the medical device industry with a long runway of growth potential given its position in the expanding market of enabling minimally invasive procedures. |
| Power management company Eaton delivered solid operating results throughout the Reporting Period, starting in the third quarter of 2022 when it slightly beat consensus expectations with its results. The market began seeing the benefits for Eaton of being an electrical products company in an increasingly electrified world when the company announced a solid fourth quarter 2022 earnings report, which propelled |
14
PORTFOLIO RESULTS
| the company’s stock forward, as it beat consensus expectations on both the top and bottom lines. Furthermore, the company illustrated strong backlog growth, which alludes to strong and ongoing order activity. Then, in July and August 2023, the company’s stock appreciated after it announced electric vehicle fleet charging solutions and after reporting second quarter 2023 earnings ahead of consensus expectations, driven by growth in its electrical and aerospace segments. Further, the company raised its guidance for the full calendar year, anticipating enhanced strength as the leading player in electrical products. At the end of the Reporting Period, we remained positive about the company, as its risk/reward profile looked compelling to us given that Eaton’s management has focused the company primarily as an electrical products business. We also believed the company’s direction was in line with multiple secular tailwinds and its portfolio would benefit from increased spending on U.S. manufacturing due to re-shoring tailwinds, electric vehicle investments and Inflation Reduction Act and Chips Act stimulus. |
| KLA is a semiconductor manufacturing company that seeks to empower innovation throughout the technology industry. Its performance was strong during the Reporting Period, and the company beat consensus expectations for three consecutive quarters and raised its guidance in its reports for the first and second quarters of 2023. We continued to favor KLA among the semiconductor capital equipment companies at the end of the Reporting Period, as it continued to outperform its peers. We believed KLA was well positioned at the end of the Reporting Period to benefit from secular growth trends. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in First Republic Bank, CVS Health and Meta Platforms (Class A). |
| First Republic Bank engages in the provision of private banking, business banking, real estate lending and wealth management. The company’s stock faced initial weakness when it reported third quarter 2022 earnings slightly better than consensus expected but guided future net interest margin in the lower end of its previous guidance. Then, in the first quarter of 2023, its stock price declined, driven by broader fear in the banking industry, as regional banks illustrated an asset/liability mismatch in invested securities that caused fears in customers. This led to withdrawals of balances from regional banks in favor of larger financial institutions. While we had previously liked its underlying businesses, we ultimately decided to sell the Fund’s position in First Republic Bank, as perception often drives stock prices, and fear around solvency caused volatility for regional banks. |
| Health care services provider and pharmacy retailer CVS Health was another top detractor from the Fund’s relative results during the Reporting Period. Shares of CVS Health took a hit in the fourth quarter of 2022 following the announcement that its largest health insurance plan for Medicare recipients received a lower star rating, making the plan ineligible for government bonus payments in 2024. Its stock also suffered from a pullback in the broader health care sector in the second half of December 2022. Further, the company’s share price depreciated after CVS Health reported weaker than consensus expected fourth quarter 2022 earnings. Investor concerns grew during the first quarter of 2023, as competition in the pharmaceutical space intensified, while the U.S. demand for prescription drugs has begun to decline, and the company continued to grapple with inflationary pressure on its pricing. At the end of the Reporting Period, we recognized that CVS Health has lagged the managed care organization peer group, but we were constructive about the company’s ability to offset recent headwinds by transferring its Medicare Advantage members to other four-star rated plans, along with share buybacks. Additionally, we thought CVS Health’s balance sheet remained strong. |
| Meta Platforms (Class A) is the parent company of Facebook, Instagram and Threads, engaging in the development of social media applications. Due to what many saw as excessive hiring and high product development costs, the company posted weak performance in 2022. The company has been focusing its efforts on different new devices to diversify and enter new markets. In doing so, it ramped up spending throughout the fourth quarter of 2022, especially on its metaverse construction project, which lost several billion dollars in 2022. As of the second quarter of 2023, the company had already showed improved cost efficiency and better engagement trends. At the end of the Reporting Period, we were optimistic that despite near-term challenges, the company can maintain its attractive operating margins and that the broader industry had positive tailwinds. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
15
PORTFOLIO RESULTS
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We initiated a Fund position during the Reporting Period in Domino’s Pizza. The company engages in the management of company and franchise-owned pizza stores. We believe in the company’s ability to post strong margins despite the current macroeconomic environment. |
| We established a Fund position in CoStar Group during the Reporting Period. The company provides online real estate marketplaces, information and analytics in the commercial and residential property markets. We purchased the stock ahead of its fourth quarter 2022 earnings release, as we believed its stock was being undervalued in the market and had a better risk/return profile than its peers. |
| Conversely, in addition to the sale of First Republic Bank mentioned earlier, we exited the Fund’s position in computer software company Adobe. The drop in its stock’s price during the Reporting Period can be predominantly attributed to its announced acquisition of Figma for more than $20 billion. The deal was broadly perceived as a massive overpay that may bring immense dilution. After thorough analysis, we ultimately decided to sell the Fund position in favor of other investment opportunities with what we saw as greater risk/reward prospects. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, relative to the Russell Index, the Fund’s allocations to materials and utilities increased and its allocations to communication services, industrials and information technology decreased. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund was overweight relative to the Russell Index in materials, energy and health care. On the same date, the Fund was underweight relative to the Russell Index in information technology, financials and communication services and was rather neutrally weighted to consumer discretionary, consumer staples, industrials, real estate and utilities. |
16
FUND BASICS
Large Cap Core Fund
as of August 31, 2023
| TOP TEN HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Apple, Inc. | 6.2 | % | Technology Hardware, Storage & Peripherals | |||||
| Microsoft Corp. | 6.2 | Software | ||||||
| Amazon.com, Inc. | 3.1 | Broadline Retail | ||||||
| NVIDIA Corp. | 2.5 | Semiconductors & Semiconductor Equipment | ||||||
| Alphabet, Inc., Class A | 2.3 | Interactive Media & Services | ||||||
| Alphabet, Inc., Class C | 2.0 | Interactive Media & Services | ||||||
| JPMorgan Chase & Co. | 1.7 | Banks | ||||||
| Procter & Gamble Co. (The) | 1.5 | Household Products | ||||||
| Visa, Inc., Class A | 1.5 | Financial Services | ||||||
| Bristol-Myers Squibb Co. | 1.3 | Pharmaceuticals | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
17
GOLDMAN SACHS LARGE CAP CORE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 1, 2013 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Large Cap Core Fund’s 10 Year Performance |
Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
16.13% | 10.54% | 12.87% | — | ||||||||
| Including sales charges |
9.76% | 9.29% | 12.23% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
15.32% | 9.73% | 12.04% | — | ||||||||
| Including contingent deferred sales charges |
14.16% | 9.73% | 12.04% | — | ||||||||
|
| ||||||||||||
| Institutional |
16.54% | 10.94% | 13.30% | — | ||||||||
|
| ||||||||||||
| Service |
15.99% | 10.39% | 12.74% | — | ||||||||
|
| ||||||||||||
| Investor |
16.43% | 10.81% | 13.15% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
16.55% | 10.95% | N/A | 11.89% | ||||||||
|
| ||||||||||||
| Class R |
15.85% | 10.26% | 12.58% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
16.56% | 10.95% | N/A | 11.55% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
18
PORTFOLIO RESULTS
Goldman Sachs Mid Cap Growth Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers. Mid-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell Midcap® Growth Index at the time of investment. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 7.76%, 7.00%, 8.11%, 7.64%, 8.09%, 8.10%, 7.53% and 8.15%, respectively. These returns compare to the 13.00% average annual total return of the Fund’s benchmark, the Russell Midcap® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | While absolute returns were solidly positive, the Fund underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation as a whole also detracted from relative performance. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that detracted most from the Fund’s relative performance during the Reporting Period were information technology, financials and consumer discretionary, wherein stock selection in each proved especially challenging. The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were health care, materials and industrials, wherein effective stock selection drove results. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in First Republic Bank, BILL Holdings and Enphase Energy. |
| First Republic Bank engages in the provision of private banking, business banking, real estate lending and wealth management. The company’s stock faced initial weakness when it reported third quarter 2022 earnings slightly better than consensus expected but guided future net interest margin in the lower end of its previous guidance. Then, in the first quarter of 2023, its stock price declined driven by broader fear in the banking industry, as regional banks illustrated an asset/liability mismatch in invested securities that caused fears in customers. This led to withdrawals of balances from regional banks in favor of larger financial institutions. While we had previously liked its underlying businesses, we ultimately decided to sell the Fund’s position in First Republic Bank, as perception often drives stock prices, and fear around solvency caused volatility for regional banks. |
| Cloud-based infrastructure software company BILL Holdings simplifies, digitizes and automates complex back-office financial operations. Despite reporting relatively strong third quarter 2022 earnings, the company’s share price depreciated in line with the broader software industry in November 2022 as overall unfavorable macroeconomic trends affected the entire complex. The company’s stock further declined after reporting a disappointing fourth quarter |
19
PORTFOLIO RESULTS
| 2022 when it saw an unexpected slowdown in total payment volume especially in BILL Holding’s core business. The company also announced weak guidance for the next year, which caused some investor worry. Due to the slowdown relative to industry data in terms of total payment volume growth, we decided to exit the Fund’s position in BILL Holdings during the first quarter of 2023 in favor of what we considered to be better risk/reward opportunities elsewhere in the Fund’s portfolio. |
| Enphase Energy is a global energy management technology company that develops and manufactures solar micro inverters and battery systems. Enphase Energy performed below consensus expectations due both to the negative effect of high U.S. interest rates on solar projects and uncertainty in the broader industry. Despite these headwinds the company faced, we continued at the end of the Reporting Period to have confidence in Enphase Energy with a long-term perspective. We remained encouraged that stable pricing, a bottoming in battery storage and expansion into the European Union could prove to be tailwinds until the U.S. recovery becomes more visible. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in CrowdStrike Holdings, Saia and Rockwell Automation. |
| CrowdStrike Holdings, a cybersecurity products and services provider, was a new purchase for the Fund during the Reporting Period. The company’s headline metrics beat consensus expectations during the Reporting Period as heightened demand for digital security services fueled the business forward. At the end of the Reporting Period, we continued to believe CrowdStrike Holdings offers a quality product, is gaining share in end-markets and features healthy profitability metrics. |
| Saia provides regional and interregional less-than-truckload (“LTL”) services through a single integrated organization. The share price of transportation holding company Saia skyrocketed during the Reporting Period, with investors apparently wanting to buy truckers’ shares before an economic recovery. Industry concerns surrounding LTL competitor and third-largest LTL company based on 2022 revenue, Yellow Corporation, further boosted Saia’s share price. Any potential reduction in Yellow Corporation’s operations would be a tailwind to volume and industry-wide pricing. At the end of the Reporting Period, we continued to think LTL fundamentals should hold up well in an economic downturn, and good operators should take share and drive significant operating leverage in a recovery. Saia also has a distinctive opportunity to continue closing the price gap versus industry-leading peers, in our opinion, as its service has improved along with greater network density. |
| Shares of industrial automation and information services provider Rockwell Automation appreciated largely in line with the electrical equipment industry. More specific to the company, Rockwell Automation’s stock appreciated after reporting solid operating results for the fourth quarter of 2022, even while guidance was conservative as the company was looking to regain credibility. Further, the company’s second quarter 2023 results illustrated strong results out of its software and controls business segment with orders remaining strong and software solutions outperforming due to the company broadening its customer base. Rockwell Automation has had a nice recovery following its disaster last year due to component shortages, and, at the end of the Reporting Period, we continued to like what its Chief Executive Officer has done strategically with the business. We also believed the company was well positioned as global industrial capital expenditures are being more centered around the U.S. this cycle, which should drive higher growth versus its peers, with the company’s new products adding higher profit content. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | In addition to the purchase of shares of CrowdStrike Holdings mentioned earlier, we established a Fund position in off-price apparel and home accessories retailer Ross Stores during the Reporting Period. Off-price remains our favored segment of the retail industry for 2023. Also, the combination of Ross Stores’ underlying fundamentals remaining healthy, in our view, and its risk/reward profile appearing relatively more attractive to us prompted our decision to purchase the stock. We believe its stock can perform well as the company’s previous guidance does not assume any trade-down buying trends or store traffic improvements. |
| Conversely, in addition to the sales already mentioned, we exited the Fund’s position in data analytics provider Verisk |
20
PORTFOLIO RESULTS
| Analytics during the Reporting Period. A combination of decelerating organic revenue growth and transaction revenue headwinds in Verisk Analytics’ insurance business contributed to our decision to sell out of the company in favor of what we felt were other more attractive risk/reward opportunities. |
| We eliminated the Fund’s position in ON Semiconductor during the Reporting Period. ON Semiconductor produces semiconductor components used across a wide range of industries, including automotive electronics, wireless communication, consumer electronics and industrial automation. The automotive electronics segment has largely fueled the company’s growth and has delivered eight consecutive quarters of beats of consensus expectations and raises of guidance. Despite growth during the Reporting Period, we believe there is risk to the company’s numbers, as the automotive end-market continues to ship meaningfully above end-market consumption. Given ON Semiconductor’s strong position, we intend to continue to monitor the name to consider re-engaging at what we would view as an acceptable valuation in the future. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary, information technology and materials increased and its allocations to financials and health care decreased relative to the Russell Index. The Fund’s position in cash also decreased during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted positions relative to the Russell Index in the materials and real estate sectors. On the same date, the Fund had an underweighted position compared to the Russell Index in financials and was rather neutrally weighted to the Index in the remaining sectors of the Russell Index with the exception of utilities where the Fund had no position at all at the end of the Reporting Period. |
21
FUND BASICS
Mid Cap Growth Fund
as of August 31, 2023
| TOP TEN HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Rockwell Automation, Inc. | 3.2 | % | Electrical Equipment | |||||
| Trade Desk, Inc. (The), Class A | 2.6 | Media | ||||||
| Ross Stores, Inc. | 2.5 | Specialty Retail | ||||||
| Dexcom, Inc. | 2.4 | Health Care Equipment & Supplies | ||||||
| West Pharmaceutical Services, Inc. | 2.2 | Life Sciences Tools & Services | ||||||
| Old Dominion Freight Line, Inc. | 2.2 | Ground Transportation | ||||||
| Crowdstrike Holdings, Inc., Class A | 2.1 | Software | ||||||
| Trane Technologies PLC | 2.1 | Building Products | ||||||
| MSCI, Inc. | 2.0 | Capital Markets | ||||||
| Martin Marietta Materials, Inc. | 1.9 | Construction Materials | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
22
GOLDMAN SACHS MID CAP GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark the Russell Midcap® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Mid Cap Growth Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
7.76% | 8.26% | 9.65% | — | ||||||||
| Including sales charges |
1.85% | 7.05% | 9.04% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
7.00% | 7.50% | 8.86% | — | ||||||||
| Including contingent deferred sales charges |
5.94% | 7.50% | 8.86% | — | ||||||||
|
| ||||||||||||
| Institutional |
8.11% | 8.62% | 10.04% | — | ||||||||
|
| ||||||||||||
| Service |
7.64% | 8.09% | 9.50% | — | ||||||||
|
| ||||||||||||
| Investor |
8.09% | 8.54% | 9.93% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
8.10% | 8.63% | N/A | 8.99% | ||||||||
|
| ||||||||||||
| Class R |
7.53% | 8.01% | 9.38% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
8.15% | 8.64% | N/A | 9.10% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
23
PORTFOLIO RESULTS
Goldman Sachs Small Cap Growth Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers. Small-cap issuers are issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalizations of companies constituting the Russell 2000® Growth Index at the time of investment. The Fund seeks to achieve its investment objective of seeking long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 7.62%, 6.77%, 7.89%, 7.92%, 7.98% and 7.99%, respectively. These returns compare to the 6.78% average annual total return of the Fund’s benchmark, the Russell 2000® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation decisions as a whole also contributed positively. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Effective stock selection in the industrials, consumer staples and information technology sectors contributed most positively to the Fund’s results relative to the Russell Index during the Reporting Period. Only partially offsetting these positive contributors was stock selection in the health care and materials sectors, which detracted. Having an underweighted allocation to energy, which was the second-strongest performing sector in the Russell Index during the Reporting Period, also dampened the Fund’s relative results. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Among those stocks the Fund benefited most from relative to the Russell Index were positions in e.l.f. Beauty, Axcelis Technologies and AAON. |
| Cosmetic and skin care product provider e.l.f. Beauty was the top positive contributor to the Fund’s relative results during the Reporting Period. The market reacted positively to the company reporting better than consensus expected revenue and earnings growth for four consecutive quarters, driven by sales skyrocketing on the back of market share gains in the cosmetics and beauty channels. The company also raised its full year guidance for 2023. Despite inflation pressures impacting discretionary spending for consumers, e.l.f. Beauty continued to experience strong demand for its beauty products. The company also remained committed to growing its portfolio of brands with its acquisition during the Reporting Period of Naturium, a skin care company, which is expected to double its presence in the skin care industry and generate higher growth and stickier product demand relative to makeup/cosmetics. At the end of the Reporting Period, we believed e.l.f. Beauty would likely continue to thrive as a value beauty company in a more defensive environment and as one of the fastest growing cosmetic brands by market share. |
24
PORTFOLIO RESULTS
| Shares of capital equipment manufacturer Axcelis Technologies surged to start 2023 after the company raised its revenue forecast for the fourth quarter of 2022 and the full year. The company reported solid earnings results with robust demand for its Purion product family and record backlog strength. Axcelis Technologies also benefited from the artificial intelligence (“AI”)-induced rally in the first half of 2023. Additionally, the company announced multiple shipments of its proprietary ion implanters that will be used in the development of power devices assisting automotive industry electric vehicle applications. At the end of the Reporting Period, we believed Axcelis Technologies was well positioned for revenue growth given its market share success in the implant market and stands to benefit, in our opinion, from the easing of supply-chain issues. |
| The stock of air conditioning and heating equipment manufacturer AAON traded higher during the Reporting Period on a flurry of stronger than consensus expected earnings results in the second half of 2022. These results highlighted margin expansion, record sales from a strong backlog of its sustainable heating, ventilation and air conditioning (“HVAC”) products, and market share growth driven by robust performance in the company’s sales channel. Additionally, the market reacted favorably to the company’s shift to lower global warming potential refrigerant in its products, which could potentially protect AAON from future, more stringent regulations. At the end of the Reporting Period, we continued to view AAON as a high quality business and maintained our conviction in the company. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in Super Micro Computer, Alignment Healthcare and Omnicell. |
| Server and storage solutions manufacturer Super Micro Computer was the top detractor from relative results during the Reporting Period given the Fund’s underweighted position in its strongly performing stock. The company’s stock price surged during the Reporting Period on stronger than consensus expected earnings in the second half of 2022, primarily driven by robust demand for the company’s optimized rack-scale solutions and traction in its new generation product lines. Super Micro Computer also continued to benefit from AI tailwinds, as companies seek to bolster their cloud computing functionalities. At the end of the Reporting Period, we liked Super Micro Computer as a potential beneficiary of the AI revolution given its core involvement in sourcing hardware solutions for the development of data center infrastructure capabilities. |
| Shares of technology-enabled Medicare Advantage insurer Alignment Healthcare dropped considerably following its fourth quarter earnings miss of consensus expectations and its unimpressive 2023 full year guidance. Alignment Healthcare’s losses grew despite expanding its membership base, concerning investors about the company’s path to profitability in a challenging macroeconomic environment. Despite these headwinds, the company continued to establish a durable geographical footprint in California, in our view, positioning itself for margin expansion through the strategic internalization of its sales force. We ultimately sold the Fund’s position in Alignment Healthcare in favor of higher conviction names elsewhere in the Fund’s portfolio. |
| Omnicell is a company that engages in the provision of medication management automation solutions and adherence tools for health care systems and pharmacies. Its stock price fell as the company lowered its revenue guidance by 25% in light of headwinds in the industry from labor challenges, margin compression and an unfavorable macroeconomic environment. Omnicell has persistently reduced its profitability expectations as supply-chain pressures, cost headwinds and integration costs dragged bottom-line performance. Despite these headwinds, our long-term conviction in the company remained at the end of the Reporting Period, as we believed the company sat at an attractive and distinct point in the hospital ecosystem. We also believed Omnicell’s management team continued to be focused on recurring revenues and subscription software. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We initiated a Fund position in electrical solutions provider nVent Electric during the Reporting Period. The company’s data solutions business segment provides promising growth opportunities, in our view, given the heightened traction in AI and data center demand. We also believe several of nVent Electric’s end markets stand to benefit from megatrends, including electrification, heightened government focus on infrastructure modernization and the shift toward sustainability. |
25
PORTFOLIO RESULTS
| We established a Fund position during the Reporting Period in distilled spirits manufacturer MGP Ingredients. The company continued during the Reporting Period to bolster its portfolio of premium-plus priced tier brands through its acquisition of Penelope Bourbon, which we expect to be accretive to its branded spirits business segment. We are confidence in MGP Ingredients’ suite of branded spirits propelling company’s long-term strategy as well as strengthening its competitive position within the industry. |
| Conversely, in addition to the sale of Alignment Healthcare mentioned earlier, we exited the Fund’s position in global analytics and digital solutions provider ExlService Holdings during the Reporting Period. We witnessed the company facing short-term headwinds driven by a reduction in corporate spending, and so we ultimately sold the Fund position in favor of other companies with what we felt were more compelling risk/reward profiles. |
| We eliminated the Fund’s position in cleantech integrator Ameresco during the Reporting Period. Its stock had been consistently under pressure during the Reporting Period, and we ultimately decided to sell the Fund position in favor of other, higher conviction names. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary increased and its allocation to health care decreased relative to the Russell Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted positions relative to the Russell Index in the industrials, consumer discretionary and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in health care, energy, materials and communication services. The Fund was rather neutrally weighted to the Russell Index in financials and consumer staples and had no positions at all in utilities and real estate at the end of the Reporting Period. |
26
FUND BASICS
Small Cap Growth Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Badger Meter, Inc. | 2.3 | % | Electronic Equipment, Instruments & Components | |||||
| Core & Main, Inc., Class A | 2.1 | Trading Companies & Distributors | ||||||
| Axcelis Technologies, Inc. | 2.1 | Semiconductors & Semiconductor Equipment | ||||||
| Federal Signal Corp. | 1.9 | Machinery | ||||||
| Watts Water Technologies, Inc., Class A | 1.9 | Machinery | ||||||
| nVent Electric PLC | 1.9 | Electrical Equipment | ||||||
| AAON, Inc. | 1.9 | Building Products | ||||||
| MGP Ingredients, Inc. | 1.8 | Beverages | ||||||
| Moog, Inc., Class A | 1.7 | Aerospace & Defense | ||||||
| Balchem Corp. | 1.6 | Chemicals | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Investments in the securities lending reinvestment vehicle represented 0.6% of the Fund’s net assets as of August 31, 2023. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
27
GOLDMAN SACHS SMALL CAP GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on October 31, 2019 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Small Cap Growth Fund’s Lifetime Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from October 31, 2019 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Since Inception | ||||
| Class A (Commenced October 31, 2019) |
||||||
| Excluding sales charges |
7.62% | 9.95% | ||||
| Including sales charges |
1.69% | 8.34% | ||||
|
| ||||||
| Class C (Commenced October 31, 2019) |
||||||
| Excluding contingent deferred sales charges |
6.77% | 9.12% | ||||
| Including contingent deferred sales charges |
5.77% | 9.11% | ||||
|
| ||||||
| Institutional (Commenced October 31, 2019) |
7.89% | 10.34% | ||||
|
| ||||||
| Investor (Commenced October 31, 2019) |
7.92% | 10.23% | ||||
|
| ||||||
| Class R6 (Commenced October 31, 2019) |
7.98% | 10.36% | ||||
|
| ||||||
| Class P (Commenced October 31, 2019) |
7.99% | 10.35% | ||||
|
| ||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
28
PORTFOLIO RESULTS
Goldman Sachs Small/Mid Cap Growth Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in a diversified portfolio of equity investments in small- and mid-cap issuers. Small- or mid-cap issuers are issuers with public stock capitalizations within the outside range of the market capitalizations of companies constituting the Russell 2000 Growth Index and the Russell Midcap Growth Index. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 5.74%, 4.92%, 6.10%, 5.55%, 5.99%, 6.09%, 5.48% and 6.09%, respectively. These returns compare to the 7.56% average annual total return of the Fund’s benchmark, the Russell 2500® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Despite generating solid positive absolute returns, the Fund underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation positioning as a whole contributed positively. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Challenging stock selection in the health care, consumer staples and energy sectors detracted most from the Fund’s relative results during the Reporting Period. Partially offsetting these detractors was effective stock selection in the industrials, consumer discretionary and financials sectors, which contributed positively. Having an overweighted allocation to industrials, which was the second-strongest performing sector in the Russell Index during the Reporting Period, also boosted the Fund’s relative performance. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Those stocks detracting most from the Fund’s results relative to the Russell Index were positions in Alignment Healthcare, Ashland and Penumbra. |
| Shares of technology-enabled Medicare Advantage insurer Alignment Healthcare dropped considerably following its fourth quarter earnings miss of consensus expectations and its unimpressive 2023 full year guidance. Alignment Healthcare’s losses grew despite expanding its membership base, concerning investors about the company’s path to profitability in a challenging macroeconomic environment. Despite these headwinds, the company continued to establish a durable geographical footprint in California, in our view, positioning itself for margin expansion through the strategic internalization of its sales force. We ultimately sold the Fund’s position in Alignment Healthcare in favor of higher conviction names elsewhere in the Fund’s portfolio. |
| Specialty chemical solutions provider Ashland’s stock struggled to gain momentum. Its management noted that China’s economic re-opening was progressing at a slower pace than consensus expected, and further that although de-stocking Ashland saw in December 2022 had slowed, it was still persistent in the first half of 2023. Consequently, Ashland lowered its fiscal year 2023 sales and earnings before interest, taxes, depreciation and amortization (“EBITDA”) guidance, causing its stock price to drop. At the end of the Reporting Period, we continued to like Ashland given what we saw as the company’s opportunity for self-help margin expansion, diversified nature of its business, |
29
PORTFOLIO RESULTS
| strong management team, and multiple just slightly above its long-term median, which was relatively low after the company shed the entire commodity chemicals piece of its business. |
| Medical devices manufacturer Penumbra was another top detractor from the Fund’s relative results during the Reporting Period. Despite its stronger than consensus expected second quarter 2023 earnings results and higher guidance for 2023, its stock price traded lower during the month of July as the highly anticipated launch of the company’s Thunderbolt device for removing blood clots from the brain was reported as behind schedule, sparking concern among investors. At the end of the Reporting Period, we remained confident in Penumbra’s product pipeline and believed the company could sustain momentum heading into 2024 and beyond. We were also encouraged by the traction in Penumbra’s product offerings globally, witnessing success with its first generation computer-assisted product launch in Europe. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Among those stocks the Fund benefited most from relative to the Russell Index were positions in Lattice Semiconductor, AAON and Allegro Microsystems. |
| Programmable logic products designer Lattice Semiconductor’s stock appreciated during the Reporting Period on better than consensus expected earnings results for the third and fourth quarters of 2022, primarily driven by its strategic initiatives in its industrial and automotive business segments. Lattice Semiconductor also guided for top-line growth higher than consensus expectations. Further, during the Reporting Period, the company launched its newest power-efficient field programmable gate array platform, Lattice Avant, which is widely expected to expand its product portfolio and double its addressable market. At the end of the Reporting Period, we continued to like Lattice Semiconductor, as we believed its Nexus and Avant products were still in their early stages of adoption and may well extend the company’s revenue growth roadmap beyond 2023 and into 2024. |
| The stock of air conditioning and heating equipment manufacturer AAON traded higher during the Reporting Period on a flurry of stronger than consensus expected earnings results in the second half of 2022. These results highlighted margin expansion, record sales from a strong backlog of its sustainable heating, ventilation and air conditioning (“HVAC”) products, and market share growth driven by robust performance in the company’s sales channel. Additionally, the market reacted favorably to the company’s shift to lower global warming potential refrigerant in its products, which could potentially protect AAON from future, more stringent regulations. At the end of the Reporting Period, we continued to view AAON as a high quality business and maintained our conviction in the company. |
| Shares of integrated circuits developer and manufacturer Allegro Microsystems were up on multiple consecutive quarters of better than consensus expected earnings releases. The primary drivers of Allegro Microsystems’ strong performance were strong revenue growth, solid operating margins, and robust demand for its magnetic sensor and power integrated circuit. Moreover, its management set revenue and earnings guidance ahead of market expectations, further bolstering positive sentiment around the company’s earnings results. At the end of the Reporting Period, we remained optimistic on the company given what we saw as its strong end-market exposure, which includes electric vehicles, clean energy and industrial automation, as well as its technological competitive advantages, which should allow, in our view, for broadening of application over time. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We initiated a Fund position in welding products manufacturer Lincoln Electric Holdings during the Reporting Period. We started the position because we viewed its lower valuation to be an attractive entry point to gain access to re-shoring and factory automation tailwinds. |
| We established a Fund position during the Reporting Period in Hubbell, a company that designs, manufactures and sells electrical and electronic products for non-residential and residential construction, industrial and utility applications. We liked the company as it has delivered relatively consistent free cash flow and stable earnings. |
| Conversely, in addition to the sale of Alignment Healthcare, mentioned earlier, we exited the Fund’s position during the Reporting Period in RBC Bearings, a company that engages in the design, manufacture and marketing of bearing |
30
PORTFOLIO RESULTS
| products. We no longer found the company’s valuation attractive and therefore sold the position in favor of what we considered to be companies with better risk/reward profiles. |
| We eliminated the Fund’s position during the Reporting Period in cloud-based human capital management software provider Paylocity Holding. While we admire its model, its stock was moving with the market’s confidence in the broader employment outlook rather than on company fundamentals, so we sold the position. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to materials increased and its allocation to health care decreased relative to the Russell Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted positions relative to the Russell Index in the industrials and materials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in energy, financials and health care. The Fund was rather neutrally weighted to the Russell Index in information technology, consumer discretionary, consumer staples and communication services and had no positions at all in utilities and real estate at the end of the Reporting Period. |
31
FUND BASICS
Small/Mid Cap Growth Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Allegion PLC | 2.1 | % | Building Products | |||||
| Lincoln Electric Holdings, Inc. | 2.0 | Machinery | ||||||
| RPM International, Inc. | 1.9 | Chemicals | ||||||
| Novanta, Inc. | 1.9 | Electronic Equipment, Instruments & Components | ||||||
| Kinsale Capital Group, Inc. | 1.9 | Insurance | ||||||
| MACOM Technology Solutions Holdings, Inc. | 1.8 | Semiconductors & Semiconductor Equipment | ||||||
| Tetra Tech, Inc. | 1.8 | Commercial Services & Supplies | ||||||
| Core & Main, Inc., Class A | 1.8 | Trading Companies & Distributors | ||||||
| Ashland, Inc. | 1.8 | Chemicals | ||||||
| Lattice Semiconductor Corp. | 1.7 | Semiconductors & Semiconductor Equipment | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
32
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Small/Mid Cap Growth Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
5.74% | 7.53% | 9.97% | — | ||||||||
| Including sales charges |
-0.06% | 6.32% | 9.35% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
4.92% | 6.71% | 9.14% | — | ||||||||
| Including contingent deferred sales charges |
3.92% | 6.71% | 9.14% | — | ||||||||
|
| ||||||||||||
| Institutional |
6.10% | 7.87% | 10.35% | — | ||||||||
|
| ||||||||||||
| Service |
5.55% | 7.32% | 9.80% | — | ||||||||
|
| ||||||||||||
| Investor |
5.99% | 7.78% | 10.24% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
6.09% | 7.88% | N/A | 8.50% | ||||||||
|
| ||||||||||||
| Class R |
5.48% | 7.26% | 9.69% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
6.09% | 7.88% | N/A | 8.97% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
33
PORTFOLIO RESULTS
Goldman Sachs Strategic Growth Fund
Portfolio Composition
The Fund invests primarily in U.S. equity investments. The Fund seeks to achieve its investment objective of seeing long-term growth of capital by investing, under normal circumstances, in companies that are considered by the Investment Adviser to be positioned for long-term growth. The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high quality business with sustainable growth including strong business franchises, favorable long-term prospects and excellent management.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 22.18%, 21.30%, 22.54%, 21.93%, 22.50%, 22.48%, 21.92% and 22.53%, respectively. These returns compare to the 21.94% average annual total return of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | Most share classes of the Fund outperformed the Russell Index on a relative basis during the Reporting Period, attributable primarily to stock selection overall. Sector allocation as a whole detracted from relative performance, albeit modestly. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Effective stock selection in industrials, health care and information technology contributed most positively to the Fund’s relative performance during the Reporting Period. Having an underweighted allocation to industrials, which lagged the Russell Index during the Reporting Period, also boosted the Fund’s relative results. Only partially offsetting these positive contributors was challenging stock selection in the consumer discretionary, financials and communication services sectors, which detracted. Having an average overweight to consumer discretionary, which lagged the Russell Index during the Reporting Period, also dampened the Fund’s relative performance. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Those stocks the Fund benefited most from relative to the Russell Index were positions in NVIDIA, Eli Lilly and Company and Salesforce. |
| NVIDIA is a semiconductor manufacturer and designer. Its shares initially rose during the Reporting Period, as investors had broad-based positive sentiment toward artificial intelligence (“AI”)-related companies. This positive momentum was then boosted when NVIDIA reported first and second quarter 2023 earnings that surpassed any bullish consensus expectations. Second quarter 2023 revenue doubled from the previous year, as investment in AI propelled the company forward faster than even the company had anticipated. Overall, the beating of consensus expectations and raising of guidance was largely attributable to increased data center demand. Such demand was driven by companies increasingly focusing on AI, the non-data center business coming off a trough, a new product cycle related to Hopper, and strength in China as consumers there were demanding more of the lower specification semiconductors as they feared the possibility of further restrictions past the high end. (The NVIDIA Hopper architecture advances tensor core technology with the transformer engine, designed to accelerate the training of AI models.) At the end of the Reporting Period, we continued to view NVIDIA as one of the best positioned semiconductor companies over the long term, and we remained bullish on consumer-levered semiconductor companies. We believed NVIDIA’s competitive advantage, compelling intellectual property and high growth end markets, particularly toward AI and autonomous vehicles, may well propel the company forward in the months and years ahead. |
34
PORTFOLIO RESULTS
| Eli Lilly and Company (“Eli Lilly”) engages in the discovery, development and sale of pharmaceutical products. Its shares surged after the company’s first and second quarter 2023 financial results exceeded consensus expectations given acceleration of revenue growth with impressive performance from growth products and soaring demand of new products. The company saw especially notable results during the Reporting Period from its obesity trial on a new drug, which showed the best weight loss results of any similar product. Scientific studies showed that anti-obesity drugs can reduce the risk of cardiovascular events, which may help weight loss treatments gain health insurance coverage—resulting in availability for a broader market of patients. Overall, we continued at the end of the Reporting Period to believe that Eli Lilly had an attractive new product suite in development and the path to further market share capture remained intact. We further believed the company was well positioned to benefit from the secular growth trend targeting obesity with its best-in-class obesity drug and a full portfolio of next generation obesity drugs in its pipeline. |
| Customer relationship management software provider Salesforce, a new purchase for the Fund during the Reporting Period, was another top contributor to the Fund’s relative returns. Most of the company’s strength came in early 2023 when Salesforce announced a 10% reduction in workforce along with a broader reduction in costs across its business. Further, it was announced that Elliot Management initiated a multi-billion-dollar stake in the company, all of which was reflected positively by its stock price. In March 2023, the company reported its fourth quarter 2022 earnings, which largely beat consensus expectations, driven by growth in its cloud-based customer relationship management business that has more than 150,000 customers globally. The company further gained on news that Elliot Management dropped its plan to nominate directors to Salesforce’s board after its strong earnings. The company kept this momentum going as it reported first quarter 2023 earnings better than consensus expected across all metrics. At the end of the Reporting Period, we continued to believe there was a margin expansion and capital return opportunity in Salesforce’s stock and viewed the stock as underearning compared to other big software names in relation to its dominant market share. We also believed the company’s management was well equipped to navigate relatively conservative guidance and was focused on margin expansion by being more disciplined with capital. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | The stocks detracting most from the Fund’s results relative to the Russell Index were BILL Holdings, Adobe and Enphase Energy. |
| Cloud-based infrastructure software company BILL Holdings simplifies, digitizes and automates complex back-office financial operations. Despite reporting relatively strong third quarter 2022 earnings, the company’s share price depreciated in line with the broader software industry in November 2022 as overall unfavorable macroeconomic trends affected the entire complex. The company’s stock further declined after reporting a disappointing fourth quarter 2022 when it saw an unexpected slowdown in total payment volume especially in BILL Holding’s core business. The company also announced weak guidance for the next year, which caused some investor worry. Due to the slowdown relative to industry data in terms of total payment volume growth, we decided to exit the Fund’s position in BILL Holdings during the first quarter of 2023 in favor of what we considered to be better risk/reward opportunities elsewhere in the Fund’s portfolio. |
| Computer software company Adobe saw a drop in its stock’s price early in the Reporting Period, predominantly attributable to the announcement of its acquisition of Figma for more than $20 billion. The deal was broadly perceived as a massive overpay that will bring immense dilution. On the positive side, the deal reduced Adobe’s competition, and we were optimistic at the end of the Reporting Period that it would heighten Adobe’s presence within the enterprise. Overall, the company performed well during the Reporting Period, especially in the narrow breadth growth lead market at the beginning of 2023, but the Fund’s underweight positioning caused the position to be a relative detractor from returns. At the end of the Reporting Period, we remained confident in the company’s long-term revenue growth potential and dominant position in its core creative market, which is set to widely expand its subscribers driven by digital transformation initiatives, but we also remained comfortable with the Fund’s underweight position given what we saw as valuation risk after its recent rally. |
| Enphase Energy, a new purchase for the Fund during the Reporting Period, is a global energy management technology company that develops and manufactures solar micro inverters and battery systems. Enphase Energy performed below consensus expectations due both to the negative effect of high U.S. interest rates on solar projects and uncertainty in |
35
PORTFOLIO RESULTS
| the broader industry. Despite these headwinds the company faced, we continued at the end of the Reporting Period to have confidence in Enphase Energy with a long-term perspective. We remained encouraged that stable pricing, a bottoming in battery storage and expansion into the European Union could prove to be tailwinds until the U.S. recovery becomes more visible. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | In addition to the purchases of Salesforce and Enphase Energy mentioned earlier, we established a Fund position in financial business software company Intuit during the Reporting Period. We believe Intuit is a high quality business demonstrating durable revenue growth driven by pricing power, the opportunity to integrate generative AI into its offerings, its move to target upmarket customers, and product cross-sell abilities. The company has had continued subscriber growth and a high level of recurring revenue in defensive categories, which has allowed the company to withstand macroeconomic headwinds relatively well. Overall, we believe near-term headwinds the business may face are reflected in the stock already, and it has potential margin expansion opportunity going forward. |
| We established a Fund position during the Reporting Period in construction equipment manufacturer Caterpillar. Caterpillar performed well during the Reporting Period, as investors were bullish on the name due to increased infrastructure spending in the U.S. and across the world. In our view, this momentum is likely to fare well for the company, as its construction equipment may well be in more demand to meet development needs. Also, the company is anticipating an even stronger second half of 2023 versus 2022, with higher total sales and revenues. We believe in Caterpillar, as, in our view, it is well positioned to benefit from the tailwinds from the U.S. infrastructure bill, the trough in China construction activity, and the beginning of a mining cycle to power a shift to electric vehicles. |
| Conversely, in addition to the sale of BILL Holdings, already mentioned, we exited the Fund’s position in health care and insurance business UnitedHealth Group during the Reporting Period. While we intend to continue to monitor the company, its stock price has been underperforming due to softness within the company’s fundamentals, lack of guided visibility, and the probability of the company experiencing adverse cyclical factors due to Medicaid policy changes in the future. Therefore, we opted to sell the position and reallocate the proceeds to what we saw as a more attractive risk/reward opportunity. |
| We eliminated the Fund’s position in data analytics provider Verisk Analytics during the Reporting Period. A combination of decelerating organic revenue growth and transaction revenue headwinds in Verisk Analytics’ insurance business contributed to our decision to sell out of the company in favor of what we felt were other more attractive risk/reward opportunities. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to energy, industrials, information technology, materials and real estate increased and its allocations to communication services, consumer discretionary and health care decreased relative to the Russell Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted allocations relative to the Russell Index in materials and real estate and had an underweighted position compared to the Russell Index in communication services. The Fund was rather neutrally weighted in the consumer discretionary, consumer staples, energy, financials, health care, industrials and information technology sectors of the Russell Index and had no position at all in utilities at the end of the Reporting Period. |
36
FUND BASICS
Strategic Growth Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Apple, Inc. | 12.9 | % | Technology Hardware, Storage & Peripherals | |||||
| Microsoft Corp. | 11.3 | Software | ||||||
| NVIDIA Corp. | 6.7 | Semiconductors & Semiconductor Equipment | ||||||
| Amazon.com, Inc. | 6.4 | Broadline Retail | ||||||
| Alphabet, Inc., Class A | 4.5 | Interactive Media & Services | ||||||
| Mastercard, Inc., Class A | 3.1 | Financial Services | ||||||
| Eli Lilly & Co. | 3.0 | Pharmaceuticals | ||||||
| Alphabet, Inc., Class C | 2.9 | Interactive Media & Services | ||||||
| Tesla, Inc. | 2.3 | Automobiles | ||||||
| Marvell Technology, Inc. | 1.8 | Semiconductors & Semiconductor Equipment | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
37
GOLDMAN SACHS STRATEGIC GROWTH FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Strategic Growth Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
22.18% | 11.76% | 13.82% | — | ||||||||
| Including sales charges |
15.45% | 10.51% | 13.17% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
21.30% | 10.94% | 12.97% | — | ||||||||
| Including contingent deferred sales charges |
20.19% | 10.94% | 12.97% | — | ||||||||
|
| ||||||||||||
| Institutional |
22.54% | 12.15% | 14.25% | — | ||||||||
|
| ||||||||||||
| Service |
21.93% | 11.60% | 13.67% | — | ||||||||
|
| ||||||||||||
| Investor |
22.50% | 12.05% | 14.10% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
22.48% | 12.18% | N/A | 13.07% | ||||||||
|
| ||||||||||||
| Class R |
21.92% | 11.49% | 13.54% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
22.53% | 12.18% | N/A | 13.29% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
38
PORTFOLIO RESULTS
Goldman Sachs Technology Opportunities Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at time of purchase) in equity investments in technology companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 22.04%, 21.09%, 22.37%, 21.76%, 22.29%, 22.38% and 22.35%, respectively. These returns compare to the 19.85% average annual total return of the Fund’s benchmark, the NASDAQ Composite Total Return Index (the “NASDAQ Composite”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the NASDAQ Composite on a relative basis during the Reporting Period due primarily to sector allocation positioning overall. Stock selection as a whole also contributed positively to relative performance. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | As both the Fund and the NASDAQ Composite have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, strong stock selection in the information technology, consumer discretionary and industrials sectors contributed positively to the Fund’s relative results. So, too, did having a relative overweight to the information technology sector, which outperformed the NASDAQ Composite during the Reporting Period, and having relative underweights to the consumer discretionary and industrials sectors, which lagged the NASDAQ Composite during the Reporting Period. These positive contributors were partially offset by challenging stock selection in the financials, real estate and communication services sectors, which detracted. Having relative overweights in financials and real estate, which each underperformed the NASDAQ Composite during the Reporting Period, and a relative underweight in communication services, which outpaced the NASDAQ Composite during the Reporting Period, also dampened the Fund’s performance. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | Those stocks the Fund benefited most from relative to the NASDAQ Composite were positions in NVIDIA, Tesla and Alphabet (Class C). |
| Generative artificial intelligence (“AI”) dominated investment discourse globally through 2023 year to date, with investors jostling to identify the largest beneficiaries of this emergent trend. One such beneficiary during the Reporting Period was NVIDIA, a semiconductor company powering interactive graphics on laptops, workstations, mobile devices and personal computers. NVIDIA’s world-leading smart graphics processing units (“GPUs”) were identified as the workhorses powering the AI revolution. As the proliferation of generative AI became a top priority for |
39
PORTFOLIO RESULTS
| virtually all hyperscalers who felt the urgency to demonstrate strong market leadership, demand for NVIDIA’s specialized chips skyrocketed, driving record revenues and a significant appreciation in its stock’s value. (In computing, hyperscale is the ability of an architecture to scale appropriately as increased demand is added to the system.) NVIDIA dominated the market for GPUs designed for complex computing tasks needed to power AI applications, accounting for 95% of the market for graphics processors that can be used for machine learning and large language models. At the end of the Reporting Period, we trimmed the Fund’s position in NVIDIA and reallocated the profits toward what we saw as other attractive opportunities, but we continued to view NVIDIA positively given its market dominance and sustained innovation placing the company at the forefront of the AI era. |
| Tesla is a leading developer of electric vehicles and energy generation and storage systems. The Fund benefited from not holding a position in Tesla, as its stock significantly underperformed the NASDAQ Composite during the Reporting Period. The company faced intense headwinds due to supply-chain disruptions and rising costs associated with elevated interest rates and inflation. Tesla also started the Reporting Period with an elevated valuation, which was compressed as investors increased discount rates to future growth in response to higher interest rates. At the end of the Reporting Period, we continued to see near-term risks potentially limiting the growth trajectory for Tesla going forward. |
| Alphabet, the parent company of Google, is a technology behemoth focused on online advertising, search engine technology and cloud-based solutions. Similarly to NVIDIA, Alphabet also benefited from the rise of AI in 2023. The introduction of Google Bard, Alphabet’s competitor to Microsoft’s Bing+AI artificial intelligence integrated search engine, was viewed as a strong indicator of the company’s generative AI capabilities. Given Google’s more than 90% market share in search, we believe Alphabet will likely benefit the most as consumers transition queries away from traditional searches to the conversational AI-enabled platforms. Moreover, investors have tipped Alphabet as a key winner in the “artificial age” given the company’s extensive history with AI and significant research and development investments since 2016, resulting in a deeply experienced and well-resourced AI development team. Additional tailwinds for the company during the Reporting Period included the relative resiliency of its search business segment, which grew modestly year-over-year in the fourth quarter of 2022. Despite macroeconomic weakness, Google remained the platform of choice for marketing expenditures focused on brand awareness. Other brand advertising platforms continued to recover from measurement and privacy changes on IOS devices. Therefore, at the end of the Reporting Period, we continued to view Alphabet positively given the company’s strong positioning within nascent segments, such as AI, as well as its continued dominance within areas, such as search/advertising and cloud computing. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the NASDAQ Composite were positions in Meta Platforms (Class A), American Tower and PayPal Holdings. |
| Meta Platforms (Class A) is the parent company of Facebook, Instagram and Threads, engaging in the development of social media applications. Due to what many saw as excessive hiring and high product development costs, the company posted weak performance in 2022. The company has been focusing its efforts on different new devices to diversify and enter new markets. In doing so, it ramped up spending throughout the fourth quarter of 2022, especially on its metaverse construction project, which lost several billion dollars in 2022. As of the second quarter of 2023, the company had already shown improved cost efficiency and better engagement trends. Overall, the company performed well during the Reporting Period, especially in the narrow breadth growth lead market at the beginning of 2023, but the Fund sold its position in Meta Platforms early in the Reporting Period and then did not hold a position in its stock when it benefited from the rise of AI as it enhanced investments in this novel technology. Thus, the holding was a relative detractor from Fund results. |
| American Tower, a provider and operator of wireless communication infrastructure, faced headwinds affecting its returns during the Reporting Period. These headwinds included rising interest rates increasing its debt interest payments, foreign exchange rate fluctuations affecting its international tower operations, and customer consolidation hurting its earnings. However, demand for its tower and data center infrastructures remained strong, and investors appeared to expect that American Tower can produce enough capital to increase its dividend by 10%. At the end of the Reporting Period, we believed recent issues impeding the company would likely fade, and long-term tailwinds may well help reaccelerate its growth as demand for its operations remained robust. |
40
PORTFOLIO RESULTS
| PayPal Holdings, a financial technology and international payments company, faced margin compression in its key business segments during the Reporting Period due to the direct relationship between consumer discretionary spending and the company’s payment services. As consumers have spent less due to elevated inflation and rising recessionary concerns, PayPal Holdings saw less payment activity during the Reporting Period. Moreover, turbulence at its executive suite level resulted in investor concern for the governance of the company, further pressuring its stock. Despite these headwinds, at the end of the Reporting Period, we believed PayPal Holdings had an attractive business model, characterized by transaction-related fees, relatively low capital requirements, and strong free cash flow generation. As retail activity continues to migrate from brick-and-mortar stores to online and mobile venues, we believed the company was well positioned to maintain its market leadership in this industry. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, we initiated a Fund position in ASML Holding, a Dutch multinational company that specializes in the development and manufacturing of photolithography machines used to produce computer chips. As the supply of lithography machines remained low, ASML Holdings’ machines were in significant demand, which we believe should continue to drive its stock upward. Further, the market for manufacturing semiconductor capital equipment has high barriers to entry due to significant time and monetary investment requirements. |
| We established a Fund position in Motorola Solutions during the Reporting Period. Motorola solutions is an American information technology company focused on product and system integration and software and services. We believe robust demand for radio upgrades, surveillance programs, and public safety applications will likely drive the company’s revenue upward. Further, Motorola Solutions’ margins should continue to expand, in our opinion, following a price adjustment in 2022. We liked the company based on its management team’s execution and what we viewed as its healthy fundamentals and easing foreign currency headwinds in 2023. |
| Conversely, in addition to the sale of Meta Platforms, mentioned earlier, we exited the Fund’s position in Atlassian (Class A) during the Reporting Period. Atlassian is an Australian software company that develops products for software development teams and project managers. We elected to sell the position following the company management team’s decision to transition to a cloud software-as-a-service model. This transition negatively affected its margins and, in our view, decreased the upside potential for the company. |
| We eliminated the Fund position in ON Semiconductor during the Reporting Period. ON Semiconductor produces semiconductor components used across a wide range of industries, including automotive electronics, wireless communication, consumer electronics and industrial automation. The automotive electronics segment has largely fueled the company’s growth. and has delivered eight consecutive quarters of beats of consensus expectations and raises of guidance. Despite growth during the Reporting Period, we believe there is risk to the company’s numbers as the automotive end-market continues to ship meaningfully above end-market consumption. Thus, after being a top-performing stock in the Fund’s portfolio since we initiated the position last year, we decided to reallocate capital into semiconductor companies aligned to AI data centers. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to communication services and financials increased relative to the NASDAQ Composite and its relative exposure to information technology, real estate and industrials decreased. |
41
PORTFOLIO RESULTS
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund was overweighted relative to the NASDAQ Composite in the information technology, financials and real estate sectors. On the same date, the Fund had underweighted exposure compared to the NASDAQ Composite in consumer discretionary, communication services and industrials. The Fund had no exposure to the utilities, materials, energy, health care or consumer staples sectors at the end of the Reporting Period. |
42
FUND BASICS
Technology Opportunities Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Microsoft Corp. | 9.8 | % | Software | |||||
| Alphabet, Inc., Class C | 9.4 | Interactive Media & Services | ||||||
| Amazon.com, Inc. | 8.2 | Broadline Retail | ||||||
| NVIDIA Corp. | 6.8 | Semiconductors & Semiconductor Equipment | ||||||
| Apple, Inc. | 4.5 | Technology Hardware, Storage & Peripherals | ||||||
| Marvell Technology, Inc. | 3.5 | Semiconductors & Semiconductor Equipment | ||||||
| Visa, Inc., Class A | 3.2 | Financial Services | ||||||
| Adobe, Inc. | 3.2 | Software | ||||||
| KLA Corp. | 3.2 | Semiconductors & Semiconductor Equipment | ||||||
| Oracle Corp. | 3.0 | Software | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
43
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Performance Summary
August 31, 2023
The following graph shows the value as of August 31, 2023, of a $10,000 investment made on September 1, 2013 in Class A Shares at NAV (with the maximum sales charge of 5.50%). For comparative purposes, the performance of the Fund’s benchmark, the NASDAQ Composite Total Return Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Technology Opportunities Fund’s 10 Year Performance |
Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
22.04% | 11.91% | 15.85% | — | ||||||||
| Including sales charges |
15.34% | 10.66% | 15.20% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
21.09% | 11.08% | 14.98% | — | ||||||||
| Including contingent deferred sales charges |
19.88% | 11.08% | 14.98% | — | ||||||||
|
| ||||||||||||
| Institutional |
22.37% | 12.26% | 16.25% | — | ||||||||
|
| ||||||||||||
| Service |
21.76% | 11.69% | 15.67% | — | ||||||||
|
| ||||||||||||
| Investor |
22.29% | 12.19% | 16.13% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced December 29, 2017) |
22.38% | 12.27% | N/A | 14.81% | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
22.35% | 12.26% | N/A | 13.47% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
44
PORTFOLIO RESULTS
Goldman Sachs U.S. Equity ESG Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments of U.S. issuers that Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) believes adhere to the Fund’s environmental, social and governance (“ESG”) criteria. Such equity investments may include exchange-traded funds (“ETFs”), futures and other instruments with similar economic exposures. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. companies that are considered by the Investment Adviser to be positioned for long-term growth of capital. The Fund may also invest up to 20% of its Net Assets in equity investments that may not adhere to the Fund’s ESG criteria, in non-U.S. issuers, and in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs U.S. Equity ESG Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31. 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 16.46%, 15.58%, 16.87%, 16.76%, 16.90%, 16.17% and 16.93%, respectively. These returns compare to the 15.94% average annual total return of the Fund’s benchmark, the Standard & Poor’s 500® Index (the “S&P 500 Index”), during the same period. |
| Q | What are the Fund’s investment criteria? |
| A | The Fund’s ESG criteria are generally designed to exclude companies that are involved in, and/or derive significant revenue from certain industries or product lines, including gambling, alcohol, tobacco, adult entertainment, for-profit prisons, oil and gas exploration and production, coal and weapons. Once the Investment Adviser determines that an issuer meets the Fund’s ESG criteria, the Investment Adviser conducts a supplemental analysis of individual companies’ corporate governance factors and a range of environmental and social factors that may vary by sector. This supplemental analysis is conducted alongside traditional fundamental, bottom-up financial analysis of individual companies, using traditional fundamental metrics. The Investment Adviser may engage in active dialogues with company management teams to further inform investment decision-making and to foster best corporate governance practices using its fundamental and ESG analysis. |
| The Investment Adviser may sell holdings for several reasons, including, among others, changes in a company’s fundamentals or earnings, a company no longer meeting the Fund’s ESG criteria, or a company otherwise failing to conform to the Investment Adviser’s investment philosophy. |
| The Fund seeks to provide broad U.S. equity market exposure by investing in securities of U.S. issuers of any investment style. |
| The Fund’s performance benchmark index is the S&P 500 Index. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the S&P 500 Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation as a whole detracted from relative performance, albeit modestly. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that contributed most positively to the Fund’s relative performance during the Reporting Period were industrials, consumer staples and financials, wherein stock selection in each proved effective. Only partially offsetting these positive contributors was challenging stock selection in information technology and communication services, which detracted. Having an average underweight to information technology, which was the strongest-performing sector in the S&P 500 Index during the Reporting Period, and having an |
45
PORTFOLIO RESULTS
| overweight to utilities, which was the weakest-performing sector in the S&P 500 Index during the Reporting Period, also dampened the Fund’s relative results. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the S&P 500 Index from positions in Eli Lilly and Company, General Electric and NVIDIA. |
| Eli Lilly and Company (“Eli Lilly”) engages in the discovery, development and sale of pharmaceutical products. Its shares surged after the company’s first and second quarter 2023 financial results exceeded consensus expectations given acceleration of revenue growth with impressive performance from growth products and soaring demand of new products. The company saw especially notable results during the Reporting Period from its obesity trial on a new drug, which showed the best weight loss results of any similar product. Scientific studies showed that anti-obesity drugs can reduce the risk of cardiovascular events, which may help weight loss treatments gain health insurance coverage—resulting in availability for a broader market of patients. Overall, we continued at the end of the Reporting Period to believe that Eli Lilly had an attractive new product suite in development and the path to further market share capture remained intact. We further believed the company was well positioned to benefit from the secular growth trend targeting obesity with its best-in-class obesity drug and a full portfolio of next generation obesity drugs in its pipeline. |
| Industrials conglomerate General Electric was another top positive contributor to the Fund’s relative results during the Reporting Period. The company’s share price initially benefited from the news of its divestiture of GE HealthCare as a standalone business. Despite reporting a top-line third quarter 2022 earnings miss of consensus expectations, the company’s share price appreciated because of a strong beat of consensus expectations on earnings and free cash flow. The company’s share price continued to appreciate in January 2023 on the news of a solid fourth quarter 2022 earnings release, as the company’s core business reported results ahead of consensus expectations. Additionally, investors reacted positively to General Electric’s newly deleveraged business in the wake of the then-recent spinoff of its health care segment. General Electric’s stock appreciated further after the company reaffirmed its 2023 guidance and announced expectations for greater aerospace profits. The company maintained this trend by announcing two quarters with results ahead of expectations, as General Electric had the fastest free cash flow and earnings growth rate of large-cap industrial companies during these quarters. At the end of the Reporting Period, we continued to like General Electric for its leading aerospace exposure, which we believed was still below mid-cycle, as well as for its improvement and energy transition opportunities within its power business—all at an attractive valuation, in our view. Finally, we maintained our belief that the company’s balance sheet remained strong. |
| NVIDIA is a semiconductor manufacturer and designer. Its shares initially rose during the Reporting Period, as investors had broad-based positive sentiment toward artificial intelligence (“AI”)-related companies. This positive momentum was then boosted when NVIDIA reported first and second quarter 2023 earnings that surpassed any bullish consensus expectations. Second quarter 2023 revenue doubled from the previous year, as investment in AI propelled the company forward faster than even the company had anticipated. Overall, the beating of consensus expectations and raising of guidance was largely attributable to increased data center demand. Such demand was driven by companies increasingly focusing on AI, the non-data center business coming off a trough, a new product cycle related to Hopper, and strength in China as consumers there were demanding more of the lower specification semiconductors as they feared the possibility of further restrictions past the high end. (The NVIDIA Hopper architecture advances tensor core technology with the transformer engine, designed to accelerate the training of AI models.) At the end of the Reporting Period, we continued to view NVIDIA as one of the best positioned semiconductor companies over the long term, and we remained bullish on consumer-levered semiconductor companies. We believed NVIDIA’s competitive advantage, compelling intellectual property and high growth end markets, particularly toward AI and autonomous vehicles, may well propel the company forward in the months and years ahead. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Those stocks detracting most from the Fund’s results relative to the S&P 500 Index were positions in CVS Health, American Tower and NextEra Energy. |
| Health care services provider and pharmacy retailer CVS Health was the top detractor from the Fund’s relative results during the Reporting Period. Shares of CVS Health took a hit in the fourth quarter of 2022 following the announcement that its largest health insurance plan for Medicare recipients |
46
PORTFOLIO RESULTS
| received a lower star rating, making the plan ineligible for government bonus payments in 2024. Its stock also suffered from a pullback in the broader health care sector in the second half of December 2022. Further, the company’s share price depreciated after CVS Health reported weaker than consensus expected fourth quarter 2022 earnings. Investor concerns grew during the first quarter of 2023, as competition in the pharmaceutical space intensified, while the U.S. demand for prescription drugs has begun to decline, and the company continued to grapple with inflationary pressure on its pricing. At the end of the Reporting Period, we recognized that CVS Health has lagged the managed care organization peer group, but we were constructive about the company’s ability to offset recent headwinds by transferring its Medicare Advantage members to other four-star rated plans, along with share buybacks. Additionally, we thought CVS Health’s balance sheet remained strong. |
| American Tower, a provider and operator of wireless communication infrastructure, faced headwinds affecting its returns during the Reporting Period. These headwinds included rising interest rates increasing its debt interest payments, foreign exchange rate fluctuations affecting its international tower operations, and customer consolidation hurting its earnings. However, demand for its tower and data center infrastructures remained strong, and investors appeared to expect that American Tower can produce enough capital to increase its dividend by 10%. At the end of the Reporting Period, we believed recent issues impeding the company would likely fade, and long-term tailwinds may well help reaccelerate its growth as demand for its operations remained robust. |
| NextEra Energy, an electric power and energy infrastructure company, saw its stock decline largely in line with the broader utilities sector for the majority of the Reporting Period, as the sector was challenged in the growth-driven market that dominated. On a more stock-specific basis, the company’s stock declined after reporting fourth quarter 2022 revenue behind consensus expectations, even as the company beat earnings per share consensus expectations and reaffirmed forward guidance. Its stock also faced pressure after the head of its Florida utility, Florida Power & Light, retired after a probe about campaign finance laws in the state, though the company stood behind no wrongdoing. NextEra Energy’s stock also declined after it was announced its own Chief Executive Officer was planning to retire but would be replaced by a former Chief Financial Officer of the company. Overall, we believed at the end of the Reporting Period that NextEra Energy would be one of the largest beneficiaries of the Inflation Reduction Act, especially around wind power development, and that the company’s scale would provide the company with an advantage compared to its peers, and thus we maintained the Fund’s position in its stock. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We established a Fund position during the Reporting Period in construction equipment manufacturer Caterpillar. Caterpillar performed well during the Reporting Period, as investors were bullish on the name due to increased infrastructure spending in the U.S. and across the world. In our view, this momentum is likely to fare well for the company, as its construction equipment may well be in more demand to meet development needs. Also, the company is anticipating an even stronger second half of 2023 versus 2022, with higher total sales and revenues. We believe in Caterpillar, as, in our view, it is well positioned to benefit from the tailwinds from the U.S. infrastructure bill, the trough in China construction activity, and the beginning of a mining cycle to power a shift to electric vehicles. |
| We initiated a Fund position in multinational information technology services and consulting company Accenture during the Reporting Period. We believe Accenture is a market leader and a well-managed company that should benefit in a robust demand environment especially in areas of cost-cutting. The company has a broad service offering integrated with consulting, and it is well in tune, in our view, with broad technology trends. Further, we believe its stock may perform well should large deals start ramping up and short-term pressures start moderating through 2024. |
| Conversely, we exited the Fund’s position in global science and technology conglomerate Danaher during the Reporting Period. The company lowered its full year revenue guidance on the back of diminished biotechnology spending, which was not only a prevalent theme in the U.S. but also throughout China. We decided to sell the Fund position until we gain more clarity around the soft biotechnology spending environment, as weakness could spill, in our opinion, beyond 2023. |
| We eliminated the Fund’s position in entertainment and media company Walt Disney Company during the Reporting Period. We believe it may take some time for the company to |
47
PORTFOLIO RESULTS
| reorient itself given all the transformations it is undergoing. We also believe the softer macroeconomic environment does not make it promising for the company in the near term, especially for its parks segment. Ultimately, we decided to sell the position for what we viewed as better risk/reward opportunities in which we had more confidence. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to industrials and materials increased compared to the S&P 500 Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweighted positions relative to the S&P 500 Index in industrials, materials, utilities and health care. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in financials, consumer staples and consumer discretionary and was rather neutrally weighted to the S&P 500 Index in communication services, information technology and real estate. The Fund had no position at all in energy at the end of the Reporting Period. |
48
FUND BASICS
U.S. Equity ESG Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Microsoft Corp. | 8.4 | % | Software | |||||
| Apple, Inc. | 6.7 | Technology Hardware, Storage & Peripherals | ||||||
| Alphabet, Inc., Class A | 5.5 | Interactive Media & Services | ||||||
| NVIDIA Corp. | 4.2 | Semiconductors & Semiconductor Equipment | ||||||
| JPMorgan Chase & Co. | 3.6 | Banks | ||||||
| Eli Lilly & Co. | 3.4 | Pharmaceuticals | ||||||
| Procter & Gamble Co. (The) | 3.1 | Household Products | ||||||
| Cisco Systems, Inc. | 2.6 | Communications Equipment | ||||||
| Linde PLC | 2.4 | Chemicals | ||||||
| Ross Stores, Inc. | 2.4 | Specialty Retail | ||||||
| 1 | The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds. |
| FUND VS. BENCHMARK SECTOR ALLOCATION2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
49
GOLDMAN SACHS U.S. EQUITY ESG FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500® Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| U.S. Equity ESG Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
16.46% | 10.39% | 10.83% | — | ||||||||
| Including sales charges |
10.06% | 9.15% | 10.20% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
15.58% | 9.55% | 9.99% | — | ||||||||
| Including contingent deferred sales charges |
14.58% | 9.55% | 9.99% | — | ||||||||
|
| ||||||||||||
| Institutional |
16.87% | 10.78% | 11.24% | — | ||||||||
|
| ||||||||||||
| Investor |
16.76% | 10.66% | 11.10% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
16.90% | 10.78% | N/A | 10.25% | ||||||||
|
| ||||||||||||
| Class R |
16.17% | 10.11% | 10.55% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
16.93% | 10.78% | N/A | 11.58% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
50
FUND BASICS
Index Definitions
The S&P 500® Index is the Standard & Poor’s® 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The S&P 500® Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.
The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an index.
The Russell 1000® Growth Index is an unmanaged index that measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Russell Midcap® Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Russell 2000® Growth Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The Russell 2500® Growth Index is an unmanaged index that measures the performance of the small to mid-cap growth segment of the US equity universe. The Russell 2500® Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- to mid-cap growth manager’s opportunity set. The Russell 2500® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based Index. It is not possible to invest directly in an index.
51
GOLDMAN SACHS CONCENTRATED GROWTH FUND
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.9% | ||||||||
| Automobile Components – 1.3% | ||||||||
| 21,196 | Aptiv PLC* | $ | 2,150,334 | |||||
|
|
|
|||||||
| Biotechnology – 3.4% | ||||||||
| 10,958 | Alnylam Pharmaceuticals, Inc.* | 2,167,712 | ||||||
| 3,420 | Argenx SE ADR (Netherlands)* | 1,718,516 | ||||||
| 13,535 | Sarepta Therapeutics, Inc.* | 1,637,870 | ||||||
|
|
|
|||||||
| 5,524,098 | ||||||||
|
|
|
|||||||
| Broadline Retail – 5.4% | ||||||||
| 64,036 | Amazon.com, Inc.* | 8,837,608 | ||||||
|
|
|
|||||||
| Capital Markets – 1.6% | ||||||||
| 4,822 | MSCI, Inc. | 2,621,336 | ||||||
|
|
|
|||||||
| Chemicals – 4.5% | ||||||||
| 8,124 | Linde PLC | 3,144,313 | ||||||
| 15,298 | Sherwin-Williams Co. (The) | 4,156,773 | ||||||
|
|
|
|||||||
| 7,301,086 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 1.4% | ||||||||
| 16,273 | Waste Connections, Inc. | 2,229,238 | ||||||
|
|
|
|||||||
| Electrical Equipment – 1.3% | ||||||||
| 6,847 | Rockwell Automation, Inc. | 2,136,812 | ||||||
|
|
|
|||||||
| Financial Services – 4.0% | ||||||||
| 15,958 | Mastercard, Inc., Class A | 6,584,909 | ||||||
|
|
|
|||||||
| Food Products – 2.1% | ||||||||
| 41,019 | McCormick & Co., Inc. | 3,366,840 | ||||||
|
|
|
|||||||
| Ground Transportation – 2.3% | ||||||||
| 8,562 | Old Dominion Freight Line, Inc. | 3,659,142 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 5.0% | ||||||||
| 66,408 | Boston Scientific Corp.* | 3,582,047 | ||||||
| 10,556 | Insulet Corp.* | 2,023,691 | ||||||
| 8,078 | Intuitive Surgical, Inc.* | 2,525,829 | ||||||
|
|
|
|||||||
| 8,131,567 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 1.3% | ||||||||
| 7,741 | McDonald’s Corp. | 2,176,382 | ||||||
|
|
|
|||||||
| Household Products – 1.8% | ||||||||
| 18,415 | Procter & Gamble Co. (The) | 2,842,171 | ||||||
|
|
|
|||||||
| Interactive Media & Services – 7.4% | ||||||||
| 36,344 | Alphabet, Inc., Class A* | 4,948,963 | ||||||
| 27,447 | Alphabet, Inc., Class C* | 3,769,845 | ||||||
| 5,616 | Meta Platforms, Inc., Class A* | 1,661,718 | ||||||
| 169,525 | Snap, Inc., Class A* | 1,754,584 | ||||||
|
|
|
|||||||
| 12,135,110 | ||||||||
|
|
|
|||||||
| IT Services – 3.8% | ||||||||
| 11,503 | Accenture PLC, Class A | 3,724,326 | ||||||
| 16,067 | Snowflake, Inc., Class A* | 2,520,109 | ||||||
|
|
|
|||||||
| 6,244,435 | ||||||||
|
|
|
|||||||
| Pharmaceuticals – 6.1% | ||||||||
| 49,367 | AstraZeneca PLC ADR (United Kingdom) | 3,348,070 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Pharmaceuticals – (continued) | ||||||||
| 11,899 | Eli Lilly & Co. | 6,594,426 | ||||||
|
|
|
|||||||
| 9,942,496 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development – 1.5% | ||||||||
| 29,495 | CoStar Group, Inc.* | 2,418,295 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 13.2% | ||||||||
| 13,044 | Enphase Energy, Inc.* | 1,650,457 | ||||||
| 5,202 | KLA Corp. | 2,610,728 | ||||||
| 83,663 | Marvell Technology, Inc. | 4,873,370 | ||||||
| 25,137 | NVIDIA Corp. | 12,406,366 | ||||||
|
|
|
|||||||
| 21,540,921 | ||||||||
|
|
|
|||||||
| Software – 14.8% | ||||||||
| 7,947 | Intuit, Inc. | 4,305,764 | ||||||
| 50,749 | Microsoft Corp. | 16,633,492 | ||||||
| 14,300 | Salesforce, Inc.* | 3,166,878 | ||||||
|
|
|
|||||||
| 24,106,134 | ||||||||
|
|
|
|||||||
| Specialized REITs – 1.5% | ||||||||
| 13,642 | American Tower Corp. REIT | 2,473,567 | ||||||
|
|
|
|||||||
| Specialty Retail – 2.0% | ||||||||
| 27,108 | Ross Stores, Inc. | 3,302,025 | ||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 10.1% | ||||||||
| 88,042 | Apple, Inc. | 16,540,451 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 3.1% | ||||||||
| 7,308 | Lululemon Athletica, Inc.* | 2,786,248 | ||||||
| 22,988 | NIKE, Inc., Class B | 2,338,110 | ||||||
|
|
|
|||||||
| 5,124,358 | ||||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $85,078,045) | $ | 161,389,315 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.8%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 1,245,843 | 5.234 | % | $ | 1,245,843 | ||||
| (Cost $1,245,843) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 99.7% |
| |||||||
| (Cost $86,323,888) |
|
$ | 162,635,158 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
|
525,526 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 163,160,684 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 97.5% | ||||||||
| Aerospace & Defense – 0.6% | ||||||||
| 2,323 | L3Harris Technologies, Inc. | $ | 413,703 | |||||
|
|
|
|||||||
| Automobile Components – 0.6% | ||||||||
| 3,966 | Aptiv PLC* | 402,351 | ||||||
|
|
|
|||||||
| Automobiles – 1.2% | ||||||||
| 3,358 | Tesla, Inc.* | 866,633 | ||||||
|
|
|
|||||||
| Banks – 3.4% | ||||||||
| 24,936 | Bank of America Corp. | 714,915 | ||||||
| 5,523 | Citizens Financial Group, Inc. | 155,362 | ||||||
| 5,710 | East West Bancorp, Inc. | 315,992 | ||||||
| 7,482 | JPMorgan Chase & Co. | 1,094,841 | ||||||
| 1,144 | M&T Bank Corp. | 143,057 | ||||||
|
|
|
|||||||
| 2,424,167 | ||||||||
|
|
|
|||||||
| Beverages – 1.2% | ||||||||
| 1,538 | Coca-Cola Co. (The) | 92,019 | ||||||
| 5,348 | Coca-Cola Europacific Partners PLC (United Kingdom) | 342,860 | ||||||
| 1,625 | Constellation Brands, Inc., Class A | 423,410 | ||||||
|
|
|
|||||||
| 858,289 | ||||||||
|
|
|
|||||||
| Biotechnology – 2.5% | ||||||||
| 1,042 | AbbVie, Inc. | 153,132 | ||||||
| 1,505 | Biogen, Inc.* | 402,377 | ||||||
| 3,336 | BioMarin Pharmaceutical, Inc.* | 304,843 | ||||||
| 6,639 | Gilead Sciences, Inc. | 507,751 | ||||||
| 3,482 | Neurocrine Biosciences, Inc.* | 379,155 | ||||||
|
|
|
|||||||
| 1,747,258 | ||||||||
|
|
|
|||||||
| Broadline Retail – 2.8% | ||||||||
| 14,091 | Amazon.com, Inc.* | 1,944,699 | ||||||
|
|
|
|||||||
| Building Products – 1.0% | ||||||||
| 2,459 | Allegion PLC | 279,859 | ||||||
| 2,049 | Trane Technologies PLC | 420,578 | ||||||
|
|
|
|||||||
| 700,437 | ||||||||
|
|
|
|||||||
| Capital Markets – 1.0% | ||||||||
| 805 | MSCI, Inc. | 437,614 | ||||||
| 4,701 | Nasdaq, Inc. | 246,709 | ||||||
|
|
|
|||||||
| 684,323 | ||||||||
|
|
|
|||||||
| Chemicals – 2.2% | ||||||||
| 3,108 | Celanese Corp. | 392,727 | ||||||
| 1,790 | Linde PLC | 692,801 | ||||||
| 1,694 | Sherwin-Williams Co. (The) | 460,294 | ||||||
|
|
|
|||||||
| 1,545,822 | ||||||||
|
|
|
|||||||
| Communications Equipment – 1.1% | ||||||||
| 14,040 | Cisco Systems, Inc. | 805,194 | ||||||
|
|
|
|||||||
| Consumer Finance – 1.2% | ||||||||
| 3,005 | American Express Co. | 474,760 | ||||||
| 4,355 | Discover Financial Services | 392,255 | ||||||
|
|
|
|||||||
| 867,015 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Consumer Staples Distribution & Retail – 2.2% | ||||||||
| 6,074 | Performance Food Group Co.* | 377,378 | ||||||
| 3,109 | Target Corp. | 393,444 | ||||||
| 4,728 | Walmart, Inc. | 768,820 | ||||||
|
|
|
|||||||
| 1,539,642 | ||||||||
|
|
|
|||||||
| Containers & Packaging – 0.6% | ||||||||
| 2,084 | Avery Dennison Corp. | 392,584 | ||||||
|
|
|
|||||||
| Electric Utilities – 1.7% | ||||||||
| 10,511 | FirstEnergy Corp. | 379,132 | ||||||
| 6,282 | NextEra Energy, Inc. | 419,637 | ||||||
| 6,838 | Xcel Energy, Inc. | 390,655 | ||||||
|
|
|
|||||||
| 1,189,424 | ||||||||
|
|
|
|||||||
| Electrical Equipment – 1.0% | ||||||||
| 1,397 | Eaton Corp. PLC | 321,827 | ||||||
| 1,185 | Rockwell Automation, Inc. | 369,815 | ||||||
|
|
|
|||||||
| 691,642 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 0.6% | ||||||||
| 1,989 | CDW Corp. | 419,977 | ||||||
|
|
|
|||||||
| Entertainment – 1.3% | ||||||||
| 3,289 | Electronic Arts, Inc. | 394,614 | ||||||
| 3,411 | Live Nation Entertainment, Inc.* | 288,332 | ||||||
| 20,416 | Warner Bros Discovery, Inc.* | 268,266 | ||||||
|
|
|
|||||||
| 951,212 | ||||||||
|
|
|
|||||||
| Financial Services – 5.2% | ||||||||
| 2,292 | Berkshire Hathaway, Inc., Class B* | 825,578 | ||||||
| 4,943 | Fidelity National Information Services, Inc. | 276,116 | ||||||
| 3,982 | Fiserv, Inc.* | 483,375 | ||||||
| 1,871 | Jack Henry & Associates, Inc. | 293,335 | ||||||
| 575 | Mastercard, Inc., Class A | 237,268 | ||||||
| 7,539 | PayPal Holdings, Inc.* | 471,263 | ||||||
| 4,398 | Visa, Inc., Class A | 1,080,501 | ||||||
|
|
|
|||||||
| 3,667,436 | ||||||||
|
|
|
|||||||
| Food Products – 1.1% | ||||||||
| 4,450 | McCormick & Co., Inc. | 365,256 | ||||||
| 5,754 | Mondelez International, Inc., Class A | 410,030 | ||||||
|
|
|
|||||||
| 775,286 | ||||||||
|
|
|
|||||||
| Ground Transportation – 1.2% | ||||||||
| 972 | Old Dominion Freight Line, Inc. | 415,404 | ||||||
| 1,002 | Saia, Inc.* | 427,052 | ||||||
|
|
|
|||||||
| 842,456 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 2.2% | ||||||||
| 5,374 | Boston Scientific Corp.* | 289,873 | ||||||
| 998 | Cooper Cos., Inc. (The) | 369,250 | ||||||
| 1,579 | Intuitive Surgical, Inc.* | 493,722 | ||||||
| 3,172 | Zimmer Biomet Holdings, Inc. | 377,849 | ||||||
|
|
|
|||||||
| 1,530,694 | ||||||||
|
|
|
|||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FLEXIBLE CAP FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Health Care Providers & Services – 2.9% | ||||||||
| 2,143 | Cencora, Inc. | $ | 377,125 | |||||
| 6,105 | Centene Corp.* | 376,373 | ||||||
| 7,032 | CVS Health Corp. | 458,276 | ||||||
| 995 | Humana, Inc. | 459,322 | ||||||
| 868 | UnitedHealth Group, Inc. | 413,671 | ||||||
|
|
|
|||||||
| 2,084,767 | ||||||||
|
|
|
|||||||
| Health Care REITs – 0.5% | ||||||||
| 7,939 | Ventas, Inc. REIT | 346,776 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 2.4% | ||||||||
| 1,011 | Domino’s Pizza, Inc. | 391,661 | ||||||
| 3,422 | Expedia Group, Inc.* | 370,911 | ||||||
| 2,023 | McDonald’s Corp. | 568,767 | ||||||
| 3,093 | Yum! Brands, Inc. | 400,172 | ||||||
|
|
|
|||||||
| 1,731,511 | ||||||||
|
|
|
|||||||
| Household Durables – 0.5% | ||||||||
| 3,148 | Lennar Corp., Class A | 374,895 | ||||||
|
|
|
|||||||
| Household Products – 0.9% | ||||||||
| 5,481 | Colgate-Palmolive Co. | 402,689 | ||||||
| 1,579 | Procter & Gamble Co. (The) | 243,703 | ||||||
|
|
|
|||||||
| 646,392 | ||||||||
|
|
|
|||||||
| Industrial Conglomerates – 0.8% | ||||||||
| 5,030 | General Electric Co. | 575,734 | ||||||
|
|
|
|||||||
| Insurance – 2.4% | ||||||||
| 3,753 | Allstate Corp. (The) | 404,611 | ||||||
| 4,912 | Arch Capital Group Ltd.* | 377,536 | ||||||
| 3,216 | Globe Life, Inc. | 358,809 | ||||||
| 2,689 | Marsh & McLennan Cos., Inc. | 524,328 | ||||||
|
|
|
|||||||
| 1,665,284 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 6.3% | ||||||||
| 13,573 | Alphabet, Inc., Class A* | 1,848,235 | ||||||
| 10,419 | Alphabet, Inc., Class C* | 1,431,050 | ||||||
| 7,829 | Match Group, Inc.* | 366,945 | ||||||
| 2,658 | Meta Platforms, Inc., Class A* | 786,476 | ||||||
|
|
|
|||||||
| 4,432,706 | ||||||||
|
|
|
|||||||
| IT Services – 1.0% | ||||||||
| 2,269 | Accenture PLC, Class A | 734,634 | ||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 0.9% | ||||||||
| 315 | Mettler-Toledo International, Inc.* | 382,246 | ||||||
| 709 | West Pharmaceutical Services, Inc. | 288,492 | ||||||
|
|
|
|||||||
| 670,738 | ||||||||
|
|
|
|||||||
| Machinery – 3.3% | ||||||||
| 2,137 | Caterpillar, Inc. | 600,775 | ||||||
| 1,157 | Cummins, Inc. | 266,156 | ||||||
| 4,701 | Fortive Corp. | 370,674 | ||||||
| 1,931 | Illinois Tool Works, Inc. | 477,633 | ||||||
| 3,422 | ITT, Inc. | 350,002 | ||||||
| 2,688 | Xylem, Inc. | 278,315 | ||||||
|
|
|
|||||||
| 2,343,555 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Media – 0.4% | ||||||||
| 8,214 | Interpublic Group of Cos., Inc. (The) | 267,859 | ||||||
|
|
|
|||||||
| Metals & Mining – 0.5% | ||||||||
| 3,602 | Steel Dynamics, Inc. | 383,937 | ||||||
|
|
|
|||||||
| Multi-Utilities – 1.2% | ||||||||
| 4,536 | Ameren Corp. | 359,569 | ||||||
| 7,971 | NiSource, Inc. | 213,304 | ||||||
| 3,044 | WEC Energy Group, Inc. | 256,061 | ||||||
|
|
|
|||||||
| 828,934 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 4.2% | ||||||||
| 2,313 | Chesapeake Energy Corp. | 204,030 | ||||||
| 3,122 | Chevron Corp. | 502,954 | ||||||
| 1,987 | ConocoPhillips | 236,513 | ||||||
| 2,855 | EOG Resources, Inc. | 367,210 | ||||||
| 7,333 | Exxon Mobil Corp. | 815,356 | ||||||
| 14,952 | Marathon Oil Corp. | 393,985 | ||||||
| 3,384 | Marathon Petroleum Corp. | 483,134 | ||||||
|
|
|
|||||||
| 3,003,182 | ||||||||
|
|
|
|||||||
| Pharmaceuticals – 3.5% | ||||||||
| 4,882 | AstraZeneca PLC ADR (United Kingdom) | 331,097 | ||||||
| 9,199 | Bristol-Myers Squibb Co. | 567,118 | ||||||
| 1,909 | Eli Lilly & Co. | 1,057,968 | ||||||
| 2,285 | Johnson & Johnson | 369,439 | ||||||
| 1,446 | Merck & Co., Inc. | 157,585 | ||||||
|
|
|
|||||||
| 2,483,207 | ||||||||
|
|
|
|||||||
| Professional Services – 0.5% | ||||||||
| 2,975 | Booz Allen Hamilton Holding Corp. | 337,097 | ||||||
|
|
|
|||||||
| Residential REITs – 0.8% | ||||||||
| 1,801 | AvalonBay Communities, Inc. REIT | 331,060 | ||||||
| 3,766 | Equity LifeStyle Properties, Inc. REIT | 252,171 | ||||||
|
|
|
|||||||
| 583,231 | ||||||||
|
|
|
|||||||
| Retail REITs – 0.6% | ||||||||
| 3,720 | Simon Property Group, Inc. REIT | 422,183 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 6.3% | ||||||||
| 3,954 | Applied Materials, Inc. | 604,013 | ||||||
| 280 | Broadcom, Inc. | 258,409 | ||||||
| 2,803 | Enphase Energy, Inc.* | 354,664 | ||||||
| 883 | KLA Corp. | 443,151 | ||||||
| 6,233 | Marvell Technology, Inc. | 363,072 | ||||||
| 2,957 | MKS Instruments, Inc. | 296,380 | ||||||
| 3,843 | NVIDIA Corp. | 1,896,713 | ||||||
| 1,571 | Texas Instruments, Inc. | 264,022 | ||||||
|
|
|
|||||||
| 4,480,424 | ||||||||
|
|
|
|||||||
| Software – 11.1% | ||||||||
| 11,523 | AppLovin Corp., Class A* | 498,024 | ||||||
| 6,022 | DocuSign, Inc.* | 302,906 | ||||||
| 6,708 | Dynatrace, Inc.* | 323,326 | ||||||
| 431 | Fair Isaac Corp.* | 389,878 | ||||||
| 1,159 | Intuit, Inc. | 627,958 | ||||||
| 13,865 | Microsoft Corp. | 4,544,392 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Software – (continued) | ||||||||
| 1,533 | Palo Alto Networks, Inc.* | $ | 372,979 | |||||
| 3,480 | Salesforce, Inc.* | 770,681 | ||||||
|
|
|
|||||||
| 7,830,144 | ||||||||
|
|
|
|||||||
| Specialized REITs – 0.4% | ||||||||
| 7,460 | CubeSmart REIT | 311,157 | ||||||
|
|
|
|||||||
| Specialty Retail – 2.3% | ||||||||
| 673 | Home Depot, Inc. (The) | 222,292 | ||||||
| 2,558 | Lowe’s Cos., Inc. | 589,568 | ||||||
| 3,425 | Ross Stores, Inc. | 417,199 | ||||||
| 878 | Ulta Beauty, Inc.* | 364,396 | ||||||
|
|
|
|||||||
| 1,593,455 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 7.1% | ||||||||
| 24,930 | Apple, Inc. | 4,683,599 | ||||||
| 5,800 | Dell Technologies, Inc., Class C | 326,192 | ||||||
|
|
|
|||||||
| 5,009,791 | ||||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 0.8% | ||||||||
| 5,459 | NIKE, Inc., Class B | 555,235 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $55,414,667) | $ | 68,957,072 | ||||||
|
|
|
|||||||
| Exchange-Traded Fund – 1.4% | ||||||||
| 2,172 | SPDR S&P 500 ETF Trust | |||||||
| (Cost $949,111) | $ | 978,160 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.5%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 346,974 | 5.234 | % | $ | 346,974 | ||||
| (Cost $346,974) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 99.4% |
| |||||||
| (Cost $56,710,752) |
|
$ | 70,282,206 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6% |
|
443,227 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 70,725,433 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.9% | ||||||||
| Aerospace & Defense – 0.9% | ||||||||
| 10,363 | Boeing Co. (The)* | $ | 2,321,623 | |||||
| 19,462 | L3Harris Technologies, Inc. | 3,465,987 | ||||||
| 7,357 | Northrop Grumman Corp. | 3,186,243 | ||||||
| 1,656 | TransDigm Group, Inc.* | 1,496,776 | ||||||
|
|
|
|||||||
| 10,470,629 | ||||||||
|
|
|
|||||||
| Automobile Components – 0.6% | ||||||||
| 54,511 | Aptiv PLC* | 5,530,141 | ||||||
| 39,157 | Mobileye Global, Inc., Class A (Israel)* | 1,390,465 | ||||||
|
|
|
|||||||
| 6,920,606 | ||||||||
|
|
|
|||||||
| Automobiles – 1.4% | ||||||||
| 216,119 | General Motors Co. | 7,242,148 | ||||||
| 35,225 | Tesla, Inc.* | 9,090,868 | ||||||
|
|
|
|||||||
| 16,333,016 | ||||||||
|
|
|
|||||||
| Banks – 3.5% | ||||||||
| 381,052 | Bank of America Corp. | 10,924,761 | ||||||
| 65,580 | East West Bancorp, Inc. | 3,629,197 | ||||||
| 138,109 | JPMorgan Chase & Co. | 20,209,490 | ||||||
| 24,659 | M&T Bank Corp. | 3,083,608 | ||||||
| 57,494 | Pinnacle Financial Partners, Inc. | 3,826,801 | ||||||
|
|
|
|||||||
| 41,673,857 | ||||||||
|
|
|
|||||||
| Beverages – 1.2% | ||||||||
| 67,313 | Coca-Cola Europacific Partners PLC (United Kingdom) | 4,315,436 | ||||||
| 25,833 | Constellation Brands, Inc., Class A | 6,731,047 | ||||||
| 60,355 | Monster Beverage Corp.* | 3,464,981 | ||||||
|
|
|
|||||||
| 14,511,464 | ||||||||
|
|
|
|||||||
| Biotechnology – 2.2% | ||||||||
| 14,291 | Alnylam Pharmaceuticals, Inc.* | 2,827,046 | ||||||
| 1,817 | Argenx SE ADR (Netherlands)* | 913,024 | ||||||
| 20,612 | Biogen, Inc.* | 5,510,824 | ||||||
| 17,836 | BioMarin Pharmaceutical, Inc.* | 1,629,854 | ||||||
| 33,483 | Exact Sciences Corp.* | 2,801,523 | ||||||
| 82,304 | Gilead Sciences, Inc. | 6,294,610 | ||||||
| 39,233 | Sarepta Therapeutics, Inc.* | 4,747,585 | ||||||
| 6,619 | Seagen, Inc.* | 1,363,977 | ||||||
|
|
|
|||||||
| 26,088,443 | ||||||||
|
|
|
|||||||
| Broadline Retail – 3.3% | ||||||||
| 268,596 | Amazon.com, Inc.* | 37,068,934 | ||||||
| 25,937 | Etsy, Inc.* | 1,908,185 | ||||||
|
|
|
|||||||
| 38,977,119 | ||||||||
|
|
|
|||||||
| Building Products – 0.5% | ||||||||
| 31,077 | Trane Technologies PLC | 6,378,865 | ||||||
|
|
|
|||||||
| Capital Markets – 2.4% | ||||||||
| 5,734 | BlackRock, Inc. | 4,016,896 | ||||||
| 45,971 | Carlyle Group, Inc. (The) | 1,487,162 | ||||||
| 94,947 | Charles Schwab Corp. (The) | 5,616,115 | ||||||
| 83,640 | Morgan Stanley | 7,121,946 | ||||||
| 9,135 | MSCI, Inc. | 4,965,969 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Capital Markets – (continued) | ||||||||
| 11,769 | Raymond James Financial, Inc. | 1,230,920 | ||||||
| 9,057 | S&P Global, Inc. | 3,540,019 | ||||||
| 12,489 | Tradeweb Markets, Inc., Class A | 1,079,424 | ||||||
|
|
|
|||||||
| 29,058,451 | ||||||||
|
|
|
|||||||
| Chemicals – 2.4% | ||||||||
| 17,120 | Ashland, Inc. | 1,483,106 | ||||||
| 25,034 | Celanese Corp. | 3,163,296 | ||||||
| 34,879 | Linde PLC | 13,499,568 | ||||||
| 38,061 | Sherwin-Williams Co. (The) | 10,341,935 | ||||||
|
|
|
|||||||
| 28,487,905 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 0.2% | ||||||||
| 18,385 | Waste Connections, Inc. | 2,518,561 | ||||||
|
|
|
|||||||
| Communications Equipment – 1.3% | ||||||||
| 11,976 | Arista Networks, Inc.* | 2,338,075 | ||||||
| 155,527 | Cisco Systems, Inc. | 8,919,473 | ||||||
| 13,767 | Motorola Solutions, Inc. | 3,903,908 | ||||||
|
|
|
|||||||
| 15,161,456 | ||||||||
|
|
|
|||||||
| Construction Materials – 0.9% | ||||||||
| 25,125 | Martin Marietta Materials, Inc. | 11,216,051 | ||||||
|
|
|
|||||||
| Consumer Finance – 0.6% | ||||||||
| 44,800 | American Express Co. | 7,077,952 | ||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 0.2% | ||||||||
| 23,343 | Target Corp. | 2,954,057 | ||||||
|
|
|
|||||||
| Containers & Packaging – 0.7% | ||||||||
| 8,410 | Avery Dennison Corp. | 1,584,276 | ||||||
| 135,647 | Ball Corp. | 7,385,979 | ||||||
|
|
|
|||||||
| 8,970,255 | ||||||||
|
|
|
|||||||
| Diversified Telecommunication Services – 0.7% | ||||||||
| 546,946 | AT&T, Inc. | 8,089,331 | ||||||
|
|
|
|||||||
| Electric Utilities – 2.4% | ||||||||
| 73,341 | Eversource Energy | 4,680,623 | ||||||
| 135,295 | Exelon Corp. | 5,428,035 | ||||||
| 137,772 | FirstEnergy Corp. | 4,969,436 | ||||||
| 172,664 | NextEra Energy, Inc. | 11,533,955 | ||||||
| 32,520 | Xcel Energy, Inc. | 1,857,868 | ||||||
|
|
|
|||||||
| 28,469,917 | ||||||||
|
|
|
|||||||
| Electrical Equipment – 2.4% | ||||||||
| 14,867 | AMETEK, Inc. | 2,371,435 | ||||||
| 52,207 | Eaton Corp. PLC | 12,026,927 | ||||||
| 42,519 | Rockwell Automation, Inc. | 13,269,330 | ||||||
| 34,602 | Shoals Technologies Group, Inc., Class A* | 680,967 | ||||||
|
|
|
|||||||
| 28,348,659 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 0.4% | ||||||||
| 13,823 | CDW Corp. | 2,918,726 | ||||||
| 16,750 | Keysight Technologies, Inc.* | 2,232,775 | ||||||
|
|
|
|||||||
| 5,151,501 | ||||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS LARGE CAP CORE FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Energy Equipment & Services – 0.2% | ||||||||
| 47,687 | Schlumberger NV | $ | 2,811,626 | |||||
|
|
|
|||||||
| Entertainment – 1.0% | ||||||||
| 16,223 | Electronic Arts, Inc. | 1,946,436 | ||||||
| 34,128 | Live Nation Entertainment, Inc.* | 2,884,840 | ||||||
| 5,848 | Netflix, Inc.* | 2,536,161 | ||||||
| 22,233 | Walt Disney Co. (The)* | 1,860,457 | ||||||
| 226,358 | Warner Bros Discovery, Inc.* | 2,974,344 | ||||||
|
|
|
|||||||
| 12,202,238 | ||||||||
|
|
|
|||||||
| Financial Services – 3.3% | ||||||||
| 27,080 | Apollo Global Management, Inc. | 2,365,167 | ||||||
| 25,649 | Berkshire Hathaway, Inc., Class B* | 9,238,770 | ||||||
| 41,338 | Fiserv, Inc.* | 5,018,020 | ||||||
| 87,167 | PayPal Holdings, Inc.* | 5,448,809 | ||||||
| 71,836 | Visa, Inc., Class A | 17,648,669 | ||||||
|
|
|
|||||||
| 39,719,435 | ||||||||
|
|
|
|||||||
| Food Products – 1.6% | ||||||||
| 137,402 | McCormick & Co., Inc. | 11,277,956 | ||||||
| 106,735 | Mondelez International, Inc., Class A | 7,605,936 | ||||||
|
|
|
|||||||
| 18,883,892 | ||||||||
|
|
|
|||||||
| Ground Transportation – 1.1% | ||||||||
| 15,947 | Norfolk Southern Corp. | 3,269,294 | ||||||
| 13,241 | Old Dominion Freight Line, Inc. | 5,658,806 | ||||||
| 84,307 | Uber Technologies, Inc.* | 3,981,820 | ||||||
|
|
|
|||||||
| 12,909,920 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 3.7% | ||||||||
| 238,685 | Boston Scientific Corp.* | 12,874,669 | ||||||
| 6,781 | Cooper Cos., Inc. (The) | 2,508,902 | ||||||
| 63,344 | Dexcom, Inc.* | 6,396,477 | ||||||
| 12,450 | Insulet Corp.* | 2,386,790 | ||||||
| 24,582 | Intuitive Surgical, Inc.* | 7,686,300 | ||||||
| 105,504 | Zimmer Biomet Holdings, Inc. | 12,567,636 | ||||||
|
|
|
|||||||
| 44,420,774 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.5% | ||||||||
| 34,893 | Centene Corp.* | 2,151,154 | ||||||
| 196,490 | CVS Health Corp. | 12,805,253 | ||||||
| 11,391 | Humana, Inc. | 5,258,427 | ||||||
| 20,188 | UnitedHealth Group, Inc. | 9,621,197 | ||||||
|
|
|
|||||||
| 29,836,031 | ||||||||
|
|
|
|||||||
| Health Care Technology – 0.5% | ||||||||
| 30,203 | Veeva Systems, Inc., Class A* | 6,303,366 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 2.2% | ||||||||
| 1,023 | Chipotle Mexican Grill, Inc.* | 1,970,953 | ||||||
| 22,246 | Domino’s Pizza, Inc. | 8,618,100 | ||||||
| 48,988 | Las Vegas Sands Corp. | 2,687,482 | ||||||
| 33,051 | McDonald’s Corp. | 9,292,289 | ||||||
| 7,171 | Wingstop, Inc. | 1,151,949 | ||||||
| 19,174 | Yum! Brands, Inc. | 2,480,732 | ||||||
|
|
|
|||||||
| 26,201,505 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Household Products – 2.5% | ||||||||
| 171,315 | Colgate-Palmolive Co. | 12,586,513 | ||||||
| 115,276 | Procter & Gamble Co. (The) | 17,791,698 | ||||||
|
|
|
|||||||
| 30,378,211 | ||||||||
|
|
|
|||||||
| Industrial Conglomerates – 0.5% | ||||||||
| 50,542 | General Electric Co. | 5,785,037 | ||||||
|
|
|
|||||||
| Industrial REITs – 0.1% | ||||||||
| 9,232 | EastGroup Properties, Inc. REIT | 1,658,344 | ||||||
|
|
|
|||||||
| Insurance – 1.5% | ||||||||
| 15,650 | Allstate Corp. (The) | 1,687,226 | ||||||
| 28,816 | Arch Capital Group Ltd.* | 2,214,798 | ||||||
| 12,528 | Chubb Ltd. | 2,516,499 | ||||||
| 16,528 | Globe Life, Inc. | 1,844,029 | ||||||
| 729 | Markel Group, Inc.* | 1,078,133 | ||||||
| 21,303 | Marsh & McLennan Cos., Inc. | 4,153,872 | ||||||
| 20,385 | Progressive Corp. (The) | 2,720,786 | ||||||
| 26,166 | Unum Group | 1,287,106 | ||||||
|
|
|
|||||||
| 17,502,449 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 5.2% | ||||||||
| 205,936 | Alphabet, Inc., Class A* | 28,042,305 | ||||||
| 172,772 | Alphabet, Inc., Class C* | 23,730,234 | ||||||
| 32,726 | Meta Platforms, Inc., Class A* | 9,683,296 | ||||||
| 108,727 | Snap, Inc., Class A* | 1,125,325 | ||||||
|
|
|
|||||||
| 62,581,160 | ||||||||
|
|
|
|||||||
| IT Services – 2.3% | ||||||||
| 42,800 | Accenture PLC, Class A | 13,857,356 | ||||||
| 66,168 | International Business Machines Corp. | 9,715,447 | ||||||
| 21,969 | Snowflake, Inc., Class A* | 3,445,838 | ||||||
|
|
|
|||||||
| 27,018,641 | ||||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 1.8% | ||||||||
| 29,880 | Danaher Corp. | 7,918,200 | ||||||
| 34,558 | Illumina, Inc.* | 5,709,673 | ||||||
| 19,300 | West Pharmaceutical Services, Inc. | 7,853,170 | ||||||
|
|
|
|||||||
| 21,481,043 | ||||||||
|
|
|
|||||||
| Machinery – 2.8% | ||||||||
| 44,600 | Caterpillar, Inc. | 12,538,398 | ||||||
| 49,969 | Illinois Tool Works, Inc. | 12,359,832 | ||||||
| 85,147 | Stanley Black & Decker, Inc. | 8,036,174 | ||||||
|
|
|
|||||||
| 32,934,404 | ||||||||
|
|
|
|||||||
| Media – 0.2% | ||||||||
| 48,907 | Interpublic Group of Cos., Inc. (The) | 1,594,857 | ||||||
| 25,061 | New York Times Co. (The), Class A | 1,109,451 | ||||||
|
|
|
|||||||
| 2,704,308 | ||||||||
|
|
|
|||||||
| Metals & Mining – 0.9% | ||||||||
| 60,484 | Freeport-McMoRan, Inc. | 2,413,917 | ||||||
| 75,256 | Steel Dynamics, Inc. | 8,021,537 | ||||||
|
|
|
|||||||
| 10,435,454 | ||||||||
|
|
|
|||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Multi-Utilities – 0.5% | ||||||||
| 102,671 | CMS Energy Corp. | $ | 5,769,084 | |||||
|
|
|
|||||||
| Office REITs – 0.3% | ||||||||
| 36,066 | Alexandria Real Estate Equities, Inc. REIT | 4,195,918 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 5.4% | ||||||||
| 46,269 | Cheniere Energy, Inc. | 7,551,101 | ||||||
| 112,718 | Chesapeake Energy Corp. | 9,942,855 | ||||||
| 69,907 | Chevron Corp. | 11,262,018 | ||||||
| 11,757 | ConocoPhillips | 1,399,436 | ||||||
| 12,926 | DT Midstream, Inc. | 675,901 | ||||||
| 52,841 | EOG Resources, Inc. | 6,796,409 | ||||||
| 55,032 | Exxon Mobil Corp. | 6,119,008 | ||||||
| 56,755 | Hess Corp. | 8,768,647 | ||||||
| 16,264 | HF Sinclair Corp. | 895,984 | ||||||
| 91,975 | Marathon Oil Corp. | 2,423,541 | ||||||
| 15,821 | Marathon Petroleum Corp. | 2,258,764 | ||||||
| 70,410 | Targa Resources Corp. | 6,072,862 | ||||||
|
|
|
|||||||
| 64,166,526 | ||||||||
|
|
|
|||||||
| Passenger Airlines – 0.1% | ||||||||
| 33,141 | United Airlines Holdings, Inc.* | 1,650,753 | ||||||
|
|
|
|||||||
| Personal Care Products – 0.5% | ||||||||
| 33,649 | Estee Lauder Cos., Inc. (The), Class A | 5,401,674 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 3.3% | ||||||||
| 116,399 | AstraZeneca PLC ADR (United Kingdom) | 7,894,180 | ||||||
| 244,390 | Bristol-Myers Squibb Co. | 15,066,643 | ||||||
| 20,814 | Eli Lilly & Co. | 11,535,119 | ||||||
| 27,994 | Zoetis, Inc. | 5,333,137 | ||||||
|
|
|
|||||||
| 39,829,079 | ||||||||
|
|
|
|||||||
| Professional Services – 0.2% | ||||||||
| 5,665 | Equifax, Inc. | 1,170,956 | ||||||
| 3,992 | Verisk Analytics, Inc. | 966,942 | ||||||
|
|
|
|||||||
| 2,137,898 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development – 0.5% | ||||||||
| 75,992 | CoStar Group, Inc.* | 6,230,584 | ||||||
|
|
|
|||||||
| Residential REITs – 0.3% | ||||||||
| 11,127 | AvalonBay Communities, Inc. REIT | 2,045,365 | ||||||
| 30,696 | Equity LifeStyle Properties, Inc. REIT | 2,055,404 | ||||||
|
|
|
|||||||
| 4,100,769 | ||||||||
|
|
|
|||||||
| Retail REITs – 0.2% | ||||||||
| 18,109 | Simon Property Group, Inc. REIT | 2,055,190 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 6.1% | ||||||||
| 30,085 | Applied Materials, Inc. | 4,595,785 | ||||||
| 12,987 | Enphase Energy, Inc.* | 1,643,245 | ||||||
| 29,680 | KLA Corp. | 14,895,502 | ||||||
| 206,178 | Marvell Technology, Inc. | 12,009,868 | ||||||
| 60,804 | Micron Technology, Inc. | 4,252,632 | ||||||
| 61,120 | NVIDIA Corp. | 30,165,776 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Semiconductors & Semiconductor Equipment – (continued) | ||||||||
| 34,754 | Texas Instruments, Inc. | 5,840,757 | ||||||
|
|
|
|||||||
| 73,403,565 | ||||||||
|
|
|
|||||||
| Software – 8.8% | ||||||||
| 6,652 | Atlassian Corp., Class A* | 1,357,407 | ||||||
| 6,532 | Cadence Design Systems, Inc.* | 1,570,554 | ||||||
| 20,643 | Dynatrace, Inc.* | 994,992 | ||||||
| 3,263 | HubSpot, Inc.* | 1,783,295 | ||||||
| 10,317 | Intuit, Inc. | 5,589,854 | ||||||
| 224,805 | Microsoft Corp. | 73,682,087 | ||||||
| 40,183 | Oracle Corp. | 4,837,631 | ||||||
| 12,542 | Palo Alto Networks, Inc.* | 3,051,469 | ||||||
| 32,148 | Salesforce, Inc.* | 7,119,496 | ||||||
| 14,390 | Workday, Inc., Class A* | 3,518,355 | ||||||
| 15,284 | Zscaler, Inc.* | 2,385,068 | ||||||
|
|
|
|||||||
| 105,890,208 | ||||||||
|
|
|
|||||||
| Specialized REITs – 0.8% | ||||||||
| 16,696 | American Tower Corp. REIT | 3,027,319 | ||||||
| 47,576 | CubeSmart REIT | 1,984,395 | ||||||
| 2,540 | Equinix, Inc. REIT | 1,984,705 | ||||||
| 70,291 | VICI Properties, Inc. REIT | 2,167,774 | ||||||
|
|
|
|||||||
| 9,164,193 | ||||||||
|
|
|
|||||||
| Specialty Retail – 2.4% | ||||||||
| 18,031 | Lowe’s Cos., Inc. | 4,155,785 | ||||||
| 29,004 | RH* | 10,591,971 | ||||||
| 84,533 | Ross Stores, Inc. | 10,296,964 | ||||||
| 7,702 | Ulta Beauty, Inc.* | 3,196,561 | ||||||
|
|
|
|||||||
| 28,241,281 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 6.4% | ||||||||
| 392,597 | Apple, Inc. | 73,757,198 | ||||||
| 41,523 | Dell Technologies, Inc., Class C | 2,335,254 | ||||||
|
|
|
|||||||
| 76,092,452 | ||||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 1.0% | ||||||||
| 57,983 | Capri Holdings Ltd.* | 3,043,528 | ||||||
| 10,779 | Lululemon Athletica, Inc.* | 4,109,601 | ||||||
| 45,069 | NIKE, Inc., Class B | 4,583,968 | ||||||
|
|
|
|||||||
| 11,737,097 | ||||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $766,040,103) | $ | 1,182,692,204 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS LARGE CAP CORE FUND
Schedule of Investments (continued)
August 31, 2023
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.4%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 5,257,679 | 5.234 | % | $ | 5,257,679 | ||||
| (Cost $5,257,679) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 99.3% |
| |||||||
| (Cost $771,297,782) |
|
$ | 1,187,949,883 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% |
|
8,371,189 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 1,196,321,072 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.6% | ||||||||
| Aerospace & Defense – 1.9% | ||||||||
| 44,565 | L3Harris Technologies, Inc. | $ | 7,936,581 | |||||
| 71,677 | Woodward, Inc. | 9,272,853 | ||||||
|
|
|
|||||||
| 17,209,434 | ||||||||
|
|
|
|||||||
| Automobile Components – 1.8% | ||||||||
| 115,462 | Aptiv PLC* | 11,713,620 | ||||||
| 125,751 | Mobileye Global, Inc., Class A (Israel)* | 4,465,418 | ||||||
|
|
|
|||||||
| 16,179,038 | ||||||||
|
|
|
|||||||
| Biotechnology – 7.0% | ||||||||
| 55,080 | Alnylam Pharmaceuticals, Inc.* | 10,895,926 | ||||||
| 25,491 | Biogen, Inc.* | 6,815,274 | ||||||
| 67,403 | BioMarin Pharmaceutical, Inc.* | 6,159,286 | ||||||
| 105,936 | Exact Sciences Corp.* | 8,863,665 | ||||||
| 89,804 | Neurocrine Biosciences, Inc.* | 9,778,757 | ||||||
| 64,463 | Sarepta Therapeutics, Inc.* | 7,800,668 | ||||||
| 59,161 | Seagen, Inc.* | 12,191,307 | ||||||
|
|
|
|||||||
| 62,504,883 | ||||||||
|
|
|
|||||||
| Broadline Retail – 1.5% | ||||||||
| 184,293 | Etsy, Inc.* | 13,558,436 | ||||||
|
|
|
|||||||
| Building Products – 2.1% | ||||||||
| 89,142 | Trane Technologies PLC | 18,297,287 | ||||||
|
|
|
|||||||
| Capital Markets – 3.5% | ||||||||
| 107,773 | KKR & Co., Inc. | 6,769,222 | ||||||
| 33,357 | MSCI, Inc. | 18,133,533 | ||||||
| 70,454 | Tradeweb Markets, Inc., Class A | 6,089,339 | ||||||
|
|
|
|||||||
| 30,992,094 | ||||||||
|
|
|
|||||||
| Chemicals – 1.9% | ||||||||
| 142,346 | Ashland, Inc. | 12,331,434 | ||||||
| 31,370 | PPG Industries, Inc. | 4,447,011 | ||||||
|
|
|
|||||||
| 16,778,445 | ||||||||
|
|
|
|||||||
| Communications Equipment – 1.3% | ||||||||
| 61,062 | Arista Networks, Inc.* | 11,921,134 | ||||||
|
|
|
|||||||
| Construction Materials – 1.9% | ||||||||
| 38,334 | Martin Marietta Materials, Inc. | 17,112,681 | ||||||
|
|
|
|||||||
| Consumer Finance – 0.6% | ||||||||
| 57,797 | Discover Financial Services | 5,205,776 | ||||||
|
|
|
|||||||
| Containers & Packaging – 1.6% | ||||||||
| 258,786 | Ball Corp. | 14,090,898 | ||||||
|
|
|
|||||||
| Electrical Equipment – 4.6% | ||||||||
| 80,645 | AMETEK, Inc. | 12,863,684 | ||||||
| 90,199 | Rockwell Automation, Inc. | 28,149,304 | ||||||
|
|
|
|||||||
| 41,012,988 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 2.5% | ||||||||
| 184,807 | Amphenol Corp., Class A | 16,333,243 | ||||||
| 46,820 | Keysight Technologies, Inc.* | 6,241,106 | ||||||
|
|
|
|||||||
| 22,574,349 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Entertainment – 0.9% | ||||||||
| 95,260 | Live Nation Entertainment, Inc.* | 8,052,328 | ||||||
|
|
|
|||||||
| Financial Services – 0.8% | ||||||||
| 79,439 | Fidelity National Information Services, Inc. | 4,437,462 | ||||||
| 16,879 | Jack Henry & Associates, Inc. | 2,646,290 | ||||||
|
|
|
|||||||
| 7,083,752 | ||||||||
|
|
|
|||||||
| Food Products – 2.6% | ||||||||
| 139,334 | McCormick & Co., Inc. | 11,436,535 | ||||||
| 756,958 | Utz Brands, Inc. | 11,687,431 | ||||||
|
|
|
|||||||
| 23,123,966 | ||||||||
|
|
|
|||||||
| Ground Transportation – 3.0% | ||||||||
| 44,941 | Old Dominion Freight Line, Inc. | 19,206,435 | ||||||
| 16,957 | Saia, Inc.* | 7,227,074 | ||||||
|
|
|
|||||||
| 26,433,509 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 7.3% | ||||||||
| 15,367 | Align Technology, Inc.* | 5,687,941 | ||||||
| 24,460 | Cooper Cos., Inc. (The) | 9,049,956 | ||||||
| 210,023 | Dexcom, Inc.* | 21,208,123 | ||||||
| 70,300 | Insulet Corp.* | 13,477,213 | ||||||
| 125,869 | Zimmer Biomet Holdings, Inc. | 14,993,515 | ||||||
|
|
|
|||||||
| 64,416,748 | ||||||||
|
|
|
|||||||
| Health Care Technology – 1.6% | ||||||||
| 69,135 | Veeva Systems, Inc., Class A* | 14,428,475 | ||||||
|
|
|
|||||||
| Hotel & Resort REITs – 0.8% | ||||||||
| 87,360 | Ryman Hospitality Properties, Inc. REIT | 7,428,221 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 4.2% | ||||||||
| 37,957 | Domino’s Pizza, Inc. | 14,704,542 | ||||||
| 114,431 | Expedia Group, Inc.* | 12,403,176 | ||||||
| 79,224 | Yum! Brands, Inc. | 10,250,001 | ||||||
|
|
|
|||||||
| 37,357,719 | ||||||||
|
|
|
|||||||
| IT Services – 0.5% | ||||||||
| 12,016 | MongoDB, Inc.* | 4,581,701 | ||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 5.8% | ||||||||
| 76,426 | Agilent Technologies, Inc. | 9,252,896 | ||||||
| 39,572 | Illumina, Inc.* | 6,538,086 | ||||||
| 13,616 | Mettler-Toledo International, Inc.* | 16,522,743 | ||||||
| 47,893 | West Pharmaceutical Services, Inc. | 19,487,662 | ||||||
|
|
|
|||||||
| 51,801,387 | ||||||||
|
|
|
|||||||
| Machinery – 6.2% | ||||||||
| 53,176 | Chart Industries, Inc.* | 9,602,522 | ||||||
| 42,024 | Cummins, Inc. | 9,667,201 | ||||||
| 143,513 | Fortive Corp. | 11,316,000 | ||||||
| 124,764 | ITT, Inc. | 12,760,862 | ||||||
| 108,965 | Xylem, Inc. | 11,282,236 | ||||||
|
|
|
|||||||
| 54,628,821 | ||||||||
|
|
|
|||||||
| Media – 2.6% | ||||||||
| 292,042 | Trade Desk, Inc. (The), Class A* | 23,372,121 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MID CAP GROWTH FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Oil, Gas & Consumable Fuels – 3.3% | ||||||||
| 77,851 | Cheniere Energy, Inc. | $ | 12,705,283 | |||||
| 43,888 | Chesapeake Energy Corp. | 3,871,361 | ||||||
| 52,718 | Hess Corp. | 8,144,931 | ||||||
| 56,673 | Targa Resources Corp. | 4,888,046 | ||||||
|
|
|
|||||||
| 29,609,621 | ||||||||
|
|
|
|||||||
| Professional Services – 1.5% | ||||||||
| 26,363 | Equifax, Inc. | 5,449,232 | ||||||
| 25,468 | Paycom Software, Inc. | 7,508,985 | ||||||
|
|
|
|||||||
| 12,958,217 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development – 1.8% | ||||||||
| 192,578 | CoStar Group, Inc.* | 15,789,470 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 4.7% | ||||||||
| 82,574 | Enphase Energy, Inc.* | 10,448,088 | ||||||
| 86,861 | Entegris, Inc. | 8,796,413 | ||||||
| 242,345 | Marvell Technology, Inc. | 14,116,596 | ||||||
| 84,337 | MKS Instruments, Inc. | 8,453,098 | ||||||
|
|
|
|||||||
| 41,814,195 | ||||||||
|
|
|
|||||||
| Software – 12.5% | ||||||||
| 44,630 | ANSYS, Inc.* | 14,231,168 | ||||||
| 19,842 | Cadence Design Systems, Inc.* | 4,770,810 | ||||||
| 112,940 | Crowdstrike Holdings, Inc., Class A* | 18,412,608 | ||||||
| 155,941 | Datadog, Inc., Class A* | 15,045,188 | ||||||
| 136,881 | DocuSign, Inc.* | 6,885,114 | ||||||
| 263,180 | Dynatrace, Inc.* | 12,685,276 | ||||||
| 11,521 | Fair Isaac Corp.* | 10,421,781 | ||||||
| 30,815 | HubSpot, Inc.* | 16,841,014 | ||||||
| 75,350 | Zscaler, Inc.* | 11,758,368 | ||||||
|
|
|
|||||||
| 111,051,327 | ||||||||
|
|
|
|||||||
| Specialized REITs – 0.4% | ||||||||
| 13,611 | SBA Communications Corp. REIT | 3,056,078 | ||||||
|
|
|
|||||||
| Specialty Retail – 4.8% | ||||||||
| 23,422 | RH* | 8,553,480 | ||||||
| 180,951 | Ross Stores, Inc. | 22,041,641 | ||||||
| 27,822 | Ulta Beauty, Inc.* | 11,546,965 | ||||||
|
|
|
|||||||
| 42,142,086 | ||||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 1.1% | ||||||||
| 24,863 | Lululemon Athletica, Inc.* | 9,479,267 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $723,517,335) | $ | 876,046,452 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 1.6%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 13,928,891 | 5.234 | % | $ | 13,928,891 | ||||
| (Cost $13,928,891) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 100.2% |
| |||||||
| (Cost $737,446,226) |
|
$ | 889,975,343 | |||||
|
|
||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% |
|
(1,475,017 | ) | |||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 888,500,326 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 97.9% | ||||||||
| Aerospace & Defense – 2.2% | ||||||||
| 12,398 | Kratos Defense & Security Solutions, Inc.* | $ | 199,484 | |||||
| 5,880 | Moog, Inc., Class A | 683,021 | ||||||
|
|
|
|||||||
| 882,505 | ||||||||
|
|
|
|||||||
| Automobile Components – 1.7% | ||||||||
| 4,137 | Dorman Products, Inc.* | 341,344 | ||||||
| 3,205 | Fox Factory Holding Corp.* | 355,146 | ||||||
|
|
|
|||||||
| 696,490 | ||||||||
|
|
|
|||||||
| Beverages – 1.8% | ||||||||
| 6,008 | MGP Ingredients, Inc. | 720,359 | ||||||
|
|
|
|||||||
| Biotechnology – 4.7% | ||||||||
| 10,036 | Alkermes PLC* | 292,951 | ||||||
| 4,183 | Arrowhead Pharmaceuticals, Inc.* | 115,618 | ||||||
| 6,048 | Beam Therapeutics, Inc.* | 140,193 | ||||||
| 8,107 | Cytokinetics, Inc.* | 283,258 | ||||||
| 14,294 | Dynavax Technologies Corp.* | 205,262 | ||||||
| 11,049 | Halozyme Therapeutics, Inc.* | 470,245 | ||||||
| 8,251 | Ironwood Pharmaceuticals, Inc.* | 72,609 | ||||||
| 8,780 | Syndax Pharmaceuticals, Inc.* | 162,518 | ||||||
| 4,733 | Ultragenyx Pharmaceutical, Inc.* | 174,127 | ||||||
|
|
|
|||||||
| 1,916,781 | ||||||||
|
|
|
|||||||
| Broadline Retail – 1.3% | ||||||||
| 4,922 | Ollie’s Bargain Outlet Holdings, Inc.* | 379,388 | ||||||
| 6,911 | Savers Value Village, Inc.* | 171,047 | ||||||
|
|
|
|||||||
| 550,435 | ||||||||
|
|
|
|||||||
| Building Products – 1.9% | ||||||||
| 12,069 | AAON, Inc. | 761,071 | ||||||
|
|
|
|||||||
| Capital Markets – 4.0% | ||||||||
| 3,643 | Hamilton Lane, Inc., Class A | 338,034 | ||||||
| 4,642 | Houlihan Lokey, Inc. | 488,988 | ||||||
| 2,488 | Piper Sandler Cos. | 370,662 | ||||||
| 5,460 | PJT Partners, Inc., Class A | 431,286 | ||||||
|
|
|
|||||||
| 1,628,970 | ||||||||
|
|
|
|||||||
| Chemicals – 3.1% | ||||||||
| 7,302 | Ashland, Inc. | 632,572 | ||||||
| 4,549 | Balchem Corp. | 639,135 | ||||||
|
|
|
|||||||
| 1,271,707 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 0.9% | ||||||||
| 4,882 | Casella Waste Systems, Inc., Class A* | 384,555 | ||||||
|
|
|
|||||||
| Communications Equipment – 1.5% | ||||||||
| 5,570 | Calix, Inc.* | 259,061 | ||||||
| 13,170 | Extreme Networks, Inc.* | 361,516 | ||||||
|
|
|
|||||||
| 620,577 | ||||||||
|
|
|
|||||||
| Construction & Engineering – 3.7% | ||||||||
| 2,149 | EMCOR Group, Inc. | 481,913 | ||||||
| 4,421 | MYR Group, Inc.* | 628,092 | ||||||
| 5,015 | Sterling Infrastructure, Inc.* | 415,041 | ||||||
|
|
|
|||||||
| 1,525,046 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Diversified Consumer Services – 0.5% | ||||||||
| 2,383 | Bright Horizons Family Solutions, Inc.* | 225,003 | ||||||
|
|
|
|||||||
| Electrical Equipment – 2.7% | ||||||||
| 13,532 | nVent Electric PLC | 765,099 | ||||||
| 17,936 | Shoals Technologies Group, Inc., Class A* | 352,981 | ||||||
|
|
|
|||||||
| 1,118,080 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 4.2% | ||||||||
| 5,531 | Badger Meter, Inc. | 918,588 | ||||||
| 3,610 | Novanta, Inc.* | 602,798 | ||||||
| 6,177 | Vontier Corp. | 194,020 | ||||||
|
|
|
|||||||
| 1,715,406 | ||||||||
|
|
|
|||||||
| Energy Equipment & Services – 0.3% | ||||||||
| 2,273 | Cactus, Inc., Class A | 121,242 | ||||||
|
|
|
|||||||
| Financial Services – 1.4% | ||||||||
| 16,763 | Flywire Corp.* | 579,664 | ||||||
|
|
|
|||||||
| Food Products – 1.6% | ||||||||
| 16,725 | Hostess Brands, Inc.* | 476,328 | ||||||
| 8,630 | Sovos Brands, Inc.* | 193,312 | ||||||
|
|
|
|||||||
| 669,640 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 7.2% | ||||||||
| 10,058 | Axonics, Inc.* | 576,323 | ||||||
| 9,586 | Inari Medical, Inc.* | 638,619 | ||||||
| 5,448 | Inmode Ltd.* | 212,962 | ||||||
| 3,542 | iRhythm Technologies, Inc.* | 366,137 | ||||||
| 4,686 | Lantheus Holdings, Inc.* | 320,710 | ||||||
| 6,118 | Omnicell, Inc.* | 347,870 | ||||||
| 6,262 | PROCEPT BioRobotics Corp.* | 213,597 | ||||||
| 1,228 | Shockwave Medical, Inc.* | 270,639 | ||||||
|
|
|
|||||||
| 2,946,857 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 0.9% | ||||||||
| 2,814 | Acadia Healthcare Co., Inc.* | 216,959 | ||||||
| 3,387 | National Research Corp. | 141,577 | ||||||
|
|
|
|||||||
| 358,536 | ||||||||
|
|
|
|||||||
| Health Care Technology – 1.5% | ||||||||
| 16,265 | Evolent Health, Inc., Class A* | 414,920 | ||||||
| 4,102 | Simulations Plus, Inc. | 182,498 | ||||||
|
|
|
|||||||
| 597,418 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 4.1% | ||||||||
| 3,812 | Cava Group, Inc.*(a) | 169,291 | ||||||
| 26,399 | First Watch Restaurant Group, Inc.* | 504,749 | ||||||
| 1,871 | Texas Roadhouse, Inc. | 194,771 | ||||||
| 2,977 | Wingstop, Inc. | 478,225 | ||||||
| 4,109 | Wyndham Hotels & Resorts, Inc. | 309,778 | ||||||
|
|
|
|||||||
| 1,656,814 | ||||||||
|
|
|
|||||||
| Household Durables – 0.9% | ||||||||
| 1,218 | TopBuild Corp.* | 353,317 | ||||||
|
|
|
|||||||
| Insurance – 0.7% | ||||||||
| 3,874 | Goosehead Insurance, Inc., Class A* | 270,638 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Leisure Products – 0.8% | ||||||||
| 6,447 | YETI Holdings, Inc.* | $ | 322,028 | |||||
|
|
|
|||||||
| Life Sciences Tools & Services – 3.2% | ||||||||
| 5,239 | 10X Genomics, Inc., Class A* | 271,642 | ||||||
| 18,884 | Cytek Biosciences, Inc.* | 143,519 | ||||||
| 2,105 | Medpace Holdings, Inc.* | 568,918 | ||||||
| 8,363 | Olink Holding AB ADR (Sweden)* | 138,240 | ||||||
| 14,389 | Pacific Biosciences of California, Inc.* | 162,308 | ||||||
|
|
|
|||||||
| 1,284,627 | ||||||||
|
|
|
|||||||
| Machinery – 9.6% | ||||||||
| 2,784 | Chart Industries, Inc.* | 502,735 | ||||||
| 12,856 | Federal Signal Corp. | 783,573 | ||||||
| 6,119 | Franklin Electric Co., Inc. | 591,769 | ||||||
| 2,669 | RBC Bearings, Inc.* | 615,311 | ||||||
| 8,308 | Timken Co. (The) | 634,897 | ||||||
| 4,122 | Watts Water Technologies, Inc., Class A | 778,110 | ||||||
|
|
|
|||||||
| 3,906,395 | ||||||||
|
|
|
|||||||
| Media – 0.6% | ||||||||
| 16,969 | Integral Ad Science Holding Corp.* | 242,148 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 2.2% | ||||||||
| 2,861 | Denbury, Inc.* | 262,010 | ||||||
| 26,896 | Kosmos Energy Ltd. (Ghana)* | 195,803 | ||||||
| 2,475 | Matador Resources Co. | 157,162 | ||||||
| 19,631 | Permian Resources Corp. | 278,368 | ||||||
|
|
|
|||||||
| 893,343 | ||||||||
|
|
|
|||||||
| Personal Care Products – 1.7% | ||||||||
| 4,328 | elf Beauty, Inc.* | 600,337 | ||||||
| 1,776 | Oddity Tech Ltd., Class A (Israel)*(a) | 73,864 | ||||||
|
|
|
|||||||
| 674,201 | ||||||||
|
|
|
|||||||
| Pharmaceuticals – 1.4% | ||||||||
| 7,764 | Amylyx Pharmaceuticals, Inc.* | 167,392 | ||||||
| 2,870 | Intra-Cellular Therapies, Inc.* | 159,342 | ||||||
| 14,842 | Revance Therapeutics, Inc.* | 261,665 | ||||||
|
|
|
|||||||
| 588,399 | ||||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 6.5% | ||||||||
| 4,343 | Axcelis Technologies, Inc.* | 834,508 | ||||||
| 10,172 | Cohu, Inc.* | 380,331 | ||||||
| 23,056 | Credo Technology Group Holding Ltd.* | 379,502 | ||||||
| 4,287 | Onto Innovation, Inc.* | 595,807 | ||||||
| 5,560 | Power Integrations, Inc. | 467,151 | ||||||
|
|
|
|||||||
| 2,657,299 | ||||||||
|
|
|
|||||||
| Software – 12.0% | ||||||||
| 21,908 | EngageSmart, Inc.* | 387,991 | ||||||
| 27,154 | Freshworks, Inc., Class A* | 593,858 | ||||||
| 6,260 | Gitlab, Inc., Class A* | 296,536 | ||||||
| 6,997 | HashiCorp, Inc., Class A* | 204,032 | ||||||
| 15,905 | Instructure Holdings, Inc.* | 412,099 | ||||||
| 23,177 | Lightspeed Commerce, Inc. (Canada)* | 378,480 | ||||||
| 10,095 | Nutanix, Inc., Class A* | 313,954 | ||||||
| 13,654 | PagerDuty, Inc.* | 351,727 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Software – (continued) | ||||||||
| 28,533 | Sprinklr, Inc., Class A* | 431,704 | ||||||
| 13,183 | Tenable Holdings, Inc.* | 598,113 | ||||||
| 12,789 | Vertex, Inc., Class A* | 286,346 | ||||||
| 5,688 | Workiva, Inc.* | 636,203 | ||||||
|
|
|
|||||||
| 4,891,043 | ||||||||
|
|
|
|||||||
| Specialty Retail – 3.5% | ||||||||
| 37,526 | Arhaus, Inc.* | 371,507 | ||||||
| 6,515 | Boot Barn Holdings, Inc.* | 597,751 | ||||||
| 1,387 | Murphy USA, Inc. | 440,567 | ||||||
|
|
|
|||||||
| 1,409,825 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 0.6% | ||||||||
| 832 | Super Micro Computer, Inc.* | 228,866 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 0.9% | ||||||||
| 2,656 | Crocs, Inc.* | 258,535 | ||||||
| 3,796 | On Holding AG, Class A (Switzerland)* | 109,439 | ||||||
|
|
|
|||||||
| 367,974 | ||||||||
|
|
|
|||||||
| Trading Companies & Distributors – 2.1% | ||||||||
| 25,974 | Core & Main, Inc., Class A* | 852,986 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $32,629,968) | $ | 39,890,245 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 2.8%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 1,120,998 | 5.234 | % | $ | 1,120,998 | ||||
| (Cost $1,120,998) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||
| (Cost $33,750,966) |
|
$ | 41,011,243 | |||||
|
|
||||||||
| Securities Lending Reinvestment Vehicle – 0.6%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 242,183 | 5.234 | % | $ | 242,183 | ||||
| (Cost $242,183) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 101.3% |
| |||||||
| (Cost $33,993,149) |
|
$ | 41,253,426 | |||||
|
|
||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)% |
|
(514,172 | ) | |||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 40,739,254 | |||||
|
|
||||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
All or a portion of security is on loan. | |
| (b) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.6% | ||||||||
| Aerospace & Defense – 1.2% | ||||||||
| 133,216 | HEICO Corp. | $ | 22,474,871 | |||||
|
|
|
|||||||
| Automobile Components – 0.6% | ||||||||
| 94,956 | Fox Factory Holding Corp.* | 10,522,074 | ||||||
|
|
|
|||||||
| Beverages – 0.9% | ||||||||
| 91,558 | Celsius Holdings, Inc.* | 17,949,030 | ||||||
|
|
|
|||||||
| Biotechnology – 6.8% | ||||||||
| 154,419 | BioMarin Pharmaceutical, Inc.* | 14,110,808 | ||||||
| 117,602 | Cytokinetics, Inc.* | 4,109,014 | ||||||
| 282,057 | Exact Sciences Corp.* | 23,599,709 | ||||||
| 383,322 | Exelixis, Inc.* | 8,582,579 | ||||||
| 533,269 | Halozyme Therapeutics, Inc.* | 22,695,929 | ||||||
| 45,783 | Krystal Biotech, Inc.* | 5,699,068 | ||||||
| 388,960 | Natera, Inc.* | 22,843,621 | ||||||
| 166,729 | Neurocrine Biosciences, Inc.* | 18,155,121 | ||||||
| 244,556 | Ultragenyx Pharmaceutical, Inc.* | 8,997,215 | ||||||
|
|
|
|||||||
| 128,793,064 | ||||||||
|
|
|
|||||||
| Building Products – 3.5% | ||||||||
| 415,073 | AAON, Inc. | 26,174,503 | ||||||
| 353,671 | Allegion PLC | 40,251,297 | ||||||
|
|
|
|||||||
| 66,425,800 | ||||||||
|
|
|
|||||||
| Capital Markets – 2.7% | ||||||||
| 91,360 | Cboe Global Markets, Inc. | 13,677,506 | ||||||
| 102,525 | Hamilton Lane, Inc., Class A | 9,513,295 | ||||||
| 124,417 | Houlihan Lokey, Inc. | 13,106,087 | ||||||
| 65,711 | LPL Financial Holdings, Inc. | 15,152,299 | ||||||
|
|
|
|||||||
| 51,449,187 | ||||||||
|
|
|
|||||||
| Chemicals – 3.6% | ||||||||
| 385,053 | Ashland, Inc. | 33,357,141 | ||||||
| 354,935 | RPM International, Inc. | 35,401,217 | ||||||
|
|
|
|||||||
| 68,758,358 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 1.8% | ||||||||
| 215,052 | Tetra Tech, Inc. | 33,838,432 | ||||||
|
|
|
|||||||
| Construction & Engineering – 2.4% | ||||||||
| 137,344 | EMCOR Group, Inc. | 30,799,392 | ||||||
| 69,969 | Quanta Services, Inc. | 14,684,394 | ||||||
|
|
|
|||||||
| 45,483,786 | ||||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 2.7% | ||||||||
| 441,798 | BJ’s Wholesale Club Holdings, Inc.* | 29,772,767 | ||||||
| 84,633 | Casey’s General Stores, Inc. | 20,685,152 | ||||||
|
|
|
|||||||
| 50,457,919 | ||||||||
|
|
|
|||||||
| Containers & Packaging – 2.2% | ||||||||
| 119,166 | Avery Dennison Corp. | 22,448,491 | ||||||
| 356,834 | Ball Corp. | 19,429,611 | ||||||
|
|
|
|||||||
| 41,878,102 | ||||||||
|
|
|
|||||||
| Distributors – 1.2% | ||||||||
| 63,277 | Pool Corp. | 23,134,071 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Electrical Equipment – 2.4% | ||||||||
| 99,887 | Hubbell, Inc. | 32,568,157 | ||||||
| 228,641 | nVent Electric PLC | 12,927,362 | ||||||
|
|
|
|||||||
| 45,495,519 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 2.7% | ||||||||
| 95,613 | Badger Meter, Inc. | 15,879,407 | ||||||
| 211,604 | Novanta, Inc.* | 35,333,636 | ||||||
|
|
|
|||||||
| 51,213,043 | ||||||||
|
|
|
|||||||
| Energy Equipment & Services – 0.8% | ||||||||
| 288,662 | Noble Corp. PLC | 15,224,034 | ||||||
|
|
|
|||||||
| Entertainment – 1.2% | ||||||||
| 331,946 | Liberty Media Corp.-Liberty Formula One, Class C* | 22,834,565 | ||||||
|
|
|
|||||||
| Financial Services – 2.8% | ||||||||
| 254,349 | Shift4 Payments, Inc., Class A* | 14,444,480 | ||||||
| 897,774 | Toast, Inc., Class A* | 19,903,650 | ||||||
| 97,085 | WEX, Inc.* | 19,046,135 | ||||||
|
|
|
|||||||
| 53,394,265 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 5.8% | ||||||||
| 380,485 | Axonics, Inc.* | 21,801,790 | ||||||
| 63,835 | Cooper Cos., Inc. (The) | 23,618,312 | ||||||
| 47,161 | Inspire Medical Systems, Inc.* | 10,699,888 | ||||||
| 170,760 | iRhythm Technologies, Inc.* | 17,651,461 | ||||||
| 43,989 | Penumbra, Inc.* | 11,635,090 | ||||||
| 63,751 | Shockwave Medical, Inc.* | 14,050,083 | ||||||
| 54,925 | Teleflex, Inc. | 11,684,745 | ||||||
|
|
|
|||||||
| 111,141,369 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 1.1% | ||||||||
| 596,397 | Surgery Partners, Inc.* | 21,625,355 | ||||||
|
|
|
|||||||
| Health Care Technology – 0.6% | ||||||||
| 453,484 | Evolent Health, Inc., Class A* | 11,568,377 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 4.7% | ||||||||
| 52,850 | Domino’s Pizza, Inc. | 20,474,090 | ||||||
| 237,992 | Texas Roadhouse, Inc. | 24,774,967 | ||||||
| 163,850 | Wingstop, Inc. | 26,320,864 | ||||||
| 224,761 | Wyndham Hotels & Resorts, Inc. | 16,944,732 | ||||||
|
|
|
|||||||
| 88,514,653 | ||||||||
|
|
|
|||||||
| Insurance – 1.8% | ||||||||
| 88,394 | Kinsale Capital Group, Inc. | 35,236,500 | ||||||
|
|
|
|||||||
| IT Services – 2.0% | ||||||||
| 303,020 | Cloudflare, Inc., Class A* | 19,705,391 | ||||||
| 219,861 | Okta, Inc.* | 18,360,592 | ||||||
|
|
|
|||||||
| 38,065,983 | ||||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 5.4% | ||||||||
| 343,560 | Bio-Techne Corp. | 26,935,104 | ||||||
| 415,331 | Bruker Corp. | 27,245,714 | ||||||
| 169,288 | Repligen Corp.* | 29,440,876 | ||||||
| 571,709 | Stevanato Group SPA (Italy) | 18,317,556 | ||||||
|
|
|
|||||||
| 101,939,250 | ||||||||
|
|
|
|||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Machinery – 7.2% | ||||||||
| 77,939 | Chart Industries, Inc.* | $ | 14,074,224 | |||||
| 110,107 | IDEX Corp. | 24,928,225 | ||||||
| 196,022 | Lincoln Electric Holdings, Inc. | 37,726,394 | ||||||
| 115,058 | Nordson Corp. | 28,090,260 | ||||||
| 197,169 | Timken Co. (The) | 15,067,655 | ||||||
| 91,401 | Watts Water Technologies, Inc., Class A | 17,253,767 | ||||||
|
|
|
|||||||
| 137,140,525 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 1.0% | ||||||||
| 59,642 | Chesapeake Energy Corp. | 5,261,021 | ||||||
| 147,195 | Denbury, Inc.* | 13,480,118 | ||||||
|
|
|
|||||||
| 18,741,139 | ||||||||
|
|
|
|||||||
| Personal Care Products – 0.5% | ||||||||
| 70,795 | elf Beauty, Inc.* | 9,819,975 | ||||||
|
|
|
|||||||
| Professional Services – 1.0% | ||||||||
| 60,524 | CACI International, Inc., Class A* | 19,852,477 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 5.9% | ||||||||
| 676,866 | Allegro MicroSystems, Inc. (Japan)* | 25,890,125 | ||||||
| 340,227 | Lattice Semiconductor Corp.* | 33,090,478 | ||||||
| 400,281 | MACOM Technology Solutions Holdings, Inc.* | 33,847,761 | ||||||
| 200,821 | MKS Instruments, Inc. | 20,128,289 | ||||||
|
|
|
|||||||
| 112,956,653 | ||||||||
|
|
|
|||||||
| Software – 10.7% | ||||||||
| 354,552 | Confluent, Inc., Class A* | 11,732,126 | ||||||
| 112,320 | CyberArk Software Ltd.* | 18,649,613 | ||||||
| 478,237 | DoubleVerify Holdings, Inc.* | 16,169,193 | ||||||
| 629,981 | Dynatrace, Inc.* | 30,365,084 | ||||||
| 243,198 | Elastic NV* | 15,049,092 | ||||||
| 97,700 | Manhattan Associates, Inc.* | 19,795,974 | ||||||
| 83,779 | Monday.com Ltd.* | 14,865,746 | ||||||
| 372,751 | Procore Technologies, Inc.* | 25,179,330 | ||||||
| 626,821 | Samsara, Inc., Class A* | 17,149,823 | ||||||
| 494,484 | Smartsheet, Inc., Class A* | 20,634,817 | ||||||
| 848,373 | UiPath, Inc., Class A* | 13,412,777 | ||||||
|
|
|
|||||||
| 203,003,575 | ||||||||
|
|
|
|||||||
| Specialty Retail – 2.9% | ||||||||
| 153,038 | Five Below, Inc.* | 26,316,414 | ||||||
| 286,254 | Floor & Decor Holdings, Inc., Class A* | 28,539,524 | ||||||
|
|
|
|||||||
| 54,855,938 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 1.4% | ||||||||
| 723,298 | Pure Storage, Inc., Class A* | 26,465,474 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 3.4% | ||||||||
| 243,445 | Crocs, Inc.* | 23,696,936 | ||||||
| 51,806 | Deckers Outdoor Corp.* | 27,410,037 | ||||||
| 460,627 | On Holding AG, Class A (Switzerland)* | 13,279,876 | ||||||
|
|
|
|||||||
| 64,386,849 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Trading Companies & Distributors – 3.7% | ||||||||
| 1,028,586 | Core & Main, Inc., Class A* | 33,778,764 | ||||||
| 111,995 | SiteOne Landscape Supply, Inc.* | 19,172,424 | ||||||
| 50,066 | Watsco, Inc. | 18,251,561 | ||||||
|
|
|
|||||||
| 71,202,749 | ||||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,574,335,450) | $ | 1,875,842,961 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.3%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 6,074,506 | 5.234 | % | $ | 6,074,506 | ||||
| (Cost $6,074,506) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 98.9% |
| |||||||
| (Cost $1,580,409,956) |
|
$ | 1,881,917,467 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% |
|
20,287,526 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 1,902,204,993 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 99.8% | ||||||||
| Automobile Components – 0.5% | ||||||||
| 7,110 | Aptiv PLC* | $ | 721,310 | |||||
|
|
|
|||||||
| Automobiles – 2.3% | ||||||||
| 13,415 | Tesla, Inc.* | 3,462,143 | ||||||
|
|
|
|||||||
| Beverages – 1.1% | ||||||||
| 14,934 | Coca-Cola Co. (The) | 893,501 | ||||||
| 12,119 | Monster Beverage Corp.* | 695,752 | ||||||
|
|
|
|||||||
| 1,589,253 | ||||||||
|
|
|
|||||||
| Biotechnology – 3.3% | ||||||||
| 4,657 | Alnylam Pharmaceuticals, Inc.* | 921,248 | ||||||
| 1,540 | Argenx SE ADR (Netherlands)* | 773,834 | ||||||
| 3,333 | Biogen, Inc.* | 891,111 | ||||||
| 9,888 | Exact Sciences Corp.* | 827,329 | ||||||
| 9,427 | Gilead Sciences, Inc. | 720,977 | ||||||
| 6,317 | Sarepta Therapeutics, Inc.* | 764,420 | ||||||
|
|
|
|||||||
| 4,898,919 | ||||||||
|
|
|
|||||||
| Broadline Retail – 6.7% | ||||||||
| 68,905 | Amazon.com, Inc.* | 9,509,579 | ||||||
| 6,025 | Etsy, Inc.* | 443,259 | ||||||
|
|
|
|||||||
| 9,952,838 | ||||||||
|
|
|
|||||||
| Capital Markets – 1.8% | ||||||||
| 18,317 | Charles Schwab Corp. (The) | 1,083,450 | ||||||
| 2,845 | MSCI, Inc. | 1,546,599 | ||||||
|
|
|
|||||||
| 2,630,049 | ||||||||
|
|
|
|||||||
| Chemicals – 2.9% | ||||||||
| 4,254 | Linde PLC | 1,646,468 | ||||||
| 9,528 | Sherwin-Williams Co. (The) | 2,588,948 | ||||||
|
|
|
|||||||
| 4,235,416 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 0.9% | ||||||||
| 9,519 | Waste Connections, Inc. | 1,304,008 | ||||||
|
|
|
|||||||
| Construction Materials – 0.6% | ||||||||
| 1,941 | Martin Marietta Materials, Inc. | 866,482 | ||||||
|
|
|
|||||||
| Electrical Equipment – 0.9% | ||||||||
| 4,410 | Rockwell Automation, Inc. | 1,376,273 | ||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 0.4% | ||||||||
| 7,041 | Amphenol Corp., Class A | 622,284 | ||||||
|
|
|
|||||||
| Financial Services – 4.3% | ||||||||
| 11,243 | Mastercard, Inc., Class A | 4,639,312 | ||||||
| 7,180 | Visa, Inc., Class A | 1,763,982 | ||||||
|
|
|
|||||||
| 6,403,294 | ||||||||
|
|
|
|||||||
| Food Products – 1.3% | ||||||||
| 19,965 | McCormick & Co., Inc. | 1,638,727 | ||||||
| 3,612 | Mondelez International, Inc., Class A | 257,391 | ||||||
|
|
|
|||||||
| 1,896,118 | ||||||||
|
|
|
|||||||
| Ground Transportation – 1.3% | ||||||||
| 4,353 | Old Dominion Freight Line, Inc. | 1,860,342 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Health Care Equipment & Supplies – 2.6% | ||||||||
| 29,276 | Boston Scientific Corp.* | 1,579,148 | ||||||
| 4,587 | Insulet Corp.* | 879,374 | ||||||
| 4,674 | Intuitive Surgical, Inc.* | 1,461,466 | ||||||
|
|
|
|||||||
| 3,919,988 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 0.5% | ||||||||
| 1,583 | Humana, Inc. | 730,760 | ||||||
|
|
|
|||||||
| Health Care Technology – 0.3% | ||||||||
| 2,079 | Veeva Systems, Inc., Class A* | 433,887 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 1.3% | ||||||||
| 320 | Chipotle Mexican Grill, Inc.* | 616,525 | ||||||
| 4,521 | McDonald’s Corp. | 1,271,079 | ||||||
|
|
|
|||||||
| 1,887,604 | ||||||||
|
|
|
|||||||
| Household Products – 1.1% | ||||||||
| 10,468 | Procter & Gamble Co. (The) | 1,615,631 | ||||||
|
|
|
|||||||
| Interactive Media & Services – 8.6% | ||||||||
| 49,309 | Alphabet, Inc., Class A* | 6,714,406 | ||||||
| 30,934 | Alphabet, Inc., Class C* | 4,248,785 | ||||||
| 3,046 | Meta Platforms, Inc., Class A* | 901,281 | ||||||
| 84,391 | Snap, Inc., Class A* | 873,447 | ||||||
|
|
|
|||||||
| 12,737,919 | ||||||||
|
|
|
|||||||
| IT Services – 2.5% | ||||||||
| 8,021 | Accenture PLC, Class A | 2,596,959 | ||||||
| 7,314 | Snowflake, Inc., Class A* | 1,147,201 | ||||||
|
|
|
|||||||
| 3,744,160 | ||||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 0.9% | ||||||||
| 3,093 | Illumina, Inc.* | 511,026 | ||||||
| 1,847 | West Pharmaceutical Services, Inc. | 751,544 | ||||||
|
|
|
|||||||
| 1,262,570 | ||||||||
|
|
|
|||||||
| Machinery – 1.8% | ||||||||
| 8,030 | Caterpillar, Inc. | 2,257,474 | ||||||
| 1,093 | Deere & Co. | 449,157 | ||||||
|
|
|
|||||||
| 2,706,631 | ||||||||
|
|
|
|||||||
| Metals & Mining – 0.3% | ||||||||
| 12,682 | Freeport-McMoRan, Inc. | 506,139 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 0.5% | ||||||||
| 4,209 | Cheniere Energy, Inc. | 686,909 | ||||||
|
|
|
|||||||
| Personal Care Products – 0.3% | ||||||||
| 3,142 | Estee Lauder Cos., Inc. (The), Class A | 504,385 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 4.0% | ||||||||
| 22,241 | AstraZeneca PLC ADR (United Kingdom) | 1,508,384 | ||||||
| 8,079 | Eli Lilly & Co. | 4,477,382 | ||||||
|
|
|
|||||||
| 5,985,766 | ||||||||
|
|
|
|||||||
| Professional Services – 0.6% | ||||||||
| 4,253 | Equifax, Inc. | 879,095 | ||||||
|
|
|
|||||||
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Real Estate Management & Development – 0.7% | ||||||||
| 13,440 | CoStar Group, Inc.* | $ | 1,101,946 | |||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 10.0% | ||||||||
| 5,366 | Enphase Energy, Inc.* | 678,960 | ||||||
| 2,840 | KLA Corp. | 1,425,311 | ||||||
| 46,498 | Marvell Technology, Inc. | 2,708,508 | ||||||
| 20,051 | NVIDIA Corp. | 9,896,171 | ||||||
| 2,269 | ON Semiconductor Corp.* | 223,406 | ||||||
|
|
|
|||||||
| 14,932,356 | ||||||||
|
|
|
|||||||
| Software – 16.4% | ||||||||
| 902 | Adobe, Inc.* | 504,525 | ||||||
| 3,677 | Atlassian Corp., Class A* | 750,329 | ||||||
| 4,783 | Intuit, Inc. | 2,591,477 | ||||||
| 51,041 | Microsoft Corp. | 16,729,198 | ||||||
| 14,440 | Oracle Corp. | 1,738,432 | ||||||
| 8,002 | Salesforce, Inc.* | 1,772,123 | ||||||
| 532 | ServiceNow, Inc.* | 313,257 | ||||||
|
|
|
|||||||
| 24,399,341 | ||||||||
|
|
|
|||||||
| Specialized REITs – 1.4% | ||||||||
| 5,261 | American Tower Corp. REIT | 953,924 | ||||||
| 1,465 | Equinix, Inc. REIT | 1,144,722 | ||||||
|
|
|
|||||||
| 2,098,646 | ||||||||
|
|
|
|||||||
| Specialty Retail – 2.8% | ||||||||
| 6,084 | Lowe’s Cos., Inc. | 1,402,240 | ||||||
| 1,822 | RH* | 665,376 | ||||||
| 16,945 | Ross Stores, Inc. | 2,064,071 | ||||||
|
|
|
|||||||
| 4,131,687 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 12.9% | ||||||||
| 101,877 | Apple, Inc. | 19,139,632 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 2.0% | ||||||||
| 4,522 | Lululemon Athletica, Inc.* | 1,724,058 | ||||||
| 12,985 | NIKE, Inc., Class B | 1,320,704 | ||||||
|
|
|
|||||||
| 3,044,762 | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 99.8% | ||||||||
| (Cost $65,203,435) | $ | 148,268,543 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
335,175 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 148,603,718 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.4% | ||||||||
| Broadline Retail – 9.4% | ||||||||
| 371,744 | Amazon.com, Inc.* | $ | 51,304,389 | |||||
| 5,383 | MercadoLibre, Inc. (Brazil)* | 7,387,414 | ||||||
|
|
|
|||||||
| 58,691,803 | ||||||||
|
|
|
|||||||
| Communications Equipment – 2.9% | ||||||||
| 170,949 | Cisco Systems, Inc. | 9,803,925 | ||||||
| 29,627 | Motorola Solutions, Inc. | 8,401,328 | ||||||
|
|
|
|||||||
| 18,205,253 | ||||||||
|
|
|
|||||||
| Financial Services – 8.4% | ||||||||
| 177,584 | Fidelity National Information Services, Inc. | 9,919,842 | ||||||
| 26,601 | Mastercard, Inc., Class A | 10,976,637 | ||||||
| 183,169 | PayPal Holdings, Inc.* | 11,449,894 | ||||||
| 82,537 | Visa, Inc., Class A | 20,277,690 | ||||||
|
|
|
|||||||
| 52,624,063 | ||||||||
|
|
|
|||||||
| Ground Transportation – 1.0% | ||||||||
| 138,017 | Uber Technologies, Inc.* | 6,518,543 | ||||||
|
|
|
|||||||
| Interactive Media & Services – 10.3% | ||||||||
| 426,620 | Alphabet, Inc., Class C* | 58,596,257 | ||||||
| 585,905 | Snap, Inc., Class A* | 6,064,117 | ||||||
|
|
|
|||||||
| 64,660,374 | ||||||||
|
|
|
|||||||
| IT Services – 3.0% | ||||||||
| 36,611 | Accenture PLC, Class A | 11,853,543 | ||||||
| 44,090 | Snowflake, Inc., Class A* | 6,915,517 | ||||||
|
|
|
|||||||
| 18,769,060 | ||||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 19.5% | ||||||||
| 79,863 | Applied Materials, Inc. | 12,199,872 | ||||||
| 14,416 | ASML Holding NV (Netherlands) | 9,522,200 | ||||||
| 38,015 | Enphase Energy, Inc.* | 4,810,038 | ||||||
| 39,618 | KLA Corp. | 19,883,086 | ||||||
| 379,841 | Marvell Technology, Inc. | 22,125,738 | ||||||
| 86,174 | NVIDIA Corp. | 42,531,178 | ||||||
| 68,497 | Texas Instruments, Inc. | 11,511,606 | ||||||
|
|
|
|||||||
| 122,583,718 | ||||||||
|
|
|
|||||||
| Software – 34.9% | ||||||||
| 36,099 | Adobe, Inc.* | 20,191,615 | ||||||
| 58,776 | Autodesk, Inc.* | 13,044,745 | ||||||
| 86,140 | Datadog, Inc., Class A* | 8,310,787 | ||||||
| 22,380 | HubSpot, Inc.* | 12,231,118 | ||||||
| 29,850 | Intuit, Inc. | 16,173,028 | ||||||
| 187,223 | Microsoft Corp. | 61,364,210 | ||||||
| 158,494 | Oracle Corp. | 19,081,093 | ||||||
| 45,910 | Palo Alto Networks, Inc.* | 11,169,903 | ||||||
| 63,363 | Salesforce, Inc.* | 14,032,370 | ||||||
| 16,700 | ServiceNow, Inc.* | 9,833,461 | ||||||
| 456,711 | UiPath, Inc., Class A* | 7,220,601 | ||||||
| 66,805 | Workday, Inc., Class A* | 16,333,823 | ||||||
| 62,058 | Zscaler, Inc.* | 9,684,151 | ||||||
|
|
|
|||||||
| 218,670,905 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Specialized REITs – 4.5% | ||||||||
| 59,784 | American Tower Corp. REIT | 10,840,035 | ||||||
| 21,986 | Equinix, Inc. REIT | 17,179,421 | ||||||
|
|
|
|||||||
| 28,019,456 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 4.5% | ||||||||
| 150,089 | Apple, Inc. | 28,197,220 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $347,046,838) | $ | 616,940,395 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 1.5%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 9,421,313 | 5.234 | % | $ | 9,421,313 | ||||
| (Cost $9,421,313) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 99.9% |
| |||||||
| (Cost $356,468,151) |
|
$ | 626,361,708 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
|
303,974 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 626,665,682 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 99.3% | ||||||||
| Automobile Components – 1.7% | ||||||||
| 3,995 | Aptiv PLC* | $ | 405,293 | |||||
|
|
|
|||||||
| Banks – 3.6% | ||||||||
| 5,854 | JPMorgan Chase & Co. | 856,616 | ||||||
|
|
|
|||||||
| Broadline Retail – 1.3% | ||||||||
| 4,072 | Etsy, Inc.* | 299,577 | ||||||
|
|
|
|||||||
| Capital Markets – 3.5% | ||||||||
| 547 | BlackRock, Inc. | 383,196 | ||||||
| 5,369 | Morgan Stanley | 457,170 | ||||||
|
|
|
|||||||
| 840,366 | ||||||||
|
|
|
|||||||
| Chemicals – 2.4% | ||||||||
| 1,477 | Linde PLC | 571,658 | ||||||
|
|
|
|||||||
| Communications Equipment – 2.6% | ||||||||
| 10,958 | Cisco Systems, Inc. | 628,441 | ||||||
|
|
|
|||||||
| Consumer Finance – 2.0% | ||||||||
| 2,942 | American Express Co. | 464,807 | ||||||
|
|
|
|||||||
| Containers & Packaging – 1.7% | ||||||||
| 7,277 | Ball Corp. | 396,233 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services – 1.8% | ||||||||
| 28,751 | AT&T, Inc. | 425,227 | ||||||
|
|
|
|||||||
| Electric Utilities – 2.2% | ||||||||
| 7,974 | NextEra Energy, Inc. | 532,663 | ||||||
|
|
|
|||||||
| Electrical Equipment – 4.1% | ||||||||
| 2,418 | Eaton Corp. PLC | 557,034 | ||||||
| 1,361 | Rockwell Automation, Inc. | 424,741 | ||||||
|
|
|
|||||||
| 981,775 | ||||||||
|
|
|
|||||||
| Food Products – 2.2% | ||||||||
| 6,463 | McCormick & Co., Inc. | 530,483 | ||||||
|
|
|
|||||||
| Ground Transportation – 1.9% | ||||||||
| 1,078 | Old Dominion Freight Line, Inc. | 460,705 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 4.9% | ||||||||
| 1,345 | Cooper Cos., Inc. (The) | 497,637 | ||||||
| 3,184 | Dexcom, Inc.* | 321,520 | ||||||
| 1,091 | Intuitive Surgical, Inc.* | 341,134 | ||||||
|
|
|
|||||||
| 1,160,291 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 3.6% | ||||||||
| 7,186 | CVS Health Corp. | 468,312 | ||||||
| 847 | Humana, Inc. | 391,000 | ||||||
|
|
|
|||||||
| 859,312 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 2.3% | ||||||||
| 1,957 | McDonald’s Corp. | 550,211 | ||||||
|
|
|
|||||||
| Household Products – 3.1% | ||||||||
| 4,773 | Procter & Gamble Co. (The) | 736,665 | ||||||
|
|
|
|||||||
| Industrial Conglomerates – 2.2% | ||||||||
| 4,483 | General Electric Co. | 513,124 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Interactive Media & Services – 5.5% | ||||||||
| 9,698 | Alphabet, Inc., Class A* | 1,320,577 | ||||||
|
|
|
|||||||
| IT Services – 2.0% | ||||||||
| 1,452 | Accenture PLC, Class A | 470,114 | ||||||
|
|
|
|||||||
| Machinery – 4.2% | ||||||||
| 1,719 | Caterpillar, Inc. | 483,262 | ||||||
| 5,057 | Xylem, Inc. | 523,602 | ||||||
|
|
|
|||||||
| 1,006,864 | ||||||||
|
|
|
|||||||
| Media – 1.7% | ||||||||
| 8,922 | New York Times Co. (The), Class A | 394,977 | ||||||
|
|
|
|||||||
| Metals & Mining – 1.5% | ||||||||
| 3,333 | Steel Dynamics, Inc. | 355,264 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 5.7% | ||||||||
| 8,783 | Bristol-Myers Squibb Co. | 541,472 | ||||||
| 1,473 | Eli Lilly & Co. | 816,337 | ||||||
|
|
|
|||||||
| 1,357,809 | ||||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 7.9% | ||||||||
| 2,325 | Enphase Energy, Inc.* | 294,182 | ||||||
| 4,433 | Marvell Technology, Inc. | 258,222 | ||||||
| 2,008 | NVIDIA Corp. | 991,049 | ||||||
| 2,061 | Texas Instruments, Inc. | 346,372 | ||||||
|
|
|
|||||||
| 1,889,825 | ||||||||
|
|
|
|||||||
| Software – 9.1% | ||||||||
| 3,707 | DocuSign, Inc.* | 186,462 | ||||||
| 6,083 | Microsoft Corp. | 1,993,764 | ||||||
|
|
|
|||||||
| 2,180,226 | ||||||||
|
|
|
|||||||
| Specialized REITs – 1.9% | ||||||||
| 2,496 | American Tower Corp. REIT | 452,575 | ||||||
|
|
|
|||||||
| Specialty Retail – 2.4% | ||||||||
| 4,645 | Ross Stores, Inc. | 565,807 | ||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 6.7% | ||||||||
| 8,555 | Apple, Inc. | 1,607,228 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 1.8% | ||||||||
| 4,179 | NIKE, Inc., Class B | 425,046 | ||||||
|
|
|
|||||||
| Water Utilities – 1.8% | ||||||||
| 3,019 | American Water Works Co., Inc. | 418,856 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $17,966,210) | $ | 23,658,615 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Schedule of Investments (continued)
August 31, 2023
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.6%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 142,769 | 5.234 | % | $ | 142,769 | ||||
| (Cost $142,769) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 99.9% |
| |||||||
| (Cost $18,108,979) |
|
$ | 23,801,384 | |||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
|
32,920 | ||||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 23,834,304 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Assets and Liabilities
August 31, 2023
| Concentrated Growth Fund |
Flexible Cap Fund |
Large Cap Core Fund |
||||||||||||
| Assets: |
| |||||||||||||
| Investments in unaffiliated issuers, at value (cost $85,078,045, $56,363,778 and $766,040,103, respectively) |
$ | 161,389,315 | $ | 69,935,232 | $ | 1,182,692,204 | ||||||||
| Investments in affiliated issuers, at value (cost $1,245,843, $346,974 and $5,257,679, respectively) |
1,245,843 | 346,974 | 5,257,679 | |||||||||||
| Cash |
517,789 | 160,456 | 13,182,315 | |||||||||||
| Receivables: |
||||||||||||||
| Dividends |
106,281 | 84,956 | 1,293,786 | |||||||||||
| Reimbursement from investment adviser |
28,783 | 26,696 | 63,127 | |||||||||||
| Fund shares sold |
10,534 | 270,323 | 217,513 | |||||||||||
| Investments sold |
— | — | 4,968,227 | |||||||||||
| Other assets |
54,053 | 40,084 | 60,875 | |||||||||||
| Total assets | 163,352,598 | 70,864,721 | 1,207,735,726 | |||||||||||
| Liabilities: | ||||||||||||||
| Payables: |
||||||||||||||
| Management fees |
97,082 | 31,563 | 660,473 | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
7,303 | 9,636 | 287,514 | |||||||||||
| Fund shares redeemed |
5,718 | 18,670 | 715,035 | |||||||||||
| Investments purchased |
— | — | 9,473,086 | |||||||||||
| Accrued expenses |
81,811 | 79,419 | 278,546 | |||||||||||
| Total liabilities | 191,914 | 139,288 | 11,414,654 | |||||||||||
| Net Assets: | ||||||||||||||
| Paid-in capital |
90,510,177 | 56,410,409 | 786,692,614 | |||||||||||
| Total distributable earnings |
72,650,507 | 14,315,024 | 409,628,458 | |||||||||||
| NET ASSETS | $ | 163,160,684 | $ | 70,725,433 | $ | 1,196,321,072 | ||||||||
| Net Assets: |
||||||||||||||
| Class A |
$ | 9,601,780 | $ | 19,759,849 | $ | 816,620,552 | ||||||||
| Class C |
746,750 | 1,271,411 | 16,921,112 | |||||||||||
| Institutional |
11,282,327 | 12,775,660 | 104,216,755 | |||||||||||
| Service |
— | — | 959,845 | |||||||||||
| Investor |
5,173,147 | 5,055,492 | 40,556,196 | |||||||||||
| Class R6 |
2,086,926 | 7,235,833 | 88,466,647 | |||||||||||
| Class R |
— | 117,822 | 8,577,294 | |||||||||||
| Class P |
134,269,754 | 24,509,366 | 120,002,671 | |||||||||||
| Total Net Assets |
$ | 163,160,684 | $ | 70,725,433 | $ | 1,196,321,072 | ||||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
| Class A |
515,204 | 1,242,226 | 29,092,745 | |||||||||||
| Class C |
62,191 | 98,264 | 1,240,095 | |||||||||||
| Institutional |
531,635 | 725,088 | 3,085,363 | |||||||||||
| Service |
— | — | 36,740 | |||||||||||
| Investor |
265,837 | 294,094 | 1,400,444 | |||||||||||
| Class R6 |
98,656 | 411,680 | 2,623,185 | |||||||||||
| Class R |
— | 7,855 | 331,631 | |||||||||||
| Class P |
6,349,430 | 1,393,432 | 3,559,692 | |||||||||||
| Net asset value, offering and redemption price per share:(a) |
||||||||||||||
| Class A |
$18.64 | $15.91 | $28.07 | |||||||||||
| Class C |
12.01 | 12.94 | 13.65 | |||||||||||
| Institutional |
21.22 | 17.62 | 33.78 | |||||||||||
| Service |
— | — | 26.13 | |||||||||||
| Investor |
19.46 | 17.19 | 28.96 | |||||||||||
| Class R6 |
21.15 | 17.58 | 33.72 | |||||||||||
| Class R |
— | 15.00 | 25.86 | |||||||||||
| Class P |
21.15 | 17.59 | 33.71 | |||||||||||
| (a) | Maximum public offering price per share for Class A Shares of the Concentrated Growth, Flexible Cap and Large Cap Core Funds is $19.72, $16.84 and $29.70, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Assets and Liabilities (continued)
August 31, 2023
| Mid Cap Growth Fund |
Small Cap Growth Fund |
Small/Mid Cap Growth Fund |
||||||||||||
| Assets: |
| |||||||||||||
| Investments in unaffiliated issuers, at value (cost $723,517,335, $32,629,968 and $1,574,335,450, respectively)(a) |
$ | 876,046,452 | $ | 39,890,245 | $ | 1,875,842,961 | ||||||||
| Investments in affiliated issuers, at value (cost $13,928,891, $1,120,998 and $6,074,506, respectively) |
13,928,891 | 1,120,998 | 6,074,506 | |||||||||||
| Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
— | 242,183 | — | |||||||||||
| Cash |
1,914,645 | 50,000 | 1,453,857 | |||||||||||
| Receivables: |
||||||||||||||
| Investments sold |
6,633,993 | — | 20,705,760 | |||||||||||
| Dividends |
641,035 | 15,124 | 847,224 | |||||||||||
| Fund shares sold |
296,137 | 10,050 | 1,386,383 | |||||||||||
| Reimbursement from investment adviser |
33,901 | 26,651 | — | |||||||||||
| Securities lending income |
— | 507 | 3 | |||||||||||
| Other assets |
17,783 | 14,215 | 75,309 | |||||||||||
| Total assets | 899,512,837 | 41,369,973 | 1,906,386,003 | |||||||||||
| Liabilities: | ||||||||||||||
| Payables: |
||||||||||||||
| Investments purchased |
9,491,194 | 285,367 | — | |||||||||||
| Management fees |
606,134 | 28,843 | 1,374,615 | |||||||||||
| Fund shares redeemed |
523,388 | 3,685 | 2,051,279 | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
129,281 | 1,787 | 273,813 | |||||||||||
| Payable upon return of securities loaned |
— | 242,183 | — | |||||||||||
| Due to custodian |
— | — | 70,213 | |||||||||||
| Accrued expenses |
262,514 | 68,854 | 411,090 | |||||||||||
| Total liabilities | 11,012,511 | 630,719 | 4,181,010 | |||||||||||
| Net Assets: | ||||||||||||||
| Paid-in capital |
761,860,872 | 39,630,938 | 1,805,141,888 | |||||||||||
| Total distributable earnings |
126,639,454 | 1,108,316 | 97,063,105 | |||||||||||
| NET ASSETS | $ | 888,500,326 | $ | 40,739,254 | $ | 1,902,204,993 | ||||||||
| Net Assets: |
||||||||||||||
| Class A |
$ | 244,601,945 | $ | 560,523 | $ | 255,117,605 | ||||||||
| Class C |
10,235,467 | 112,355 | 59,507,945 | |||||||||||
| Institutional |
275,045,262 | 22,012,428 | 759,588,134 | |||||||||||
| Service |
21,915,643 | — | 1,206,406 | |||||||||||
| Investor |
69,632,101 | 5,115,545 | 344,304,314 | |||||||||||
| Class R6 |
192,600,741 | 79,665 | 150,699,032 | |||||||||||
| Class R |
31,402,780 | — | 8,575,794 | |||||||||||
| Class P |
43,066,387 | 12,858,738 | 323,205,763 | |||||||||||
| Total Net Assets |
$ | 888,500,326 | $ | 40,739,254 | $ | 1,902,204,993 | ||||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
| Class A |
22,568,582 | 46,679 | 14,142,738 | |||||||||||
| Class C |
591,318 | 9,625 | 4,732,658 | |||||||||||
| Institutional |
15,514,639 | 1,808,065 | 36,383,877 | |||||||||||
| Service |
2,428,103 | — | 71,199 | |||||||||||
| Investor |
5,428,257 | 421,667 | 17,528,711 | |||||||||||
| Class R6 |
10,841,611 | 6,542 | 7,207,724 | |||||||||||
| Class R |
3,479,224 | — | 518,581 | |||||||||||
| Class P |
2,422,714 | 1,056,368 | 15,455,431 | |||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||
| Class A |
$10.84 | $12.01 | $18.04 | |||||||||||
| Class C |
17.31 | 11.67 | 12.57 | |||||||||||
| Institutional |
17.73 | 12.17 | 20.88 | |||||||||||
| Service |
9.03 | — | 16.94 | |||||||||||
| Investor |
12.83 | 12.13 | 19.64 | |||||||||||
| Class R6 |
17.76 | 12.18 | 20.91 | |||||||||||
| Class R |
9.03 | — | 16.54 | |||||||||||
| Class P |
17.78 | 12.17 | 20.91 | |||||||||||
| (a) | Includes loaned securities having a market value of $—, $230,971 and $—, respectively. |
| (b) | Maximum public offering price per share for Class A Shares of the Mid Cap Growth, Small Cap Growth and Small/Mid Cap Growth Funds is $11.47, $12.71 and $19.09, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Assets and Liabilities (continued)
August 31, 2023
| Strategic Growth Fund |
Technology Opportunities Fund |
U.S. Equity ESG Fund |
||||||||||||
| Assets: |
| |||||||||||||
| Investments in unaffiliated issuers, at value (cost $65,203,435, $347,046,838 and $17,966,210, respectively) |
$ | 148,268,543 | $ | 616,940,395 | $ | 23,658,615 | ||||||||
| Investments in affiliated issuers, at value (cost $—, $9,421,313 and $142,769, respectively) |
— | 9,421,313 | 142,769 | |||||||||||
| Cash |
387,826 | 622,402 | 50,553 | |||||||||||
| Receivables: |
||||||||||||||
| Dividends |
86,293 | 316,485 | 19,508 | |||||||||||
| Fund shares sold |
36,096 | 244,532 | 1,600 | |||||||||||
| Reimbursement from investment adviser |
29,031 | 51,434 | 20,929 | |||||||||||
| Other assets |
63,728 | 23,269 | 29,020 | |||||||||||
| Total assets | 148,871,517 | 627,619,830 | 23,922,994 | |||||||||||
| Liabilities: | ||||||||||||||
| Payables: |
||||||||||||||
| Management fees |
87,613 | 464,084 | 11,012 | |||||||||||
| Fund shares redeemed |
68,126 | 165,023 | — | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
15,481 | 117,218 | 4,479 | |||||||||||
| Accrued expenses |
96,579 | 207,823 | 73,199 | |||||||||||
| Total liabilities | 267,799 | 954,148 | 88,690 | |||||||||||
| Net Assets: | ||||||||||||||
| Paid-in capital |
59,150,876 | 406,878,584 | 20,116,542 | |||||||||||
| Total distributable earnings |
89,452,842 | 219,787,098 | 3,717,762 | |||||||||||
| NET ASSETS | $ | 148,603,718 | $ | 626,665,682 | $ | 23,834,304 | ||||||||
| Net Assets: |
||||||||||||||
| Class A |
$ | 35,059,265 | $ | 348,621,306 | $ | 7,854,989 | ||||||||
| Class C |
2,352,595 | 17,228,980 | 1,006,591 | |||||||||||
| Institutional |
40,849,069 | 91,672,901 | 1,769,931 | |||||||||||
| Service |
990,310 | 8,898,989 | — | |||||||||||
| Investor |
5,363,547 | 23,449,935 | 673,221 | |||||||||||
| Class R6 |
4,196,859 | 63,365,053 | 1,293,347 | |||||||||||
| Class R |
204,598 | — | 298,483 | |||||||||||
| Class P |
59,587,475 | 73,428,518 | 10,937,742 | |||||||||||
| Total Net Assets |
$ | 148,603,718 | $ | 626,665,682 | $ | 23,834,304 | ||||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
| Class A |
4,061,761 | 17,250,397 | 447,554 | |||||||||||
| Class C |
200,610 | 1,586,031 | 61,930 | |||||||||||
| Institutional |
3,820,386 | 3,551,095 | 99,359 | |||||||||||
| Service |
119,714 | 469,788 | — | |||||||||||
| Investor |
506,214 | 941,233 | 37,762 | |||||||||||
| Class R6 |
393,570 | 2,451,393 | 72,563 | |||||||||||
| Class R |
25,947 | — | 16,939 | |||||||||||
| Class P |
5,601,573 | 2,841,168 | 614,000 | |||||||||||
| Net asset value, offering and redemption price per share:(a) |
||||||||||||||
| Class A |
$8.63 | $20.21 | $17.55 | |||||||||||
| Class C |
11.73 | 10.86 | 16.25 | |||||||||||
| Institutional |
10.69 | 25.82 | 17.81 | |||||||||||
| Service |
8.27 | 18.94 | — | |||||||||||
| Investor |
10.60 | 24.91 | 17.83 | |||||||||||
| Class R6 |
10.66 | 25.85 | 17.82 | |||||||||||
| Class R |
7.89 | — | 17.62 | |||||||||||
| Class P |
10.64 | 25.84 | 17.81 | |||||||||||
| (a) | Maximum public offering price per share for Class A Shares of the Strategic Growth, Technology Opportunities and U.S. Equity ESG Funds is $9.13, $21.39 and $18.57, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Operations
For the Fiscal Year Ended August 31, 2023
| Concentrated Growth Fund |
Flexible Cap Fund |
Large Cap Core Fund |
||||||||||||
| Investment income: |
| |||||||||||||
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,738, $— and $5,005, respectively) |
$ | 952,528 | $ | 701,414 | $ | 15,097,537 | ||||||||
| Dividends — affiliated issuers |
36,090 | 22,223 | 297,910 | |||||||||||
| Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
— | 21 | 673 | |||||||||||
| Total investment income | 988,618 | 723,658 | 15,396,120 | |||||||||||
| Expenses: |
| |||||||||||||
| Management fees |
1,056,912 | 265,773 | 7,753,746 | |||||||||||
| Professional fees |
110,425 | 107,594 | 128,475 | |||||||||||
| Registration fees |
94,714 | 94,013 | 150,685 | |||||||||||
| Transfer Agency fees(a) |
55,810 | 31,971 | 1,385,673 | |||||||||||
| Printing and mailing costs |
31,826 | 41,675 | 146,013 | |||||||||||
| Trustee fees |
23,320 | 23,188 | 24,727 | |||||||||||
| Distribution and/or Service (12b-1) fees(a) |
23,254 | 34,760 | 2,064,665 | |||||||||||
| Custody, accounting and administrative services |
22,043 | 7,284 | 138,334 | |||||||||||
| Shareholder meeting expense |
1,568 | 1,412 | 22,657 | |||||||||||
| Service fees — Class C |
1,090 | 2,196 | 40,348 | |||||||||||
| Shareholder Administration fees — Service Shares |
— | — | 1,973 | |||||||||||
| Other |
11,328 | 10,501 | 42,701 | |||||||||||
| Total expenses | 1,432,290 | 620,367 | 11,899,997 | |||||||||||
| Less — expense reductions |
(335,354 | ) | (283,218 | ) | (1,318,955 | ) | ||||||||
| Net expenses | 1,096,936 | 337,149 | 10,581,042 | |||||||||||
| NET INVESTMENT INCOME (LOSS) | (108,318 | ) | 386,509 | 4,815,078 | ||||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
4,730,632 | 722,759 | 18,950,661 | |||||||||||
| Foreign currency transactions |
(5 | ) | — | (21 | ) | |||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers |
25,849,784 | 7,278,864 | 144,453,187 | |||||||||||
| Foreign currency translations |
— | — | 93 | |||||||||||
| Net realized and unrealized gain | 30,580,411 | 8,001,623 | 163,403,920 | |||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,472,093 | $ | 8,388,132 | $ | 168,218,998 | ||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Concentrated Growth |
$ | 19,844 | $ | 3,271 | $ | — | $ | 139 | $ | 12,536 | $ | 688 | $ | 3,901 | $ | — | $ | 2,934 | $ | 380 | $ | 44 | $ | 35,327 | ||||||||||||||||||||||||
| Flexible Cap |
27,937 | 6,586 | — | 237 | 17,563 | 1,386 | 4,083 | — | 1,319 | 783 | 74 | 6,763 | ||||||||||||||||||||||||||||||||||||
| Large Cap Core |
1,900,658 | 121,043 | 1,972 | 40,992 | 1,202,584 | 25,537 | 37,622 | 316 | 49,145 | 24,325 | 12,974 | 33,170 | ||||||||||||||||||||||||||||||||||||
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2023
| Mid Cap Growth Fund |
Small Cap Growth Fund |
Small/Mid Cap Growth Fund |
||||||||||||
| Investment income: |
| |||||||||||||
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $— and $9,942, respectively) |
$ | 5,274,601 | $ | 107,536 | $ | 9,961,720 | ||||||||
| Dividends — affiliated issuers |
812,670 | 24,868 | 920,883 | |||||||||||
| Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
3,752 | 2,489 | 5,420 | |||||||||||
| Total investment income | 6,091,023 | 134,893 | 10,888,023 | |||||||||||
| Expenses: |
| |||||||||||||
| Management fees |
8,309,412 | 276,786 | 16,693,137 | |||||||||||
| Distribution and/or Service (12b-1) fees(a) |
919,071 | 2,135 | 1,203,136 | |||||||||||
| Transfer Agency fees(a) |
766,095 | 13,815 | 1,581,254 | |||||||||||
| Professional fees |
135,267 | 94,096 | 110,684 | |||||||||||
| Registration fees |
116,160 | 87,017 | 174,803 | |||||||||||
| Printing and mailing costs |
108,990 | 38,921 | 145,367 | |||||||||||
| Custody, accounting and administrative services |
88,088 | 19,632 | 178,977 | |||||||||||
| Shareholder Administration fees — Service Shares |
52,723 | — | 3,150 | |||||||||||
| Service fees — Class C |
26,791 | 197 | 166,479 | |||||||||||
| Shareholder meeting expense |
26,362 | 589 | 56,007 | |||||||||||
| Trustee fees |
24,454 | 21,168 | 25,995 | |||||||||||
| Other |
37,533 | 10,608 | 113,962 | |||||||||||
| Total expenses | 10,610,946 | 564,964 | 20,452,951 | |||||||||||
| Less — expense reductions |
(1,537,768 | ) | (265,300 | ) | (319,375 | ) | ||||||||
| Net expenses | 9,073,178 | 299,664 | 20,133,576 | |||||||||||
| NET INVESTMENT LOSS | (2,982,155 | ) | (164,771 | ) | (9,245,553 | ) | ||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
27,254,816 | (3,903,590 | ) | (148,761,986 | ) | |||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers |
42,926,374 | 6,530,426 | 267,486,781 | |||||||||||
| Net realized and unrealized gain | 70,181,190 | 2,626,836 | 118,724,795 | |||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 67,199,035 | $ | 2,462,065 | $ | 109,479,242 | ||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Mid Cap Growth |
$ | 624,748 | $ | 80,376 | $ | 52,722 | $ | 161,225 | $ | 395,590 | $ | 16,969 | $ | 114,602 | $ | 8,436 | $ | 109,372 | $ | 56,898 | $ | 51,041 | $ | 13,187 | ||||||||||||||||||||||||
| Small Cap Growth |
1,254 | 590 | — | 291 | 790 | 124 | 7,542 | — | 1,675 | 22 | 93 | 3,569 | ||||||||||||||||||||||||||||||||||||
| Small/Mid Cap Growth |
655,679 | 499,438 | 3,150 | 44,869 | 415,208 | 105,509 | 311,905 | 504 | 592,126 | 45,121 | 14,206 | 96,675 | ||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2023
| Strategic Growth Fund |
Technology Opportunities Fund |
U.S. Equity ESG Fund |
||||||||||||
| Investment income: |
| |||||||||||||
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,116, $25,482 and $—, respectively) |
$ | 935,070 | $ | 3,678,685 | $ | 328,767 | ||||||||
| Dividends — affiliated issuers |
17,747 | 205,757 | 9,511 | |||||||||||
| Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
— | 1,093 | — | |||||||||||
| Total investment income | 952,817 | 3,885,535 | 338,278 | |||||||||||
| Expenses: |
| |||||||||||||
| Management fees |
936,312 | 5,115,297 | 119,282 | |||||||||||
| Professional fees |
105,905 | 107,562 | 107,533 | |||||||||||
| Registration fees |
98,957 | 121,637 | 95,070 | |||||||||||
| Distribution and/or Service (12b-1) fees(a) |
95,909 | 881,307 | 28,305 | |||||||||||
| Transfer Agency fees(a) |
90,234 | 603,278 | 18,878 | |||||||||||
| Printing and mailing costs |
54,327 | 31,242 | 33,229 | |||||||||||
| Trustee fees |
23,310 | 23,922 | 23,150 | |||||||||||
| Custody, accounting and administrative services |
21,519 | 63,906 | 9,011 | |||||||||||
| Service fees — Class C |
5,010 | 37,865 | 2,736 | |||||||||||
| Shareholder meeting expense |
3,212 | 16,498 | 863 | |||||||||||
| Shareholder Administration fees — Service Shares |
1,398 | 19,132 | — | |||||||||||
| Other |
16,701 | 48,984 | 9,824 | |||||||||||
| Total expenses | 1,452,794 | 7,070,630 | 447,881 | |||||||||||
| Less — expense reductions |
(338,633 | ) | (963,880 | ) | (259,960 | ) | ||||||||
| Net expenses | 1,114,161 | 6,106,750 | 187,921 | |||||||||||
| NET INVESTMENT INCOME (LOSS) | (161,344 | ) | (2,221,215 | ) | 150,357 | |||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
11,617,942 | (14,584,246 | ) | (298,709 | ) | |||||||||
| Foreign currency transactions |
(3 | ) | — | — | ||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers |
15,586,018 | 121,447,287 | 3,581,902 | |||||||||||
| Net realized and unrealized gain | 27,203,957 | 106,863,041 | 3,283,193 | |||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 27,042,613 | $ | 104,641,826 | $ | 3,433,550 | ||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Strategic Growth |
$ | 78,612 | $ | 15,029 | $ | 1,398 | $ | 870 | $ | 49,721 | $ | 3,167 | $ | 14,513 | $ | 224 | $ | 4,835 | $ | 1,096 | $ | 275 | $ | 16,403 | ||||||||||||||||||||||||
| Technology Opportunities |
748,580 | 113,596 | 19,131 | — | 473,358 | 23,951 | 32,055 | 3,061 | 34,934 | 15,279 | — | 20,640 | ||||||||||||||||||||||||||||||||||||
| U.S. Equity ESG |
18,098 | 8,208 | — | 1,999 | 11,450 | 1,734 | 617 | — | 1,257 | 358 | 634 | 2,828 | ||||||||||||||||||||||||||||||||||||
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets
| Concentrated Growth Fund | Flexible Cap Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment income (loss) |
$ | (108,318 | ) | $ | (685,184 | ) | $ | 386,509 | $ | 265,496 | ||||||||||||
| Net realized gain |
4,730,627 | 7,307,548 | 722,759 | 1,821,470 | ||||||||||||||||||
| Net change in unrealized gain (loss) |
25,849,784 | (61,510,282 | ) | 7,278,864 | (6,760,402 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 30,472,093 | (54,887,918 | ) | 8,388,132 | (4,673,436 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(775,270 | ) | (1,982,323 | ) | (320,512 | ) | (475,431 | ) | ||||||||||||||
| Class C Shares |
(76,137 | ) | (205,024 | ) | (37,776 | ) | (92,555 | ) | ||||||||||||||
| Institutional Shares |
(880,809 | ) | (2,410,152 | ) | (438,747 | ) | (302,451 | ) | ||||||||||||||
| Investor Shares |
(16,742 | ) | (37,303 | ) | (3,084 | ) | (3,157 | ) | ||||||||||||||
| Class R6 Shares |
(83,124 | ) | (179,377 | ) | (72,502 | ) | (21,620 | ) | ||||||||||||||
| Class R Shares |
(3,470 | ) | (7,600 | ) | (460 | ) | (700 | ) | ||||||||||||||
| Class P Shares |
(11,191,640 | ) | (29,595,626 | ) | (977,357 | ) | (1,510,289 | ) | ||||||||||||||
| Total distributions to shareholders | (13,027,192 | ) | (34,417,405 | ) | (1,850,438 | ) | (2,406,203 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
18,219,063 | 8,712,665 | 34,903,216 | 18,075,359 | ||||||||||||||||||
| Reinvestment of distributions |
12,957,126 | 34,050,958 | 1,850,439 | 2,406,145 | ||||||||||||||||||
| Cost of shares redeemed |
(31,760,889 | ) | (28,577,444 | ) | (13,486,154 | ) | (10,854,027 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | (584,700 | ) | 14,186,179 | 23,267,501 | 9,627,477 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | 16,860,201 | (75,119,144 | ) | 29,805,195 | 2,547,838 | |||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
146,300,483 | 221,419,627 | 40,920,238 | 38,372,400 | ||||||||||||||||||
| End of year |
$ | 163,160,684 | $ | 146,300,483 | $ | 70,725,433 | $ | 40,920,238 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| Large Cap Core Fund | Mid Cap Growth Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment income (loss) |
$ | 4,815,078 | $ | 2,686,910 | $ | (2,982,155 | ) | $ | (6,374,973 | ) | ||||||||||||
| Net realized gain |
18,950,640 | 90,087,091 | 27,254,816 | 38,510,258 | ||||||||||||||||||
| Net change in unrealized gain (loss) |
144,453,280 | (299,531,227 | ) | 42,926,374 | (392,512,705 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 168,218,998 | (206,757,226 | ) | 67,199,035 | (360,377,420 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(58,898,160 | ) | (94,467,095 | ) | (23,026,495 | ) | (67,635,332 | ) | ||||||||||||||
| Class C Shares |
(2,333,506 | ) | (3,764,198 | ) | (619,512 | ) | (15,805,073 | ) | ||||||||||||||
| Institutional Shares |
(6,566,206 | ) | (10,320,799 | ) | (16,642,501 | ) | (54,055,820 | ) | ||||||||||||||
| Service Shares |
(41,453 | ) | (241,187 | ) | (2,215,669 | ) | (6,473,043 | ) | ||||||||||||||
| Investor Shares |
(2,864,034 | ) | (2,350,236 | ) | (5,328,564 | ) | (15,664,510 | ) | ||||||||||||||
| Class R6 Shares |
(5,472,703 | ) | (8,164,475 | ) | (11,376,499 | ) | (32,255,834 | ) | ||||||||||||||
| Class R Shares |
(695,499 | ) | (1,189,253 | ) | (3,449,738 | ) | (10,238,647 | ) | ||||||||||||||
| Class P Shares |
(7,579,703 | ) | (11,394,754 | ) | (2,336,037 | ) | (10,730,774 | ) | ||||||||||||||
| Total distributions to shareholders | (84,451,264 | ) | (131,891,997 | ) | (64,995,015 | ) | (212,859,033 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
75,870,461 | 190,798,465 | 117,079,662 | 177,404,726 | ||||||||||||||||||
| Reinvestment of distributions |
80,510,834 | 125,788,279 | 61,006,885 | 199,802,806 | ||||||||||||||||||
| Cost of shares redeemed |
(144,152,160 | ) | (157,421,316 | ) | (256,259,283 | ) | (313,748,065 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 12,229,135 | 159,165,428 | (78,172,736 | ) | 63,459,467 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | 95,996,869 | (179,483,795 | ) | (75,968,716 | ) | (509,776,986 | ) | |||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
1,100,324,203 | 1,279,807,998 | 964,469,042 | 1,474,246,028 | ||||||||||||||||||
| End of year |
$ | 1,196,321,072 | $ | 1,100,324,203 | $ | 888,500,326 | $ | 964,469,042 | ||||||||||||||
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| Small Cap Growth Fund | Small/Mid Cap Growth Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment loss |
$ | (164,771 | ) | $ | (89,313 | ) | $ | (9,245,553 | ) | $ | (15,895,479 | ) | ||||||||||
| Net realized gain (loss) |
(3,903,590 | ) | (1,836,676 | ) | (148,761,986 | ) | 56,322,415 | |||||||||||||||
| Net change in unrealized gain (loss) |
6,530,426 | (5,366,673 | ) | 267,486,781 | (1,071,662,762 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 2,462,065 | (7,292,662 | ) | 109,479,242 | (1,031,235,826 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
— | (56,194 | ) | — | (62,416,584 | ) | ||||||||||||||||
| Class C Shares |
— | (11,684 | ) | — | (24,413,751 | ) | ||||||||||||||||
| Institutional Shares |
— | (1,688,009 | ) | — | (153,957,378 | ) | ||||||||||||||||
| Service Shares |
— | — | — | (263,322 | ) | |||||||||||||||||
| Investor Shares |
— | (8,566 | ) | — | (103,538,120 | ) | ||||||||||||||||
| Class R6 Shares |
— | (8,574 | ) | — | (17,155,030 | ) | ||||||||||||||||
| Class R Shares |
— | (8,551 | ) | — | (2,048,239 | ) | ||||||||||||||||
| Class P Shares |
— | (635,615 | ) | — | (73,222,947 | ) | ||||||||||||||||
| From return of capital: |
||||||||||||||||||||||
| Class A Shares |
— | — | — | (526,146 | ) | |||||||||||||||||
| Class C Shares |
— | — | — | (205,798 | ) | |||||||||||||||||
| Institutional Shares |
— | — | — | (1,297,796 | ) | |||||||||||||||||
| Service Shares |
— | — | — | (2,220 | ) | |||||||||||||||||
| Investor Shares |
— | — | — | (872,783 | ) | |||||||||||||||||
| Class R6 Shares |
— | — | — | (144,610 | ) | |||||||||||||||||
| Class R Shares |
— | — | — | (17,266 | ) | |||||||||||||||||
| Class P Shares |
— | — | — | (617,239 | ) | |||||||||||||||||
| Total distributions to shareholders | — | (2,417,193 | ) | — | (440,699,229 | ) | ||||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
20,340,089 | 25,068,068 | 335,106,863 | 911,040,668 | ||||||||||||||||||
| Reinvestment of distributions |
— | 2,417,193 | — | 413,186,636 | ||||||||||||||||||
| Cost of shares redeemed |
(12,989,107 | ) | (7,573,145 | ) | (660,406,639 | ) | (1,248,105,485 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 7,350,982 | 19,912,116 | (325,299,776 | ) | 76,121,819 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | 9,813,047 | 10,202,261 | (215,820,534 | ) | (1,395,813,236 | ) | ||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
30,926,207 | 20,723,946 | 2,118,025,527 | 3,513,838,763 | ||||||||||||||||||
| End of year |
$ | 40,739,254 | $ | 30,926,207 | $ | 1,902,204,993 | $ | 2,118,025,527 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| Strategic Growth Fund | Technology Opportunities Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment loss |
$ | (161,344 | ) | $ | (684,236 | ) | $ | (2,221,215 | ) | $ | (4,371,060 | ) | ||||||||||
| Net realized gain (loss) |
11,617,939 | 11,142,187 | (14,584,246 | ) | 103,357,854 | |||||||||||||||||
| Net change in unrealized gain (loss) |
15,586,018 | (64,450,982 | ) | 121,447,287 | (351,713,397 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 27,042,613 | (53,993,031 | ) | 104,641,826 | (252,726,603 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(3,688,064 | ) | (7,953,403 | ) | (59,073,390 | ) | (74,869,236 | ) | ||||||||||||||
| Class C Shares |
(178,463 | ) | (870,837 | ) | (4,679,796 | ) | (5,848,371 | ) | ||||||||||||||
| Institutional Shares |
(3,310,008 | ) | (6,118,062 | ) | (13,244,082 | ) | (23,454,408 | ) | ||||||||||||||
| Service Shares |
(65,953 | ) | (85,719 | ) | (1,511,457 | ) | (1,999,587 | ) | ||||||||||||||
| Investor Shares |
(206,704 | ) | (363,863 | ) | (3,799,155 | ) | (5,464,239 | ) | ||||||||||||||
| Class R6 Shares |
(356,083 | ) | (71,703 | ) | (8,037,564 | ) | (461,688 | ) | ||||||||||||||
| Class R Shares |
(22,119 | ) | (28,431 | ) | — | — | ||||||||||||||||
| Class P Shares |
(5,415,754 | ) | (9,425,707 | ) | (10,285,667 | ) | (19,319,680 | ) | ||||||||||||||
| Total distributions to shareholders | (13,243,148 | ) | (24,917,725 | ) | (100,631,111 | ) | (131,417,209 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
21,797,412 | 27,677,941 | 84,245,348 | 192,213,977 | ||||||||||||||||||
| Reinvestment of distributions |
12,981,568 | 24,520,241 | 95,426,778 | 124,715,438 | ||||||||||||||||||
| Cost of shares redeemed |
(43,883,299 | ) | (55,444,746 | ) | (175,464,516 | ) | (264,763,196 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | (9,104,319 | ) | (3,246,564 | ) | 4,207,610 | 52,166,219 | ||||||||||||||||
| TOTAL INCREASE (DECREASE) | 4,695,146 | (82,157,320 | ) | 8,218,325 | (331,977,593 | ) | ||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
143,908,572 | 226,065,892 | 618,447,357 | 950,424,950 | ||||||||||||||||||
| End of year |
$ | 148,603,718 | $ | 143,908,572 | $ | 626,665,682 | $ | 618,447,357 | ||||||||||||||
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| U.S. Equity ESG Fund | ||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||
| From operations: |
| |||||||||
| Net investment income |
$ | 150,357 | $ | 96,178 | ||||||
| Net realized loss |
(298,709 | ) | (1,751,929 | ) | ||||||
| Net change in unrealized gain (loss) |
3,581,902 | (3,493,632 | ) | |||||||
| Net increase (decrease) in net assets resulting from operations | 3,433,550 | (5,149,383 | ) | |||||||
| Distributions to shareholders: | ||||||||||
| From distributable earnings: |
||||||||||
| Class A Shares |
(27,866 | ) | (142,692 | ) | ||||||
| Class C Shares |
— | (44,937 | ) | |||||||
| Institutional Shares |
(10,348 | ) | (290,021 | ) | ||||||
| Investor Shares |
(3,657 | ) | (31,256 | ) | ||||||
| Class R6 Shares |
(8,673 | ) | (26,498 | ) | ||||||
| Class R Shares |
(624 | ) | (8,964 | ) | ||||||
| Class P Shares |
(69,687 | ) | (72,352 | ) | ||||||
| Total distributions to shareholders | (120,855 | ) | (616,720 | ) | ||||||
| From share transactions: | ||||||||||
| Proceeds from sales of shares |
6,071,106 | 27,832,323 | ||||||||
| Reinvestment of distributions |
120,853 | 613,618 | ||||||||
| Cost of shares redeemed |
(3,992,055 | ) | (21,584,853 | ) | ||||||
| Net increase in net assets resulting from share transactions | 2,199,904 | 6,861,088 | ||||||||
| TOTAL INCREASE | 5,512,599 | 1,094,985 | ||||||||
| Net Assets: | ||||||||||
| Beginning of year |
18,321,705 | 17,226,720 | ||||||||
| End of year |
$ | 23,834,304 | $ | 18,321,705 | ||||||
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Concentrated Growth Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.47 | $ | 20.54 | $ | 17.56 | $ | 13.87 | $ | 15.88 | ||||||||||||
| Net investment loss(a) |
(0.12 | ) | (0.21 | ) | (0.24 | ) | (0.17 | ) | (0.13 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
2.42 | (4.13 | ) | 4.67 | 5.34 | 0.22 | ||||||||||||||||
| Total from investment operations |
2.30 | (4.34 | ) | 4.43 | 5.17 | 0.09 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.10 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.01 | $ | 11.47 | $ | 20.54 | $ | 17.56 | $ | 13.87 | ||||||||||||
| Total Return(b) | 23.69 | % | (27.13 | )% | 27.24 | % | 40.47 | % | 2.81 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 747 | $ | 570 | $ | 1,008 | $ | 1,162 | $ | 823 | ||||||||||||
| Ratio of net expenses to average net assets |
1.82 | % | 1.85 | % | 1.86 | % | 1.91 | % | 1.91 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.13 | % | 2.06 | % | 2.07 | % | 2.10 | % | 2.21 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(1.10 | )% | (1.42 | )% | (1.38 | )% | (1.23 | )% | (0.98 | )% | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 29 | % | 37 | % | 36 | % | 40 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Concentrated Growth Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.74 | $ | 30.22 | $ | 24.92 | $ | 18.93 | $ | 20.61 | ||||||||||||
| Net investment income (loss)(a) |
(0.01 | ) | (0.09 | ) | (0.08 | ) | (0.01 | ) | 0.03 | |||||||||||||
| Net realized and unrealized gain (loss) |
4.25 | (6.66 | ) | 6.83 | 7.50 | 0.41 | ||||||||||||||||
| Total from investment operations |
4.24 | (6.75 | ) | 6.75 | 7.49 | 0.44 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.02 | ) | (0.02 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.10 | ) | ||||||||||||
| Total distributions |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.50 | ) | (2.12 | ) | ||||||||||||
| Net asset value, end of year |
$ | 21.22 | $ | 18.74 | $ | 30.22 | $ | 24.92 | $ | 18.93 | ||||||||||||
| Total Return(b) | 24.94 | % | (26.32 | )% | 28.56 | % | 41.98 | % | 3.98 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 11,282 | $ | 9,676 | $ | 16,789 | $ | 13,744 | $ | 12,497 | ||||||||||||
| Ratio of net expenses to average net assets |
0.78 | % | 0.80 | % | 0.80 | % | 0.81 | % | 0.80 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.01 | % | 0.94 | % | 0.95 | % | 1.01 | % | 1.07 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.06 | )% | (0.37 | )% | (0.32 | )% | (0.07 | )% | 0.17 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 29 | % | 37 | % | 36 | % | 40 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Concentrated Growth Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 17.34 | $ | 28.33 | $ | 23.46 | $ | 17.90 | $ | 19.66 | ||||||||||||
| Net investment income (loss)(a) |
(0.01 | ) | (0.09 | ) | (0.09 | ) | (0.03 | ) | 0.01 | |||||||||||||
| Net realized and unrealized gain (loss) |
3.89 | (6.17 | ) | 6.41 | 7.07 | 0.36 | ||||||||||||||||
| Total from investment operations |
3.88 | (6.26 | ) | 6.32 | 7.04 | 0.37 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | — | (b) | (0.03 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.10 | ) | ||||||||||||
| Total distributions |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.13 | ) | ||||||||||||
| Net asset value, end of year |
$ | 19.46 | $ | 17.34 | $ | 28.33 | $ | 23.46 | $ | 17.90 | ||||||||||||
| Total Return(c) | 24.88 | % | (26.35 | )% | 28.50 | % | 41.87 | % | 3.83 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 5,173 | $ | 163 | $ | 296 | $ | 189 | $ | 133 | ||||||||||||
| Ratio of net expenses to average net assets |
0.80 | % | 0.85 | % | 0.86 | % | 0.91 | % | 0.91 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.12 | % | 1.06 | % | 1.07 | % | 1.11 | % | 1.22 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.06 | )% | (0.42 | )% | (0.39 | )% | (0.18 | )% | 0.03 | % | ||||||||||||
| Portfolio turnover rate(d) |
32 | % | 29 | % | 37 | % | 36 | % | 40 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Concentrated Growth Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.69 | $ | 30.15 | $ | 24.86 | $ | 18.88 | $ | 20.60 | ||||||||||||
| Net investment income (loss)(a) |
(0.01 | ) | (0.09 | ) | (0.08 | ) | (0.01 | ) | 0.04 | |||||||||||||
| Net realized and unrealized gain (loss) |
4.23 | (6.64 | ) | 6.82 | 7.49 | 0.39 | ||||||||||||||||
| Total from investment operations |
4.22 | (6.73 | ) | 6.74 | 7.48 | 0.43 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.02 | ) | (0.05 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.10 | ) | ||||||||||||
| Total distributions |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.50 | ) | (2.15 | ) | ||||||||||||
| Net asset value, end of year |
$ | 21.15 | $ | 18.69 | $ | 30.15 | $ | 24.86 | $ | 18.88 | ||||||||||||
| Total Return(b) | 24.90 | % | (26.31 | )% | 28.59 | % | 42.05 | % | 4.00 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 2,087 | $ | 780 | $ | 1,497 | $ | 806 | $ | 538 | ||||||||||||
| Ratio of net expenses to average net assets |
0.76 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.79 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.00 | % | 0.93 | % | 0.94 | % | 0.98 | % | 1.04 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.05 | )% | (0.36 | )% | (0.30 | )% | (0.07 | )% | 0.22 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 29 | % | 37 | % | 36 | % | 40 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Concentrated Growth Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.68 | $ | 30.14 | $ | 24.85 | $ | 18.88 | $ | 20.60 | ||||||||||||
| Net investment income (loss)(a) |
(0.01 | ) | (0.08 | ) | (0.08 | ) | (0.01 | ) | 0.03 | |||||||||||||
| Net realized and unrealized gain (loss) |
4.24 | (6.65 | ) | 6.82 | 7.48 | 0.40 | ||||||||||||||||
| Total from investment operations |
4.23 | (6.73 | ) | 6.74 | 7.47 | 0.43 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.02 | ) | (0.05 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.48 | ) | (2.10 | ) | ||||||||||||
| Total distributions |
(1.76 | ) | (4.73 | ) | (1.45 | ) | (1.50 | ) | (2.15 | ) | ||||||||||||
| Net asset value, end of year |
$ | 21.15 | $ | 18.68 | $ | 30.14 | $ | 24.85 | $ | 18.88 | ||||||||||||
| Total Return(b) | 24.97 | % | (26.32 | )% | 28.60 | % | 42.00 | % | 4.01 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 134,270 | $ | 127,302 | $ | 190,213 | $ | 160,582 | $ | 128,289 | ||||||||||||
| Ratio of net expenses to average net assets |
0.77 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.79 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.00 | % | 0.93 | % | 0.94 | % | 0.99 | % | 1.06 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.06 | )% | (0.35 | )% | (0.31 | )% | (0.06 | )% | 0.18 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 29 | % | 37 | % | 36 | % | 40 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.57 | $ | 14.17 | $ | 11.67 | $ | 10.23 | $ | 11.00 | ||||||||||||
| Net investment loss(a) |
(0.02 | ) | (0.05 | ) | (0.07 | ) | (0.02 | ) | — | (b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.92 | (1.52 | ) | 3.31 | 2.10 | 0.13 | ||||||||||||||||
| Total from investment operations |
1.90 | (1.57 | ) | 3.24 | 2.08 | 0.13 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.02 | ) | (0.03 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.64 | ) | (0.90 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.94 | $ | 11.57 | $ | 14.17 | $ | 11.67 | $ | 10.23 | ||||||||||||
| Total Return(c) | 17.02 | % | (12.07 | )% | 29.19 | % | 21.16 | % | 2.30 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,271 | $ | 890 | $ | 1,354 | $ | 1,516 | $ | 1,288 | ||||||||||||
| Ratio of net expenses to average net assets |
1.71 | % | 1.71 | % | 1.71 | % | 1.75 | % | 1.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.30 | % | 2.35 | % | 2.76 | % | 3.19 | % | 3.63 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.21 | )% | (0.39 | )% | (0.54 | )% | (0.16 | )% | 0.00 | %(d) | ||||||||||||
| Portfolio turnover rate(e) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | Amount is less than 0.005% per share. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.53 | $ | 18.56 | $ | 15.01 | $ | 12.94 | $ | 13.61 | ||||||||||||
| Net investment income(a) |
0.15 | 0.13 | 0.09 | 0.12 | 0.13 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.59 | (2.04 | ) | 4.31 | 2.70 | 0.19 | ||||||||||||||||
| Total from investment operations |
2.74 | (1.91 | ) | 4.40 | 2.82 | 0.32 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.12 | ) | (0.09 | ) | (0.11 | ) | (0.13 | ) | (0.12 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.65 | ) | (1.12 | ) | (0.85 | ) | (0.75 | ) | (0.99 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.62 | $ | 15.53 | $ | 18.56 | $ | 15.01 | $ | 12.94 | ||||||||||||
| Total Return(b) | 18.30 | % | (11.10 | )% | 30.62 | % | 22.53 | % | 3.47 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 12,776 | $ | 8,832 | $ | 4,514 | $ | 594 | $ | 587 | ||||||||||||
| Ratio of net expenses to average net assets |
0.59 | % | 0.59 | % | 0.59 | % | 0.62 | % | 0.59 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.18 | % | 1.24 | % | 1.46 | % | 2.11 | % | 2.41 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.91 | % | 0.78 | % | 0.54 | % | 0.95 | % | 1.08 | % | ||||||||||||
| Portfolio turnover rate(c) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.12 | $ | 18.09 | $ | 14.66 | $ | 12.65 | $ | 13.35 | ||||||||||||
| Net investment income(a) |
0.13 | 0.14 | 0.07 | 0.10 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.52 | (2.01 | ) | 4.19 | 2.64 | 0.18 | ||||||||||||||||
| Total from investment operations |
2.65 | (1.87 | ) | 4.26 | 2.74 | 0.30 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.05 | ) | (0.07 | ) | (0.09 | ) | (0.11 | ) | (0.13 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.58 | ) | (1.10 | ) | (0.83 | ) | (0.73 | ) | (1.00 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.19 | $ | 15.12 | $ | 18.09 | $ | 14.66 | $ | 12.65 | ||||||||||||
| Total Return(b) | 18.14 | % | (11.21 | )% | 30.39 | % | 22.43 | % | 3.40 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 5,055 | $ | 66 | $ | 52 | $ | 38 | $ | 70 | ||||||||||||
| Ratio of net expenses to average net assets |
0.72 | % | 0.71 | % | 0.71 | % | 0.76 | % | 0.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.22 | % | 1.42 | % | 1.74 | % | 2.66 | % | 2.63 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.77 | % | 0.91 | % | 0.46 | % | 0.78 | % | 0.99 | % | ||||||||||||
| Portfolio turnover rate(c) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.50 | $ | 18.52 | $ | 14.98 | $ | 12.91 | $ | 13.61 | ||||||||||||
| Net investment income(a) |
0.15 | 0.15 | 0.10 | 0.13 | 0.14 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.59 | (2.05 | ) | 4.29 | 2.69 | 0.18 | ||||||||||||||||
| Total from investment operations |
2.74 | (1.90 | ) | 4.39 | 2.82 | 0.32 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.11 | ) | (0.13 | ) | (0.15 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.66 | ) | (1.12 | ) | (0.85 | ) | (0.75 | ) | (1.02 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.58 | $ | 15.50 | $ | 18.52 | $ | 14.98 | $ | 12.91 | ||||||||||||
| Total Return(b) | 18.36 | % | (11.12 | )% | 30.64 | % | 22.60 | % | 3.47 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 7,236 | $ | 2,061 | $ | 334 | $ | 226 | $ | 202 | ||||||||||||
| Ratio of net expenses to average net assets |
0.59 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.59 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.16 | % | 1.26 | % | 1.61 | % | 2.10 | % | 2.59 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.92 | % | 0.92 | % | 0.59 | % | 0.96 | % | 1.17 | % | ||||||||||||
| Portfolio turnover rate(c) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.32 | $ | 16.08 | $ | 13.13 | $ | 11.40 | $ | 12.14 | ||||||||||||
| Net investment income (loss)(a) |
0.03 | — | (b) | (0.01 | ) | 0.04 | 0.05 | |||||||||||||||
| Net realized and unrealized gain (loss) |
2.23 | (1.73 | ) | 3.74 | 2.36 | 0.16 | ||||||||||||||||
| Total from investment operations |
2.26 | (1.73 | ) | 3.73 | 2.40 | 0.21 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.05 | ) | — | (0.04 | ) | (0.05 | ) | (0.08 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.58 | ) | (1.03 | ) | (0.78 | ) | (0.67 | ) | (0.95 | ) | ||||||||||||
| Net asset value, end of year |
$ | 15.00 | $ | 13.32 | $ | 16.08 | $ | 13.13 | $ | 11.40 | ||||||||||||
| Total Return(c) | 17.62 | % | (11.68 | )% | 29.78 | % | 21.78 | % | 2.89 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 118 | $ | 10 | $ | 46 | $ | 49 | $ | 39 | ||||||||||||
| Ratio of net expenses to average net assets |
1.21 | % | 1.21 | % | 1.21 | % | 1.25 | % | 1.22 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.75 | % | 1.89 | % | 2.23 | % | 2.63 | % | 3.13 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.22 | % | 0.01 | % | (0.04 | )% | 0.33 | % | 0.49 | % | ||||||||||||
| Portfolio turnover rate(d) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS FLEXIBLE CAP FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Flexible Cap Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.51 | $ | 18.52 | $ | 14.99 | $ | 12.92 | $ | 13.61 | ||||||||||||
| Net investment income(a) |
0.15 | 0.13 | 0.10 | 0.13 | 0.14 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.58 | (2.02 | ) | 4.28 | 2.69 | 0.19 | ||||||||||||||||
| Total from investment operations |
2.73 | (1.89 | ) | 4.38 | 2.82 | 0.33 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.12 | ) | (0.09 | ) | (0.11 | ) | (0.13 | ) | (0.15 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.53 | ) | (1.03 | ) | (0.74 | ) | (0.62 | ) | (0.87 | ) | ||||||||||||
| Total distributions |
(0.65 | ) | (1.12 | ) | (0.85 | ) | (0.75 | ) | (1.02 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.59 | $ | 15.51 | $ | 18.52 | $ | 14.99 | $ | 12.92 | ||||||||||||
| Total Return(b) | 18.34 | % | (11.07 | )% | 30.55 | % | 22.58 | % | 3.56 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 24,509 | $ | 22,240 | $ | 24,713 | $ | 15,263 | $ | 11,110 | ||||||||||||
| Ratio of net expenses to average net assets |
0.58 | % | 0.58 | % | 0.58 | % | 0.61 | % | 0.58 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.18 | % | 1.22 | % | 1.59 | % | 1.94 | % | 2.47 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.92 | % | 0.75 | % | 0.59 | % | 0.96 | % | 1.13 | % | ||||||||||||
| Portfolio turnover rate(c) |
63 | % | 49 | % | 43 | % | 69 | % | 50 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.81 | $ | 19.86 | $ | 16.05 | $ | 14.05 | $ | 24.01 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.10 | ) | (0.16 | ) | (0.06 | ) | (0.07 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.91 | (2.53 | ) | 4.97 | 2.95 | (0.56 | ) | |||||||||||||||
| Total from investment operations |
1.86 | (2.63 | ) | 4.81 | 2.89 | (0.63 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.03 | ) | — | — | — | — | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.02 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.65 | $ | 13.81 | $ | 19.86 | $ | 16.05 | $ | 14.05 | ||||||||||||
| Total Return(b) | 15.32 | % | (16.04 | )% | 31.41 | % | 21.37 | % | 3.01 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 16,921 | $ | 16,518 | $ | 21,144 | $ | 16,596 | $ | 18,674 | ||||||||||||
| Ratio of net expenses to average net assets |
1.79 | % | 1.82 | % | 1.86 | % | 1.89 | % | 1.89 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.92 | % | 1.90 | % | 1.92 | % | 1.97 | % | 1.97 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.40 | )% | (0.61 | )% | (0.92 | )% | (0.45 | )% | (0.41 | )% | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 31.09 | $ | 40.01 | $ | 31.19 | $ | 26.39 | $ | 35.76 | ||||||||||||
| Net investment income(a) |
0.21 | 0.17 | 0.07 | 0.16 | 0.20 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
4.64 | (5.67 | ) | 9.90 | 5.70 | (0.17 | ) | |||||||||||||||
| Total from investment operations |
4.85 | (5.50 | ) | 9.97 | 5.86 | 0.03 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.17 | ) | — | (0.15 | ) | (0.17 | ) | (0.07 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.16 | ) | (3.42 | ) | (1.15 | ) | (1.06 | ) | (9.40 | ) | ||||||||||||
| Net asset value, end of year |
$ | 33.78 | $ | 31.09 | $ | 40.01 | $ | 31.19 | $ | 26.39 | ||||||||||||
| Total Return(b) | 16.54 | % | (15.08 | )% | 32.86 | % | 22.71 | % | 4.14 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 104,217 | $ | 93,741 | $ | 118,823 | $ | 64,708 | $ | 60,169 | ||||||||||||
| Ratio of net expenses to average net assets |
0.71 | % | 0.72 | % | 0.74 | % | 0.76 | % | 0.75 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.80 | % | 0.78 | % | 0.80 | % | 0.84 | % | 0.83 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.69 | % | 0.49 | % | 0.20 | % | 0.58 | % | 0.74 | % | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 24.51 | $ | 32.41 | $ | 25.46 | $ | 21.73 | $ | 31.33 | ||||||||||||
| Net investment income (loss)(a) |
0.05 | (0.03 | ) | (0.08 | ) | 0.03 | 0.06 | |||||||||||||||
| Net realized and unrealized gain (loss) |
3.60 | (4.45 | ) | 8.04 | 4.66 | (0.33 | ) | |||||||||||||||
| Total from investment operations |
3.65 | (4.48 | ) | 7.96 | 4.69 | (0.27 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.04 | ) | — | (0.01 | ) | (0.07 | ) | — | ||||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.03 | ) | (3.42 | ) | (1.01 | ) | (0.96 | ) | (9.33 | ) | ||||||||||||
| Net asset value, end of year |
$ | 26.13 | $ | 24.51 | $ | 32.41 | $ | 25.46 | $ | 21.73 | ||||||||||||
| Total Return(b) | 15.99 | % | (15.50 | )% | 32.21 | % | 22.12 | % | 3.57 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 960 | $ | 486 | $ | 2,151 | $ | 1,814 | $ | 1,546 | ||||||||||||
| Ratio of net expenses to average net assets |
1.21 | % | 1.23 | % | 1.24 | % | 1.26 | % | 1.25 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.30 | % | 1.28 | % | 1.30 | % | 1.34 | % | 1.33 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.20 | % | (0.11 | )% | (0.30 | )% | 0.13 | % | 0.25 | % | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 26.96 | $ | 35.18 | $ | 27.56 | $ | 23.43 | $ | 32.94 | ||||||||||||
| Net investment income(a) |
0.16 | 0.13 | 0.02 | 0.11 | 0.15 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
3.98 | (4.93 | ) | 8.73 | 5.05 | (0.28 | ) | |||||||||||||||
| Total from investment operations |
4.14 | (4.80 | ) | 8.75 | 5.16 | (0.13 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.15 | ) | — | (0.13 | ) | (0.14 | ) | (0.05 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.14 | ) | (3.42 | ) | (1.13 | ) | (1.03 | ) | (9.38 | ) | ||||||||||||
| Net asset value, end of year |
$ | 28.96 | $ | 26.96 | $ | 35.18 | $ | 27.56 | $ | 23.43 | ||||||||||||
| Total Return(b) | 16.43 | % | (15.16 | )% | 32.71 | % | 22.56 | % | 3.96 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 40,556 | $ | 36,346 | $ | 21,889 | $ | 8,703 | $ | 6,649 | ||||||||||||
| Ratio of net expenses to average net assets |
0.79 | % | 0.81 | % | 0.86 | % | 0.89 | % | 0.89 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.90 | % | 0.92 | % | 0.96 | % | 0.97 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.61 | % | 0.44 | % | 0.08 | % | 0.46 | % | 0.60 | % | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 31.04 | $ | 39.96 | $ | 31.14 | $ | 26.35 | $ | 35.75 | ||||||||||||
| Net investment income(a) |
0.22 | 0.19 | 0.07 | 0.16 | 0.19 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
4.62 | (5.69 | ) | 9.90 | 5.69 | (0.17 | ) | |||||||||||||||
| Total from investment operations |
4.84 | (5.50 | ) | 9.97 | 5.85 | 0.02 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.17 | ) | — | (0.15 | ) | (0.17 | ) | (0.09 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.16 | ) | (3.42 | ) | (1.15 | ) | (1.06 | ) | (9.42 | ) | ||||||||||||
| Net asset value, end of year |
$ | 33.72 | $ | 31.04 | $ | 39.96 | $ | 31.14 | $ | 26.35 | ||||||||||||
| Total Return(b) | 16.55 | % | (15.07 | )% | 32.92 | % | 22.71 | % | 4.12 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 88,467 | $ | 78,897 | $ | 8,707 | $ | 2,454 | $ | 2,313 | ||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.70 | % | 0.73 | % | 0.75 | % | 0.74 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.79 | % | 0.77 | % | 0.78 | % | 0.83 | % | 0.83 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.70 | % | 0.56 | % | 0.21 | % | 0.59 | % | 0.75 | % | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 24.29 | $ | 32.19 | $ | 25.32 | $ | 21.63 | $ | 31.26 | ||||||||||||
| Net investment income (loss)(a) |
0.02 | (0.03 | ) | (0.12 | ) | — | (b) | 0.02 | ||||||||||||||
| Net realized and unrealized gain (loss) |
3.57 | (4.45 | ) | 8.01 | 4.62 | (0.32 | ) | |||||||||||||||
| Total from investment operations |
3.59 | (4.48 | ) | 7.89 | 4.62 | (0.30 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.03 | ) | — | (0.02 | ) | (0.04 | ) | — | ||||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.02 | ) | (3.42 | ) | (1.02 | ) | (0.93 | ) | (9.33 | ) | ||||||||||||
| Net asset value, end of year |
$ | 25.86 | $ | 24.29 | $ | 32.19 | $ | 25.32 | $ | 21.63 | ||||||||||||
| Total Return(c) | 15.85 | % | (15.58 | )% | 32.09 | % | 21.90 | % | 3.47 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,577 | $ | 8,186 | $ | 12,608 | $ | 10,097 | $ | 8,559 | ||||||||||||
| Ratio of net expenses to average net assets |
1.29 | % | 1.32 | % | 1.36 | % | 1.39 | % | 1.39 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.42 | % | 1.40 | % | 1.42 | % | 1.47 | % | 1.47 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.10 | % | (0.12 | )% | (0.42 | )% | 0.01 | % | 0.11 | % | ||||||||||||
| Portfolio turnover rate(d) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS LARGE CAP CORE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Core Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 31.03 | $ | 39.94 | $ | 31.13 | $ | 26.34 | $ | 35.74 | ||||||||||||
| Net investment income(a) |
0.22 | 0.18 | 0.07 | 0.16 | 0.20 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
4.62 | (5.67 | ) | 9.89 | 5.69 | (0.18 | ) | |||||||||||||||
| Total from investment operations |
4.84 | (5.49 | ) | 9.96 | 5.85 | 0.02 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.17 | ) | — | (0.15 | ) | (0.17 | ) | (0.09 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
(1.99 | ) | (3.42 | ) | (1.00 | ) | (0.89 | ) | (9.33 | ) | ||||||||||||
| Total distributions |
(2.16 | ) | (3.42 | ) | (1.15 | ) | (1.06 | ) | (9.42 | ) | ||||||||||||
| Net asset value, end of year |
$ | 33.71 | $ | 31.03 | $ | 39.94 | $ | 31.13 | $ | 26.34 | ||||||||||||
| Total Return(b) | 16.56 | % | (15.08 | )% | 32.90 | % | 22.73 | % | 4.13 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 120,003 | $ | 109,347 | $ | 132,700 | $ | 95,182 | $ | 85,422 | ||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.71 | % | 0.73 | % | 0.75 | % | 0.74 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.79 | % | 0.77 | % | 0.79 | % | 0.83 | % | 0.82 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.70 | % | 0.50 | % | 0.21 | % | 0.59 | % | 0.75 | % | ||||||||||||
| Portfolio turnover rate(c) |
42 | % | 63 | % | 46 | % | 47 | % | 55 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data* | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 17.15 | $ | 102.96 | $ | 162.72 | $ | 243.84 | $ | 386.64 | ||||||||||||
| Net investment loss(a) |
(0.21 | ) | (0.48 | ) | (1.68 | ) | (2.16 | ) | (3.12 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.37 | (9.97 | ) | 39.12 | 41.76 | 1.44 | ||||||||||||||||
| Total from investment operations |
1.16 | (10.45 | ) | 37.44 | 39.60 | (1.68 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (75.36 | ) | (97.20 | ) | (120.72 | ) | (141.12 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.31 | $ | 17.15 | $ | 102.96 | $ | 162.72 | $ | 243.84 | ||||||||||||
| Total Return(b) | 7.00 | % | (26.40 | )% | 32.89 | % | 27.86 | % | 7.24 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 10,235 | $ | 13,261 | $ | 23,337 | $ | 28,894 | $ | 40,072 | ||||||||||||
| Ratio of net expenses to average net assets |
1.94 | % | 1.99 | % | 1.99 | % | 2.00 | % | 2.02 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.14 | % | 2.12 | % | 2.12 | % | 2.16 | % | 2.14 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(1.26 | )% | (1.48 | )% | (1.62 | )% | (1.38 | )% | (1.25 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| * | On June 10, 2022, the Fund’s Class C Shares affected a 24-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 17.37 | $ | 26.68 | $ | 23.41 | $ | 22.93 | $ | 27.78 | ||||||||||||
| Net investment loss(a) |
(0.03 | ) | (0.08 | ) | (0.13 | ) | (0.06 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.39 | (6.09 | ) | 7.45 | 5.57 | 1.07 | ||||||||||||||||
| Total from investment operations |
1.36 | (6.17 | ) | 7.32 | 5.51 | 1.03 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.73 | $ | 17.37 | $ | 26.68 | $ | 23.41 | $ | 22.93 | ||||||||||||
| Total Return(b) | 8.11 | % | (25.69 | )% | 34.27 | % | 29.33 | % | 8.34 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 275,045 | $ | 313,137 | $ | 478,127 | $ | 442,693 | $ | 491,659 | ||||||||||||
| Ratio of net expenses to average net assets |
0.87 | % | 0.90 | % | 0.90 | % | 0.91 | % | 0.93 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.02 | % | 1.00 | % | 1.00 | % | 1.03 | % | 1.00 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.20 | )% | (0.39 | )% | (0.53 | )% | (0.29 | )% | (0.17 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.36 | $ | 15.97 | $ | 15.50 | $ | 16.89 | $ | 22.29 | ||||||||||||
| Net investment loss(a) |
(0.06 | ) | (0.10 | ) | (0.16 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
0.73 | (3.37 | ) | 4.68 | 3.75 | 0.59 | ||||||||||||||||
| Total from investment operations |
0.67 | (3.47 | ) | 4.52 | 3.64 | 0.48 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 9.03 | $ | 9.36 | $ | 15.97 | $ | 15.50 | $ | 16.89 | ||||||||||||
| Total Return(b) | 7.64 | % | (26.06 | )% | 33.59 | % | 28.64 | % | 7.82 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 21,916 | $ | 21,107 | $ | 33,114 | $ | 27,723 | $ | 27,094 | ||||||||||||
| Ratio of net expenses to average net assets |
1.37 | % | 1.40 | % | 1.40 | % | 1.41 | % | 1.43 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.52 | % | 1.50 | % | 1.50 | % | 1.53 | % | 1.51 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.70 | )% | (0.90 | )% | (1.03 | )% | (0.79 | )% | (0.67 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.84 | $ | 20.61 | $ | 18.90 | $ | 19.47 | $ | 24.59 | ||||||||||||
| Net investment loss(a) |
(0.03 | ) | (0.07 | ) | (0.12 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.02 | (4.56 | ) | 5.88 | 4.53 | 0.81 | ||||||||||||||||
| Total from investment operations |
0.99 | (4.63 | ) | 5.76 | 4.46 | 0.76 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.83 | $ | 12.84 | $ | 20.61 | $ | 18.90 | $ | 19.47 | ||||||||||||
| Total Return(b) | 8.09 | % | (25.79 | )% | 34.19 | % | 29.15 | % | 8.33 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 69,632 | $ | 70,759 | $ | 105,878 | $ | 81,928 | $ | 77,012 | ||||||||||||
| Ratio of net expenses to average net assets |
0.93 | % | 0.99 | % | 0.99 | % | 1.00 | % | 1.01 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.14 | % | 1.12 | % | 1.12 | % | 1.16 | % | 1.15 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.26 | )% | (0.48 | )% | (0.62 | )% | (0.39 | )% | (0.25 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 17.40 | $ | 26.72 | $ | 23.44 | $ | 22.95 | $ | 27.80 | ||||||||||||
| Net investment loss(a) |
(0.03 | ) | (0.08 | ) | (0.13 | ) | (0.06 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.39 | (6.10 | ) | 7.46 | 5.58 | 1.07 | ||||||||||||||||
| Total from investment operations |
1.36 | (6.18 | ) | 7.33 | 5.52 | 1.03 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.76 | $ | 17.40 | $ | 26.72 | $ | 23.44 | $ | 22.95 | ||||||||||||
| Total Return(b) | 8.10 | % | (25.69 | )% | 34.27 | % | 29.35 | % | 8.35 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 192,601 | $ | 199,472 | $ | 283,233 | $ | 211,480 | $ | 181,988 | ||||||||||||
| Ratio of net expenses to average net assets |
0.86 | % | 0.89 | % | 0.89 | % | 0.90 | % | 0.92 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.01 | % | 0.99 | % | 0.99 | % | 1.02 | % | 1.00 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.18 | )% | (0.38 | )% | (0.53 | )% | (0.28 | )% | (0.16 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.37 | $ | 15.99 | $ | 15.53 | $ | 16.92 | $ | 22.33 | ||||||||||||
| Net investment loss(a) |
(0.07 | ) | (0.11 | ) | (0.17 | ) | (0.12 | ) | (0.13 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
0.73 | (3.37 | ) | 4.68 | 3.76 | 0.60 | ||||||||||||||||
| Total from investment operations |
0.66 | (3.48 | ) | 4.51 | 3.64 | 0.47 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 9.03 | $ | 9.37 | $ | 15.99 | $ | 15.53 | $ | 16.92 | ||||||||||||
| Total Return(b) | 7.53 | % | (26.10 | )% | 33.44 | % | 28.58 | % | 7.75 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 31,403 | $ | 33,397 | $ | 54,987 | $ | 48,780 | $ | 45,005 | ||||||||||||
| Ratio of net expenses to average net assets |
1.43 | % | 1.49 | % | 1.49 | % | 1.50 | % | 1.51 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.64 | % | 1.62 | % | 1.62 | % | 1.66 | % | 1.64 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.76 | )% | (0.98 | )% | (1.12 | )% | (0.89 | )% | (0.76 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 111 |
GOLDMAN SACHS MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Growth Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 17.41 | $ | 26.74 | $ | 23.45 | $ | 22.96 | $ | 27.80 | ||||||||||||
| Net investment loss(a) |
(0.03 | ) | (0.08 | ) | (0.13 | ) | (0.06 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.40 | (6.11 | ) | 7.47 | 5.58 | 1.08 | ||||||||||||||||
| Total from investment operations |
1.37 | (6.19 | ) | 7.34 | 5.52 | 1.04 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(1.00 | ) | (3.14 | ) | (4.05 | ) | (5.03 | ) | (5.88 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.78 | $ | 17.41 | $ | 26.74 | $ | 23.45 | $ | 22.96 | ||||||||||||
| Total Return(b) | 8.15 | % | (25.68 | )% | 34.26 | % | 29.34 | % | 8.38 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 43,066 | $ | 50,932 | $ | 90,649 | $ | 69,989 | $ | 69,893 | ||||||||||||
| Ratio of net expenses to average net assets |
0.86 | % | 0.89 | % | 0.89 | % | 0.90 | % | 0.92 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.01 | % | 0.99 | % | 0.99 | % | 1.02 | % | 1.00 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.19 | )% | (0.40 | )% | (0.53 | )% | (0.28 | )% | (0.16 | )% | ||||||||||||
| Portfolio turnover rate(c) |
43 | % | 50 | % | 57 | % | 65 | % | 69 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 113 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| Goldman Sachs Small Cap Growth Fund | ||||||||||||||||||
| Class C Shares | ||||||||||||||||||
| Year Ended August 31, | Period Ended August 31, 2020(a) |
|||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.93 | $ | 16.69 | $ | 12.74 | $ | 10.00 | ||||||||||
| Net investment loss(b) |
(0.17 | ) | (0.20 | )(c) | (0.27 | )(d) | (0.15 | ) | ||||||||||
| Net realized and unrealized gain (loss) |
0.91 | (3.97 | ) | 5.32 | 2.89 | |||||||||||||
| Total from investment operations |
0.74 | (4.17 | ) | 5.05 | 2.74 | |||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | — | (e) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.59 | ) | (1.10 | ) | — | ||||||||||||
| Total distributions |
— | (1.59 | ) | (1.10 | ) | — | (e) | |||||||||||
| Net asset value, end of period |
$ | 11.67 | $ | 10.93 | $ | 16.69 | $ | 12.74 | ||||||||||
| Total Return(f) | 6.77 | % | (27.08 | )% | 40.86 | % | 27.44 | % | ||||||||||
| Net assets, end of period (in 000’s) |
$ | 112 | $ | 72 | $ | 119 | $ | 91 | ||||||||||
| Ratio of net expenses to average net assets |
2.00 | % | 2.03 | % | 2.03 | % | 2.06 | %(g) | ||||||||||
| Ratio of total expenses to average net assets |
2.84 | % | 2.92 | % | 4.09 | % | 9.80 | %(g) | ||||||||||
| Ratio of net investment loss to average net assets |
(1.58 | )% | (1.48 | )%(c) | (1.78 | )% | (1.70 | )%(g) | ||||||||||
| Portfolio turnover rate(h) |
87 | % | 81 | % | 101 | % | 70 | % | ||||||||||
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Amount is less than $0.005 per share. |
| (f) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (g) | Annualized. |
| (h) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| Goldman Sachs Small Cap Growth Fund | ||||||||||||||||||
| Institutional Shares | ||||||||||||||||||
| Year Ended August 31, | Period Ended August 31, 2020(a) |
|||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.28 | $ | 16.98 | $ | 12.84 | $ | 10.00 | ||||||||||
| Net investment loss(b) |
(0.06 | ) | (0.04 | )(c) | (0.10 | )(d) | (0.05 | ) | ||||||||||
| Net realized and unrealized gain (loss) |
0.95 | (4.07 | ) | 5.37 | 2.91 | |||||||||||||
| Total from investment operations |
0.89 | (4.11 | ) | 5.27 | 2.86 | |||||||||||||
| Distributions to shareholders from net investment income |
— | — | (0.03 | ) | (0.02 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.59 | ) | (1.10 | ) | — | ||||||||||||
| Total distributions |
— | (1.59 | ) | (1.13 | ) | (0.02 | ) | |||||||||||
| Net asset value, end of period |
$ | 12.17 | $ | 11.28 | $ | 16.98 | $ | 12.84 | ||||||||||
| Total Return(e) | 7.89 | % | (26.21 | )% | 42.36 | % | 28.68 | % | ||||||||||
| Net assets, end of period (in 000’s) |
$ | 22,012 | $ | 18,661 | $ | 14,313 | $ | 10,516 | ||||||||||
| Ratio of net expenses to average net assets |
0.91 | % | 0.91 | % | 0.91 | % | 0.93 | %(f) | ||||||||||
| Ratio of total expenses to average net assets |
1.73 | % | 1.75 | % | 2.93 | % | 8.24 | %(f) | ||||||||||
| Ratio of net investment loss to average net assets |
(0.49 | )% | (0.34 | )%(c) | (0.66 | )% | (0.58 | )%(f) | ||||||||||
| Portfolio turnover rate(g) |
87 | % | 81 | % | 101 | % | 70 | % | ||||||||||
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 115 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| Goldman Sachs Small Cap Growth Fund | ||||||||||||||||||
| Investor Shares | ||||||||||||||||||
| Year Ended August 31, | Period Ended August 31, 2020(a) |
|||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.24 | $ | 16.96 | $ | 12.83 | $ | 10.00 | ||||||||||
| Net investment loss(b) |
(0.08 | ) | (0.06 | )(c) | (0.12 | )(d) | (0.06 | ) | ||||||||||
| Net realized and unrealized gain (loss) |
0.97 | (4.07 | ) | 5.37 | 2.91 | |||||||||||||
| Total from investment operations |
0.89 | (4.13 | ) | 5.25 | 2.85 | |||||||||||||
| Distributions to shareholders from net investment income |
— | — | (0.02 | ) | (0.02 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.59 | ) | (1.10 | ) | — | ||||||||||||
| Total distributions |
— | (1.59 | ) | (1.12 | ) | (0.02 | ) | |||||||||||
| Net asset value, end of period |
$ | 12.13 | $ | 11.24 | $ | 16.96 | $ | 12.83 | ||||||||||
| Total Return(e) | 7.92 | % | (26.37 | )% | 42.21 | % | 28.55 | % | ||||||||||
| Net assets, end of period (in 000’s) |
$ | 5,116 | $ | 67 | $ | 91 | $ | 64 | ||||||||||
| Ratio of net expenses to average net assets |
0.98 | % | 1.03 | % | 1.03 | % | 1.06 | %(f) | ||||||||||
| Ratio of total expenses to average net assets |
1.77 | % | 1.90 | % | 3.13 | % | 9.22 | %(f) | ||||||||||
| Ratio of net investment loss to average net assets |
(0.63 | )% | (0.48 | )%(c) | (0.78 | )% | (0.69 | )%(f) | ||||||||||
| Portfolio turnover rate(g) |
87 | % | 81 | % | 101 | % | 70 | % | ||||||||||
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| Goldman Sachs Small Cap Growth Fund | ||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||
| Year Ended August 31, | Period Ended August 31, 2020(a) |
|||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.28 | $ | 16.99 | $ | 12.84 | $ | 10.00 | ||||||||||
| Net investment loss(b) |
(0.06 | ) | (0.05 | )(c) | (0.10 | )(d) | (0.05 | ) | ||||||||||
| Net realized and unrealized gain (loss) |
0.96 | (4.07 | ) | 5.38 | 2.91 | |||||||||||||
| Total from investment operations |
0.90 | (4.12 | ) | 5.28 | 2.86 | |||||||||||||
| Distributions to shareholders from net investment income |
— | — | (0.03 | ) | (0.02 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.59 | ) | (1.10 | ) | — | ||||||||||||
| Total distributions |
— | (1.59 | ) | (1.13 | ) | (0.02 | ) | |||||||||||
| Net asset value, end of period |
$ | 12.18 | $ | 11.28 | $ | 16.99 | $ | 12.84 | ||||||||||
| Total Return(e) | 7.98 | % | (26.25 | )% | 42.44 | % | 28.68 | % | ||||||||||
| Net assets, end of period (in 000’s) |
$ | 80 | $ | 68 | $ | 92 | $ | 64 | ||||||||||
| Ratio of net expenses to average net assets |
0.90 | % | 0.90 | % | 0.90 | % | 0.93 | %(f) | ||||||||||
| Ratio of total expenses to average net assets |
1.72 | % | 1.77 | % | 3.00 | % | 9.08 | %(f) | ||||||||||
| Ratio of net investment loss to average net assets |
(0.49 | )% | (0.35 | )%(c) | (0.65 | )% | (0.55 | )%(f) | ||||||||||
| Portfolio turnover rate(g) |
87 | % | 81 | % | 101 | % | 70 | % | ||||||||||
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 117 |
GOLDMAN SACHS SMALL CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| Goldman Sachs Small Cap Growth Fund | ||||||||||||||||||
| Class P Shares | ||||||||||||||||||
| Year Ended August 31, | Period Ended August 31, 2020(a) |
|||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||
| Per Share Data | ||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.27 | $ | 16.98 | $ | 12.84 | $ | 10.00 | ||||||||||
| Net investment loss(b) |
(0.06 | ) | (0.04 | )(c) | (0.10 | )(d) | (0.05 | ) | ||||||||||
| Net realized and unrealized gain (loss) |
0.96 | (4.08 | ) | 5.37 | 2.91 | |||||||||||||
| Total from investment operations |
0.90 | (4.12 | ) | 5.27 | 2.86 | |||||||||||||
| Distributions to shareholders from net investment income |
— | — | (0.03 | ) | (0.02 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.59 | ) | (1.10 | ) | — | ||||||||||||
| Total distributions |
— | (1.59 | ) | (1.13 | ) | (0.02 | ) | |||||||||||
| Net asset value, end of period |
$ | 12.17 | $ | 11.27 | $ | 16.98 | $ | 12.84 | ||||||||||
| Total Return(e) | 7.99 | % | (26.27 | )% | 42.38 | % | 28.68 | % | ||||||||||
| Net assets, end of period (in 000’s) |
$ | 12,859 | $ | 11,540 | $ | 5,349 | $ | 2,831 | ||||||||||
| Ratio of net expenses to average net assets |
0.90 | % | 0.90 | % | 0.90 | % | 0.90 | %(f) | ||||||||||
| Ratio of total expenses to average net assets |
1.72 | % | 1.75 | % | 3.00 | % | 6.73 | %(f) | ||||||||||
| Ratio of net investment loss to average net assets |
(0.49 | )% | (0.35 | )%(c) | (0.64 | )% | (0.55 | )%(f) | ||||||||||
| Portfolio turnover rate(g) |
87 | % | 81 | % | 101 | % | 70 | % | ||||||||||
| (a) | Commenced operations on October 31, 2019. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.10% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets. |
| (e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (f) | Annualized. |
| (g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 118 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 119 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 11.98 | $ | 21.23 | $ | 18.59 | $ | 16.90 | $ | 20.60 | ||||||||||||
| Net investment loss(a) |
(0.18 | ) | (0.24 | ) | (0.34 | ) | (0.25 | ) | (0.22 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
0.77 | (5.24 | ) | 6.82 | 4.96 | 0.17 | ||||||||||||||||
| Total from investment operations |
0.59 | (5.48 | ) | 6.48 | 4.71 | (0.05 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 12.57 | $ | 11.98 | $ | 21.23 | $ | 18.59 | $ | 16.90 | ||||||||||||
| Total Return(c) | 4.92 | % | (30.18 | )% | 38.00 | % | 32.18 | % | 3.50 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 59,508 | $ | 76,089 | $ | 145,721 | $ | 153,835 | $ | 166,172 | ||||||||||||
| Ratio of net expenses to average net assets |
2.01 | % | 1.97 | % | 1.96 | % | 2.02 | % | 2.01 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.05 | % | 2.02 | % | 2.01 | % | 2.08 | % | 2.07 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(1.45 | )% | (1.54 | )% | (1.69 | )% | (1.55 | )% | (1.35 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 120 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 19.68 | $ | 31.94 | $ | 26.09 | $ | 22.36 | $ | 25.63 | ||||||||||||
| Net investment loss(a) |
(0.07 | ) | (0.11 | ) | (0.18 | ) | (0.09 | ) | (0.06 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.27 | (8.38 | ) | 9.87 | 6.84 | 0.44 | ||||||||||||||||
| Total from investment operations |
1.20 | (8.49 | ) | 9.69 | 6.75 | 0.38 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 20.88 | $ | 19.68 | $ | 31.94 | $ | 26.09 | $ | 22.36 | ||||||||||||
| Total Return(c) | 6.10 | % | (29.42 | )% | 39.51 | % | 33.55 | % | 4.62 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 759,588 | $ | 824,359 | $ | 1,303,226 | $ | 921,412 | $ | 853,375 | ||||||||||||
| Ratio of net expenses to average net assets |
0.93 | % | 0.90 | % | 0.89 | % | 0.94 | % | 0.93 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.93 | % | 0.90 | % | 0.89 | % | 0.95 | % | 0.93 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.37 | )% | (0.47 | )% | (0.63 | )% | (0.39 | )% | (0.26 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 121 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 16.05 | $ | 26.92 | $ | 22.60 | $ | 19.84 | $ | 23.32 | ||||||||||||
| Net investment loss(a) |
(0.14 | ) | (0.27 | ) | (0.27 | ) | (0.18 | ) | (0.15 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.03 | (6.83 | ) | 8.43 | 5.96 | 0.32 | ||||||||||||||||
| Total from investment operations |
0.89 | (7.10 | ) | 8.16 | 5.78 | 0.17 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 16.94 | $ | 16.05 | $ | 26.92 | $ | 22.60 | $ | 19.84 | ||||||||||||
| Total Return(c) | 5.55 | % | (29.78 | )% | 38.78 | % | 32.87 | % | 4.13 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,206 | $ | 1,267 | $ | 22,781 | $ | 32,215 | $ | 18,395 | ||||||||||||
| Ratio of net expenses to average net assets |
1.43 | % | 1.39 | % | 1.39 | % | 1.44 | % | 1.43 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.43 | % | 1.39 | % | 1.40 | % | 1.45 | % | 1.44 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.87 | )% | (1.10 | )% | (1.12 | )% | (0.92 | )% | (0.75 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 122 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.53 | $ | 30.33 | $ | 24.96 | $ | 21.53 | $ | 24.85 | ||||||||||||
| Net investment loss(a) |
(0.09 | ) | (0.13 | ) | (0.19 | ) | (0.10 | ) | (0.07 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.20 | (7.90 | ) | 9.40 | 6.55 | 0.40 | ||||||||||||||||
| Total from investment operations |
1.11 | (8.03 | ) | 9.21 | 6.45 | 0.33 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 19.64 | $ | 18.53 | $ | 30.33 | $ | 24.96 | $ | 21.53 | ||||||||||||
| Total Return(c) | 5.99 | % | (29.47 | )% | 39.37 | % | 33.44 | % | 4.57 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 344,304 | $ | 428,149 | $ | 815,104 | $ | 495,629 | $ | 409,019 | ||||||||||||
| Ratio of net expenses to average net assets |
1.01 | % | 0.97 | % | 0.96 | % | 1.02 | % | 1.01 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.02 | % | 1.01 | % | 1.07 | % | 1.07 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.45 | )% | (0.55 | )% | (0.69 | )% | (0.47 | )% | (0.34 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 123 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 19.71 | $ | 31.98 | $ | 26.12 | $ | 22.38 | $ | 25.64 | ||||||||||||
| Net investment loss(a) |
(0.07 | ) | (0.10 | ) | (0.18 | ) | (0.08 | ) | (0.05 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.27 | (8.40 | ) | 9.88 | 6.84 | 0.44 | ||||||||||||||||
| Total from investment operations |
1.20 | (8.50 | ) | 9.70 | 6.76 | 0.39 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 20.91 | $ | 19.71 | $ | 31.98 | $ | 26.12 | $ | 22.38 | ||||||||||||
| Total Return(c) | 6.09 | % | (29.41 | )% | 39.51 | % | 33.56 | % | 4.67 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 150,699 | $ | 156,599 | $ | 139,453 | $ | 73,863 | $ | 54,916 | ||||||||||||
| Ratio of net expenses to average net assets |
0.92 | % | 0.89 | % | 0.88 | % | 0.93 | % | 0.92 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.89 | % | 0.88 | % | 0.94 | % | 0.93 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.36 | )% | (0.43 | )% | (0.61 | )% | (0.38 | )% | (0.23 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 124 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.68 | $ | 26.41 | $ | 22.24 | $ | 19.58 | $ | 23.08 | ||||||||||||
| Net investment loss(a) |
(0.15 | ) | (0.20 | ) | (0.29 | ) | (0.19 | ) | (0.16 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.01 | (6.76 | ) | 8.30 | 5.87 | 0.31 | ||||||||||||||||
| Total from investment operations |
0.86 | (6.96 | ) | 8.01 | 5.68 | 0.15 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 16.54 | $ | 15.68 | $ | 26.41 | $ | 22.24 | $ | 19.58 | ||||||||||||
| Total Return(c) | 5.48 | % | (29.82 | )% | 38.72 | % | 32.78 | % | 4.07 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,576 | $ | 9,301 | $ | 14,818 | $ | 13,209 | $ | 15,856 | ||||||||||||
| Ratio of net expenses to average net assets |
1.51 | % | 1.47 | % | 1.46 | % | 1.52 | % | 1.51 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.55 | % | 1.52 | % | 1.51 | % | 1.57 | % | 1.57 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.95 | )% | (1.04 | )% | (1.20 | )% | (1.00 | )% | (0.85 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 125 |
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Growth Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 19.71 | $ | 31.98 | $ | 26.12 | $ | 22.38 | $ | 25.64 | ||||||||||||
| Net investment loss(a) |
(0.07 | ) | (0.11 | ) | (0.18 | ) | (0.08 | ) | (0.05 | )(b) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.27 | (8.39 | ) | 9.88 | 6.84 | 0.44 | ||||||||||||||||
| Total from investment operations |
1.20 | (8.50 | ) | 9.70 | 6.76 | 0.39 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (3.74 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | (0.03 | ) | — | — | — | ||||||||||||||||
| Total distributions |
— | (3.77 | ) | (3.84 | ) | (3.02 | ) | (3.65 | ) | |||||||||||||
| Net asset value, end of year |
$ | 20.91 | $ | 19.71 | $ | 31.98 | $ | 26.12 | $ | 22.38 | ||||||||||||
| Total Return(c) | 6.09 | % | (29.41 | )% | 39.51 | % | 33.56 | % | 4.67 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 323,206 | $ | 345,549 | $ | 601,794 | $ | 285,307 | $ | 188,657 | ||||||||||||
| Ratio of net expenses to average net assets |
0.92 | % | 0.89 | % | 0.88 | % | 0.93 | % | 0.92 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.92 | % | 0.89 | % | 0.88 | % | 0.94 | % | 0.92 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.36 | )% | (0.46 | )% | (0.61 | )% | (0.38 | )% | (0.25 | )%(b) | ||||||||||||
| Portfolio turnover rate(d) |
62 | % | 65 | % | 60 | % | 76 | % | 76 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from special dividends which amounted to $0.02 per share and 0.08% of average net assets. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 126 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 127 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.67 | $ | 18.96 | $ | 19.89 | $ | 18.27 | $ | 32.43 | ||||||||||||
| Net investment loss(a) |
(0.11 | ) | (0.21 | ) | (0.24 | ) | (0.21 | ) | (0.18 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
2.15 | (3.55 | ) | 4.62 | 6.51 | (1.17 | ) | |||||||||||||||
| Total from investment operations |
2.04 | (3.76 | ) | 4.38 | 6.30 | (1.35 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (4.53 | ) | (5.31 | ) | (4.68 | ) | (12.81 | ) | ||||||||||||
| Net asset value, end of year |
$ | 11.73 | $ | 10.67 | $ | 18.96 | $ | 19.89 | $ | 18.27 | ||||||||||||
| Total Return(b) | 21.30 | % | (25.97 | )% | 28.22 | % | 42.88 | % | 2.07 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 2,353 | $ | 2,153 | $ | 3,901 | $ | 4,522 | $ | 4,142 | ||||||||||||
| Ratio of net expenses to average net assets |
1.81 | % | 1.86 | % | 1.87 | % | 1.89 | % | 1.89 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.11 | % | 2.04 | % | 2.05 | % | 2.11 | % | 2.14 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(1.09 | )% | (1.37 | )% | (1.34 | )% | (1.25 | )% | (0.83 | )% | ||||||||||||
| Portfolio turnover rate(c) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 128 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.72 | $ | 14.50 | $ | 12.88 | $ | 10.39 | $ | 14.92 | ||||||||||||
| Net investment income (loss)(a) |
— | (b) | (0.03 | ) | (0.03 | ) | 0.01 | 0.03 | ||||||||||||||
| Net realized and unrealized gain (loss) |
1.95 | (3.24 | ) | 3.42 | 4.07 | (0.26 | ) | |||||||||||||||
| Total from investment operations |
1.95 | (3.27 | ) | 3.39 | 4.08 | (0.23 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (b) | (0.03 | ) | (0.03 | ) | ||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Total distributions |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.59 | ) | (4.30 | ) | ||||||||||||
| Net asset value, end of year |
$ | 10.69 | $ | 9.72 | $ | 14.50 | $ | 12.88 | $ | 10.39 | ||||||||||||
| Total Return(c) | 22.54 | % | (25.16 | )% | 29.65 | % | 44.36 | % | 3.31 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 40,849 | $ | 39,300 | $ | 62,894 | $ | 60,474 | $ | 52,461 | ||||||||||||
| Ratio of net expenses to average net assets |
0.76 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.75 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.00 | % | 0.92 | % | 0.93 | % | 0.98 | % | 1.00 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.03 | )% | (0.25 | )% | (0.23 | )% | 0.10 | % | 0.32 | % | ||||||||||||
| Portfolio turnover rate(d) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 129 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.78 | $ | 11.97 | $ | 10.97 | $ | 9.08 | $ | 13.67 | ||||||||||||
| Net investment loss(a) |
(0.04 | ) | (0.07 | ) | (0.08 | ) | (0.04 | ) | (0.01 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.51 | (2.61 | ) | 2.85 | 3.49 | (0.31 | ) | |||||||||||||||
| Total from investment operations |
1.47 | (2.68 | ) | 2.77 | 3.45 | (0.32 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Net asset value, end of year |
$ | 8.27 | $ | 7.78 | $ | 11.97 | $ | 10.97 | $ | 9.08 | ||||||||||||
| Total Return(b) | 21.93 | % | (25.59 | )% | 29.09 | % | 43.67 | % | 2.79 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 990 | $ | 536 | $ | 623 | $ | 505 | $ | 622 | ||||||||||||
| Ratio of net expenses to average net assets |
1.26 | % | 1.25 | % | 1.25 | % | 1.26 | % | 1.25 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.49 | % | 1.42 | % | 1.43 | % | 1.53 | % | 1.53 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.53 | )% | (0.75 | )% | (0.72 | )% | (0.47 | )% | (0.14 | )% | ||||||||||||
| Portfolio turnover rate(c) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 130 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.65 | $ | 14.41 | $ | 12.83 | $ | 10.34 | $ | 14.89 | ||||||||||||
| Net investment income (loss)(a) |
(0.01 | ) | (0.04 | ) | (0.04 | ) | (0.01 | ) | 0.02 | |||||||||||||
| Net realized and unrealized gain (loss) |
1.94 | (3.21 | ) | 3.39 | 4.07 | (0.27 | ) | |||||||||||||||
| Total from investment operations |
1.93 | (3.25 | ) | 3.35 | 4.06 | (0.25 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.01 | ) | (0.03 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Total distributions |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.57 | ) | (4.30 | ) | ||||||||||||
| Net asset value, end of year |
$ | 10.60 | $ | 9.65 | $ | 14.41 | $ | 12.83 | $ | 10.34 | ||||||||||||
| Total Return(b) | 22.50 | % | (25.18 | )% | 29.42 | % | 44.28 | % | 3.14 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 5,364 | $ | 3,304 | $ | 3,232 | $ | 2,758 | $ | 1,533 | ||||||||||||
| Ratio of net expenses to average net assets |
0.81 | % | 0.86 | % | 0.87 | % | 0.89 | % | 0.89 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.10 | % | 1.04 | % | 1.05 | % | 1.06 | % | 1.14 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.07 | )% | (0.34 | )% | (0.35 | )% | (0.09 | )% | 0.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 131 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.70 | $ | 14.46 | $ | 12.86 | $ | 10.37 | $ | 14.91 | ||||||||||||
| Net investment income (loss)(a) |
— | (b) | (0.02 | ) | (0.03 | ) | 0.01 | 0.04 | ||||||||||||||
| Net realized and unrealized gain (loss) |
1.94 | (3.23 | ) | 3.40 | 4.07 | (0.27 | ) | |||||||||||||||
| Total from investment operations |
1.94 | (3.25 | ) | 3.37 | 4.08 | (0.23 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (b) | (0.03 | ) | (0.04 | ) | ||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Total distributions |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.59 | ) | (4.31 | ) | ||||||||||||
| Net asset value, end of year |
$ | 10.66 | $ | 9.70 | $ | 14.46 | $ | 12.86 | $ | 10.37 | ||||||||||||
| Total Return(c) | 22.48 | % | (25.09 | )% | 29.57 | % | 44.49 | % | 3.33 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 4,197 | $ | 3,846 | $ | 789 | $ | 509 | $ | 477 | ||||||||||||
| Ratio of net expenses to average net assets |
0.75 | % | 0.74 | % | 0.74 | % | 0.75 | % | 0.74 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.99 | % | 0.92 | % | 0.92 | % | 0.99 | % | 1.03 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.03 | )% | (0.18 | )% | (0.22 | )% | 0.10 | % | 0.40 | % | ||||||||||||
| Portfolio turnover rate(d) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 132 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 7.47 | $ | 11.55 | $ | 10.67 | $ | 8.88 | $ | 13.49 | ||||||||||||
| Net investment loss(a) |
(0.04 | ) | (0.08 | ) | (0.09 | ) | (0.06 | ) | (0.03 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.44 | (2.49 | ) | 2.74 | 3.41 | (0.31 | ) | |||||||||||||||
| Total from investment operations |
1.40 | (2.57 | ) | 2.65 | 3.35 | (0.34 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Net asset value, end of year |
$ | 7.89 | $ | 7.47 | $ | 11.55 | $ | 10.67 | $ | 8.88 | ||||||||||||
| Total Return(b) | 21.92 | % | (25.57 | )% | 28.74 | % | 43.52 | % | 2.67 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 205 | $ | 170 | $ | 213 | $ | 66 | $ | 292 | ||||||||||||
| Ratio of net expenses to average net assets |
1.31 | % | 1.36 | % | 1.37 | % | 1.40 | % | 1.39 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.61 | % | 1.54 | % | 1.55 | % | 1.75 | % | 1.65 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.59 | )% | (0.85 | )% | (0.85 | )% | (0.66 | )% | (0.31 | )% | ||||||||||||
| Portfolio turnover rate(c) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 133 |
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Strategic Growth Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 9.68 | $ | 14.44 | $ | 12.84 | $ | 10.35 | $ | 14.90 | ||||||||||||
| Net investment income (loss)(a) |
— | (b) | (0.03 | ) | (0.03 | ) | 0.01 | 0.04 | ||||||||||||||
| Net realized and unrealized gain (loss) |
1.94 | (3.22 | ) | 3.40 | 4.07 | (0.28 | ) | |||||||||||||||
| Total from investment operations |
1.94 | (3.25 | ) | 3.37 | 4.08 | (0.24 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (b) | (0.03 | ) | (0.04 | ) | ||||||||||||||
| Distributions to shareholders from net realized gains |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.56 | ) | (4.27 | ) | ||||||||||||
| Total distributions |
(0.98 | ) | (1.51 | ) | (1.77 | ) | (1.59 | ) | (4.31 | ) | ||||||||||||
| Net asset value, end of year |
$ | 10.64 | $ | 9.68 | $ | 14.44 | $ | 12.84 | $ | 10.35 | ||||||||||||
| Total Return(c) | 22.53 | % | (25.12 | )% | 29.61 | % | 44.56 | % | 3.26 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 59,587 | $ | 60,603 | $ | 90,823 | $ | 78,539 | $ | 73,132 | ||||||||||||
| Ratio of net expenses to average net assets |
0.75 | % | 0.74 | % | 0.74 | % | 0.75 | % | 0.74 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.99 | % | 0.91 | % | 0.92 | % | 0.98 | % | 0.99 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.02 | )% | (0.24 | )% | (0.22 | )% | 0.12 | % | 0.32 | % | ||||||||||||
| Portfolio turnover rate(d) |
33 | % | 24 | % | 31 | % | 39 | % | 28 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 134 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 135 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.26 | $ | 24.46 | $ | 21.68 | $ | 17.94 | $ | 23.05 | ||||||||||||
| Net investment loss(a) |
(0.12 | ) | (0.25 | ) | (0.31 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.71 | (5.65 | ) | 5.74 | 7.68 | 0.19 | ||||||||||||||||
| Total from investment operations |
1.59 | (5.90 | ) | 5.43 | 7.45 | (0.05 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 10.86 | $ | 13.26 | $ | 24.46 | $ | 21.68 | $ | 17.94 | ||||||||||||
| Total Return(b) | 21.09 | % | (30.13 | )% | 28.13 | % | 49.93 | % | 3.97 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 17,229 | $ | 16,950 | $ | 27,866 | $ | 30,011 | $ | 24,948 | ||||||||||||
| Ratio of net expenses to average net assets |
1.97 | % | 2.00 | % | 2.01 | % | 2.03 | % | 2.10 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.17 | % | 2.16 | % | 2.16 | % | 2.21 | % | 2.23 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(1.25 | )% | (1.43 | )% | (1.47 | )% | (1.31 | )% | (1.31 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 136 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 25.38 | $ | 41.40 | $ | 34.57 | $ | 26.28 | $ | 30.78 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.13 | ) | (0.16 | ) | (0.07 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
4.48 | (10.59 | ) | 9.64 | 12.07 | 0.60 | ||||||||||||||||
| Total from investment operations |
4.43 | (10.72 | ) | 9.48 | 12.00 | 0.56 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 25.82 | $ | 25.38 | $ | 41.40 | $ | 34.57 | $ | 26.28 | ||||||||||||
| Total Return(b) | 22.37 | % | (29.38 | )% | 29.42 | % | 51.49 | % | 5.12 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 91,673 | $ | 97,095 | $ | 190,705 | $ | 157,267 | $ | 74,728 | ||||||||||||
| Ratio of net expenses to average net assets |
0.93 | % | 0.97 | % | 0.98 | % | 0.99 | % | 0.98 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.06 | % | 1.04 | % | 1.04 | % | 1.08 | % | 1.09 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.22 | )% | (0.40 | )% | (0.44 | )% | (0.27 | )% | (0.17 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 137 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 19.84 | $ | 33.72 | $ | 28.77 | $ | 22.56 | $ | 27.35 | ||||||||||||
| Net investment loss(a) |
(0.12 | ) | (0.25 | ) | (0.27 | ) | (0.17 | ) | (0.15 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
3.21 | (8.33 | ) | 7.87 | 10.09 | 0.42 | ||||||||||||||||
| Total from investment operations |
3.09 | (8.58 | ) | 7.60 | 9.92 | 0.27 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 18.94 | $ | 19.84 | $ | 33.72 | $ | 28.77 | $ | 22.56 | ||||||||||||
| Total Return(b) | 21.76 | % | (29.76 | )% | 28.78 | % | 50.71 | % | 4.62 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,899 | $ | 8,259 | $ | 38,670 | $ | 41,024 | $ | 29,084 | ||||||||||||
| Ratio of net expenses to average net assets |
1.43 | % | 1.47 | % | 1.48 | % | 1.49 | % | 1.48 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.56 | % | 1.54 | % | 1.54 | % | 1.58 | % | 1.59 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.71 | )% | (0.93 | )% | (0.94 | )% | (0.77 | )% | (0.67 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 138 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 24.65 | $ | 40.39 | $ | 33.79 | $ | 25.78 | $ | 30.33 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.13 | ) | (0.16 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
4.30 | (10.31 | ) | 9.41 | 11.80 | 0.58 | ||||||||||||||||
| Total from investment operations |
4.25 | (10.44 | ) | 9.25 | 11.72 | 0.51 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 24.91 | $ | 24.65 | $ | 40.39 | $ | 33.79 | $ | 25.78 | ||||||||||||
| Total Return(b) | 22.29 | % | (29.42 | )% | 29.42 | % | 51.40 | % | 5.01 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 23,450 | $ | 26,044 | $ | 41,403 | $ | 48,387 | $ | 19,207 | ||||||||||||
| Ratio of net expenses to average net assets |
0.97 | % | 1.00 | % | 1.01 | % | 1.02 | % | 1.09 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.17 | % | 1.16 | % | 1.16 | % | 1.21 | % | 1.23 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.25 | )% | (0.42 | )% | (0.47 | )% | (0.31 | )% | (0.29 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 139 |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 25.40 | $ | 41.43 | $ | 34.59 | $ | 26.29 | $ | 30.78 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.06 | ) | (0.15 | ) | (0.08 | ) | (0.02 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
4.49 | (10.67 | ) | 9.64 | 12.09 | 0.59 | ||||||||||||||||
| Total from investment operations |
4.44 | (10.73 | ) | 9.49 | 12.01 | 0.57 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 25.85 | $ | 25.40 | $ | 41.43 | $ | 34.59 | $ | 26.29 | ||||||||||||
| Total Return(b) | 22.38 | % | (29.38 | )% | 29.44 | % | 51.51 | % | 5.15 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 63,365 | $ | 50,264 | $ | 3,134 | $ | 1,330 | $ | 138 | ||||||||||||
| Ratio of net expenses to average net assets |
0.92 | % | 0.94 | % | 0.97 | % | 0.97 | % | 0.97 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.04 | % | 1.03 | % | 1.06 | % | 1.09 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.20 | )% | (0.23 | )% | (0.43 | )% | (0.28 | )% | (0.07 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 140 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Technology Opportunities Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 25.40 | $ | 41.43 | $ | 34.59 | $ | 26.29 | $ | 30.79 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.12 | ) | (0.15 | ) | (0.07 | ) | (0.04 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
4.48 | (10.61 | ) | 9.64 | 12.08 | 0.60 | ||||||||||||||||
| Total from investment operations |
4.43 | (10.73 | ) | 9.49 | 12.01 | 0.56 | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(3.99 | ) | (5.30 | ) | (2.65 | ) | (3.71 | ) | (5.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 25.84 | $ | 25.40 | $ | 41.43 | $ | 34.59 | $ | 26.29 | ||||||||||||
| Total Return(b) | 22.35 | % | (29.38 | )% | 29.44 | % | 51.51 | % | 5.11 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 73,429 | $ | 95,207 | $ | 145,094 | $ | 63,555 | $ | 24,396 | ||||||||||||
| Ratio of net expenses to average net assets |
0.92 | % | 0.95 | % | 0.97 | % | 0.98 | % | 0.97 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.05 | % | 1.03 | % | 1.03 | % | 1.07 | % | 1.08 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.20 | )% | (0.38 | )% | (0.43 | )% | (0.25 | )% | (0.16 | )% | ||||||||||||
| Portfolio turnover rate(c) |
36 | % | 51 | % | 41 | % | 41 | % | 27 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 141 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 142 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.06 | $ | 17.71 | $ | 14.79 | $ | 12.91 | $ | 13.40 | ||||||||||||
| Net investment income (loss)(a) |
(0.04 | ) | (0.08 | ) | (0.08 | ) | (0.01 | ) | 0.02 | |||||||||||||
| Net realized and unrealized gain (loss) |
2.23 | (3.22 | ) | 4.62 | 2.41 | 0.62 | ||||||||||||||||
| Total from investment operations |
2.19 | (3.30 | ) | 4.54 | 2.40 | 0.64 | ||||||||||||||||
| Distributions to shareholders from net investment income |
— | — | — | (0.06 | ) | (0.04 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
— | (0.35 | ) | (1.62 | ) | (0.52 | ) | (1.13 | ) | |||||||||||||
| Net asset value, end of year |
$ | 16.25 | $ | 14.06 | $ | 17.71 | $ | 14.79 | $ | 12.91 | ||||||||||||
| Total Return(b) | 15.58 | % | (19.04 | )% | 33.65 | % | 18.97 | % | 6.04 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,007 | $ | 1,402 | $ | 2,430 | $ | 1,985 | $ | 1,487 | ||||||||||||
| Ratio of net expenses to average net assets |
1.79 | % | 1.78 | % | 1.76 | % | 1.80 | % | 1.78 | % | ||||||||||||
| Ratio of total expenses to average net assets |
3.03 | % | 2.94 | % | 4.46 | % | 4.07 | % | 4.97 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
(0.24 | )% | (0.47 | )% | (0.49 | )% | (0.11 | )% | 0.18 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 143 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.35 | $ | 19.13 | $ | 15.80 | $ | 13.73 | $ | 14.10 | ||||||||||||
| Net investment income(a) |
0.14 | 0.14 | 0.10 | 0.14 | 0.16 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.43 | (3.53 | ) | 4.97 | 2.58 | 0.67 | ||||||||||||||||
| Total from investment operations |
2.57 | (3.39 | ) | 5.07 | 2.72 | 0.83 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.11 | ) | (0.04 | ) | (0.12 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
(0.11 | ) | (0.39 | ) | (1.74 | ) | (0.65 | ) | (1.20 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.81 | $ | 15.35 | $ | 19.13 | $ | 15.80 | $ | 13.73 | ||||||||||||
| Total Return(b) | 16.87 | % | (18.13 | )% | 35.11 | % | 20.29 | % | 7.27 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,770 | $ | 1,425 | $ | 1,921 | $ | 1,009 | $ | 791 | ||||||||||||
| Ratio of net expenses to average net assets |
0.68 | % | 0.67 | % | 0.67 | % | 0.70 | % | 0.67 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.88 | % | 1.51 | % | 3.39 | % | 2.99 | % | 3.97 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.88 | % | 0.74 | % | 0.60 | % | 0.99 | % | 1.22 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 144 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.35 | $ | 19.14 | $ | 15.81 | $ | 13.72 | $ | 14.11 | ||||||||||||
| Net investment income(a) |
0.12 | 0.10 | 0.09 | 0.11 | 0.15 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.44 | (3.51 | ) | 4.96 | 2.60 | 0.65 | ||||||||||||||||
| Total from investment operations |
2.56 | (3.41 | ) | 5.05 | 2.71 | 0.80 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.08 | ) | (0.03 | ) | (0.10 | ) | (0.16 | ) | (0.10 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
(0.08 | ) | (0.38 | ) | (1.72 | ) | (0.62 | ) | (1.19 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.83 | $ | 15.35 | $ | 19.14 | $ | 15.81 | $ | 13.72 | ||||||||||||
| Total Return(b) | 16.76 | % | (18.22 | )% | 34.99 | % | 20.23 | % | 7.05 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 673 | $ | 1,175 | $ | 878 | $ | 344 | $ | 1,064 | ||||||||||||
| Ratio of net expenses to average net assets |
0.79 | % | 0.78 | % | 0.76 | % | 0.85 | % | 0.78 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.05 | % | 1.96 | % | 3.79 | % | 3.75 | % | 4.06 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.77 | % | 0.57 | % | 0.52 | % | 0.76 | % | 1.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 145 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.36 | $ | 19.14 | $ | 15.81 | $ | 13.73 | $ | 14.11 | ||||||||||||
| Net investment income(a) |
0.15 | 0.12 | 0.10 | 0.13 | 0.17 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.43 | (3.51 | ) | 4.96 | 2.60 | 0.65 | ||||||||||||||||
| Total from investment operations |
2.58 | (3.39 | ) | 5.06 | 2.73 | 0.82 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.12 | ) | (0.04 | ) | (0.11 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
(0.12 | ) | (0.39 | ) | (1.73 | ) | (0.65 | ) | (1.20 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.82 | $ | 15.36 | $ | 19.14 | $ | 15.81 | $ | 13.73 | ||||||||||||
| Total Return(b) | 16.90 | % | (18.13 | )% | 35.09 | % | 20.37 | % | 7.20 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,293 | $ | 1,173 | $ | 1,199 | $ | 1,325 | $ | 3,229 | ||||||||||||
| Ratio of net expenses to average net assets |
0.67 | % | 0.66 | % | 0.66 | % | 0.71 | % | 0.66 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.88 | % | 1.85 | % | 3.30 | % | 3.84 | % | 3.76 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.89 | % | 0.68 | % | 0.60 | % | 0.96 | % | 1.31 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 146 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.19 | $ | 19.01 | $ | 15.72 | $ | 13.67 | $ | 14.07 | ||||||||||||
| Net investment income(a) |
0.04 | 0.01 | 0.03 | 0.05 | 0.08 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.41 | (3.48 | ) | 4.92 | 2.57 | 0.67 | ||||||||||||||||
| Total from investment operations |
2.45 | (3.47 | ) | 4.95 | 2.62 | 0.75 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.02 | ) | — | (0.04 | ) | (0.11 | ) | (0.06 | ) | |||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
(0.02 | ) | (0.35 | ) | (1.66 | ) | (0.57 | ) | (1.15 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.62 | $ | 15.19 | $ | 19.01 | $ | 15.72 | $ | 13.67 | ||||||||||||
| Total Return(b) | 16.17 | % | (18.62 | )% | 34.35 | % | 19.56 | % | 6.58 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 298 | $ | 408 | $ | 482 | $ | 23 | $ | 20 | ||||||||||||
| Ratio of net expenses to average net assets |
1.29 | % | 1.28 | % | 1.26 | % | 1.30 | % | 1.27 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.51 | % | 2.48 | % | 5.23 | % | 3.68 | % | 4.53 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.28 | % | 0.06 | % | 0.15 | % | 0.39 | % | 0.64 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 147 |
GOLDMAN SACHS U.S. EQUITY ESG FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs U.S. Equity ESG Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.35 | $ | 19.13 | $ | 15.80 | $ | 13.73 | $ | 14.11 | ||||||||||||
| Net investment income(a) |
0.15 | 0.12 | 0.11 | 0.14 | 0.17 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
2.43 | (3.51 | ) | 4.95 | 2.58 | 0.65 | ||||||||||||||||
| Total from investment operations |
2.58 | (3.39 | ) | 5.06 | 2.72 | 0.82 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.12 | ) | (0.04 | ) | (0.11 | ) | (0.19 | ) | (0.11 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.35 | ) | (1.62 | ) | (0.46 | ) | (1.09 | ) | |||||||||||||
| Total distributions |
(0.12 | ) | (0.39 | ) | (1.73 | ) | (0.65 | ) | (1.20 | ) | ||||||||||||
| Net asset value, end of year |
$ | 17.81 | $ | 15.35 | $ | 19.13 | $ | 15.80 | $ | 13.73 | ||||||||||||
| Total Return(b) | 16.93 | % | (18.14 | )% | 35.11 | % | 20.30 | % | 7.22 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 10,938 | $ | 6,141 | $ | 2,963 | $ | 830 | $ | 2,135 | ||||||||||||
| Ratio of net expenses to average net assets |
0.67 | % | 0.66 | % | 0.66 | % | 0.71 | % | 0.66 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.85 | % | 1.85 | % | 3.70 | % | 3.98 | % | 3.88 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.89 | % | 0.72 | % | 0.63 | % | 0.98 | % | 1.26 | % | ||||||||||||
| Portfolio turnover rate(c) |
34 | % | 114 | % | 31 | % | 65 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 148 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
August 31, 2023
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
| Concentrated Growth and Small Cap Growth | A, C, Institutional, Investor, R6 and P |
Diversified | ||
| Large Cap Core, Mid Cap Growth and Small/Mid Cap Growth | A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
| Strategic Growth |
A, C, Institutional, Service, Investor, R6, R and P |
Non-Diversified | ||
| Flexible Cap and U.S. Equity ESG | A, C, Institutional, Investor, R6, R and P |
Diversified | ||
| Technology Opportunities |
A, C, Institutional, Service, Investor, R6 and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
149
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
150
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. 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.
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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2023:
| CONCENTRATED GROWTH FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 5,066,586 | $ | — | $ | — | ||||||
| North America |
156,322,729 | — | — | |||||||||
| Investment Company |
1,245,843 | — | — | |||||||||
| Total | $ | 162,635,158 | $ | — | $ | — | ||||||
| FLEXIBLE CAP FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 673,957 | $ | — | $ | — | ||||||
| North America |
68,283,115 | — | — | |||||||||
| Investment Company |
346,974 | — | — | |||||||||
| Exchange-Traded Fund |
978,160 | — | — | |||||||||
| Total | $ | 70,282,206 | $ | — | $ | — | ||||||
| LARGE CAP CORE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Asia |
$ | 1,390,465 | $ | — | $ | — | ||||||
| Europe |
13,122,640 | — | — | |||||||||
| North America |
1,168,179,099 | — | — | |||||||||
| Investment Company |
5,257,679 | — | — | |||||||||
| Total | $ | 1,187,949,883 | $ | — | $ | — | ||||||
| MID CAP GROWTH FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Asia |
$ | 4,465,418 | $ | — | $ | — | ||||||
| North America |
871,581,034 | — | — | |||||||||
| Investment Company |
13,928,891 | — | — | |||||||||
| Total | $ | 889,975,343 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| SMALL CAP GROWTH FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Africa |
$ | 195,803 | $ | — | $ | — | ||||||
| Asia |
73,864 | — | — | |||||||||
| Europe |
247,679 | — | — | |||||||||
| North America |
39,372,899 | — | — | |||||||||
| Investment Company |
1,120,998 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
242,183 | — | — | |||||||||
| Total | $ | 41,253,426 | $ | — | $ | — | ||||||
| SMALL/MID CAP GROWTH FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Asia |
$ | 25,890,125 | $ | — | $ | — | ||||||
| Europe |
31,597,432 | — | — | |||||||||
| North America |
1,818,355,404 | — | — | |||||||||
| Investment Company |
6,074,506 | — | — | |||||||||
| Total | $ | 1,881,917,467 | $ | — | $ | — | ||||||
| STRATEGIC GROWTH FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 2,282,218 | $ | — | $ | — | ||||||
| North America |
145,986,325 | — | — | |||||||||
| Total | $ | 148,268,543 | $ | — | $ | — | ||||||
| TECHNOLOGY OPPORTUNITIES FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 9,522,200 | $ | — | $ | — | ||||||
| North America |
600,030,781 | — | — | |||||||||
| South America |
7,387,414 | — | — | |||||||||
| Investment Company |
9,421,313 | — | — | |||||||||
| Total | $ | 626,361,708 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
153
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| U.S. EQUITY ESG FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| North America |
$ | 23,658,615 | $ | — | $ | — | ||||||
| Investment Company |
142,769 | — | — | |||||||||
| Total | $ | 23,801,384 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended August 31, 2023, contractual and effective net management fees with GSAM were at the following rates:
| Contractual Management Rate | Effective Contractual Management Rate |
Effective Net Management Rate# |
||||||||||||||||||||||||||||||
| Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
|||||||||||||||||||||||||||
| Concentrated Growth |
0.76 | % | 0.68 | % | 0.65 | % | 0.64 | % | 0.62 | % | 0.76 | % | 0.73 | %* | ||||||||||||||||||
| Flexible Cap |
0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.55 | |||||||||||||||||||||||||
| Large Cap Core |
0.71 | 0.64 | 0.61 | 0.61 | 0.61 | 0.70 | 0.66 | * | ||||||||||||||||||||||||
| Mid Cap Growth |
0.92 | 0.92 | 0.83 | 0.79 | 0.77 | 0.92 | 0.83 | * | ||||||||||||||||||||||||
| Small Cap Growth |
0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.85 | |||||||||||||||||||||||||
| Small/Mid Cap Growth |
0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.85 | |||||||||||||||||||||||||
| Strategic Growth |
0.71 | 0.64 | 0.61 | 0.59 | 0.58 | 0.71 | 0.71 | |||||||||||||||||||||||||
| Technology Opportunities |
0.94 | 0.85 | 0.80 | 0.79 | 0.77 | 0.94 | 0.88 | * | ||||||||||||||||||||||||
| U.S. Equity ESG Fund |
0.55 | 0.50 | 0.47 | 0.46 | 0.45 | 0.55 | 0.55 | |||||||||||||||||||||||||
| # | The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| * | The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.72% as an annual percentage rate of the Concentrated Growth, 0.66% as an annual percentage rate of the Large Cap Core, 0.81% as an annual percentage rate of the Mid Cap Growth and 0.85% as an annual percentage rate of the Technology Opportunities Funds’ average daily net assets. This arrangement will remain in effect through at least December 29, 2023. Prior to December 29, 2022, the effective net management fee rate for the Mid Cap Growth Fund was 0.86%, the Technology Opportunities Fund was 0.91% and the Concentrated Growth Fund did not have management fee waivers. |
154
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended August 31, 2023, the management fee waived by GSAM for each Fund was as follows:
| Fund | Management Fee Waived |
|||||
| Concentrated Growth |
$ | 1,300 | ||||
| Flexible Cap |
896 | |||||
| Large Cap Core |
10,591 | |||||
| Mid Cap Growth |
32,032 | |||||
| Small Cap Growth |
908 | |||||
| Small/Mid Cap Growth |
34,668 | |||||
| Strategic Growth |
692 | |||||
| Technology Opportunities |
7,956 | |||||
| U.S. Equity ESG Fund |
360 | |||||
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| Distribution and/or Service Plan Rates | ||||||||||||||||
| Class A* | Class C | Class R* | Service | |||||||||||||
| Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.50 | % | 0.25 | % | ||||||||
| * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
155
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2023, Goldman Sachs retained the following amounts:
| Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||
| Fund | Class A | Class C | ||||||||
| Concentrated Growth |
$ | 4,042 | $ | — | ||||||
| Flexible Cap |
6,572 | — | ||||||||
| Large Cap Core |
16,671 | 658 | ||||||||
| Mid Cap Growth |
6,893 | 1,405 | ||||||||
| Small Cap Growth |
46 | — | ||||||||
| Small/Mid Cap Growth |
18,740 | — | ||||||||
| Strategic Growth |
2,537 | — | ||||||||
| Technology Opportunities |
6,306 | 931 | ||||||||
| U.S. Equity ESG Fund |
568 | — | ||||||||
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1, 2023, the rate for Class A, Class C, Investor and Class R Shares was 0.16%.
For the fiscal year ended August 31, 2023, the transfer agency fee waivers were as follows:
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) | ||||||||||
| Fund | Before December 29, 2022 | As of December 29, 2022* | ||||||||
| Concentrated Growth |
0.07 | % | 0.08 | % | ||||||
| Mid Cap Growth |
0.04 | % | 0.06 | % | ||||||
| Large Cap Core |
0.03 | % | 0.03 | % | ||||||
| Small Cap Growth |
— | % | 0.05 | % | ||||||
| Small/Mid Cap Growth |
0.04 | % | 0.04 | % | ||||||
| Strategic Growth |
0.02 | % | 0.08 | % | ||||||
| Technology Opportunities |
0.08 | % | 0.08 | % | ||||||
| * | These arrangements will remain in effect through at least December 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. |
156
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Concentrated Growth, Flexible Cap, Large Cap Core, Mid Cap Growth, Small Cap Growth, Small/Mid Cap Growth, Strategic Growth, Technology Opportunities, and U.S. Equity ESG Funds are 0.004%, 0.004%, 0.004%, 0.004%, 0.024%, 0.044%, 0.004%, 0.004%, and 0.084%, respectively. These Other Expense limitations will remain in place through at least December 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended August 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Management Fee Waiver |
Transfer Agency Fee Waiver/Credits |
Other Expense Reimbursements |
Total Expense Reductions |
||||||||||||||
| Concentrated Growth |
$ | 39,287 | $ | 7,974 | $ | 288,093 | $ | 335,354 | ||||||||||
| Flexible Cap |
896 | — | 282,322 | 283,218 | ||||||||||||||
| Large Cap Core |
487,414 | 244,692 | 586,849 | 1,318,955 | ||||||||||||||
| Mid Cap Growth |
869,973 | 193,431 | 474,364 | 1,537,768 | ||||||||||||||
| Small Cap Growth |
908 | 764 | 263,628 | 265,300 | ||||||||||||||
| Small/Mid Cap Growth |
34,668 | 284,707 | — | 319,375 | ||||||||||||||
| Strategic Growth |
692 | 22,496 | 315,445 | 338,633 | ||||||||||||||
| Technology Opportunities |
319,067 | 269,328 | 375,485 | 963,880 | ||||||||||||||
| U.S. Equity ESG Fund |
360 | — | 259,600 | 259,960 | ||||||||||||||
G. Line of Credit Facility — As of August 31, 2023, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.
157
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2023, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:
| Concentrated Growth |
Flexible Cap Growth |
Large Cap Core |
Mid Cap Growth |
Small Cap Growth |
Small/Mid Cap Growth |
Strategic Growth |
Technology Opportunities |
U.S. Equity ESG Fund |
||||||||||||||||||||||||||||
| Brokerage commissions paid |
$ | — | $ | — | $ | 17,962 | $ | 6,057 | $ | 52 | $ | 50,535 | $ | 824 | $ | 24,904 | $ | 402 | ||||||||||||||||||
The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares as of and for the fiscal year ended August 31, 2023:
| Fund | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Market Value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
||||||||||||||||||
| Concentrated Growth |
$ | 601,795 | $ | 22,577,851 | $ | (21,933,803 | ) | $ | 1,245,843 | 1,245,843 | $ | 36,090 | ||||||||||||
| Flexible Cap |
— | 23,733,271 | (23,386,297 | ) | 346,974 | 346,974 | 22,223 | |||||||||||||||||
| Large Cap Core |
2,302,429 | 65,954,720 | (62,999,470 | ) | 5,257,679 | 5,257,679 | 297,910 | |||||||||||||||||
| Mid Cap Growth |
25,770,714 | 202,452,830 | (214,294,653 | ) | 13,928,891 | 13,928,891 | 812,670 | |||||||||||||||||
| Small Cap Growth |
404,748 | 15,626,895 | (14,910,645 | ) | 1,120,998 | 1,120,998 | 24,868 | |||||||||||||||||
| Small/Mid Cap Growth |
4,992,100 | 472,524,186 | (471,441,780 | ) | 6,074,506 | 6,074,506 | 920,883 | |||||||||||||||||
| Strategic Growth |
1,183,975 | 21,394,863 | (22,578,838 | ) | — | — | 17,747 | |||||||||||||||||
| Technology Opportunities |
4,488,694 | 108,630,756 | (103,698,137 | ) | 9,421,313 | 9,421,313 | 205,757 | |||||||||||||||||
| U.S. Equity ESG Fund |
292,205 | 2,650,476 | (2,799,912 | ) | 142,769 | 142,769 | 9,511 | |||||||||||||||||
As of August 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:
| Fund | Class C | Institutional | Class R6 | Class R | ||||||||||||
| Flexible Cap |
— | % | — | % | — | % | 9 | % | ||||||||
| Small Cap Growth |
62 | 15 | 92 | — | ||||||||||||
| Strategic Growth |
— | — | — | 8 | ||||||||||||
| U.S. Equity ESG |
— | — | — | 10 | ||||||||||||
158
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 5. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases | Sales | ||||||||
| Concentrated Growth |
$ | 44,850,247 | $ | 59,503,411 | ||||||
| Flexible Cap |
51,548,867 | 30,252,051 | ||||||||
| Large Cap Core |
463,864,876 | 529,034,589 | ||||||||
| Mid Cap Growth |
383,188,623 | 516,156,615 | ||||||||
| Small Cap Growth |
35,266,773 | 28,373,845 | ||||||||
| Small/Mid Cap Growth |
1,211,270,231 | 1,549,625,276 | ||||||||
| Strategic Growth |
44,297,297 | 65,517,197 | ||||||||
| Technology Opportunities |
196,080,831 | 300,354,218 | ||||||||
| U.S. Equity ESG Fund |
9,576,164 | 7,195,903 | ||||||||
| 6. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the “Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a
159
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 6. SECURITIES LENDING (continued) |
default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2023:
| Fund | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of |
||||||||||||||
| Concentrated Growth |
$ | — | $ | 6,314,588 | $ | (6,314,588 | ) | $ | — | |||||||||
| Flexible Cap |
— | 304,190 | (304,190 | ) | — | |||||||||||||
| Large Cap Core |
— | 453,256 | (453,256 | ) | — | |||||||||||||
| Mid Cap Growth |
— | 10,611,054 | (10,611,054 | ) | — | |||||||||||||
| Small Cap Growth |
678,997 | 4,994,497 | (5,431,311 | ) | 242,183 | |||||||||||||
| Small/Mid Cap Growth |
7,120,875 | 32,295,491 | (39,416,366 | ) | — | |||||||||||||
| Strategic Growth |
— | 2,991,924 | (2,991,924 | ) | — | |||||||||||||
| Technology Opportunities |
— | 24,292,240 | (24,292,240 | ) | — | |||||||||||||
| U.S. Equity ESG |
— | — | — | — | ||||||||||||||
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
| Concentrated |
Flexible Cap | Large Cap Core |
Mid Cap Growth |
Small Cap Growth |
Small/Mid Cap Growth |
Strategic Growth |
Technology Opportunities |
U.S. Equity ESG Fund |
||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||||||||||
| Ordinary Income |
$ | — | $ | 418,161 | $ | 4,629,044 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 120,855 | ||||||||||||||||||
| Net long-term capital gains |
13,027,192 | 1,432,277 | 79,822,220 | 64,995,015 | — | — | 13,243,148 | 100,631,111 | — | |||||||||||||||||||||||||||
| Total taxable distributions |
$ | 13,027,192 | $ | 1,850,438 | $ | 84,451,264 | $ | 64,995,015 | $ | — | $ | — | $ | 13,243,148 | $ | 100,631,111 | $ | 120,855 | ||||||||||||||||||
The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:
| Concentrated Growth |
Flexible Cap | Large Cap Core |
Mid Cap Growth |
Small Cap Growth |
Small/Mid Cap Growth |
Strategic Growth |
Technology Opportunities |
U.S. Equity ESG Fund |
||||||||||||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||||||||||||||
| Ordinary Income |
$ | 6,748,756 | $ | 1,039,734 | $ | 41,150,272 | $ | 64,922,993 | $ | 1,158,258 | $ | 85,487,683 | $ | 5,130,133 | $ | 22,089,157 | $ | 395,223 | ||||||||||||||||||
| Net long-term capital gains |
27,668,649 | 1,366,469 | 90,741,725 | 147,936,040 | 1,258,935 | 351,527,688 | 19,787,592 | 109,328,052 | 221,497 | |||||||||||||||||||||||||||
| Total taxable distributions |
$ | 34,417,405 | $ | 2,406,203 | $ | 131,891,997 | $ | 212,859,033 | $ | 2,417,193 | $ | 437,015,371 | $ | 24,917,725 | $ | 131,417,209 | $ | 616,720 | ||||||||||||||||||
| Return of Capital |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,683,858 | $ | — | $ | — | $ | — | ||||||||||||||||||
160
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 7. TAX INFORMATION (continued) |
As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
| Concentrated Growth |
Flexible Cap | Large Cap Core |
Mid Cap Growth |
Small Cap Growth |
Small/Mid Cap Growth |
Strategic Growth |
Technology Opportunities |
U.S. Equity ESG Fund |
||||||||||||||||||||||||||||
| Undistributed ordinary income — net |
$ | — | $ | 463,371 | $ | 3,280,827 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 112,590 | ||||||||||||||||||
| Undistributed long-term capital gains |
— | 602,963 | — | — | — | — | 7,119,683 | — | — | |||||||||||||||||||||||||||
| Total undistributed earnings |
$ | — | $ | 1,066,334 | $ | 3,280,827 | $ | — | $ | — | $ | — | $ | 7,119,683 | $ | — | $ | 112,590 | ||||||||||||||||||
| Capital loss carryforwards: |
||||||||||||||||||||||||||||||||||||
| Perpetual Short-Term |
$ | (1,338,300 | ) | $ | — | $ | (2,134,380 | ) | $ | (10,985,241 | ) | $ | (2,985,863 | ) | $ | (101,351,870 | ) | $ | — | $ | (33,611,543 | ) | $ | (1,496,583 | ) | |||||||||||
| Perpetual Long-Term |
— | — | — | — | $ | (206,591 | ) | — | — | — | — | |||||||||||||||||||||||||
| Timing differences (Qualified Late Year Loss Deferral and Post October Losses) |
$ | (47,338 | ) | $ | — | $ | (22 | ) | $ | (12,655,249 | ) | $ | (2,159,524 | ) | $ | (98,902,023 | ) | $ | (119,070 | ) | $ | (3,670,790 | ) | $ | (155,220 | ) | ||||||||||
| Unrealized gains (losses) — net |
74,036,145 | 13,248,690 | 408,482,033 | 150,279,944 | 6,460,294 | 297,316,998 | 82,452,229 | 257,069,431 | 5,256,975 | |||||||||||||||||||||||||||
| Total accumulated earnings (losses) net |
$ | 72,650,507 | $ | 14,315,024 | $ | 409,628,458 | $ | 126,639,454 | $ | 1,108,316 | $ | 97,063,105 | $ | 89,452,842 | $ | 219,787,098 | $ | 3,717,762 | ||||||||||||||||||
As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Concentrated Growth |
Flexible Cap | Large Cap Core |
Mid Cap Growth |
Small Cap Growth |
Small/Mid Cap Growth |
Strategic Growth |
Technology Opportunities |
U.S. Equity ESG Fund |
||||||||||||||||||||||||||||
| Tax Cost |
$ | 88,599,013 | $ | 57,033,516 | $ | 779,467,850 | $ | 739,695,399 | $ | 34,793,132 | $ | 1,584,600,469 | $ | 65,816,313 | $ | 369,292,277 | $ | 18,544,409 | ||||||||||||||||||
| Gross unrealized gain |
76,615,483 | 15,439,938 | 435,734,783 | 186,688,915 | 7,775,326 | 364,324,407 | 84,686,766 | 288,382,825 | 6,161,796 | |||||||||||||||||||||||||||
| Gross unrealized loss |
(2,579,338 | ) | (2,191,248 | ) | (27,252,750 | ) | (36,408,971 | ) | (1,315,032 | ) | (67,007,409 | ) | (2,234,537 | ) | (31,313,394 | ) | (904,821 | ) | ||||||||||||||||||
| Net unrealized gains (losses) |
$ | 74,036,145 | $ | 13,248,690 | $ | 408,482,033 | $ | 150,279,944 | $ | 6,460,294 | $ | 297,316,998 | $ | 82,452,229 | $ | 257,069,431 | $ | 5,256,975 | ||||||||||||||||||
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales.
161
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 7. TAX INFORMATION (continued) |
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from taxable overdistributions and net operating losses.
| Fund | Paid-in Capital |
Total Distributable Earnings |
||||||||
| Concentrated Growth |
$ | (418,797 | ) | $ | 418,797 | |||||
| Flexible Cap |
$ | — | $ | — | ||||||
| Large Cap Core |
$ | — | $ | — | ||||||
| Mid Cap Growth |
$ | (4,569,002 | ) | $ | 4,569,002 | |||||
| Small Cap Growth |
$ | (113,181 | ) | $ | 113,181 | |||||
| Small/Mid Cap Growth |
$ | (10,585,454 | ) | $ | 10,585,454 | |||||
| Strategic Growth |
$ | (372,739 | ) | $ | 372,739 | |||||
| Technology Opportunities |
$ | (2,927,806 | ) | $ | 2,927,806 | |||||
| U.S. Equity ESG Fund |
$ | — | $ | — | ||||||
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
162
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 8. OTHER RISKS (continued) |
Industry Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.
Issuer Concentration Risk — Under normal circumstances, the Concentrated Growth Fund and the U.S. Equity ESG Fund intend to invest in up to approximately 40 and 50 companies, respectively. As a result of the relatively small number of issuers in which a Fund generally invests, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by a Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, a Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
163
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 10. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) currently serve as a Trustee of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II. Messrs. Chou and Wirth and Ms. Dowling currently serve as Trustees of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
| 11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
164
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Concentrated Growth Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
126,946 | $ | 2,100,082 | 53,567 | $ | 1,088,740 | ||||||||||
| Reinvestment of distributions |
48,464 | 727,930 | 76,592 | 1,722,556 | ||||||||||||
| Shares redeemed |
(125,431 | ) | (2,022,450 | ) | (85,090 | ) | (1,649,644 | ) | ||||||||
| 49,979 | 805,562 | 45,069 | 1,161,652 | |||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
42,491 | 501,629 | 2,658 | 48,448 | ||||||||||||
| Reinvestment of distributions |
7,825 | 76,137 | 13,210 | 205,023 | ||||||||||||
| Shares redeemed |
(37,803 | ) | (392,610 | ) | (15,263 | ) | (253,854 | ) | ||||||||
| 12,513 | 185,156 | 605 | (383 | ) | ||||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
17,908 | 326,516 | 28,933 | 755,020 | ||||||||||||
| Reinvestment of distributions |
50,269 | 858,083 | 91,553 | 2,303,473 | ||||||||||||
| Shares redeemed |
(52,821 | ) | (954,958 | ) | (159,711 | ) | (3,830,270 | ) | ||||||||
| 15,356 | 229,641 | (39,225 | ) | (771,777 | ) | |||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
273,528 | 4,736,761 | 1,877 | 43,726 | ||||||||||||
| Reinvestment of distributions |
1,070 | 16,742 | 1,602 | 37,303 | ||||||||||||
| Shares redeemed |
(18,176 | ) | (327,730 | ) | (4,525 | ) | (112,181 | ) | ||||||||
| 256,422 | 4,425,773 | (1,046 | ) | (31,152 | ) | |||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
67,454 | 1,240,757 | 11,408 | 255,940 | ||||||||||||
| Reinvestment of distributions |
4,887 | 83,124 | 7,152 | 179,377 | ||||||||||||
| Shares redeemed |
(15,431 | ) | (291,111 | ) | (26,454 | ) | (679,512 | ) | ||||||||
| 56,910 | 1,032,770 | (7,894 | ) | (244,195 | ) | |||||||||||
| Class R Shares(a) |
| |||||||||||||||
| Reinvestment of distributions |
249 | 3,470 | 361 | 7,600 | ||||||||||||
| Shares redeemed |
(2,216 | ) | (38,060 | ) | — | — | ||||||||||
| (1,967 | ) | (34,590 | ) | 361 | 7,600 | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
473,712 | 9,313,318 | 289,419 | 6,520,791 | ||||||||||||
| Reinvestment of distributions |
657,945 | 11,191,640 | 1,180,520 | 29,595,626 | ||||||||||||
| Shares redeemed |
(1,597,111 | ) | (27,733,970 | ) | (966,546 | ) | (22,051,983 | ) | ||||||||
| (465,454 | ) | (7,229,012 | ) | 503,393 | 14,064,434 | |||||||||||
| NET INCREASE (DECREASE) |
(76,241 | ) | $ | (584,700 | ) | 501,263 | $ | 14,186,179 | ||||||||
| (a) | At the close of business on July 14, 2023, Class R Shares of the Goldman Sachs Concentrated Growth Fund were terminated. |
165
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Flexible Cap Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
843,738 | $ | 12,409,214 | 86,701 | $ | 1,308,177 | ||||||||||
| Reinvestment of distributions |
23,089 | 320,512 | 29,159 | 475,373 | ||||||||||||
| Shares redeemed |
(108,814 | ) | (1,584,569 | ) | (66,180 | ) | (999,821 | ) | ||||||||
| 758,013 | 11,145,157 | 49,680 | 783,729 | |||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
42,180 | 527,861 | 6,202 | 77,699 | ||||||||||||
| Reinvestment of distributions |
3,325 | 37,776 | 6,887 | 92,555 | ||||||||||||
| Shares redeemed |
(24,137 | ) | (283,704 | ) | (31,760 | ) | (387,807 | ) | ||||||||
| 21,368 | 281,933 | (18,671 | ) | (217,553 | ) | |||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
537,497 | 8,519,739 | 607,045 | 9,859,567 | ||||||||||||
| Reinvestment of distributions |
28,628 | 438,748 | 16,818 | 302,451 | ||||||||||||
| Shares redeemed |
(409,710 | ) | (6,418,090 | ) | (298,420 | ) | (4,678,195 | ) | ||||||||
| 156,415 | 2,540,397 | 325,443 | 5,483,823 | |||||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
299,781 | 5,019,672 | 82,952 | 1,225,235 | ||||||||||||
| Reinvestment of distributions |
206 | 3,084 | 180 | 3,157 | ||||||||||||
| Shares redeemed |
(10,291 | ) | (167,411 | ) | (81,599 | ) | (1,243,386 | ) | ||||||||
| 289,696 | 4,855,345 | 1,533 | (14,994 | ) | ||||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
366,119 | 6,151,144 | 143,395 | 2,292,856 | ||||||||||||
| Reinvestment of distributions |
4,742 | 72,502 | 1,205 | 21,620 | ||||||||||||
| Shares redeemed |
(92,148 | ) | (1,445,441 | ) | (29,685 | ) | (482,788 | ) | ||||||||
| 278,713 | 4,778,205 | 114,915 | 1,831,688 | |||||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
7,048 | 95,975 | 71 | 1,003 | ||||||||||||
| Reinvestment of distributions |
35 | 460 | 45 | 700 | ||||||||||||
| Shares redeemed |
(2 | ) | (25 | ) | (2,226 | ) | (36,968 | ) | ||||||||
| 7,081 | 96,410 | (2,110 | ) | (35,265 | ) | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
137,552 | 2,179,611 | 196,463 | 3,310,822 | ||||||||||||
| Reinvestment of distributions |
63,896 | 977,357 | 84,124 | 1,510,289 | ||||||||||||
| Shares redeemed |
(242,398 | ) | (3,586,914 | ) | (180,247 | ) | (3,025,062 | ) | ||||||||
| (40,950 | ) | (429,946 | ) | 100,340 | 1,796,049 | |||||||||||
| NET INCREASE |
1,470,336 | $ | 23,267,501 | 571,130 | $ | 9,627,477 | ||||||||||
166
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Large Cap Core Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
598,659 | $ | 15,501,905 | 667,747 | $ | 20,190,513 | ||||||||||
| Reinvestment of distributions |
2,255,272 | 56,134,192 | 2,895,207 | 90,127,566 | ||||||||||||
| Shares redeemed |
(2,664,917 | ) | (68,519,802 | ) | (2,656,235 | ) | (78,546,761 | ) | ||||||||
| 189,014 | 3,116,295 | 906,719 | 31,771,318 | |||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
195,403 | 2,479,859 | 229,724 | 3,836,698 | ||||||||||||
| Reinvestment of distributions |
187,167 | 2,277,760 | 226,391 | 3,735,452 | ||||||||||||
| Shares redeemed |
(338,778 | ) | (4,309,165 | ) | (324,671 | ) | (5,084,104 | ) | ||||||||
| 43,792 | 448,454 | 131,444 | 2,488,046 | |||||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
710,332 | 22,066,254 | 898,942 | 32,040,143 | ||||||||||||
| Reinvestment of distributions |
184,800 | 5,524,687 | 234,186 | 8,634,427 | ||||||||||||
| Shares redeemed |
(825,370 | ) | (25,317,985 | ) | (1,086,991 | ) | (37,991,615 | ) | ||||||||
| 69,762 | 2,272,956 | 46,137 | 2,682,955 | |||||||||||||
| Service Shares |
| |||||||||||||||
| Shares sold |
18,402 | 411,362 | 5,517 | 171,167 | ||||||||||||
| Reinvestment of distributions |
1,610 | 37,336 | 8,063 | 235,186 | ||||||||||||
| Shares redeemed |
(3,102 | ) | (79,217 | ) | (60,112 | ) | (1,791,062 | ) | ||||||||
| 16,910 | 369,481 | (46,532 | ) | (1,384,709 | ) | |||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
769,807 | 21,876,661 | 878,949 | 26,913,189 | ||||||||||||
| Reinvestment of distributions |
111,603 | 2,864,034 | 73,468 | 2,350,236 | ||||||||||||
| Shares redeemed |
(829,362 | ) | (21,770,606 | ) | (226,172 | ) | (6,689,283 | ) | ||||||||
| 52,048 | 2,970,089 | 726,245 | 22,574,142 | |||||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
236,578 | 7,328,876 | 2,428,309 | 97,648,617 | ||||||||||||
| Reinvestment of distributions |
181,282 | 5,409,816 | 221,102 | 8,138,748 | ||||||||||||
| Shares redeemed |
(336,410 | ) | (10,379,420 | ) | (325,582 | ) | (11,025,490 | ) | ||||||||
| 81,450 | 2,359,272 | 2,323,829 | 94,761,875 | |||||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
40,837 | 975,554 | 61,134 | 1,698,179 | ||||||||||||
| Reinvestment of distributions |
29,757 | 683,306 | 40,508 | 1,171,910 | ||||||||||||
| Shares redeemed |
(75,965 | ) | (1,775,346 | ) | (156,317 | ) | (4,410,724 | ) | ||||||||
| (5,371 | ) | (116,486 | ) | (54,675 | ) | (1,540,635 | ) | |||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
174,926 | 5,229,990 | 238,990 | 8,299,959 | ||||||||||||
| Reinvestment of distributions |
254,067 | 7,579,703 | 309,640 | 11,394,754 | ||||||||||||
| Shares redeemed |
(393,322 | ) | (12,000,619 | ) | (346,687 | ) | (11,882,277 | ) | ||||||||
| 35,671 | 809,074 | 201,943 | 7,812,436 | |||||||||||||
| NET INCREASE |
483,276 | $ | 12,229,135 | 4,235,110 | $ | 159,165,428 | ||||||||||
167
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Mid Cap Growth Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
2,194,971 | $ | 23,239,944 | 2,865,919 | $ | 38,744,563 | ||||||||||
| Reinvestment of distributions |
2,082,022 | 21,528,113 | 4,501,447 | 63,515,418 | ||||||||||||
| Shares redeemed |
(5,505,296 | ) | (57,901,918 | ) | (5,818,501 | ) | (78,844,257 | ) | ||||||||
| (1,228,303 | ) | (13,133,861 | ) | 1,548,865 | 23,415,724 | |||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
83,219 | 1,381,779 | 1,773,844 | 2,984,355 | ||||||||||||
| Reinvestment of distributions |
36,639 | 608,206 | 16,943,845 | 15,588,337 | ||||||||||||
| Shares redeemed |
(301,568 | ) | (5,031,162 | ) | (4,897,665 | ) | (7,458,721 | ) | ||||||||
| Shares reduced by reverse share split |
— | — | (18,491,042 | ) | — | |||||||||||
| (181,710 | ) | (3,041,177 | ) | (4,671,018 | ) | 11,113,971 | ||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
2,110,692 | 35,711,131 | 4,002,806 | 78,454,077 | ||||||||||||
| Reinvestment of distributions |
896,983 | 15,132,108 | 2,183,145 | 48,400,319 | ||||||||||||
| Shares redeemed |
(5,523,469 | ) | (94,241,708 | ) | (6,074,741 | ) | (121,921,904 | ) | ||||||||
| (2,515,794 | ) | (43,398,469 | ) | 111,210 | 4,932,492 | |||||||||||
| Service Shares |
| |||||||||||||||
| Shares sold |
322,700 | 2,821,775 | 315,191 | 3,580,580 | ||||||||||||
| Reinvestment of distributions |
251,465 | 2,167,628 | 528,155 | 6,332,584 | ||||||||||||
| Shares redeemed |
(400,695 | ) | (3,512,490 | ) | (661,619 | ) | (7,354,326 | ) | ||||||||
| 173,470 | 1,476,913 | 181,727 | 2,558,838 | |||||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
818,901 | 10,191,197 | 638,441 | 9,842,010 | ||||||||||||
| Reinvestment of distributions |
436,410 | 5,328,564 | 955,153 | 15,664,510 | ||||||||||||
| Shares redeemed |
(1,336,771 | ) | (16,471,411 | ) | (1,221,717 | ) | (18,851,136 | ) | ||||||||
| (81,460 | ) | (951,650 | ) | 371,877 | 6,655,384 | |||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
2,035,299 | 34,451,427 | 1,423,855 | 28,208,823 | ||||||||||||
| Reinvestment of distributions |
618,862 | 10,458,767 | 1,333,749 | 29,622,564 | ||||||||||||
| Shares redeemed |
(3,276,613 | ) | (54,232,479 | ) | (1,892,491 | ) | (39,014,067 | ) | ||||||||
| (622,452 | ) | (9,322,285 | ) | 865,113 | 18,817,320 | |||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
451,512 | 3,979,734 | 716,459 | 7,939,787 | ||||||||||||
| Reinvestment of distributions |
399,938 | 3,447,462 | 828,335 | 9,948,299 | ||||||||||||
| Shares redeemed |
(937,376 | ) | (8,266,468 | ) | (1,417,620 | ) | (16,478,339 | ) | ||||||||
| (85,926 | ) | (839,272 | ) | 127,174 | 1,409,747 | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
325,041 | 5,302,675 | 360,167 | 7,650,531 | ||||||||||||
| Reinvestment of distributions |
138,145 | 2,336,037 | 482,933 | 10,730,775 | ||||||||||||
| Shares redeemed |
(965,908 | ) | (16,601,647 | ) | (1,308,156 | ) | (23,825,315 | ) | ||||||||
| (502,722 | ) | (8,962,935 | ) | (465,056 | ) | (5,444,009 | ) | |||||||||
| NET INCREASE (DECREASE) |
(5,044,897 | ) | $ | (78,172,736 | ) | (1,930,108 | ) | $ | 63,459,467 | |||||||
168
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Small Cap Growth Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
58,537 | $ | 706,438 | 6,253 | $ | 86,930 | ||||||||||
| Reinvestment of distributions |
— | — | 3,949 | 56,194 | ||||||||||||
| Shares redeemed |
(52,282 | ) | (619,357 | ) | (9,371 | ) | (146,925 | ) | ||||||||
| 6,255 | 87,081 | 831 | (3,801 | ) | ||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
3,944 | 45,019 | 203 | 3,400 | ||||||||||||
| Reinvestment of distributions |
— | — | 834 | 11,684 | ||||||||||||
| Shares redeemed |
(951 | ) | (9,943 | ) | (1,553 | ) | (18,917 | ) | ||||||||
| 2,993 | 35,076 | (516 | ) | (3,833 | ) | |||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
616,396 | 6,953,831 | 987,112 | 13,306,036 | ||||||||||||
| Reinvestment of distributions |
— | — | 117,713 | 1,688,009 | ||||||||||||
| Shares redeemed |
(463,206 | ) | (5,148,825 | ) | (292,642 | ) | (4,136,059 | ) | ||||||||
| 153,190 | 1,805,006 | 812,183 | 10,857,986 | |||||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
416,252 | 5,000,039 | — | — | ||||||||||||
| Reinvestment of distributions |
— | — | 599 | 8,566 | ||||||||||||
| Shares redeemed |
(573 | ) | (7,040 | ) | — | — | ||||||||||
| 415,679 | 4,992,999 | 599 | 8,566 | |||||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
554 | 6,077 | — | — | ||||||||||||
| Reinvestment of distributions |
— | — | 598 | 8,574 | ||||||||||||
| Shares redeemed |
(4 | ) | (45 | ) | — | — | ||||||||||
| 550 | 6,032 | 598 | 8,574 | |||||||||||||
| Class R Shares(a) |
| |||||||||||||||
| Reinvestment of distributions |
— | — | 604 | 8,551 | ||||||||||||
| Shares redeemed |
(5,984 | ) | (72,227 | ) | — | — | ||||||||||
| (5,984 | ) | (72,227 | ) | 604 | 8,551 | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
680,601 | 7,628,685 | 940,438 | 11,671,702 | ||||||||||||
| Reinvestment of distributions |
— | — | 44,356 | 635,615 | ||||||||||||
| Shares redeemed |
(647,812 | ) | (7,131,670 | ) | (276,273 | ) | (3,271,244 | ) | ||||||||
| 32,789 | 497,015 | 708,521 | 9,036,073 | |||||||||||||
| NET INCREASE |
605,472 | $ | 7,350,982 | 1,522,820 | $ | 19,912,116 | ||||||||||
| (a) | At the close of business on July 14, 2023, Class R Shares of the Goldman Sachs Small Cap Growth Fund were terminated. |
169
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Small/Mid Cap Growth Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
1,710,722 | $ | 29,535,985 | 3,114,189 | $ | 67,281,714 | ||||||||||
| Reinvestment of distributions |
— | — | 2,552,550 | 57,508,951 | ||||||||||||
| Shares redeemed |
(3,786,236 | ) | (65,178,159 | ) | (6,084,176 | ) | (121,086,582 | ) | ||||||||
| (2,075,514 | ) | (35,642,174 | ) | (417,437 | ) | 3,704,083 | ||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
342,229 | 4,133,974 | 645,289 | 10,470,670 | ||||||||||||
| Reinvestment of distributions |
— | — | 1,511,992 | 24,055,787 | ||||||||||||
| Shares redeemed |
(1,959,542 | ) | (23,637,550 | ) | (2,672,344 | ) | (40,083,086 | ) | ||||||||
| (1,617,313 | ) | (19,503,576 | ) | (515,063 | ) | (5,556,629 | ) | |||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
6,666,890 | 132,515,782 | 14,692,296 | 359,746,220 | ||||||||||||
| Reinvestment of distributions |
— | — | 5,180,749 | 134,336,818 | ||||||||||||
| Shares redeemed |
(12,167,338 | ) | (241,397,817 | ) | (18,792,831 | ) | (423,747,448 | ) | ||||||||
| (5,500,448 | ) | (108,882,035 | ) | 1,080,214 | 70,335,590 | |||||||||||
| Service Shares |
| |||||||||||||||
| Shares sold |
12,602 | 209,145 | 9,072 | 178,528 | ||||||||||||
| Reinvestment of distributions |
— | — | 7,201 | 152,880 | ||||||||||||
| Shares redeemed |
(20,301 | ) | (340,149 | ) | (783,639 | ) | (21,409,133 | ) | ||||||||
| (7,699 | ) | (131,004 | ) | (767,366 | ) | (21,077,725 | ) | |||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
4,144,372 | 77,758,694 | 8,827,310 | 204,480,247 | ||||||||||||
| Reinvestment of distributions |
— | — | 4,273,625 | 104,404,651 | ||||||||||||
| Shares redeemed |
(9,717,900 | ) | (182,799,915 | ) | (16,873,637 | ) | (371,994,242 | ) | ||||||||
| (5,573,528 | ) | (105,041,221 | ) | (3,772,702 | ) | (63,109,344 | ) | |||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
1,374,923 | 27,675,512 | 4,742,519 | 114,758,803 | ||||||||||||
| Reinvestment of distributions |
— | — | 649,318 | 16,856,287 | ||||||||||||
| Shares redeemed |
(2,112,790 | ) | (42,295,451 | ) | (1,807,490 | ) | (40,785,853 | ) | ||||||||
| (737,867 | ) | (14,619,939 | ) | 3,584,347 | 90,829,237 | |||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
127,033 | 2,042,036 | 178,972 | 3,494,317 | ||||||||||||
| Reinvestment of distributions |
— | — | 97,930 | 2,031,076 | ||||||||||||
| Shares redeemed |
(201,612 | ) | (3,227,010 | ) | (244,897 | ) | (4,750,679 | ) | ||||||||
| (74,579 | ) | (1,184,974 | ) | 32,005 | 774,714 | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
3,073,051 | 61,235,735 | 6,249,224 | 150,630,169 | ||||||||||||
| Reinvestment of distributions |
— | — | 2,843,288 | 73,840,186 | ||||||||||||
| Shares redeemed |
(5,146,665 | ) | (101,530,588 | ) | (10,381,385 | ) | (224,248,462 | ) | ||||||||
| (2,073,614 | ) | (40,294,853 | ) | (1,288,873 | ) | 221,893 | ||||||||||
| NET INCREASE (DECREASE) |
(17,660,562 | ) | $ | (325,299,776 | ) | (2,064,875 | ) | $ | 76,121,819 | |||||||
170
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Strategic Growth Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
322,158 | $ | 2,412,093 | 839,300 | $ | 8,591,829 | ||||||||||
| Reinvestment of distributions |
498,747 | 3,451,328 | 706,291 | 7,599,696 | ||||||||||||
| Shares redeemed |
(974,825 | ) | (7,441,585 | ) | (2,490,756 | ) | (23,637,155 | ) | ||||||||
| (153,920 | ) | (1,578,164 | ) | (945,165 | ) | (7,445,630 | ) | |||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
33,157 | 347,038 | 164,639 | 877,411 | ||||||||||||
| Reinvestment of distributions |
18,885 | 178,463 | 182,565 | 870,836 | ||||||||||||
| Shares redeemed |
(53,123 | ) | (534,528 | ) | (327,266 | ) | (1,711,392 | ) | ||||||||
| Shares reduced by reverse share split |
— | — | (435,313 | ) | — | |||||||||||
| (1,081 | ) | (9,027 | ) | (415,375 | ) | 36,855 | ||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
1,103,806 | 9,656,953 | 744,668 | 8,859,222 | ||||||||||||
| Reinvestment of distributions |
385,457 | 3,295,656 | 471,290 | 6,098,498 | ||||||||||||
| Shares redeemed |
(1,710,461 | ) | (15,689,694 | ) | (1,511,298 | ) | (17,831,363 | ) | ||||||||
| (221,198 | ) | (2,737,085 | ) | (295,340 | ) | (2,873,643 | ) | |||||||||
| Service Shares |
| |||||||||||||||
| Shares sold |
64,325 | 510,634 | 19,795 | 219,302 | ||||||||||||
| Reinvestment of distributions |
9,933 | 65,953 | 8,242 | 85,719 | ||||||||||||
| Shares redeemed |
(23,463 | ) | (165,647 | ) | (11,155 | ) | (127,012 | ) | ||||||||
| 50,795 | 410,940 | 16,882 | 178,009 | |||||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
367,583 | 3,472,809 | 179,540 | 2,060,532 | ||||||||||||
| Reinvestment of distributions |
24,375 | 206,704 | 28,316 | 363,863 | ||||||||||||
| Shares redeemed |
(228,216 | ) | (2,170,730 | ) | (89,595 | ) | (988,792 | ) | ||||||||
| 163,742 | 1,508,783 | 118,261 | 1,435,603 | |||||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
33,887 | 312,753 | 368,358 | 4,723,565 | ||||||||||||
| Reinvestment of distributions |
40,515 | 345,591 | 3,679 | 47,491 | ||||||||||||
| Shares redeemed |
(77,324 | ) | (713,994 | ) | (30,112 | ) | (363,709 | ) | ||||||||
| (2,922 | ) | (55,650 | ) | 341,925 | 4,407,347 | |||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
2,000 | 13,753 | 1,538 | 14,236 | ||||||||||||
| Reinvestment of distributions |
3,494 | 22,119 | 2,846 | 28,431 | ||||||||||||
| Shares redeemed |
(2,326 | ) | (15,478 | ) | (62 | ) | (594 | ) | ||||||||
| 3,168 | 20,394 | 4,322 | 42,073 | |||||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
585,456 | 5,071,379 | 207,968 | 2,331,844 | ||||||||||||
| Reinvestment of distributions |
636,399 | 5,415,754 | 731,810 | 9,425,707 | ||||||||||||
| Shares redeemed |
(1,882,177 | ) | (17,151,643 | ) | (967,911 | ) | (10,784,729 | ) | ||||||||
| (660,322 | ) | (6,664,510 | ) | (28,133 | ) | 972,822 | ||||||||||
| NET DECREASE |
(821,738 | ) | $ | (9,104,319 | ) | (1,202,623 | ) | $ | (3,246,564 | ) | ||||||
171
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Technology Opportunities Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
1,913,042 | $ | 33,536,147 | 1,687,062 | $ | 42,565,183 | ||||||||||
| Reinvestment of distributions |
3,552,465 | 54,779,008 | 2,422,496 | 69,549,872 | ||||||||||||
| Shares redeemed |
(3,789,907 | ) | (65,364,768 | ) | (2,891,477 | ) | (76,452,357 | ) | ||||||||
| 1,675,600 | 22,950,387 | 1,218,081 | 35,662,698 | |||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
165,415 | 1,711,923 | 235,539 | 3,906,159 | ||||||||||||
| Reinvestment of distributions |
560,074 | 4,665,417 | 318,359 | 5,845,080 | ||||||||||||
| Shares redeemed |
(417,571 | ) | (4,297,788 | ) | (414,959 | ) | (6,928,923 | ) | ||||||||
| 307,918 | 2,079,552 | 138,939 | 2,822,316 | |||||||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
903,875 | 20,273,907 | 944,827 | 29,735,429 | ||||||||||||
| Reinvestment of distributions |
628,475 | 12,349,543 | 634,728 | 22,139,319 | ||||||||||||
| Shares redeemed |
(1,807,617 | ) | (39,213,652 | ) | (2,359,252 | ) | (75,415,515 | ) | ||||||||
| (275,267 | ) | (6,590,202 | ) | (779,697 | ) | (23,540,767 | ) | |||||||||
| Service Shares |
| |||||||||||||||
| Shares sold |
128,332 | 2,177,721 | 114,091 | 2,817,967 | ||||||||||||
| Reinvestment of distributions |
104,455 | 1,511,457 | 72,669 | 1,988,963 | ||||||||||||
| Shares redeemed |
(179,205 | ) | (3,081,215 | ) | (917,371 | ) | (29,623,509 | ) | ||||||||
| 53,582 | 607,963 | (730,611 | ) | (24,816,579 | ) | |||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
217,621 | 4,637,208 | 276,365 | 8,380,247 | ||||||||||||
| Reinvestment of distributions |
200,217 | 3,798,122 | 161,194 | 5,462,866 | ||||||||||||
| Shares redeemed |
(533,249 | ) | (11,276,734 | ) | (406,065 | ) | (11,600,332 | ) | ||||||||
| (115,411 | ) | (2,841,404 | ) | 31,494 | 2,242,781 | |||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
261,517 | 6,203,937 | 1,984,304 | 49,192,635 | ||||||||||||
| Reinvestment of distributions |
408,413 | 8,037,564 | 13,225 | 461,688 | ||||||||||||
| Shares redeemed |
(197,512 | ) | (4,235,913 | ) | (94,205 | ) | (2,474,371 | ) | ||||||||
| 472,418 | 10,005,588 | 1,903,324 | 47,179,952 | |||||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
726,632 | 15,704,505 | 1,823,373 | 55,616,357 | ||||||||||||
| Reinvestment of distributions |
522,911 | 10,285,667 | 551,924 | 19,267,650 | ||||||||||||
| Shares redeemed |
(2,156,999 | ) | (47,994,446 | ) | (2,128,728 | ) | (62,268,189 | ) | ||||||||
| (907,456 | ) | (22,004,274 | ) | 246,569 | 12,615,818 | |||||||||||
| NET INCREASE |
1,211,384 | $ | 4,207,610 | 2,028,099 | $ | 52,166,219 | ||||||||||
172
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| U.S. Equity ESG Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
63,036 | $ | 1,006,562 | 100,303 | $ | 1,667,025 | ||||||||||
| Reinvestment of distributions |
1,820 | 27,864 | 7,594 | 142,682 | ||||||||||||
| Shares redeemed |
(53,326 | ) | (866,250 | ) | (61,195 | ) | (1,001,721 | ) | ||||||||
| 11,530 | 168,176 | 46,702 | 807,986 | |||||||||||||
| Class C Shares |
| |||||||||||||||
| Shares sold |
3,591 | 53,271 | 18,178 | 257,621 | ||||||||||||
| Reinvestment of distributions |
— | — | 2,559 | 44,937 | ||||||||||||
| Shares redeemed |
(41,358 | ) | (600,664 | ) | (58,247 | ) | (849,110 | ) | ||||||||
| (37,767 | ) | (547,393 | ) | (37,510 | ) | (546,552 | ) | |||||||||
| Institutional Shares |
| |||||||||||||||
| Shares sold |
17,941 | 301,021 | 754,988 | 14,872,119 | ||||||||||||
| Reinvestment of distributions |
668 | 10,348 | 15,067 | 287,217 | ||||||||||||
| Shares redeemed |
(12,106 | ) | (196,979 | ) | (777,636 | ) | (13,906,355 | ) | ||||||||
| 6,503 | 114,390 | (7,581 | ) | 1,252,981 | ||||||||||||
| Investor Shares |
| |||||||||||||||
| Shares sold |
3,356 | 56,997 | 41,836 | 782,804 | ||||||||||||
| Reinvestment of distributions |
236 | 3,657 | 1,640 | 31,256 | ||||||||||||
| Shares redeemed |
(42,375 | ) | (670,197 | ) | (12,811 | ) | (228,347 | ) | ||||||||
| (38,783 | ) | (609,543 | ) | 30,665 | 585,713 | |||||||||||
| Class R6 Shares |
| |||||||||||||||
| Shares sold |
18,023 | 293,189 | 41,686 | 702,788 | ||||||||||||
| Reinvestment of distributions |
559 | 8,673 | 1,374 | 26,210 | ||||||||||||
| Shares redeemed |
(22,364 | ) | (359,651 | ) | (29,343 | ) | (493,542 | ) | ||||||||
| (3,782 | ) | (57,789 | ) | 13,717 | 235,456 | |||||||||||
| Class R Shares |
| |||||||||||||||
| Shares sold |
4,058 | 67,039 | 1,955 | 33,602 | ||||||||||||
| Reinvestment of distributions |
41 | 624 | 474 | 8,964 | ||||||||||||
| Shares redeemed |
(14,051 | ) | (239,108 | ) | (894 | ) | (15,712 | ) | ||||||||
| (9,952 | ) | (171,445 | ) | 1,535 | 26,854 | |||||||||||
| Class P Shares |
| |||||||||||||||
| Shares sold |
273,158 | 4,293,027 | 511,690 | 9,516,364 | ||||||||||||
| Reinvestment of distributions |
4,496 | 69,687 | 3,796 | 72,352 | ||||||||||||
| Shares redeemed |
(63,635 | ) | (1,059,206 | ) | (270,428 | ) | (5,090,066 | ) | ||||||||
| 214,019 | 3,303,508 | 245,058 | 4,498,650 | |||||||||||||
| NET INCREASE |
141,768 | $ | 2,199,904 | 292,586 | $ | 6,861,088 | ||||||||||
173
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Concentrated Growth Fund, Goldman Sachs Flexible Cap Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Large Cap Core Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Concentrated Growth Fund, Goldman Sachs Flexible Cap Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Large Cap Core Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund (nine of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
174
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Concentrated Growth Fund, Goldman Sachs Flexible Cap Fund, Goldman Sachs Large Cap Core Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, and Goldman Sachs U.S. Equity ESG Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14 2023 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| (iii) | trends in employee headcount; |
| (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| (b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Concentrated Growth Fund, Mid Cap Growth Fund, Small/Mid Cap Growth Fund and Strategic Growth Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| (e) | fee and expense information for the Fund, including: |
| (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| (ii) | the Fund’s expense trends over time; and |
| (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
175
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
| (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| (l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
176
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and (with the exception of the Small Cap Growth Fund) ratings compiled by the Outside Data Provider as of December 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Concentrated Growth Fund’s, Mid Cap Growth Fund’s, Small/Mid Cap Growth Fund’s and Strategic Growth Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees observed that the Concentrated Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2023. They noted that the Flexible Cap Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. The Trustees noted that the Large Cap Core Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, five-, and ten-year periods and underperformed for the three-year period ended March 31, 2023. They noted that the former Capital Growth Fund had been repositioned as the Large Cap Core Fund in 2022, which involved changes to the Fund’s investment strategy and name. They considered that the Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund’s benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2023. The Trustees observed that the Small Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2023. They noted that the Small/Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. The Trustees observed that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. They noted that the Technology Opportunities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period and in the third quartile for the one-, three-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. The Trustees noted that the U.S. Equity ESG Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2023. They noted that the former Blue Chip Fund had been repositioned as the U.S. Equity ESG Fund in 2020, which involved changes to the Fund’s investment strategy and portfolio management, as well as the Fund’s name.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the
177
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Large Cap Core Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund and total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2022 and 2021, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| Average Daily Net Assets |
Concentrated Fund |
Flexible Cap Fund |
Large Cap Core Fund |
Mid Cap Growth Fund |
Small Cap Fund |
|||||||||||||||
| First $1 billion | 0.76 | % | 0.55 | % | 0.71 | % | 0.92 | % | 0.85 | % | ||||||||||
| Next $1 billion | 0.68 | 0.50 | 0.64 | 0.92 | 0.85 | |||||||||||||||
| Next $3 billion | 0.65 | 0.47 | 0.61 | 0.83 | 0.77 | |||||||||||||||
| Next $3 billion | 0.64 | 0.46 | 0.61 | 0.79 | 0.73 | |||||||||||||||
| Over $8 billion | 0.62 | 0.45 | 0.61 | 0.77 | 0.71 | |||||||||||||||
| Average Daily Net Assets |
Small/Mid Fund |
Strategic Fund |
Technology Opportunities Fund |
U.S. Equity ESG Fund |
||||||||||||
| First $1 billion | 0.85 | % | 0.71 | % | 0.94 | % | 0.55 | % | ||||||||
| Next $1 billion | 0.85 | 0.64 | 0.85 | 0.50 | ||||||||||||
| Next $3 billion | 0.77 | 0.61 | 0.80 | 0.47 | ||||||||||||
| Next $3 billion | 0.73 | 0.59 | 0.79 | 0.46 | ||||||||||||
| Over $8 billion | 0.71 | 0.58 | 0.77 | 0.45 | ||||||||||||
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates
178
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Concentrated Growth Fund, Mid Cap Growth Fund, Technology Opportunities Fund, and Large Cap Core Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Concentrated Growth Fund’s, Small/Mid Cap Growth Fund’s and Technology Opportunities Fund’s Class A, Class C, Investor, and Class R Shares, as applicable. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Core Fund and Small/Mid Cap Growth Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2024.
179
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Fund Expenses — Six Month Period Ended August 31, 2023 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365 day year.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Concentrated Growth Fund | Flexible Cap Fund | Large Cap Core Fund | Mid Cap Growth Fund | Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
|||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
$ | 1,000.00 | $ | 1,248.49 | $ | 5.96 | $ | 1,000.00 | $ | 1,142.96 | $ | 5.20 | $ | 1,000.00 | $ | 1,130.03 | $ | 5.60 | $ | 1,000.00 | $ | 1,043.31 | $ | 5.99 | $ | 1,000.00 | $ | 1,044.35 | $ | 6.34 | ||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,019.91 | + | 5.35 | 1,000.00 | 1,020.35 | + | 4.90 | 1,000.00 | 1,019.95 | + | 5.31 | 1,000.00 | 1,019.34 | + | 5.92 | 1,000.00 | 1,019.00 | + | 6.26 | ||||||||||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,244.56 | 10.19 | 1,000.00 | 1,138.08 | 9.23 | 1,000.00 | 1,126.24 | 9.61 | 1,000.00 | 1,039.02 | 9.83 | 1,000.00 | 1,040.11 | 10.19 | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,016.12 | + | 9.15 | 1,000.00 | 1,016.57 | + | 8.71 | 1,000.00 | 1,016.17 | + | 9.11 | 1,000.00 | 1,015.56 | + | 9.72 | 1,000.00 | 1,015.22 | + | 10.06 | ||||||||||||||||||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,250.44 | 4.34 | 1,000.00 | 1,144.90 | 3.23 | 1,000.00 | 1,132.04 | 3.80 | 1,000.00 | 1,044.79 | 4.42 | 1,000.00 | 1,045.53 | 4.72 | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.35 | + | 3.90 | 1,000.00 | 1,022.20 | + | 3.04 | 1,000.00 | 1,021.64 | + | 3.60 | 1,000.00 | 1,020.89 | + | 4.36 | 1,000.00 | 1,020.59 | + | 4.66 | ||||||||||||||||||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,129.21 | 6.48 | 1,000.00 | 1,042.73 | 6.99 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,019.12 | + | 6.14 | 1,000.00 | 1,018.36 | + | 6.90 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,250.64 | 4.54 | 1,000.00 | 1,143.71 | 3.87 | 1,000.00 | 1,131.69 | 4.27 | 1,000.00 | 1,044.79 | 4.71 | 1,000.00 | 1,045.69 | 5.06 | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.17 | + | 4.08 | 1,000.00 | 1,021.59 | + | 3.65 | 1,000.00 | 1,021.20 | + | 4.05 | 1,000.00 | 1,020.60 | + | 4.65 | 1,000.00 | 1,020.26 | + | 4.99 | ||||||||||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,250.00 | 4.28 | 1,000.00 | 1,144.53 | 3.19 | 1,000.00 | 1,132.26 | 3.74 | 1,000.00 | 1,044.09 | 4.36 | 1,000.00 | 1,046.39 | 4.66 | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.40 | + | 3.85 | 1,000.00 | 1,022.23 | + | 3.01 | 1,000.00 | 1,021.69 | + | 3.55 | 1,000.00 | 1,020.94 | + | 4.31 | 1,000.00 | 1,020.65 | + | 4.60 | ||||||||||||||||||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
N/A | N/A | N/A | 1,000.00 | 1,140.68 | 6.54 | 1,000.00 | 1,129.20 | 6.94 | 1,000.00 | 1,041.52 | 7.27 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
N/A | N/A | N/A | 1,000.00 | 1,019.09 | + | 6.17 | 1,000.00 | 1,018.69 | + | 6.58 | 1,000.00 | 1,018.08 | + | 7.19 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,250.74 | 4.28 | 1,000.00 | 1,144.44 | 3.17 | 1,000.00 | 1,131.97 | 3.74 | 1,000.00 | 1,044.65 | 4.37 | 1,000.00 | 1,045.53 | 4.66 | |||||||||||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.40 | + | 3.85 | 1,000.00 | 1,022.25 | + | 2.99 | 1,000.00 | 1,021.69 | + | 3.55 | 1,000.00 | 1,020.94 | + | 4.31 | 1,000.00 | 1,020.65 | + | 4.61 | ||||||||||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for (excluding proxy fee which is not annualized) each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||
| Concentrated Growth |
1.05 | % | 1.80 | % | 0.76 | % | N/A | 0.80 | % | 0.76 | % | N/A | 0.75 | % | ||||||||||||||||||
| Flexible Cap |
0.96 | 1.71 | 0.60 | N/A | 0.72 | 0.59 | 1.21 | % | 0.59 | |||||||||||||||||||||||
| Large Cap Core |
1.04 | 1.79 | 0.71 | 1.21 | % | 0.79 | 0.70 | 1.29 | 0.70 | |||||||||||||||||||||||
| Mid Cap Growth |
1.16 | 1.91 | 0.86 | 1.36 | 0.91 | 0.85 | 1.41 | 0.85 | ||||||||||||||||||||||||
| Small Cap Growth |
1.23 | 1.98 | 0.91 | N/A | 0.98 | 0.90 | N/A | 0.90 | ||||||||||||||||||||||||
180
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Fund Expenses — Six Month Period Ended August 31, 2023 (Unaudited) (continued)
| Small/Mid Cap Growth Fund | Strategic Growth Fund | Technology Opportunities Fund | U.S. ESG Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
$ | 1,000.00 | $ | 1,025.00 | $ | 6.47 | $ | 1,000.00 | $ | 1,248.92 | $ | 5.92 | $ | 1,000.00 | $ | 1,288.90 | $ | 6.89 | $ | 1,000.00 | $ | 1,112.17 | $ | 5.57 | ||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,018.82 | + | 6.45 | 1,000.00 | 1,019.94 | + | 5.32 | 1,000.00 | 1,019.18 | + | 6.08 | 1,000.00 | 1,019.93 | + | 5.33 | ||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,020.29 | 10.28 | 1,000.00 | 1,243.90 | 10.15 | 1,000.00 | 1,283.69 | 11.19 | 1,000.00 | 1,107.70 | 9.54 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,015.03 | + | 10.25 | 1,000.00 | 1,016.16 | + | 9.12 | 1,000.00 | 1,015.40 | + | 9.88 | 1,000.00 | 1,016.15 | + | 9.13 | ||||||||||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,026.55 | 4.75 | 1,000.00 | 1,250.29 | 4.30 | 1,000.00 | 1,291.00 | 5.24 | 1,000.00 | 1,114.52 | 3.63 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.51 | + | 4.74 | 1,000.00 | 1,021.38 | + | 3.86 | 1,000.00 | 1,020.63 | + | 4.62 | 1,000.00 | 1,021.78 | + | 3.47 | ||||||||||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,023.57 | 7.30 | 1,000.00 | 1,247.36 | 7.14 | 1,000.00 | 1,287.56 | 8.12 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,017.99 | + | 7.28 | 1,000.00 | 1,018.85 | + | 6.41 | 1,000.00 | 1,018.11 | + | 7.16 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,026.12 | 5.20 | 1,000.00 | 1,250.00 | 4.51 | 1,000.00 | 1,290.01 | 5.45 | 1,000.00 | 1,113.68 | 4.24 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.07 | + | 5.18 | 1,000.00 | 1,021.20 | + | 4.05 | 1,000.00 | 1,020.44 | + | 4.81 | 1,000.00 | 1,021.19 | + | 4.06 | ||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,026.51 | 4.70 | 1,000.00 | 1,249.71 | 4.24 | 1,000.00 | 1,290.56 | 5.19 | 1,000.00 | 1,114.45 | 3.57 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.56 | + | 4.69 | 1,000.00 | 1,021.43 | + | 3.81 | 1,000.00 | 1,020.68 | + | 4.58 | 1,000.00 | 1,021.83 | + | 3.42 | ||||||||||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,023.52 | 7.74 | 1,000.00 | 1,248.42 | 7.34 | N/A | N/A | N/A | 1,000.00 | 1,110.97 | 6.89 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,017.56 | + | 7.72 | 1,000.00 | 1,018.68 | + | 6.59 | N/A | N/A | N/A | 1,000.00 | 1,018.68 | + | 6.59 | |||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,026.51 | 4.70 | 1,000.00 | 1,250.29 | 4.24 | 1,000.00 | 1,290.71 | 5.19 | 1,000.00 | 1,114.52 | 3.57 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.56 | + | 4.69 | 1,000.00 | 1,021.43 | + | 3.81 | 1,000.00 | 1,020.68 | + | 4.58 | 1,000.00 | 1,021.83 | + | 3.41 | ||||||||||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for (excluding proxy fee which is not annualized) each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A | Class C | Institutional | Service | Investor | Class R6 | Class R | Class P | ||||||||||||||||||||||||
| Small/Mid Cap Growth |
1.27 | % | 2.02 | % | 0.93 | % | 1.43 | % | 1.02 | % | 0.92 | % | 1.52 | % | 0.92 | % | ||||||||||||||||
| Strategic Growth |
1.04 | 1.79 | 0.76 | 1.26 | 0.79 | 0.75 | 1.29 | 0.75 | ||||||||||||||||||||||||
| Technology Opportunities |
1.19 | 1.94 | 0.91 | 1.41 | 0.95 | 0.90 | N/A | 0.90 | ||||||||||||||||||||||||
| U.S. ESG Equity |
1.05 | 1.80 | 0.68 | N/A | 0.80 | 0.67 | 1.30 | 0.67 | ||||||||||||||||||||||||
181
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 71 |
Chair of the Board of Trustees | Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Verizon Communications Inc. | |||||
| Dwight L. Bush Age: 66 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 69 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age: 66 |
Trustee | Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Joaquin Delgado Age: 63 |
Trustee | Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Stepan Company (a specialty chemical manufacturer) | |||||
182
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Eileen H. Dowling Age: 60 |
Trustee | Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013-2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee on BlackRock.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Paul C. Wirth Age: 65 |
Trustee | Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
Interested Trustee*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara Age: 60 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
183
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Positions Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 60 |
Trustee and President | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 |
Secretary | Since 2012 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of August 31, 2023. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)
For the year ended August 31, 2023, 100.00%, 100.00%, and 100% of the dividends paid from net investment company taxable income by the Flexible Cap, Large Cap Core, and U.S. Equity ESG Funds, respectively, qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, the Concentrated Growth, Flexible Cap, Large Cap Core, Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds, designate $13,027,192, $1,432,277, $79,822,220, $64,995,015, $13,243,148, and $100,631,111, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2023.
For the year ended August 31, 2023, 100.00%, 100.00%, and 100.00% of the dividends paid from net investment company taxable income by the Flexible Cap, Large Cap Core, and U.S. Equity ESG Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
During the fiscal year ended August 31, 2023, the Flexible Cap and Large Cap Core Funds designate $88,096 and $355,773, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
184
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | U.S. Mortgages Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
| ∎ | Long Short Credit Strategies Fund |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Flexible Cap Fund |
| ∎ | Concentrated Growth Fund |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Manager Alternatives Fund |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Satellite Strategies Portfolio |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| *This | list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
| TRUSTEES Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary*
* Effective October 10, 2023 | |
| GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.
Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s®, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2023 Goldman Sachs. All rights reserved. 339814-OTU-1892528/2023EQGRWAR-23
Goldman Sachs Funds
| Annual Report | August 31, 2023 | |||
| Fundamental Equity Value Funds | ||||
| Equity Income | ||||
| Focused Value | ||||
| Large Cap Value | ||||
| Mid Cap Value | ||||
| Small Cap Value | ||||
| Small/Mid Cap Value | ||||
Goldman Sachs Fundamental Equity Value Funds
| ∎ | EQUITY INCOME |
| ∎ | FOCUSED VALUE |
| ∎ | LARGE CAP VALUE |
| ∎ | MID CAP VALUE |
| ∎ | SMALL CAP VALUE |
| ∎ | SMALL/MID CAP VALUE |
|
| ||||
| 1 | ||||
| 4 | ||||
| 35 | ||||
| 50 | ||||
| 57 | ||||
| 65 | ||||
| 72 | ||||
| 80 | ||||
| 88 | ||||
| 96 | ||||
| 103 | ||||
| 123 | ||||
| 124 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
MARKET REVIEW
Goldman Sachs Fundamental Equity Value Funds
Overall, U.S. equities rallied during the 12 months ended August 31, 2023 (the “Reporting Period”). The Standard & Poor’s® 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of 14.94%. The Russell 3000® Index generated a return of 14.76%. The U.S. equity market’s strength was predominantly driven throughout the Reporting Period by disinflation momentum, an upswing in soft economic landing expectations and consumer resilience. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.)
As the Reporting Period began in September 2022, the S&P 500 Index declined, impacted most by the noticeable tightening of financial conditions guided, in turn, by expectations for a more aggressive global interest rate hike cycle. The U.S. Federal Reserve (the “Fed”) increased its “raise and hold” messaging as the end of September approached. The Fed’s hawkish policy received plenty of support on the back of higher than consensus expected August inflation data and a still tight labor market that showed only moderate proof of cooling. (Hawkish tends to suggest higher interest rates; opposite of dovish.) The end of the month drove a surge in fears that tighter financial conditions in conjunction with deteriorating liquidity were preparing the basis for “something to break.” More specifically, from an equities perspective, there appeared to be a great deal of concern that corporate earnings could suffer given the combination of margin pressure, demand destruction, higher labor costs, slower economic activity and a strong U.S. dollar eroding overseas sales.
In the fourth quarter of 2022, the S&P 500 Index solidly increased, attributable primarily to gains in October and November. Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.) Positive inflation developments further supported aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most. Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market. Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the technology sector. On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.
During the first quarter of 2023, the S&P 500 Index returned 7.53%, marking its second straight quarterly gain. Following a stellar start to the calendar year, February 2023 proved to be a setback for the disinflation path after nonfarm payrolls data illustrated the largest job growth in six months, and the U.S. unemployment rate fell to a 53-year low, in turn pushing market forecasts for the Fed’s terminal rate upward. (The terminal federal funds rate is the ultimate interest rate level the Fed sets as its target for a cycle of rate hikes or cuts.) The January 2023 Producer Price Index (“PPI”) and core Personal Consumption Expenditure (“PCE”) Index saw their largest monthly increases since mid-2022, illustrating that more work was needed to combat inflation. The bearish case was further supported by a disappointing fourth quarter 2022 corporate earnings season, as margins came under pressure by persistently high input costs and weaker demand. (Bearish refers to an expected downward movement in the prices of securities.) Consensus forecasts for the Fed’s interest rate path took a dovish turn in March 2023 due to an abrupt banking crisis that escalated the risk of raising interest rates. Economic data in March also contributed to the dovish sentiment, as February 2023 PPI, PCE and personal income growth data were cooler than consensus expected.
During the second quarter of 2023, the S&P 500 Index returned 8.74%, marking its third consecutive quarterly gain. In addition to those factors that drove strong performance throughout the Reporting Period, second quarter results were boosted by a better than consensus expected first quarter 2023 corporate earnings season and persistent enthusiasm around artificial intelligence (“AI”), including the possibility for a boom in AI-related chipmakers. In turn, growth stocks significantly outperformed their value counterparts, as mega-cap technology stocks accounted for a vast majority of the S&P 500 Index’s rally in the quarter. First quarter 2023 corporate earnings metrics, although supported by a lower bar, were well above their one-year averages due to a combination of ongoing pricing power, supply-chain normalization, cost-cutting initiatives and margin expansion. Disinflation progress was
1
MARKET REVIEW
highlighted by a cooler than consensus expected May 2023 Consumer Price Index (“CPI”) reading, as the inflation rate fell to 4.0%, the lowest level in more than two years, on the back of lower energy prices. The May PPI and headline PCE Index data also came in below consensus forecasts. Furthermore, transitory inflation pressures, such as supply-chain disruptions, continued to fade throughout the quarter. The soft landing narrative continued to take form with a still-tight labor market and robust housing market helping to counteract the possibility of a recession. Despite the S&P 500 Index’s strong second calendar quarter, there were numerous bearish takeaways. These primarily surrounded the implacable higher-for-longer messaging from the Fed. Although the June Fed meeting left the federal funds rate unchanged, Fed Chair Powell made a hawkish statement that the Fed is open to additional rate hikes before year end. Concentrated market leadership was another concern for investors that raised doubts about the sustainability of the U.S. equity market rally. On the geopolitical front, a slower than consensus expected economic recovery in China presented an additional setback for the market.
In July 2023, U.S. equities continued to gain ground, driven by lower than consensus expected inflation, strong economic data and broadly resilient corporate quarter-end results. Spearheaded by initial outperformance of big information technology firms, the breadth of the rally expanded as second quarter 2023 earnings were widely reporting better than consensus expected results. As of July’s close, more than half of the S&P 500 Index companies had reported, with approximately 80% of the companies reporting positive earnings surprises. However, the majority of the corporate upside was derived from margin increases, as earnings growth was blended and slightly underwhelming consensus expectations. Supporting the relatively strong corporate data, the June CPI reading was the most dominant market mover for the month, with headline inflation falling more than consensus expected to 3% year over year. Coupled with falling inflation rates, second quarter Gross Domestic Product (“GDP”) was another signal of resilience, outperforming consensus expectations and rising 2.4% on an annualized basis, reflecting robust consumer spending durability. The theme of economic strength was further underpinned by the core PCE reading falling to its lowest level since September 2021, consumer confidence reaching its highest level since mid-2021, and both initial and continuing jobless claims realizing numbers below their respective forecasts. The Fed raised interest rates in July by another 25 basis points.
August 2023 saw the first monthly decline for the S&P 500 Index since February 2023. The U.S. equities market started the month sluggish, as Fitch Ratings, a leading credit rating agency, downgraded the U.S.’ credit rating by one notch from AAA to AA+. On the earnings front, S&P 500 Index companies saw earnings decline in the second quarter compared to a year earlier, marking the third consecutive quarter of negative earnings growth reported by the S&P 500 Index. Firms continued to juggle challenges regarding margin compression and top-line growth from rising costs, a reduction in consumer spending, and an increase in interest expenses. Mega-cap technology names, primarily in the semiconductor and software industries, continued to dominate headlines and positive sentiment from AI tailwinds. The theme of bearish corporate earnings was further underpinned by Fed Chair Powell’s cautious stance on monetary policy that is dependent on future economic data. Still, consumers exhibited resiliency, with personal spending rising in July, and data showing an ease in labor market pressures. Inflation seemed to be cooling based on CPI and labor market data. However, investors appeared to remain wary, as inflation may be stickier than consensus expected due to other macro factors.
For the Reporting Period overall, nine of the 11 sectors of the S&P 500 Index posted absolute gains, with six of the nine generating robust double-digit positive total returns. The information technology sector led the way, followed by communication services and industrials. On a relative basis, the weakest performing sectors in the S&P 500 Index were utilities, real estate and consumer staples.
Within the U.S. equity market, all capitalization segments generated positive absolute returns during the Reporting Period. Large-cap stocks, as measured by the Russell 1000® Index, were strongest, followed at some distance by mid-cap stocks, as measured by the Russell Midcap® Index, and then small-cap stocks, as measured by the Russell 2000® Index. From a style perspective, in a reversal from the prior 12-month period, growth stocks meaningfully outperformed value stocks on a relative basis across the capitalization spectrum during the Reporting Period. (All as measured by the FTSE Russell indices.)
Looking Ahead
At the end of the Reporting Period, we believed the U.S. equity market’s performance will likely depend on the effects of the Fed’s ongoing fight against inflation. Investor optimism improved during the Reporting Period with the consistent deceleration of
2
MARKET REVIEW
inflation since its peak in the summer of 2022, thanks largely to declining oil prices and easing global supply constraints that pushed energy and core good prices lower. However, core inflation remained well above the Fed’s 2% target at the end of the Reporting Period, making the central bank inclined to further increase the federal funds rate. The most recent Summary of Economic Projections, a summary released four times a year of Fed policymakers’ projections on a variety of economic indicators and their views on the uncertainty and risks attending the outlook, was forecasting two additional interest rate hikes, bringing the terminal rate to 5.50% to 5.75%. Such a view was echoed by hawkish Fed commentary emphasizing that two additional interest rate hikes can be expected. After 500 basis points of interest rate hikes and the possibility for more, Fed commentary might have a more significant impact on the U.S. equity market than the absolute rate itself, in our opinion.
Although a U.S. economic recession remains a possibility, the combination of slowing inflation, resilient economic growth, and mega-cap technology dominance that we witnessed in the first eight months of 2023 has materially diminished the downside risks of a recession and more aggressive Fed policy, in our view. At the same time, we believed at the end of the Reporting Period that upside potential has vastly expanded from a potential AI-related profit boost. On the other hand, the lagged effect of monetary policy tightening has raised concerns around looming and unexpectedly large repercussions. Some key areas susceptible to recessionary risk, in our view, include the progression of unemployment claims and layoffs as well as tightening credit conditions and its consequent effect on small businesses.
We believe that implementing strategic active management may be the best course of action during this time. Without action, portfolios may be unbalanced during this period of macroeconomic uncertainty, with a decreasing, but still looming, possibility of recession. It is important to note that the S&P 500 Index is overly-concentrated now in the largest holdings and may not have the width of support necessary to weather a recessionary storm. As such, we intend to stay true, as always, to our quality-first investment approach as we continue to seek to invest in businesses with healthy balance sheets, relatively stable cash flow generation and differentiated business models aligned to secular advantages. We think focusing on higher quality investments can help navigate heightened volatility, while also positioning investors to benefit from the next upcycle. We continue to test our strategies and re-evaluate our assumptions with increasing information, staying focused on the long-term investment horizon.
Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Fundamental Equity Value Funds (the “Funds”) own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures or companies that have been investing in their own businesses and may be poised to gain market share. We remain focused on the long-term performance of the Funds.
As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.
3
PORTFOLIO RESULTS
Goldman Sachs Equity Income Fund
Portfolio Composition
Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments that the Goldman Sachs Fundamental Equity U.S. Equity Team considers to have favorable prospects for capital appreciation and/or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its Net Assets in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Equity Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 6.55%, 5.75%, 6.86%, 6.33%, 6.78%, 6.87%, 6.23% and 6.87%, respectively. These returns compare to the 8.59% average annual total return of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | While absolute returns were solidly positive, the Fund underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection. Sector allocation as a whole contributed positively, albeit modestly, to the Fund’s relative performance. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | The sectors that detracted most from the Fund’s relative results during the Reporting Period were communication services, utilities and financials, wherein stock selection hurt most. Having an underweighted allocation to communication services, which outperformed the Russell Index during the Reporting Period, and an overweighted allocation to utilities, which underperformed the Russell Index during the Reporting Period, also hurt. Partially offsetting these detractors was stock selection in the information technology, materials and health care sectors, which contributed positively. Having an overweighted allocation to information technology, which outpaced the Russell Index during the Reporting Period, and an underweighted allocation to health care, which lagged the Russell Index during the Reporting Period, also proved beneficial. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in CVS Health, Truist Financial and NextEra Energy. |
| Health care services provider and pharmacy retailer CVS Health was the top detractor from the Fund’s relative results during the Reporting Period. Shares of CVS Health took a hit in the fourth quarter of 2022 following the announcement that its largest health insurance plan for Medicate recipients received a lower star rating, making the plan ineligible for government bonus payments in 2024. Its stock also suffered from a pullback in the broader health care sector in the second half of December 2022. Further, the company’s share price depreciated after CVS Health reported weaker than consensus expected fourth quarter 2022 earnings. Investor concerns grew during the first quarter of 2023, as competition in the pharmaceutical space intensified, while the U.S. demand for prescription drugs has begun to decline, and the company continued to grapple with inflationary pressure on its pricing. At the end of the Reporting Period, we recognized that CVS Health has lagged the managed care organization peer group, but we were constructive about the company’s ability to offset recent headwinds by transferring |
4
PORTFOLIO RESULTS
| its Medicare Advantage members to other four-star rated plans, along with share buybacks. Additionally, we thought CVS Health’s balance sheet remained strong. |
| Truist Financial engages in the provision of banking services to individuals, businesses and municipalities. Its stock price fell victim to the broader regional bank turbulence in March 2023, as its shares decreased significantly in tandem with the rest of the industry. Ultimately, we did not see any reason to be concerned about Truist Financial and so decided to hold the Fund’s position with conviction. |
| NextEra Energy, an electric power and energy infrastructure company, saw its stock decline largely in line with the broader utilities sector for the majority of the Reporting Period, as the sector was challenged in the growth-driven market that dominated. On a more stock-specific basis, the company’s share price declined after reporting fourth quarter 2022 revenue behind consensus expectations, even as the company beat earnings per share consensus expectations and reaffirmed forward guidance. Its stock also faced pressure after the head of its Florida utility, Florida Power & Light, retired after a probe about campaign finance laws in the state, though the company stood behind no wrongdoing. NextEra Energy’s stock also declined after it was announced its own Chief Executive Officer was planning to retire but would be replaced by a former Chief Financial Officer of the company. Overall, we believed at the end of the Reporting Period that NextEra Energy would be one of the largest beneficiaries of the Inflation Reduction Act, especially around wind power development, and that the company’s scale would provide the company with an advantage compared to its peers. Thus we maintained the Fund’s position in its stock. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in Eli Lilly and Company, Eaton and Caterpillar. |
| Eli Lilly and Company (“Eli Lilly”) engages in the discovery, development and sale of pharmaceutical products. Its shares surged after the company’s first and second quarter 2023 financial results exceeded consensus expectations given acceleration of revenue growth with impressive performance from growth products and soaring demand of new products. The company saw especially notable results during the Reporting Period from its obesity trial on a new drug, which showed the best weight loss results of any similar product. Scientific studies showed that anti-obesity drugs can reduce the risk of cardiovascular events, which may help weight loss treatments gain health insurance coverage — resulting in availability for a broader market of patients. Overall, we continued at the end of the Reporting Period to believe that Eli Lilly had an attractive new product suite in development and the path to further market share capture remained intact. We further believed the company was well positioned to benefit from the secular growth trend targeting obesity with its best-in-class obesity drug and a full portfolio of next generation obesity drugs in its pipeline. |
| Power management company Eaton delivered solid operating results throughout the Reporting Period, starting in the third quarter of 2022 when it slightly beat consensus expectations with its results. The market began seeing the benefits for Eaton of being an electrical products company in an increasingly electrified world when the company announced a solid fourth quarter 2022 earnings report, which propelled the company’s stock forward, as it beat consensus expectations on both the top and bottom lines. Furthermore, the company illustrated strong backlog growth, which alludes to strong and ongoing order activity. Then, in July and August 2023, the company’s stock appreciated after it announced electric vehicle fleet charging solutions and after reporting second quarter 2023 earnings ahead of consensus expectations, driven by growth in its electrical and aerospace segments. Further, the company raised its guidance for the full calendar year, anticipating enhanced strength as a leading player in electrical products. At the end of the Reporting Period, we remained positive about the company, as its risk/reward profile looked compelling to us given that Eaton’s management has focused the company primarily as an electrical products business. We also believed the company’s direction was in line with multiple secular tailwinds and its portfolio would benefit from increased spending on U.S. manufacturing due to re-shoring tailwinds, electric vehicle investments and Inflation Reduction Act and Chips Act stimulus. |
| Shares of Caterpillar, a machine and engine manufacturer, initially rose during the Reporting Period, as the company reported a 25% beat of consensus expectation on third quarter 2022 earnings due to the energy capital expenditure and transition cycle, along with U.S. infrastructure work, all coming to fruition. Further, the company reported its free cash flow conversion was improving as well. Then, the company’s shares came under pressure as Caterpillar faced foreign currency impacts in the fourth calendar quarter even though it still surpassed top-line consensus expectations. Caterpillar then resumed its beating of consensus expectations, raising cadence in the subsequent two quarterly |
5
PORTFOLIO RESULTS
| earnings reports, which illustrated significant price and cost inflection and a step up in volumes globally. At the end of the Reporting Period, we believed Caterpillar had outperformed as investors were bullish on the company due to increased infrastructure spending in the U.S. and across the world. We also felt such a backdrop would fare well for the company as its construction equipment would be in increased demand to meet development needs. We believed Caterpillar remained well positioned to benefit from the tailwinds of the U.S. infrastructure bill, a trough in construction activity in China, and a beginning of a mining cycle to power a shift to electric vehicles. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, we initiated a Fund position in pharmaceutical and biotechnology company AstraZeneca. In our view, the company has a rich product pipeline for 2023, and we believe it is one of the fastest growing names in the pharmaceuticals industry. We further believe that as China returns to growth and recent drug launches gain further adoption, this may well prove accretive to the company’s earnings potential. |
| We established a Fund position during the Reporting Period in Blackstone, a company that provides investment and fund management services. The commentary coming from Blackstone’s management has been optimistic as the market appears to be moving its focus toward an end to the U.S. Federal Reserve’s interest rate hiking cycle and, in turn, toward rotating into companies that were hurt by higher interest rates. A rebound in capital markets activity would also likely serve this business well, in our opinion. |
| Conversely, we exited the Fund’s position in medical devices, pharmaceutical and consumer packaged goods manufacturer Johnson & Johnson during the Reporting Period. We maintained conviction in the company’s overarching business, but there is a pending breakup of the company that raises concerns for us. Because we see potentially greater investment opportunities in other health care names, we decided to sell the Fund’s position and reallocate the proceeds accordingly. |
| We sold the Fund’s position in retail and commercial banking services provider M&T Bank during the Reporting Period. After significant price appreciation in mid-January 2023 given a better than consensus expected earnings report, we decided it would be best to collect the Fund’s gains and reallocate the proceeds to other investment opportunities with what we saw as having greater risk/reward potential. We continued to monitor the name for a future entry point at what we view as an acceptable valuation. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in communication services and consumer discretionary increased. The Fund’s exposure to health care decreased compared to the Russell Index. The Fund’s position in cash also decreased during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweight positions relative to the Russell Index in the information technology, utilities and consumer discretionary sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials, health care and communication services and was rather neutrally weighted to the Russell Index in consumer staples, energy, industrials, materials and real estate. |
6
FUND BASICS
Equity Income Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Exxon Mobil Corp. | 3.5 | % | Oil, Gas & Consumable Fuels | |||||
| JPMorgan Chase & Co. | 3.3 | Banks | ||||||
| Linde PLC | 2.4 | Chemicals | ||||||
| Cisco Systems, Inc. | 2.3 | Communications Equipment | ||||||
| ConocoPhillips | 2.3 | Oil, Gas & Consumable Fuels | ||||||
| Walmart, Inc. | 2.3 | Consumer Staples Distribution & Retail | ||||||
| Bank of America Corp. | 2.2 | Banks | ||||||
| Eli Lilly & Co. | 2.2 | Pharmaceuticals | ||||||
| Procter & Gamble Co. (The) | 2.2 | Household Products | ||||||
| Bristol-Myers Squibb Co. | 2.2 | Pharmaceuticals | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets as of August 31, 2023. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
7
GOLDMAN SACHS EQUITY INCOME FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 1, 2013 in Class A Shares (with the maximum sales charge of 5.5%) . For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Equity Income Fund’s 10 Year Performance |
Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
6.55% | 6.87% | 8.08% | — | ||||||||
| Including sales charges |
0.68% | 5.67% | 7.47% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
5.75% | 6.09% | 7.28% | — | ||||||||
| Including contingent deferred sales charges |
4.70% | 6.09% | 7.28% | — | ||||||||
|
| ||||||||||||
| Institutional |
6.86% | 7.22% | 8.47% | — | ||||||||
|
| ||||||||||||
| Service |
6.33% | 6.68% | 7.93% | — | ||||||||
|
| ||||||||||||
| Investor |
6.78% | 7.14% | 8.35% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
6.87% | 7.23% | N/A | 7.36% | ||||||||
|
| ||||||||||||
| Class R |
6.23% | 6.60% | 7.81% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
6.87% | 7.23% | N/A | 7.65% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
8
PORTFOLIO RESULTS
Goldman Sachs Focused Value Fund
Portfolio Composition
The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a portfolio of equity investments, including common stocks, preferred stocks and other securities and instruments having equity characteristics. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 20-40 companies that are considered value opportunities, which the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. The Fund may invest in securities of companies of any capitalization. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may invest in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Focused Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 12.87%, 11.91%, 13.13%, 13.11%, 13.17%, 12.51% and 13.17%, respectively. These returns compare to the 8.59% average annual total return of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis due primarily to stock selection overall. Sector allocation as a whole also contributed positively to the Fund’s performance relative to the Russell Index during the Reporting Period, albeit more modestly. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Contributing most positively to the Fund’s relative results was effective stock selection in the industrials, information technology and materials sectors. Having overweighted allocations to industrials and materials, which each outperformed the Russell Index during the Reporting Period, also added value. Only partially offsetting these positive contributors was stock selection in the energy and communication services sectors, which detracted. Having a neutral allocation to utilities, the weakest performing sector in the Russell Index during the Reporting Period, also dampened the Fund’s relative results. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in General Electric, Marvell Technology and Alphabet (Class A). |
| Industrials conglomerate General Electric was the top positive contributor to the Fund’s relative results during the Reporting Period. The company’s share price initially benefited from the news of its divestiture of GE HealthCare as a standalone business. Despite reporting a top-line third quarter 2022 earnings miss of consensus expectations, the company’s share price appreciated because of a strong beat of consensus expectations on earnings and free cash flow. The company’s share price continued to appreciate in January 2023 on the news of a solid fourth quarter 2022 earnings release, as the company’s core business reported results ahead of consensus expectations. Additionally, investors reacted positively to General Electric’s newly deleveraged business in the wake of the then-recent spinoff of its health care segment. General Electric’s stock appreciated further after the company reaffirmed its 2023 guidance and announced expectations for greater aerospace profits. The company maintained this trend by announcing two quarters with results ahead of market expectations, as General Electric had the fastest free cash flow and earnings |
9
PORTFOLIO RESULTS
| growth rate of large-cap industrial companies during these quarters. At the end of the Reporting Period, we continued to like General Electric for its aerospace exposure, which we believed was still below mid-cycle, as well as for its improvement and energy transition opportunities within its power business — all at an attractive valuation, in our view. Finally, we maintained our belief that the company’s balance sheet remained strong. |
| Semiconductor company Marvell Technology was a new purchase for the Fund during the Reporting Period. The company had mixed performance in the second half of 2022 and through early 2023 due to weakness in China’s economy as well as macroeconomic headwinds and storage weakness as customer digestion of inventory took place. Thus, most of the company’s strong performance can be attributed to the second quarter of 2023 when we saw the company take share and be levered to more recession-resistant and growth-leaning end markets. In April 2023, Marvell Technology posted a modest beat of consensus expectations for its first quarter 2023 earnings, but the stock rallied after the company gave more visibility on its artificial intelligence (“AI”)-related pipeline. The company stated it expects its AI-related business to double its revenue in each of the next two years, which sparked investor optimism. The company also announced it expects inventory digestion to be over quicker than it had previously expected. At the end of the Reporting Period, we believed the company stood to benefit from the significant increase in corporate AI spending and had the potential to see strong demand for its data center business as a leading-edge player in the semiconductor industry. We maintained a positive outlook on Marvell Technology given our view of its management’s history of execution and the company’s exposure to structural growth trends in cloud technology, autos and fifth-generation (“5G”) technology. |
| Alphabet (Class A), the parent company of Google and YouTube, was also a new purchase for the Fund during the Reporting Period. After initial weakness at the end of 2022 due to a European Union court fine regarding antitrust issues and missing earnings estimates given a weaker than consensus expected advertising market, the company was able to get back on track in 2023. Buzz around the company’s AI initiatives drove positive investor sentiment early in the new calendar year. Then, in the last week of April 2023, Alphabet announced a better than consensus expected earnings result, featuring search growth, a significant operating income beat, and a stabilization of YouTube revenue. The company’s stock price surged, reaching its 52-week high following the company’s announcements regarding the addition of AI features to its flagship search product as well as its tools, such as Google Docs and Sheets, to increase the efficiency and expand the capabilities of those products. Alphabet’s shares further rallied after the company announced second quarter 2023 earnings ahead of consensus expectations on both the top and bottom line, driven by better margins, accelerating YouTube and search growth, and ongoing strength in its cloud business. The company illustrated how a majority of advertisers were using its AI tools, and on the advertising side, there was strength in retail. At the end of the Reporting Period, we remained confident in Alphabet as a dominant player with immense access to data and capital in the competition toward developing AI. We also expected the advertising markets to continue to improve in the next two years and believed the company would likely deliver on its operating margin expansion. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in Meta Platforms (Class A), CVS Health and L3Harris Technologies. |
| Meta Platforms (Class A) was the top detractor from the Fund’s relative results during the Reporting Period. Parent company of Facebook, Instagram and Threads, Meta Platforms engages in the development of social media applications. Due to what many saw as excessive hiring and high product development costs, the company posted weak performance in 2022. The company has been focusing its efforts on different new devices to diversify and enter new markets. In doing so, it ramped up spending throughout the fourth quarter of 2022, especially on its metaverse construction project, which lost several billion dollars in 2022. While the company subsequently showed improved cost efficiency and better engagement trends and while we continue to like the name, we sold the Fund’s position in Meta Platforms (Class A) in October 2022, as we preferred to be exposed to other advertising market-levered technology names with what we believed were better risk/reward prospects for the long term. |
| Health care services provider and pharmacy retailer CVS Health was a new purchase for the Fund during the Reporting Period. Shares of CVS Health took a hit in the fourth quarter of 2022 following the announcement that its largest health insurance plan for Medicate recipients received a lower star rating, making the plan ineligible for government bonus payments in 2024. Its stock also suffered from a pullback in |
10
PORTFOLIO RESULTS
| the broader health care sector in the second half of December 2022. Further, the company’s share price depreciated after CVS Health reported weaker than consensus expected fourth quarter 2022 earnings. Investor concerns grew during the first quarter of 2023, as competition in the pharmaceutical space intensified, while the U.S. demand for prescription drugs has begun to decline, and the company continued to grapple with inflationary pressure on its pricing. At the end of the Reporting Period, we recognized that CVS Health has lagged the managed care organization peer group, but we were constructive about the company’s ability to offset recent headwinds by transferring its Medicare Advantage members to other four-star rated plans, along with share buybacks. Additionally, we thought CVS Health’s balance sheet remained strong. |
| L3Harris Technology is an aerospace and defense technology company. The company’s shares came under pressure initially as it reported weaker than consensus expected third quarter 2022 earnings and lowered its full-year forward guidance due to supply-chain issues, labor mobility and inflationary headwinds. Its shares came under further pressure when defense stocks broadly traded lower in the beginning of 2023, as there was news of possible defense budget cuts. Its shares were then modestly lower following the news that the company was acquiring aerospace and defense company Aerojet Rocketdyne Holdings, Inc. at a premium. Substantial pressure subsequently came as L3Harris Technology reported mixed second quarter 2023 earnings results due largely to weaker operating margins. At the end of the Reporting Period, we continued to like the company as its valuation looked relatively attractive to us, and we expected its free cash flow to inflect positively going forward. Finally, in our view, the company was well positioned for key Department of Defense initiatives, which were, at the end of the Reporting Period, in their early stages. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, in addition to those purchases mentioned earlier, we initiated a Fund position in integrated oil and gas producer Exxon Mobil. We believe the company is well positioned to increase shareholder value as it continues its share buyback program through 2023. We are also optimistic about what we see as the company’s strong financial position. The company plans to utilize its free cash flow to repay debt as well as strengthen its balance sheet to withstand macroeconomic headwinds. Further, we believe the company is likely to benefit from Inflation Reduction Act tailwinds. |
| Conversely, we exited the Fund’s position in health insurance company Humana during the Reporting Period. While we still liked the name, we decided to allocate proceeds to what we believed were more attractive risk/reward opportunities. Humana fared well during the past year or so, driven by investment income, as health insurers typically benefit from rising interest rates. Since that tailwind was already priced in, in our view, and as inpatient utilization was running below historically normal trends, we felt there were better uses of capital for the near to medium term. |
| We eliminated the Fund’s position in property and casualty insurance provider Chubb during the Reporting Period. Much of Chubb’s weak performance during the Reporting Period could be attributed to softer industry pricing, increased competition and the potential for less margin expansion going forward. We elected to sell the Fund position in favor of what we considered more attractive investment opportunities elsewhere. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in communication services, consumer discretionary, industrials and materials increased. The Fund’s exposure to the consumer staples, energy, financials, health care and information technology sectors decreased compared to the Russell Index. |
11
PORTFOLIO RESULTS
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund was overweight in materials, industrials, communication services and consumer discretionary relative to the Russell Index. On the same date, the Fund was underweight in financials, real estate and energy and was rather neutrally weighted to the Russell Index in consumer staples, health care, information technology and utilities. |
12
FUND BASICS
Focused Value Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Exxon Mobil Corp. | 6.1 | % | Oil, Gas & Consumable Fuels | |||||
| Ameren Corp. | 5.0 | Multi-Utilities | ||||||
| Salesforce, Inc. | 4.7 | Software | ||||||
| Ross Stores, Inc. | 4.5 | Specialty Retail | ||||||
| Bristol-Myers Squibb Co. | 4.4 | Pharmaceuticals | ||||||
| JPMorgan Chase & Co. | 4.3 | Banks | ||||||
| Alphabet, Inc., Class A | 4.2 | Interactive Media & Services | ||||||
| Walmart, Inc. | 4.1 | Consumer Staples Distribution & Retail | ||||||
| Bank of America Corp. | 3.9 | Banks | ||||||
| Marvell Technology, Inc. | 3.8 | Semiconductors & Semiconductor Equipment | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
13
GOLDMAN SACHS FOCUSED VALUE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on July 31, 2015 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Focused Value Fund’s Lifetime Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from July 31, 2015 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Since Inception | |||||||
| Class A (Commenced July 31, 2015) |
||||||||||
| Excluding sales charges |
12.87% | 9.12% | 8.20% | |||||||
| Including sales charges |
6.67% | 7.91% | 7.45% | |||||||
|
| ||||||||||
| Class C (Commenced July 31, 2015) |
||||||||||
| Excluding contingent deferred sales charges |
11.91% | 8.28% | 7.39% | |||||||
| Including contingent deferred sales charges |
10.81% | 8.28% | 7.39% | |||||||
|
| ||||||||||
| Institutional (Commenced July 31, 2015) |
13.13% | 9.47% | 8.57% | |||||||
|
| ||||||||||
| Investor (Commenced July 31, 2015) |
13.11% | 9.37% | 8.47% | |||||||
|
| ||||||||||
| Class R6 (Commenced July 31, 2015) |
13.17% | 9.49% | 8.60% | |||||||
|
| ||||||||||
| Class R (Commenced July 31, 2015) |
12.51% | 8.84% | 7.93% | |||||||
|
| ||||||||||
| Class P (Commenced April 17, 2018) |
13.17% | 9.47% | 9.93% | |||||||
|
| ||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
14
PORTFOLIO RESULTS
Goldman Sachs Large Cap Value Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in large-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Goldman Sachs Fundamental Equity U.S. Equity Team defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest in foreign securities, including securities quoted in foreign currencies. The Fund may also invest in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 8.88%, 8.03%, 9.16%, 8.66%, 9.16%, 9.17%, 8.60% and 9.24%, respectively. These returns compare to the 8.59% average annual total return of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis due primarily to stock selection overall. Sector allocation as a whole also contributed positively, albeit more modestly, during the Reporting Period. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Contributing most positively to the Fund’s performance relative to the Russell Index was effective stock selection in the information technology, industrials and materials sectors. Only partially offsetting these positive contributors were financials, consumer staples and consumer discretionary, as stock selection in each detracted. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in General Electric, Eaton and Alphabet (Class A). |
| Industrials conglomerate General Electric was the top positive contributor to the Fund’s relative results during the Reporting Period. The company’s share price initially benefited from the news of its divestiture of GE HealthCare as a standalone business. Despite reporting a top-line third quarter 2022 earnings miss of consensus expectations, the company’s share price appreciated because of a strong beat of consensus expectations on earnings and free cash flow. The company’s share price continued to appreciate in January 2023 on the news of a solid fourth quarter 2022 earnings release, as the company’s core business reported results ahead of consensus expectations. Additionally, investors reacted positively to General Electric’s newly deleveraged business in the wake of the then-recent spinoff of its health care segment. General Electric’s stock appreciated further after the company reaffirmed its 2023 guidance and announced expectations for greater aerospace profits. The company maintained this trend by announcing two quarters with results ahead of market expectations, as General Electric had the fastest free cash flow and earnings growth rate of large-cap industrial companies during these quarters. At the end of the Reporting Period, we continued to like General Electric for its aerospace exposure, which we believed was still below mid-cycle, as well as for its improvement and energy transition opportunities within its |
15
PORTFOLIO RESULTS
| power business — all at an attractive valuation, in our view. Finally, we maintained our belief that the company’s balance sheet remained strong. |
| Power management company Eaton delivered solid operating results throughout the Reporting Period, starting in the third quarter of 2022 when it slightly beat consensus expectations with its results. The market began seeing the benefits for Eaton of being an electrical products company in an increasingly electrified world when the company announced a solid fourth quarter 2022 earnings report, which propelled the company’s stock forward, as it beat consensus expectations on both the top and bottom lines. Furthermore, the company illustrated strong backlog growth, which alludes to strong and ongoing order activity. Then, in July and August 2023, the company’s stock appreciated after it announced electric vehicle fleet charging solutions and after reporting second quarter 2023 earnings ahead of consensus expectations, driven by growth in its electrical and aerospace segments. Further, the company raised its guidance for the full calendar year, anticipating enhanced strength as a leading player in electrical products. At the end of the Reporting Period, we remained positive about the company, as its risk/reward profile looked compelling to us given Eaton’s management has focused the company primarily as an electrical products business. We also believed the company’s direction was in line with multiple secular tailwinds and its portfolio would benefit from increased spending on U.S. manufacturing due to re-shoring tailwinds, electric vehicle investments and Inflation Reduction Act and Chips Act stimulus. |
| Alphabet (Class A) is the parent company of Google and YouTube. After initial weakness at the end of 2022 due to a European Union court fine regarding antitrust issues and missing earnings estimates given a weaker than consensus expected advertising market, the company was able to get back on track in 2023. Buzz around the company’s artificial intelligence (“AI”) initiatives drove positive investor sentiment early in the new calendar year. Then, in the last week of April 2023, Alphabet announced a better than consensus expected earnings result, featuring search growth, a significant operating income beat, and a stabilization of YouTube revenue. The company’s stock price surged, reaching its 52-week high following the company’s announcements regarding the addition of AI features to its flagship search product as well as its tools, such as Google Docs and Sheets, to increase the efficiency and expand the capabilities of those products. Alphabet’s shares further rallied after the company announced second quarter 2023 earnings ahead of consensus expectations on both the top and bottom line, driven by better margins, accelerating YouTube and search growth, and ongoing strength in its cloud business. The company illustrated how a majority of advertisers were using its AI tools, and on the advertising side, there was strength in retail. At the end of the Reporting Period, we remained confident in Alphabet as a dominant player with immense access to data and capital in the competition toward developing AI. We also expected the advertising markets to continue to improve in the next two years and believed the company would likely deliver on its operating margin expansion. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in Meta Platforms (Class A), CVS Health and Foot Locker. |
| Meta Platforms (Class A) was the top detractor from the Fund’s relative results during the Reporting Period. Parent company of Facebook, Instagram and Threads, Meta Platforms engages in the development of social media applications. Due to what many saw as excessive hiring and high product development costs, the company posted weak performance in 2022. The company has been focusing its efforts on different new devices to diversify and enter new markets. In doing so, it ramped up spending throughout the fourth quarter of 2022, especially on its metaverse construction project, which lost several billion dollars in 2022. While the company subsequently showed improved cost efficiency and better engagement trends and while we continued to like the name, we sold the Fund’s position in Meta Platforms (Class A) in October 2022, as we preferred to be exposed to other advertising market-levered technology names with what we believed were better risk/reward prospects for the long term. |
| Health care services provider and pharmacy retailer CVS Health was a new purchase for the Fund during the Reporting Period. Shares of CVS Health took a hit in the fourth quarter of 2022 following the announcement that its largest health insurance plan for Medicate recipients received a lower star rating, making the plan ineligible for government bonus payments in 2024. Its stock also suffered from a pullback in the broader health care sector in the second half of December 2022. Further, the company’s share price depreciated after CVS Health reported weaker than consensus expected fourth quarter 2022 earnings. Investor concerns grew during the first quarter of 2023, as competition in the pharmaceutical |
16
PORTFOLIO RESULTS
| space intensified, while the U.S. demand for prescription drugs has begun to decline, and the company continued to grapple with inflationary pressure on its pricing. At the end of the Reporting Period, we recognized that CVS Health has lagged the managed care organization peer group, but we were constructive about the company’s ability to offset recent headwinds by transferring its Medicare Advantage members to other four-star rated plans, along with share buybacks. Additionally, we thought CVS Health’s balance sheet remained strong. |
| Athletic footwear and apparel retailer Foot Locker was a new purchase for the Fund during the Reporting Period. Foot Locker announced disappointing second quarter 2023 earnings results and lowered its full-year guidance twice in the first eight months of 2023, pulling its stock price down. The earnings miss was driven by a softening of sales due to macroeconomic headwinds and a pullback in discretionary spending, affecting the consumer discretionary sector broadly. At the end of the Reporting Period, we continued to believe in the company with a long-term perspective, as its new Chief Executive Officer’s leadership should execute, in our opinion, on initiatives to drive more sustainable and profitable growth going forward. Further, the company’s key competitive strengths, in our view, including brand positioning, large global scale, strong vendor relationships and a healthy balance sheet, remained intact at the end of the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, in addition to those purchases already mentioned, we initiated a Fund position in computer technology corporation Oracle. Recent traction in multiple product lines has made solid revenue growth a possibility, in our view, and medium-term guidance called for what we saw as attractive improvements in efficiency metrics, such as operating margins and expense management. The company has renewed its focus both on building cloud infrastructure, as cloud computing has seen significant momentum during the past few years, and on adding to its vertical software-as-a-service-based application portfolio. Overall, we believe Oracle is likely to continue to grow should it benefit as we anticipate from its large size, end-market diversification, wide array of product offerings and recurring revenue base. |
| We established a Fund position in oil and natural gas company EOG Resources during the Reporting Period. We hold confidence in EOG Resources because of what we consider to be its attractive geographic positions and production costs and what we see as a remarkably strong balance sheet with low debt as well as its efforts to return cash to shareholders through dividend growth and share repurchases. |
| Conversely, in addition to the sale of Meta Platforms (Class A) mentioned earlier, we exited the Fund’s position in oil and natural gas exploration and production company ConocoPhillips during the Reporting Period. While we like the company in the longer term, we decided to reallocate capital given our reservations around the company’s valuation and medium-term catalysts. We ultimately sold the position in favor of what we considered to be more attractive risk/reward opportunities. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in communication services, consumer discretionary, materials and utilities increased. The Fund’s exposure to consumer staples, financials and health care decreased compared to the Russell Index. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweight positions relative to the Russell Index in the materials and utilities sectors. On the same date, the Fund had underweight positions compared to the Russell Index in financials and real estate and had rather neutral allocations relative to the Russell Index in communication services, consumer discretionary, consumer staples, energy, health care, industrials and information technology. |
17
FUND BASICS
Large Cap Value Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Exxon Mobil Corp. | 3.8 | % | Oil, Gas & Consumable Fuels | |||||
| JPMorgan Chase & Co. | 3.3 | Banks | ||||||
| Walmart, Inc. | 2.8 | Consumer Staples Distribution & Retail | ||||||
| Eaton Corp. PLC | 2.0 | Electrical Equipment | ||||||
| Bristol-Myers Squibb Co. | 2.0 | Pharmaceuticals | ||||||
| Alphabet, Inc., Class A | 1.9 | Interactive Media & Services | ||||||
| Berkshire Hathaway, Inc., Class B | 1.9 | Financial Services | ||||||
| BlackRock, Inc. | 1.9 | Capital Markets | ||||||
| Oracle Corp. | 1.9 | Software | ||||||
| General Electric Co. | 1.8 | Industrial Conglomerates | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
18
GOLDMAN SACHS LARGE CAP VALUE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Large Cap Value Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
8.88% | 6.98% | 7.71% | — | ||||||||
| Including sales charges |
2.93% | 5.77% | 7.10% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
8.03% | 6.19% | 6.91% | — | ||||||||
| Including contingent deferred sales charges |
6.95% | 6.19% | 6.91% | — | ||||||||
|
| ||||||||||||
| Institutional |
9.16% | 7.30% | 8.08% | — | ||||||||
|
| ||||||||||||
| Service |
8.66% | 6.79% | 7.55% | — | ||||||||
|
| ||||||||||||
| Investor |
9.16% | 7.24% | 7.98% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
9.17% | 7.32% | N/A | 6.94% | ||||||||
|
| ||||||||||||
| Class R |
8.60% | 6.70% | 7.44% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
9.24% | 7.32% | N/A | 7.84% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
19
PORTFOLIO RESULTS
Goldman Sachs Mid Cap Value Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity U.S. Equity Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 4.97%, 4.24%, 5.39%, 4.86%, 5.24%, 5.38%, 4.72% and 5.38%, respectively. These returns compare to the 5.65% average annual total return of the Fund’s benchmark, the Russell Midcap® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | While absolute returns were solidly positive, the Fund slightly underperformed the Russell Index on a relative basis due primarily to stock selection overall. Sector allocation as a whole contributed positively, albeit modestly. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Detracting most from the Fund’s performance relative to the Russell Index was stock selection in the utilities, information technology and consumer discretionary sectors. Having an average underweighted allocation to consumer discretionary, which outpaced the Russell Index during the Reporting Period, also hurt. Partially offsetting these detractors was stock selection in the materials, industrials and health care sectors, which contributed positively. Having an overweighted allocation to industrials, which was the strongest performing sector in the Russell Index during the Reporting Period, also boosted the Fund’s relative results. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in First Republic Bank, Viavi Solutions and AES. |
| First Republic Bank engages in the provision of private banking, business banking, real estate lending and wealth management. The company’s stock faced initial weakness when it reported third quarter 2022 earnings slightly better than consensus expectations but guided future net interest margins in the lower end of its previous guidance. Then, in the first quarter of 2023, its stock price declined driven by broader fear in the banking industry, as regional banks illustrated an asset/liability mismatch in invested securities that caused fears in customers. This led to withdrawals of balances from regional banks in favor of larger financial institutions. While we had previously liked its underlying businesses, we ultimately decided to sell the Fund’s position in First Republic Bank, as perception often drives stock prices and fear around solvency caused volatility for regional banks. |
| Network and service enabling solutions and optical products provider Viavi Solutions was another top detractor from the Fund’s relative results during the Reporting Period. After |
20
PORTFOLIO RESULTS
| several consecutive quarters of consensus beats and guidance raises, Viavi Solutions reported a disappointing third quarter 2022, as its network services enablement business segment was negatively affected by a major slowdown in order placement by various service providers. While unclear when this business will come back, we believed we were still early in the fifth-generation (“5G”) deployment cycle in the U.S., and thus, it is a matter of when, not if. This weakness continued to be seen in the company’s first quarter 2023 earnings report, as the company was under-earning in nearly all segments versus what is historically normalized. However, we believed the company was near trough levels and end-market stabilization. As a result, we held the Fund position, continuing to believe at the end of the Reporting Period that Viavi Solutions was well positioned as a share gainer in its core markets, with what we viewed as an attractive valuation. We also held high confidence in the execution abilities of the company’s management team. |
| Shares of utility and power generation company AES came under pressure when the company announced its first quarter 2023 earnings. Such earnings were roughly in line with consensus expectations, but investors were concerned about AES’ ability to hit its growth targets with its then-current plan to exit coal assets by 2025. The company’s earnings growth was driven more by tax credits than by earnings before interest, taxes, depreciation and amortization (“EBITDA”) growth, which, alongside the illustrated need for more financing than the company had previously expected, hurt investor sentiment. The market was further unimpressed when the company reported its second quarter 2023 earnings, again largely in line with consensus expectations. The company also traded lower when it was announced its Chief Operating Officer would step down. With all that, we continued to believe in AES at the end of the Reporting Period given that the stock remained inexpensive, in our view, and highly leveraged to the renewable energy secular growth theme. We believed the company should benefit from the Inflation Reduction Act in the U.S. and has strong utility growth opportunities driven by renewables, strong growth potential in its jurisdictions, and past underinvestment. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in Old Dominion Freight Line, ITT and Arch Capital Group. |
| Less-than-truckload shipping company Old Dominion Freight Line was the top positive contributor to the Fund’s relative results during the Reporting Period. The company reported a solid fourth quarter 2022 earnings report, with a bottom-line beat of consensus expectations driven by improved margins due to strong pricing and cost controls. The company also announced a 33% increase to its dividend. Shares of the company then appreciated again in June 2023 on news that industry rival, Yellow Corporation, could declare bankruptcy, which would create a significant opportunity for Old Dominion Freight Line to increase its market share. Such a scenario could also cause immediate pricing and volume gains for other less-than-truckload companies. Subsequently, the company announced second quarter 2023 earnings with a slight earnings per share beat of consensus expectations on improved margins. The results also featured pricing growth, moderating tonnage declines and strong cost control. At the end of the Reporting Period, we continued to believe the company was likely to hold up well in a potential economic downturn due to execution and superior industry structure. We also believed Old Dominion Freight Line may be poised to potentially benefit from what we saw as structural growth opportunities in the industry, with the freight cycle well below mid-cycle and with industry price discipline remaining strong. |
| ITT engages in the manufacture and sale of components and solutions primarily used in the transportation, industrial and energy markets. The company performed well as it got to the right side of balancing cost and price dynamics through the end of 2022 and saw continued strength in orders across its business segments. ITT maintained this strength throughout the Reporting Period through operational performance, as its margins set new highs and its free cash flow conversion was impressive, in our view, as evidenced by its second quarter 2023 results announced in August. The company has been demonstrating ongoing margin expansion, and, at the end of the Reporting Period, we believed the company could achieve higher profitability going forward. |
| Arch Capital Group is a global insurance, reinsurance and mortgage insurance writing company. The company performed well throughout its business mix during the Reporting Period, as it expanded more into reinsurance and maintained strong mortgage results. The company also illustrated strong operating results, beating consensus estimates during the Reporting Period while also engaging in shareholder-friendly initiatives through stock repurchases. |
21
PORTFOLIO RESULTS
| Overall, at the end of the Reporting Period, we believed Arch Capital Group would likely continue to grow in what we saw as a favorable environment, boding well for its future earnings power amid high interest rates. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | We re-initiated a Fund position in semiconductor company Marvell Technology during the Reporting Period, having sold the position in the prior 12-month period. We believe Marvell Technology stands to benefit from the significant increase in corporate artificial intelligence (“AI”) spending and has the potential to see strong demand for its data center business as a leading-edge player in the semiconductor industry. We also have a positive outlook on the company given its management’s history of execution and its exposure to structural growth trends in cloud technologies, autos and 5G technology. |
| We established a Fund position in off-price apparel and home accessories retailer Ross Stores during the Reporting Period. Off-price remains our favored segment of the retail industry for 2023. Also, the combination of Ross Stores’ underlying fundamentals remaining healthy, in our view, and its risk/reward profile appearing relatively more attractive to us prompted our decision to purchase the stock. We believe its stock can perform well as the company’s previous guidance does not assume any trade-down buying trends or store traffic improvements. |
| Conversely, in addition to the sale of First Republic Bank mentioned earlier, we exited the Fund’s position in financial investment management and insurance company Principal Financial Group during the Reporting Period. We decided to sell based on our belief that other insurance companies had more attractive valuations at the time and higher long-term growth potential than Principal Financial Group. |
| We eliminated the Fund’s position in food company McCormick & Company during the Reporting Period. While we still like the name with a long-term perspective, we sold the Fund position given our uncertainty around the company’s Chief Executive Officer transition and the company’s relative strength in 2023 year-to-date. We ultimately saw what we viewed as better opportunities in the Fund’s portfolio with more catalysts in the nearer term. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocation compared to the Russell Index in financials increased and its allocation compared to the Russell Index in information technology decreased. The Fund’s position in cash also decreased during the Reporting Period. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had overweight positions relative to the Russell Index in financials and materials. On the same date, the Fund had underweight positions relative to the Russell Index in information technology, real estate and consumer staples and was rather neutrally weighted to communication services, consumer discretionary, energy, health care, industrials and utilities. |
22
FUND BASICS
Mid Cap Value Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Marvell Technology, Inc. | 2.2 | % | Semiconductors & Semiconductor Equipment | |||||
| Martin Marietta Materials, Inc. | 2.1 | Construction Materials | ||||||
| Steel Dynamics, Inc. | 1.9 | Metals & Mining | ||||||
| Ross Stores, Inc. | 1.8 | Specialty Retail | ||||||
| ITT, Inc. | 1.8 | Machinery | ||||||
| Fortive Corp. | 1.8 | Machinery | ||||||
| Raymond James Financial, Inc. | 1.8 | Capital Markets | ||||||
| Zimmer Biomet Holdings, Inc. | 1.7 | Health Care Equipment & Supplies | ||||||
| AMETEK, Inc. | 1.6 | Electrical Equipment | ||||||
| Fidelity National Information Services, Inc. | 1.6 | Financial Services | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
23
GOLDMAN SACHS MID CAP VALUE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 1, 2013 in Class A Shares (with a maximum sales charge of 5.5%). For comparative purposes, the performance of the Fund’s benchmark, the Russell Midcap® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Mid Cap Value Fund’s 10 Year Performance |
Performance of a $10,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
4.97% | 8.22% | 8.29% | — | ||||||||
| Including sales charges |
-0.79% | 7.00% | 7.68% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
4.24% | 7.41% | 7.48% | — | ||||||||
| Including contingent deferred sales charges |
3.20% | 7.41% | 7.48% | — | ||||||||
|
| ||||||||||||
| Institutional |
5.39% | 8.62% | 8.71% | — | ||||||||
|
| ||||||||||||
| Service |
4.86% | 8.08% | 8.17% | — | ||||||||
|
| ||||||||||||
| Investor |
5.24% | 8.49% | 8.56% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
5.38% | 8.63% | N/A | 7.69% | ||||||||
|
| ||||||||||||
| Class R |
4.72% | 7.95% | 8.02% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
5.38% | 8.64% | N/A | 8.79% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
24
PORTFOLIO RESULTS
Goldman Sachs Small Cap Value Fund
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) (“Net Assets”) in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Investment Adviser defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 2.71%, 1.96%, 2.96%, 2.46%, 2.94%, 2.99%, 2.44% and 2.97%, respectively. These returns compare to the 2.17% average annual total return of the Fund’s benchmark, the Russell 2000® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund outperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection. Sector allocation as a whole also contributed positively to the Fund’s relative performance. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Effective stock selection in the industrials, health care and consumer staples sectors contributed most positively to the Fund’s performance relative to the Russell Index. Having an overweighted allocation to industrials, which was the second-strongest performing sector in the Russell Index during the Reporting Period, and having an underweighted allocation to health care, which was the weakest performing sector in the Russell Index during the Reporting Period, also helped. Only partially offsetting these positive contributors was weak stock selection in the energy, financials and real estate sectors, which detracted. Having an underweighted allocation to energy, which was the best performing sector in the Russell Index during the Reporting Period, also hurt. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in Terex, Meritage Homes and Federal Signal. |
| The stock price of Terex, a manufacturer of lifting and material processing products, more than doubled during the Reporting Period on the back of four straight quarters of beating consensus expectations and raising guidance. Despite the uncertain macroeconomic backdrop, Terex consistently executed well on the margin front, especially within its aerial work platforms business segment, supported by improved supply chains and operating efficiencies. At the end of the Reporting Period, we maintained conviction in Terex given what we saw as its robust backlog, healthy balance sheet and persistent revenue and earnings growth amid macroeconomic volatility. |
| Meritage Homes is a company that engages in the design and construction of single-family attached and detached homes. Its stock rose during the Reporting Period supported by a strong bounce back in housing data in conjunction with |
25
PORTFOLIO RESULTS
| robust demand and consistent supply, allowing for selective price increases. Meritage Homes closed out 2022 delivering 29% more homes and 32% higher home closing revenue in the fourth quarter of 2022 compared to the prior year. Then, its stock price surged more than 26% in the first quarter of 2023 alone, as existing home sales jumped 14.5% in February 2023, breaking a 12-month streak of declines and marking the largest monthly percentage increase since July 2020. At the end of the Reporting Period, we believed Meritage Homes was well positioned to continue growing in the long term due to what we viewed as its high demand, its strong returns and balance sheet, and its efficient construction model. The increase in demand for lower-end homes, combined with stabilizing home prices, should allow the company, in our opinion, to raise prices and generate higher profits. |
| Shares of Federal Signal, a manufacturer and supplier of safety, signaling and communications equipment, consistently appreciated during the Reporting Period. Federal Signal reported multiple consecutive quarters of beating consensus expectations and raising guidance since the first quarter of 2022, and investors reacted positively to the company’s merger and acquisition activity. The earnings beats were driven by better top-line results, strong demand, improving supply chains and a strong merger and acquisition pipeline. More specifically, the announced acquisition of Trackless Vehicles Limited, a leading manufacturer of multi-purpose tractors, boosted Federal Signal’s position as an industry-leading diversified manufacturer of specialized vehicles, driving a significant jump in the company’s stock price. At the end of the Reporting Period, we liked that Federal Signal had already started to see the benefits from federal stimulus funding in its then-recent order trends. We also believed the company’s active merger and acquisition pipeline, combined with multi-year tailwinds from infrastructure legislation, had positioned the company well for long-term growth. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in Hudson Pacific Properties, FARO Technologies and Lakeland Financial. |
| Hudson Pacific Properties is a real estate company that owns, operates, develops and acquires office, media and entertainment properties. Despite largely in-line or above consensus expectation earnings results, softer guidance and broad weakness in its peer group drove the company’s stock lower during the Reporting Period. Real estate investment trusts (“REITs”), as a group, sharply declined in March 2023 when regional bank failures pushed REITs notably lower because of their exposure to regional banks. In addition, Hudson Pacific Properties suffered heavy losses from the Writers Guild of America strike, a labor dispute between writers and major production companies. Hudson Pacific Properties’ studios experienced a major decline in production activity, as new content was halted consequent to the strike. We ultimately sold the Fund’s position in Hudson Pacific Properties given our concerns around the potential for meaningful earnings growth and multiple expansion. |
| FARO Technologies is a provider of three-dimensional (“3D”) measurement, imaging and realization technologies for manufacturing, construction and public safety analytics industries. Its stock price plummeted following the announcement that its current Chief Executive Officer was retiring. The company also had disappointing earnings results, with below average cash and poor profitability. Its management noted that there was a significant drop in demand due to macroeconomic uncertainty, as customers had been spending less on discretionary capital equipment given high inflation levels. We ultimately exited the Fund’s position in FARO Technologies in favor of higher conviction ideas elsewhere in the Fund’s portfolio. |
| Lakeland Financial is a commercial and retail banking services provider. Most of its stock’s depreciation during the Reporting Period came after Lakeland Financial reported challenging first quarter 2023 earnings results due to higher than consensus expected margin pressures and a higher provision expense, as the bank increased reserves given the uncertain macroeconomic backdrop. Further, banking shares broadly declined on the back of regulatory headwinds, with the U.S. Federal Reserve eyeing sharply higher capital requirements for the biggest lenders. At the end of the Reporting Period, we held the position, continuing to view the bank as high quality given what we considered to be its strong return profile and operating fundamentals. Additionally, we were optimistic about the bank’s loan growth potential and expansion of wealth management opportunities going forward, which could help offset margin pressure. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
26
PORTFOLIO RESULTS
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, we initiated a Fund position in oil and gas exploration company Chord Energy. We believed the company’s valuation was attractive at the time of purchase and liked its 75% capital return target. Chord Energy also recently announced a tuck-in all cash deal, which we viewed positively, as we expect it to improve Chord Energy’s inventory life. (A tuck-in acquisition, often referred to as a “bolt-on acquisition,” is a type of acquisition in which the acquiring company merges the acquired company into a division of the acquiring entity.) |
| We established a Fund position in wood and wood-alternative products manufacturer UFP Industries during the Reporting Period. We were positive on UFP Industries given what we viewed as its robust free cash flow, healthy balance sheet, attractive valuation and focus on new products where an improving mix continues to enhance margins. |
| Conversely, in addition to those sales already mentioned, we exited the Fund’s position in ABM Industries, a facility services and solutions provider, during the Reporting Period. ABM Industries’ shares slid in June 2023, as a combination of reduced work orders and a tight labor market hurt its margin expansion and revenue growth. We decided to sell the position in favor of other higher conviction names with what we believed to be stronger outlooks. |
| We eliminated the Fund’s position in Agree Realty, a REIT. We had initiated the Fund’s position in Agree Realty in June 2022. In July 2023, after challenging year-to-date performance, our investment thesis changed, and proceeds from the sale were reinvested into higher conviction ideas in the real estate sector. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocation compared to the Russell Index in consumer discretionary increased and its allocations compared to the Russell Index in real estate and communication services decreased. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund was overweight compared to the Russell Index in industrials, materials, information technology and consumer discretionary. On the same date, the Fund was underweight compared to the Russell Index in financials, real estate, health care and communication services and was rather neutrally weighted to energy, consumer staples and utilities. |
27
FUND BASICS
Small Cap Value Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Terreno Realty Corp. REIT | 1.3 | % | Industrial REITs | |||||
| Hostess Brands, Inc. | 1.3 | Food Products | ||||||
| Meritage Homes Corp. | 1.3 | Household Durables | ||||||
| SITE Centers Corp. REIT | 1.2 | Retail REITs | ||||||
| Physicians Realty Trust REIT | 1.2 | Health Care REITs | ||||||
| ESCO Technologies, Inc. | 1.1 | Machinery | ||||||
| Chord Energy Corp. | 1.0 | Oil, Gas & Consumable Fuels | ||||||
| UFP Industries, Inc. | 1.0 | Building Products | ||||||
| Arcosa, Inc. | 1.0 | Construction & Engineering | ||||||
| Acadia Realty Trust REIT | 1.0 | Retail REITs | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of Exchange Traded Funds held by the Fund (if any) are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
28
GOLDMAN SACHS SMALL CAP VALUE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Small Cap Value Fund’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||
| Class A |
||||||||||||
| Excluding sales charges |
2.71% | 2.22% | 6.79% | — | ||||||||
| Including sales charges |
-2.94% | 1.07% | 6.19% | — | ||||||||
|
| ||||||||||||
| Class C |
||||||||||||
| Excluding contingent deferred sales charges |
1.96% | 1.46% | 6.00% | — | ||||||||
| Including contingent deferred sales charges |
0.94% | 1.46% | 6.00% | — | ||||||||
|
| ||||||||||||
| Institutional |
2.96% | 2.56% | 7.18% | — | ||||||||
|
| ||||||||||||
| Service |
2.46% | 2.05% | 6.65% | — | ||||||||
|
| ||||||||||||
| Investor |
2.94% | 2.47% | 7.06% | — | ||||||||
|
| ||||||||||||
| Class R6 (Commenced July 31, 2015) |
2.99% | 2.57% | N/A | 5.93% | ||||||||
|
| ||||||||||||
| Class R |
2.44% | 1.96% | 6.53% | — | ||||||||
|
| ||||||||||||
| Class P (Commenced April 17, 2018) |
2.97% | 2.57% | N/A | 3.64% | ||||||||
|
| ||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
29
PORTFOLIO RESULTS
Goldman Sachs Small/Mid Cap Value Fund
Portfolio Composition
The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000® Value Index and the Russell Midcap Value Index, respectively, at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000® Value Index and the Russell Midcap Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Small Cap Value Team discusses the Goldman Sachs Small/Mid Cap Value Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R6, Class R and Class P Shares generated average annual total returns, without sales charges, of 4.03%, 3.25%, 4.33%, 4.28%, 4.41%, 3.75% and 4.34%, respectively. These returns compare to the 5.74% average annual total return of the Fund’s benchmark, the Russell 2500® Value Index (with dividends reinvested) (the “Russell Index”), during the same period. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund posted solid positive absolute returns but underperformed the Russell Index on a relative basis during the Reporting Period due primarily to stock selection overall. Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund’s relative results. |
| Q | Which equity market sectors most significantly affected Fund performance? |
| A | Challenging stock selection in energy, materials and real estate detracted most from the Fund’s performance relative to the Russell Index during the Reporting Period. Having a position in cash, though small, also dampened results during a Reporting Period when the Russell Index rallied. Partially offsetting these detractors was effective stock selection in the industrials, health care and financials sectors, which contributed positively to the Fund’s relative results. |
| Q | Which stocks detracted significantly from the Fund’s performance during the Reporting Period? |
| A | Detracting most from the Fund’s results relative to the Russell Index were positions in Exact Sciences, Heathcare Realty Trust and SM Energy. |
| Exact Sciences is a molecular diagnostics company specializing in the detection of early stage cancers. We had initiated a Fund position in the company in June 2023, as we believed Exact Sciences had a notable total addressable market (“TAM”) opportunity in front of it. Despite a second calendar quarter in which the company beat consensus expectations and raised its guidance with an encouraging update on Cologuard 2.0, which released positive clinical trial data a few months prior, Exact Sciences’ stock price fell materially following the release, partially due, we believe, to expectations being quite high going into the quarter. Exact Sciences’ management expressed that the company is only modestly penetrated into the total potential patient TAM for Cologuard, leaving significantly more growth runway. In our view, the company has been executing on its promise to punch through certain earnings goals, and, at the end of the Reporting Period, we believed Exact Sciences could continue to drive increasing profitability over time. |
30
PORTFOLIO RESULTS
| Healthcare Realty Trust is a real estate investment trust (“REIT”) focused on owning, managing, acquiring and developing outpatient medical facilities. Healthcare Realty Trust underperformed both health care REITS and REITs overall during the Reporting Period driven largely by earnings shortfalls. Its stock price also declined after the company decreased guidance to reflect inflationary pressure on labor costs negatively affecting its operating expenses. At the end of the Reporting Period, we continued to believe the medical office building industry would likely benefit from the ongoing shift in the health care system from inpatient to outpatient settings. |
| Shares of hydrocarbon exploration company SM Energy fell during the Reporting Period underpinned by a decrease in commodity prices and weak sentiment surrounding the economy and demand growth. We ultimately exited the Fund’s position in SM Energy in favor of what we saw as better risk/reward opportunities within the energy sector. |
| Q | What were some of the Fund’s best-performing individual stocks? |
| A | The Fund benefited most relative to the Russell Index from positions in Saia, Flex and KBR. |
| Saia provides regional and interregional less-than-truckload (“LTL”) services through a single integrated organization. The share price of transportation holding company Saia skyrocketed during the Reporting Period, with investors apparently wanting to buy truckers’ shares before an economic recovery. Industry concerns surrounding LTL competitor and third-largest LTL company based on 2022 revenue, Yellow Corporation, further boosted Saia’s share price. Any potential reduction in Yellow Corporation’s operations would be a tailwind to volume and industry-wide pricing. At the end of the Reporting Period, we continued to think LTL fundamentals should hold up well in an economic downturn, and good operators should take share and drive significant operating leverage in a recovery. Saia also has a distinctive opportunity to continue closing the price gap versus industry-leading peers, in our opinion, as its service has improved along with greater network density. |
| Electronic manufacturing services company Flex saw its stock price benefit during the Reporting Period from especially strong gross margins and demand within auto, industrial and NEXTracker, which more than offset weakness in consumer markets. (NEXTracker, a Flex company, delivers smart solar photovoltaic and storage system solutions to customers accelerating the clean energy transformation worldwide). Also, the electronic equipment and instruments industry as a group performed well during the Reporting Period. At the end of the Reporting Period, we continued to view Flex as well positioned for long-term growth given its increasing exposure to non-traditional and secularly expanding end-markets, such as electric vehicles and renewables, which we believe have higher margin potential than its traditional end-markets. Flex also has the ability, we thought, to increase its market share given its substantial North American footprint. |
| KBR provides differentiated professional services and technologies across the asset and program life cycle within the government services and hydrocarbons industries. After a slow start to the Reporting Period, KBR’s stock jumped in the second quarter of 2023 as industrials rallied. KBR also reported consecutive earnings beats of consensus expectations driven by outsized margins, revenue growth, higher government activity in Europe, and a growing sustainable technology solutions pipeline. At the end of the Reporting Period, we continued to like what we saw as KBR’s strong backlog, solid free cash flow profile, acquisition activity, and exposure to stable and growing end-markets across both governments and process technology companies. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, we did not use derivatives as part of an active management strategy. |
| Q | Did the Fund make any significant purchases or sales during the Reporting Period? |
| A | During the Reporting Period, in addition to the purchase of Exact Sciences already mentioned, we initiated a Fund position in American Homes 4 Rent (Class A), a REIT. We like the company because it has benefited from what we consider to be favorable demographics, limited supply and the sharp rise in the cost of home ownership. |
| We established a Fund position in Timken, a manufacturer of bearings and industrial motion products, during the Reporting Period. Timken reported a solid fourth quarter 2022 earnings beat of consensus expectations with enhanced margin performance driven by increased volumes. Although its management provided conservative 2023 guidance, we are encouraged by Timken’s fourth quarter results and believe its pricing/growth balance should remain strong. |
| Conversely, in addition to the sale of SM Energy mentioned earlier, we sold the Fund’s position in National Instruments |
31
PORTFOLIO RESULTS
| during the Reporting Period. National Instruments is a company that engages in the design and sale of systems to engineers and scientists that accelerate productivity, innovation and discovery. We believed the company had a less compelling risk/reward profile and offered lower growth potential than its peers. |
| We exited the Fund’s position in Camden Property Trust, a REIT. The company’s rent growth had been showing signs of deceleration due to higher supply and elevated bad debt. We ultimately sold the position and reallocated the proceeds to higher conviction ideas elsewhere in the Fund’s portfolio. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | Were there any notable changes in the Fund’s weightings during the Reporting Period? |
| A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocation compared to the Russell Index in industrials increased, and its allocations compared to the Russell Index in financials and communication services decreased. |
| Q | How was the Fund positioned relative to its benchmark index at the end of August 2023? |
| A | At the end of August 2023, the Fund had an overweight position compared to the Russell Index in industrials, had underweight positions compared to the Russell Index in health care and communication services, and was rather neutrally weighted in the remaining eight sectors of the Russell Index. |
32
FUND BASICS
Small/Mid Cap Value Fund
as of August 31, 2023
| TOP 10 HOLDINGS AS OF 8/31/231 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| KBR, Inc. | 1.5 | % | Professional Services | |||||
| Curtiss-Wright Corp. | 1.5 | Aerospace & Defense | ||||||
| Regal Rexnord Corp. | 1.4 | Electrical Equipment | ||||||
| AECOM | 1.4 | Construction & Engineering | ||||||
| Ciena Corp. | 1.4 | Communications Equipment | ||||||
| MKS Instruments, Inc. | 1.3 | Semiconductors & Semiconductor Equipment | ||||||
| Regency Centers Corp. REIT | 1.3 | Retail REITs | ||||||
| American Homes 4 Rent, Class A REIT | 1.2 | Residential REITs | ||||||
| Terreno Realty Corp. REIT | 1.2 | Industrial REITs | ||||||
| Timken Co. (The) | 1.2 | Machinery | ||||||
| 1 | The top 10 holdings may not be representative of the Fund’s future investments. |
| FUND VS. BENCHMARK SECTOR ALLOCATIONS2 |
| As of August 31, 2023 |
| 2 | The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
33
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on January 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2500® Value Index (with dividends reinvested), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Small/Mid Cap Value Fund’s Lifetime Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from January 31, 2014 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Since Inception | |||||||
| Class A (Commenced January 31, 2014) |
||||||||||
| Excluding sales charges |
4.03% | 5.41% | 6.91% | |||||||
| Including sales charges |
-1.66% | 4.23% | 6.28% | |||||||
|
| ||||||||||
| Class C (Commenced January 31, 2014) |
||||||||||
| Excluding contingent deferred sales charges |
3.25% | 4.62% | 6.13% | |||||||
| Including contingent deferred sales charges |
2.22% | 4.62% | 6.13% | |||||||
|
| ||||||||||
| Institutional (Commenced January 31, 2014) |
4.33% | 5.79% | 7.34% | |||||||
|
| ||||||||||
| Investor (Commenced January 31, 2014) |
4.28% | 5.67% | 7.18% | |||||||
|
| ||||||||||
| Class R6 (Commenced July 31, 2015) |
4.41% | 5.80% | 7.08% | |||||||
|
| ||||||||||
| Class R (Commenced January 31, 2014) |
3.75% | 5.14% | 6.65% | |||||||
|
| ||||||||||
| Class P (Commenced April 17, 2018) |
4.34% | 5.79% | 6.09% | |||||||
|
| ||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
34
GOLDMAN SACHS EQUITY INCOME FUND
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 99.4% | ||||||||
| Aerospace & Defense – 1.2% | ||||||||
| 26,989 | L3Harris Technologies, Inc. | $ | 4,806,471 | |||||
|
|
|
|||||||
| Air Freight & Logistics – 1.2% | ||||||||
| 28,700 | United Parcel Service, Inc., Class B | 4,861,780 | ||||||
|
|
|
|||||||
| Banks – 6.5% | ||||||||
| 311,818 | Bank of America Corp. | 8,939,822 | ||||||
| 90,809 | JPMorgan Chase & Co. | 13,288,081 | ||||||
| 125,515 | Truist Financial Corp. | 3,834,483 | ||||||
|
|
|
|||||||
| 26,062,386 | ||||||||
|
|
|
|||||||
| Beverages – 2.7% | ||||||||
| 119,750 | Coca-Cola Co. (The) | 7,164,643 | ||||||
| 58,075 | Coca-Cola Europacific Partners PLC (United Kingdom) | 3,723,188 | ||||||
|
|
|
|||||||
| 10,887,831 | ||||||||
|
|
|
|||||||
| Biotechnology – 1.7% | ||||||||
| 89,387 | Gilead Sciences, Inc. | 6,836,318 | ||||||
|
|
|
|||||||
| Capital Markets – 5.8% | ||||||||
| 7,781 | BlackRock, Inc. | 5,450,902 | ||||||
| 70,907 | Blackstone, Inc. | 7,542,378 | ||||||
| 48,822 | Morgan Stanley | 4,157,193 | ||||||
| 67,888 | Nasdaq, Inc. | 3,562,762 | ||||||
| 23,725 | Singapore Exchange Ltd. ADR (Singapore) | 2,534,304 | ||||||
|
|
|
|||||||
| 23,247,539 | ||||||||
|
|
|
|||||||
| Chemicals – 3.6% | ||||||||
| 16,052 | Air Products and Chemicals, Inc. | 4,743,205 | ||||||
| 25,139 | Linde PLC | 9,729,799 | ||||||
|
|
|
|||||||
| 14,473,004 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 1.8% | ||||||||
| 51,720 | Republic Services, Inc. | 7,454,404 | ||||||
|
|
|
|||||||
| Communications Equipment – 2.3% | ||||||||
| 161,055 | Cisco Systems, Inc. | 9,236,504 | ||||||
|
|
|
|||||||
| Construction & Engineering – 0.6% | ||||||||
| 88,038 | Vinci SA ADR (France) | 2,451,858 | ||||||
|
|
|
|||||||
| Consumer Finance – 1.3% | ||||||||
| 31,950 | American Express Co. | 5,047,781 | ||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 2.2% | ||||||||
| 55,833 | Walmart, Inc. | 9,079,004 | ||||||
|
|
|
|||||||
| Containers & Packaging – 0.8% | ||||||||
| 97,440 | International Paper Co. | 3,402,605 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services – 1.4% | ||||||||
| 377,286 | AT&T, Inc. | 5,580,060 | ||||||
|
|
|
|||||||
| Electric Utilities – 2.6% | ||||||||
| 107,299 | NextEra Energy, Inc. | 7,167,573 | ||||||
| 58,948 | Xcel Energy, Inc. | 3,367,699 | ||||||
|
|
|
|||||||
| 10,535,272 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Electrical Equipment – 2.0% | ||||||||
| 35,516 | Eaton Corp. PLC | 8,181,821 | ||||||
|
|
|
|||||||
| Financial Services – 1.1% | ||||||||
| 17,464 | Visa, Inc., Class A | 4,290,556 | ||||||
|
|
|
|||||||
| Food Products – 1.5% | ||||||||
| 43,471 | General Mills, Inc. | 2,941,248 | ||||||
| 97,307 | Kraft Heinz Co. (The) | 3,219,889 | ||||||
|
|
|
|||||||
| 6,161,137 | ||||||||
|
|
|
|||||||
| Ground Transportation – 0.9% | ||||||||
| 17,201 | Norfolk Southern Corp. | 3,526,377 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 2.4% | ||||||||
| 59,296 | Abbott Laboratories | 6,101,558 | ||||||
| 29,024 | Zimmer Biomet Holdings, Inc. | 3,457,339 | ||||||
|
|
|
|||||||
| 9,558,897 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.3% | ||||||||
| 88,606 | CVS Health Corp. | 5,774,453 | ||||||
| 7,623 | UnitedHealth Group, Inc. | 3,632,969 | ||||||
|
|
|
|||||||
| 9,407,422 | ||||||||
|
|
|
|||||||
| Health Care REITs – 1.0% | ||||||||
| 187,613 | Healthpeak Properties, Inc. REIT | 3,861,076 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 2.8% | ||||||||
| 25,371 | McDonald’s Corp. | 7,133,057 | ||||||
| 33,685 | Yum! Brands, Inc. | 4,358,165 | ||||||
|
|
|
|||||||
| 11,491,222 | ||||||||
|
|
|
|||||||
| Household Products – 2.2% | ||||||||
| 57,396 | Procter & Gamble Co. (The) | 8,858,499 | ||||||
|
|
|
|||||||
| Industrial Conglomerates – 1.4% | ||||||||
| 29,748 | Honeywell International, Inc. | 5,590,839 | ||||||
|
|
|
|||||||
| Insurance – 2.6% | ||||||||
| 47,103 | Allstate Corp. (The) | 5,078,174 | ||||||
| 28,744 | Marsh & McLennan Cos., Inc. | 5,604,793 | ||||||
|
|
|
|||||||
| 10,682,967 | ||||||||
|
|
|
|||||||
| IT Services – 1.1% | ||||||||
| 13,494 | Accenture PLC, Class A | 4,368,952 | ||||||
|
|
|
|||||||
| Machinery – 2.9% | ||||||||
| 24,811 | Caterpillar, Inc. | 6,975,117 | ||||||
| 19,729 | Illinois Tool Works, Inc. | 4,879,968 | ||||||
|
|
|
|||||||
| 11,855,085 | ||||||||
|
|
|
|||||||
| Media – 2.4% | ||||||||
| 57,608 | Comcast Corp., Class A | 2,693,750 | ||||||
| 84,706 | New York Times Co. (The), Class A | 3,749,934 | ||||||
| 38,765 | Omnicom Group, Inc. | 3,140,353 | ||||||
|
|
|
|||||||
| 9,584,037 | ||||||||
|
|
|
|||||||
| Metals & Mining – 1.2% | ||||||||
| 78,390 | Rio Tinto PLC ADR (Australia) | 4,899,375 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS EQUITY INCOME FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Multi-Utilities – 3.5% | ||||||||
| 56,859 | Ameren Corp. | $ | 4,507,213 | |||||
| 66,840 | CMS Energy Corp. | 3,755,740 | ||||||
| 45,356 | Dominion Energy, Inc. | 2,201,580 | ||||||
| 56,091 | National Grid PLC ADR (United Kingdom)(a) | 3,545,512 | ||||||
|
|
|
|||||||
| 14,010,045 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 7.9% | ||||||||
| 76,627 | ConocoPhillips | 9,120,912 | ||||||
| 43,781 | EOG Resources, Inc. | 5,631,112 | ||||||
| 127,869 | Exxon Mobil Corp. | 14,217,754 | ||||||
| 46,986 | Shell PLC ADR (Netherlands) | 2,917,361 | ||||||
|
|
|
|||||||
| 31,887,139 | ||||||||
|
|
|
|||||||
| Personal Care Products – 0.3% | ||||||||
| 50,576 | Kenvue, Inc. | 1,165,777 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 6.3% | ||||||||
| 115,969 | AstraZeneca PLC ADR (United Kingdom) | 7,865,018 | ||||||
| 142,250 | Bristol-Myers Squibb Co. | 8,769,712 | ||||||
| 15,995 | Eli Lilly & Co. | 8,864,429 | ||||||
|
|
|
|||||||
| 25,499,159 | ||||||||
|
|
|
|||||||
| Residential REITs – 1.1% | ||||||||
| 24,582 | AvalonBay Communities, Inc. REIT | 4,518,663 | ||||||
|
|
|
|||||||
| Retail REITs – 0.8% | ||||||||
| 49,234 | Regency Centers Corp. REIT | 3,062,355 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 3.2% | ||||||||
| 7,550 | KLA Corp. | 3,789,119 | ||||||
| 95,444 | Marvell Technology, Inc. | 5,559,613 | ||||||
| 21,736 | Texas Instruments, Inc. | 3,652,952 | ||||||
|
|
|
|||||||
| 13,001,684 | ||||||||
|
|
|
|||||||
| Software – 3.6% | ||||||||
| 6,783 | Intuit, Inc. | 3,675,097 | ||||||
| 12,176 | Microsoft Corp. | 3,990,806 | ||||||
| 56,132 | Oracle Corp. | 6,757,731 | ||||||
|
|
|
|||||||
| 14,423,634 | ||||||||
|
|
|
|||||||
| Specialized REITs – 2.2% | ||||||||
| 18,696 | American Tower Corp. REIT | 3,389,959 | ||||||
| 42,399 | Digital Realty Trust, Inc. REIT | 5,584,796 | ||||||
|
|
|
|||||||
| 8,974,755 | ||||||||
|
|
|
|||||||
| Specialty Retail – 2.1% | ||||||||
| 19,761 | Lowe’s Cos., Inc. | 4,554,515 | ||||||
| 33,516 | Ross Stores, Inc. | 4,082,584 | ||||||
|
|
|
|||||||
| 8,637,099 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 1.2% | ||||||||
| 87,902 | Dell Technologies, Inc., Class C | 4,943,608 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 1.3% | ||||||||
| 52,825 | NIKE, Inc., Class B | 5,372,831 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Trading Companies & Distributors – 1.5% | ||||||||
| 101,919 | Fastenal Co. | 5,868,496 | ||||||
|
|
|
|||||||
| Water Utilities – 0.9% | ||||||||
| 25,473 | American Water Works Co., Inc. | 3,534,124 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $331,331,209) | $ | 401,180,448 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.2%(b) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 714,371 | 5.234% | $ | 714,371 | |||||
| (Cost $714,371) | ||||||||
|
|
|
|||||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
| (Cost $332,045,580) | $ | 401,894,819 | ||||||
|
|
|
|||||||
| Securities Lending Reinvestment Vehicle – 0.3%(b) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 1,298,115 | 5.234% | $ | 1,298,115 | |||||
| (Cost $1,298,115) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 99.9% | ||||||||
| (Cost $333,343,695) | $ | 403,192,934 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
216,288 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 403,409,222 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) |
All or a portion of security is on loan. | |
| (b) |
Represents an affiliated issuer. | |
|
| ||||
| Investment Abbreviations: | ||||
| ADR |
—American Depositary Receipt | |||
| PLC |
—Public Limited Company | |||
| REIT |
—Real Estate Investment Trust | |||
|
| ||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 97.6% | ||||||||
| Aerospace & Defense – 2.7% | ||||||||
| 7,074 | L3Harris Technologies, Inc. | $ | 1,259,809 | |||||
|
|
|
|||||||
| Banks – 8.1% | ||||||||
| 63,345 | Bank of America Corp. | 1,816,101 | ||||||
| 13,657 | JPMorgan Chase & Co. | 1,998,429 | ||||||
|
|
|
|||||||
| 3,814,530 | ||||||||
|
|
|
|||||||
| Biotechnology – 2.8% | ||||||||
| 16,910 | Gilead Sciences, Inc. | 1,293,277 | ||||||
|
|
|
|||||||
| Capital Markets – 3.8% | ||||||||
| 2,524 | BlackRock, Inc. | 1,768,163 | ||||||
|
|
|
|||||||
| Chemicals – 2.7% | ||||||||
| 4,623 | Sherwin-Williams Co. (The) | 1,256,162 | ||||||
|
|
|
|||||||
| Construction Materials – 3.0% | ||||||||
| 3,188 | Martin Marietta Materials, Inc. | 1,423,155 | ||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 4.1% | ||||||||
| 11,937 | Walmart, Inc. | 1,941,076 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services – 2.8% | ||||||||
| 88,084 | AT&T, Inc. | 1,302,762 | ||||||
|
|
|
|||||||
| Ground Transportation – 3.0% | ||||||||
| 3,312 | Old Dominion Freight Line, Inc. | 1,415,449 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 6.2% | ||||||||
| 29,766 | Boston Scientific Corp.* | 1,605,578 | ||||||
| 11,108 | Zimmer Biomet Holdings, Inc. | 1,323,185 | ||||||
|
|
|
|||||||
| 2,928,763 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.8% | ||||||||
| 20,044 | CVS Health Corp. | 1,306,267 | ||||||
|
|
|
|||||||
| Household Products – 3.5% | ||||||||
| 22,703 | Colgate-Palmolive Co. | 1,667,989 | ||||||
|
|
|
|||||||
| Industrial Conglomerates – 3.6% | ||||||||
| 14,747 | General Electric Co. | 1,687,942 | ||||||
|
|
|
|||||||
| Insurance – 2.6% | ||||||||
| 11,119 | Globe Life, Inc. | 1,240,547 | ||||||
|
|
|
|||||||
| Interactive Media & Services – 4.1% | ||||||||
| 14,317 | Alphabet, Inc., Class A* | 1,949,546 | ||||||
|
|
|
|||||||
| Machinery – 6.1% | ||||||||
| 5,847 | Caterpillar, Inc. | 1,643,767 | ||||||
| 12,975 | Stanley Black & Decker, Inc. | 1,224,581 | ||||||
|
|
|
|||||||
| 2,868,348 | ||||||||
|
|
|
|||||||
| Metals & Mining – 3.0% | ||||||||
| 35,242 | Freeport-McMoRan, Inc. | 1,406,508 | ||||||
|
|
|
|||||||
| Multi-Utilities – 5.0% | ||||||||
| 29,383 | Ameren Corp. | 2,329,190 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 6.1% | ||||||||
| 25,800 | Exxon Mobil Corp. | 2,868,702 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Pharmaceuticals – 4.4% | ||||||||
| 33,354 | Bristol-Myers Squibb Co. | 2,056,274 | ||||||
|
|
|
|||||||
| Residential REITs – 1.9% | ||||||||
| 4,860 | AvalonBay Communities, Inc. REIT | 893,365 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 3.8% | ||||||||
| 30,385 | Marvell Technology, Inc. | 1,769,926 | ||||||
|
|
|
|||||||
| Software – 4.7% | ||||||||
| 9,958 | Salesforce, Inc.* | 2,205,299 | ||||||
|
|
|
|||||||
| Specialty Retail – 4.5% | ||||||||
| 17,292 | Ross Stores, Inc. | 2,106,339 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 2.3% | ||||||||
| 10,723 | NIKE, Inc., Class B | 1,090,636 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $41,357,201) | $ | 45,850,024 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.3%(a) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 153,740 | 5.234% | $ | 153,740 | |||||
| (Cost $153,740) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 97.9% | ||||||||
| (Cost $41,510,941) | $ | 46,003,764 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1% |
976,628 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 46,980,392 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||||
| Investment Abbreviations: | ||||
| REIT |
—Real Estate Investment Trust | |||
|
| ||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS LARGE CAP VALUE FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 99.2% | ||||||||
| Aerospace & Defense – 1.6% | ||||||||
| 38,555 | L3Harris Technologies, Inc. | $ | 6,866,260 | |||||
|
|
|
|||||||
| Automobile Components – 1.3% | ||||||||
| 52,660 | Aptiv PLC* | 5,342,357 | ||||||
|
|
|
|||||||
| Banks – 6.6% | ||||||||
| 259,447 | Bank of America Corp. | 7,438,345 | ||||||
| 36,991 | East West Bancorp, Inc. | 2,047,082 | ||||||
| 94,966 | JPMorgan Chase & Co. | 13,896,375 | ||||||
| 36,091 | M&T Bank Corp. | 4,513,180 | ||||||
|
|
|
|||||||
| 27,894,982 | ||||||||
|
|
|
|||||||
| Beverages – 1.5% | ||||||||
| 106,474 | Coca-Cola Co. (The) | 6,370,339 | ||||||
|
|
|
|||||||
| Biotechnology – 2.0% | ||||||||
| 78,909 | Gilead Sciences, Inc. | 6,034,960 | ||||||
| 19,862 | Neurocrine Biosciences, Inc.* | 2,162,773 | ||||||
|
|
|
|||||||
| 8,197,733 | ||||||||
|
|
|
|||||||
| Broadline Retail – 0.8% | ||||||||
| 25,320 | Amazon.com, Inc.* | 3,494,413 | ||||||
|
|
|
|||||||
| Capital Markets – 3.0% | ||||||||
| 11,264 | BlackRock, Inc. | 7,890,882 | ||||||
| 93,127 | Nasdaq, Inc. | 4,887,305 | ||||||
|
|
|
|||||||
| 12,778,187 | ||||||||
|
|
|
|||||||
| Chemicals – 3.1% | ||||||||
| 19,054 | Linde PLC | 7,374,660 | ||||||
| 21,279 | Sherwin-Williams Co. (The) | 5,781,930 | ||||||
|
|
|
|||||||
| 13,156,590 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 0.7% | ||||||||
| 21,093 | Waste Connections, Inc. | 2,889,530 | ||||||
|
|
|
|||||||
| Communications Equipment – 0.6% | ||||||||
| 12,421 | Arista Networks, Inc.* | 2,424,952 | ||||||
|
|
|
|||||||
| Construction Materials – 1.6% | ||||||||
| 15,111 | Martin Marietta Materials, Inc. | 6,745,701 | ||||||
|
|
|
|||||||
| Consumer Finance – 1.3% | ||||||||
| 35,441 | American Express Co. | 5,599,324 | ||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 2.8% | ||||||||
| 72,393 | Walmart, Inc. | 11,771,826 | ||||||
|
|
|
|||||||
| Containers & Packaging – 0.9% | ||||||||
| 72,535 | Ball Corp. | 3,949,531 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services – 1.6% | ||||||||
| 189,371 | Verizon Communications, Inc. | 6,624,197 | ||||||
|
|
|
|||||||
| Electric Utilities – 3.5% | ||||||||
| 113,506 | Exelon Corp. | 4,553,861 | ||||||
| 92,286 | NextEra Energy, Inc. | 6,164,705 | ||||||
| 70,449 | Xcel Energy, Inc. | 4,024,751 | ||||||
|
|
|
|||||||
| 14,743,317 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Electrical Equipment – 2.0% | ||||||||
| 37,024 | Eaton Corp. PLC | 8,529,219 | ||||||
|
|
|
|||||||
| Financial Services – 3.6% | ||||||||
| 22,337 | Berkshire Hathaway, Inc., Class B* | 8,045,787 | ||||||
| 73,038 | Fidelity National Information Services, Inc. | 4,079,903 | ||||||
| 12,891 | Visa, Inc., Class A | 3,167,061 | ||||||
|
|
|
|||||||
| 15,292,751 | ||||||||
|
|
|
|||||||
| Food Products – 1.3% | ||||||||
| 73,916 | Mondelez International, Inc., Class A | 5,267,254 | ||||||
|
|
|
|||||||
| Gas Utilities – 0.9% | ||||||||
| 33,784 | Atmos Energy Corp. | 3,917,255 | ||||||
|
|
|
|||||||
| Ground Transportation – 2.6% | ||||||||
| 28,119 | Norfolk Southern Corp. | 5,764,676 | ||||||
| 12,342 | Old Dominion Freight Line, Inc. | 5,274,601 | ||||||
|
|
|
|||||||
| 11,039,277 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 4.3% | ||||||||
| 118,633 | Boston Scientific Corp.* | 6,399,064 | ||||||
| 13,666 | Cooper Cos., Inc. (The) | 5,056,283 | ||||||
| 54,309 | Zimmer Biomet Holdings, Inc. | 6,469,288 | ||||||
|
|
|
|||||||
| 17,924,635 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.4% | ||||||||
| 47,061 | Centene Corp.* | 2,901,311 | ||||||
| 110,286 | CVS Health Corp. | 7,187,338 | ||||||
|
|
|
|||||||
| 10,088,649 | ||||||||
|
|
|
|||||||
| Household Products – 1.4% | ||||||||
| 81,411 | Colgate-Palmolive Co. | 5,981,266 | ||||||
|
|
|
|||||||
| Industrial Conglomerates – 1.8% | ||||||||
| 67,600 | General Electric Co. | 7,737,496 | ||||||
|
|
|
|||||||
| Industrial REITs – 1.6% | ||||||||
| 54,144 | Prologis, Inc. REIT | 6,724,685 | ||||||
|
|
|
|||||||
| Insurance – 2.7% | ||||||||
| 49,024 | Allstate Corp. (The) | 5,285,278 | ||||||
| 53,246 | Globe Life, Inc. | 5,940,656 | ||||||
|
|
|
|||||||
| 11,225,934 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 1.9% | ||||||||
| 59,363 | Alphabet, Inc., Class A* | 8,083,460 | ||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 1.2% | ||||||||
| 10,346 | Danaher Corp. | 2,741,690 | ||||||
| 7,735 | Waters Corp.* | 2,171,988 | ||||||
|
|
|
|||||||
| 4,913,678 | ||||||||
|
|
|
|||||||
| Machinery – 4.2% | ||||||||
| 25,239 | Caterpillar, Inc. | 7,095,440 | ||||||
| 16,197 | Illinois Tool Works, Inc. | 4,006,328 | ||||||
| 70,829 | Stanley Black & Decker, Inc. | 6,684,841 | ||||||
|
|
|
|||||||
| 17,786,609 | ||||||||
|
|
|
|||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Media – 1.0% | ||||||||
| 49,907 | Omnicom Group, Inc. | $ | 4,042,966 | |||||
|
|
|
|||||||
| Metals & Mining – 1.6% | ||||||||
| 163,835 | Freeport-McMoRan, Inc. | 6,538,655 | ||||||
|
|
|
|||||||
| Multi-Utilities – 2.0% | ||||||||
| 65,353 | Ameren Corp. | 5,180,532 | ||||||
| 55,951 | CMS Energy Corp. | 3,143,887 | ||||||
|
|
|
|||||||
| 8,324,419 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 8.0% | ||||||||
| 46,822 | Chesapeake Energy Corp. | 4,130,169 | ||||||
| 59,001 | EOG Resources, Inc. | 7,588,709 | ||||||
| 143,821 | Exxon Mobil Corp. | 15,991,457 | ||||||
| 39,519 | Hess Corp. | 6,105,685 | ||||||
|
|
|
|||||||
| 33,816,020 | ||||||||
|
|
|
|||||||
| Passenger Airlines – 0.6% | ||||||||
| 49,939 | United Airlines Holdings, Inc.* | 2,487,462 | ||||||
|
|
|
|||||||
| Personal Care Products – 1.4% | ||||||||
| 247,654 | Kenvue, Inc. | 5,708,425 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 5.0% | ||||||||
| 82,442 | AstraZeneca PLC ADR (United Kingdom) | 5,591,217 | ||||||
| 135,676 | Bristol-Myers Squibb Co. | 8,364,425 | ||||||
| 43,535 | Johnson & Johnson | 7,038,739 | ||||||
|
|
|
|||||||
| 20,994,381 | ||||||||
|
|
|
|||||||
| Residential REITs – 1.4% | ||||||||
| 32,472 | AvalonBay Communities, Inc. REIT | 5,969,003 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 3.9% | ||||||||
| 20,030 | Applied Materials, Inc. | 3,059,783 | ||||||
| 6,600 | KLA Corp. | 3,312,342 | ||||||
| 107,043 | Marvell Technology, Inc. | 6,235,255 | ||||||
| 54,715 | Micron Technology, Inc. | 3,826,767 | ||||||
|
|
|
|||||||
| 16,434,147 | ||||||||
|
|
|
|||||||
| Software – 4.0% | ||||||||
| 7,503 | Adobe, Inc.* | 4,196,728 | ||||||
| 64,843 | Oracle Corp. | 7,806,449 | ||||||
| 22,539 | Salesforce, Inc.* | 4,991,487 | ||||||
|
|
|
|||||||
| 16,994,664 | ||||||||
|
|
|
|||||||
| Specialized REITs – 0.7% | ||||||||
| 16,898 | American Tower Corp. REIT | 3,063,945 | ||||||
|
|
|
|||||||
| Specialty Retail – 2.4% | ||||||||
| 171,110 | Foot Locker, Inc. | 3,357,178 | ||||||
| 54,831 | Ross Stores, Inc. | 6,678,964 | ||||||
|
|
|
|||||||
| 10,036,142 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals – 1.2% | ||||||||
| 92,167 | Dell Technologies, Inc., Class C | 5,183,472 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Textiles, Apparel & Luxury Goods – 1.2% | ||||||||
| 50,117 | NIKE, Inc., Class B | 5,097,400 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $354,243,627) | $ | 418,052,508 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.5%(a) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 1,988,552 | 5.234% | $ | 1,988,552 | |||||
| (Cost $1,988,552) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 99.7% | ||||||||
| (Cost $356,232,179) | $ | 420,041,060 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
1,360,317 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 421,401,377 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| ADR |
—American Depositary Receipt | |
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MID CAP VALUE FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 99.7% | ||||||||
| Aerospace & Defense – 2.0% | ||||||||
| 43,353 | L3Harris Technologies, Inc. | $ | 7,720,736 | |||||
| 121,320 | Woodward, Inc. | 15,695,168 | ||||||
|
|
|
|||||||
| 23,415,904 | ||||||||
|
|
|
|||||||
| Automobile Components – 0.5% | ||||||||
| 51,364 | Aptiv PLC* | 5,210,878 | ||||||
|
|
|
|||||||
| Banks – 4.1% | ||||||||
| 305,546 | Citizens Financial Group, Inc. | 8,595,009 | ||||||
| 232,615 | East West Bancorp, Inc. | 12,872,914 | ||||||
| 102,703 | M&T Bank Corp. | 12,843,010 | ||||||
| 189,321 | Pinnacle Financial Partners, Inc. | 12,601,206 | ||||||
|
|
|
|||||||
| 46,912,139 | ||||||||
|
|
|
|||||||
| Beverages – 1.2% | ||||||||
| 222,398 | Coca-Cola Europacific Partners PLC (United Kingdom) | 14,257,935 | ||||||
|
|
|
|||||||
| Biotechnology – 0.8% | ||||||||
| 22,601 | Biogen, Inc.* | 6,042,603 | ||||||
| 21,614 | Sarepta Therapeutics, Inc.* | 2,615,510 | ||||||
|
|
|
|||||||
| 8,658,113 | ||||||||
|
|
|
|||||||
| Broadline Retail – 0.8% | ||||||||
| 119,087 | Etsy, Inc.* | 8,761,231 | ||||||
|
|
|
|||||||
| Building Products – 1.9% | ||||||||
| 108,828 | Allegion PLC | 12,385,715 | ||||||
| 46,843 | Trane Technologies PLC | 9,614,994 | ||||||
|
|
|
|||||||
| 22,000,709 | ||||||||
|
|
|
|||||||
| Capital Markets – 4.8% | ||||||||
| 368,748 | Carlyle Group, Inc. (The) | 11,928,998 | ||||||
| 18,453 | MSCI, Inc. | 10,031,420 | ||||||
| 234,872 | Nasdaq, Inc. | 12,326,083 | ||||||
| 195,360 | Raymond James Financial, Inc. | 20,432,702 | ||||||
|
|
|
|||||||
| 54,719,203 | ||||||||
|
|
|
|||||||
| Chemicals – 3.6% | ||||||||
| 195,948 | Ashland, Inc. | 16,974,975 | ||||||
| 97,978 | Celanese Corp. | 12,380,500 | ||||||
| 82,303 | PPG Industries, Inc. | 11,667,274 | ||||||
|
|
|
|||||||
| 41,022,749 | ||||||||
|
|
|
|||||||
| Communications Equipment – 1.7% | ||||||||
| 24,198 | Motorola Solutions, Inc. | 6,861,827 | ||||||
| 1,255,973 | Viavi Solutions, Inc.* | 13,124,918 | ||||||
|
|
|
|||||||
| 19,986,745 | ||||||||
|
|
|
|||||||
| Construction Materials – 2.1% | ||||||||
| 54,336 | Martin Marietta Materials, Inc. | 24,256,134 | ||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 1.0% | ||||||||
| 190,355 | Grocery Outlet Holding Corp.* | 5,872,452 | ||||||
| 91,606 | Performance Food Group Co.* | 5,691,481 | ||||||
|
|
|
|||||||
| 11,563,933 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Containers & Packaging – 1.6% | ||||||||
| 333,837 | Ball Corp. | 18,177,425 | ||||||
|
|
|
|||||||
| Electric Utilities – 2.3% | ||||||||
| 120,687 | Eversource Energy | 7,702,244 | ||||||
| 269,709 | FirstEnergy Corp. | 9,728,404 | ||||||
| 160,357 | Xcel Energy, Inc. | 9,161,195 | ||||||
|
|
|
|||||||
| 26,591,843 | ||||||||
|
|
|
|||||||
| Electrical Equipment – 2.8% | ||||||||
| 118,008 | AMETEK, Inc. | 18,823,456 | ||||||
| 43,788 | Rockwell Automation, Inc. | 13,665,359 | ||||||
|
|
|
|||||||
| 32,488,815 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 1.7% | ||||||||
| 60,264 | Keysight Technologies, Inc.* | 8,033,191 | ||||||
| 42,087 | Zebra Technologies Corp., Class A* | 11,574,346 | ||||||
|
|
|
|||||||
| 19,607,537 | ||||||||
|
|
|
|||||||
| Entertainment – 1.9% | ||||||||
| 91,072 | Electronic Arts, Inc. | 10,926,819 | ||||||
| 826,446 | Warner Bros Discovery, Inc.* | 10,859,500 | ||||||
|
|
|
|||||||
| 21,786,319 | ||||||||
|
|
|
|||||||
| Financial Services – 3.1% | ||||||||
| 335,147 | Fidelity National Information Services, Inc. | 18,721,311 | ||||||
| 55,786 | Jack Henry & Associates, Inc. | 8,746,129 | ||||||
| 122,861 | Voya Financial, Inc. | 8,560,955 | ||||||
|
|
|
|||||||
| 36,028,395 | ||||||||
|
|
|
|||||||
| Food Products – 0.6% | ||||||||
| 462,850 | Utz Brands, Inc. | 7,146,404 | ||||||
|
|
|
|||||||
| Ground Transportation – 1.6% | ||||||||
| 24,901 | Old Dominion Freight Line, Inc. | 10,641,940 | ||||||
| 19,110 | Saia, Inc.* | 8,144,682 | ||||||
|
|
|
|||||||
| 18,786,622 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 3.3% | ||||||||
| 47,665 | Cooper Cos., Inc. (The) | 17,635,573 | ||||||
| 167,130 | Zimmer Biomet Holdings, Inc. | 19,908,526 | ||||||
|
|
|
|||||||
| 37,544,099 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.2% | ||||||||
| 77,899 | Cencora, Inc. | 13,708,666 | ||||||
| 179,820 | Centene Corp.* | 11,085,903 | ||||||
|
|
|
|||||||
| 24,794,569 | ||||||||
|
|
|
|||||||
| Health Care REITs – 1.0% | ||||||||
| 256,850 | Ventas, Inc. REIT | 11,219,208 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 3.2% | ||||||||
| 227,315 | Las Vegas Sands Corp. | 12,470,501 | ||||||
| 60,277 | Royal Caribbean Cruises Ltd.* | 5,963,806 | ||||||
| 144,630 | Yum! Brands, Inc. | 18,712,230 | ||||||
|
|
|
|||||||
| 37,146,537 | ||||||||
|
|
|
|||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Household Durables – 1.4% | ||||||||
| 133,937 | Lennar Corp., Class A | $ | 15,950,557 | |||||
|
|
|
|||||||
| Independent Power and Renewable Electricity Producers – 1.1% | ||||||||
| 688,601 | AES Corp. (The) | 12,346,616 | ||||||
|
|
|
|||||||
| Industrial REITs – 1.1% | ||||||||
| 172,772 | Americold Realty Trust, Inc. REIT | 5,813,778 | ||||||
| 40,815 | EastGroup Properties, Inc. REIT | 7,331,598 | ||||||
|
|
|
|||||||
| 13,145,376 | ||||||||
|
|
|
|||||||
| Insurance – 7.1% | ||||||||
| 125,591 | Allstate Corp. (The) | 13,539,966 | ||||||
| 73,065 | American Financial Group, Inc. | 8,469,695 | ||||||
| 201,663 | Arch Capital Group Ltd.* | 15,499,818 | ||||||
| 58,785 | Arthur J Gallagher & Co. | 13,548,767 | ||||||
| 128,841 | Globe Life, Inc. | 14,374,790 | ||||||
| 3,454 | Markel Group, Inc.* | 5,108,190 | ||||||
| 224,159 | Unum Group | 11,026,381 | ||||||
|
|
|
|||||||
| 81,567,607 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 0.9% | ||||||||
| 223,513 | Match Group, Inc.* | 10,476,054 | ||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 1.0% | ||||||||
| 6,151 | Mettler-Toledo International, Inc.* | 7,464,115 | ||||||
| 9,944 | West Pharmaceutical Services, Inc. | 4,046,214 | ||||||
|
|
|
|||||||
| 11,510,329 | ||||||||
|
|
|
|||||||
| Machinery – 8.9% | ||||||||
| 50,675 | Chart Industries, Inc.* | 9,150,892 | ||||||
| 67,788 | Cummins, Inc. | 15,593,952 | ||||||
| 263,478 | Fortive Corp. | 20,775,240 | ||||||
| 31,966 | IDEX Corp. | 7,237,102 | ||||||
| 205,033 | ITT, Inc. | 20,970,775 | ||||||
| 196,048 | Stanley Black & Decker, Inc. | 18,503,010 | ||||||
| 99,985 | Xylem, Inc. | 10,352,447 | ||||||
|
|
|
|||||||
| 102,583,418 | ||||||||
|
|
|
|||||||
| Metals & Mining – 1.9% | ||||||||
| 207,367 | Steel Dynamics, Inc. | 22,103,249 | ||||||
|
|
|
|||||||
| Multi-Utilities – 3.5% | ||||||||
| 102,276 | Ameren Corp. | 8,107,419 | ||||||
| 256,606 | CMS Energy Corp. | 14,418,691 | ||||||
| 206,704 | NiSource, Inc. | 5,531,399 | ||||||
| 146,144 | WEC Energy Group, Inc. | 12,293,633 | ||||||
|
|
|
|||||||
| 40,351,142 | ||||||||
|
|
|
|||||||
| Office REITs – 1.2% | ||||||||
| 120,328 | Alexandria Real Estate Equities, Inc. REIT | 13,998,959 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 5.8% | ||||||||
| 69,887 | Cheniere Energy, Inc. | 11,405,558 | ||||||
| 124,335 | Chesapeake Energy Corp. | 10,967,590 | ||||||
| 288,967 | Devon Energy Corp. | 14,763,324 | ||||||
| 81,352 | Diamondback Energy, Inc. | 12,347,607 | ||||||
| 663,213 | Marathon Oil Corp. | 17,475,663 | ||||||
|
|
|
|||||||
| 66,959,742 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Passenger Airlines – 0.6% | ||||||||
| 137,626 | United Airlines Holdings, Inc.* | 6,855,151 | ||||||
|
|
|
|||||||
| Residential REITs – 2.7% | ||||||||
| 92,050 | AvalonBay Communities, Inc. REIT | 16,920,631 | ||||||
| 78,415 | Equity LifeStyle Properties, Inc. REIT | 5,250,668 | ||||||
| 277,475 | Invitation Homes, Inc. REIT | 9,459,123 | ||||||
|
|
|
|||||||
| 31,630,422 | ||||||||
|
|
|
|||||||
| Retail REITs – 0.9% | ||||||||
| 172,473 | Regency Centers Corp. REIT | 10,727,821 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 3.3% | ||||||||
| 431,720 | Marvell Technology, Inc. | 25,147,690 | ||||||
| 128,173 | MKS Instruments, Inc. | 12,846,780 | ||||||
|
|
|
|||||||
| 37,994,470 | ||||||||
|
|
|
|||||||
| Software – 1.6% | ||||||||
| 15,474 | ANSYS, Inc.* | 4,934,194 | ||||||
| 72,200 | DocuSign, Inc.* | 3,631,660 | ||||||
| 205,014 | Dynatrace, Inc.* | 9,881,675 | ||||||
|
|
|
|||||||
| 18,447,529 | ||||||||
|
|
|
|||||||
| Specialized REITs – 2.0% | ||||||||
| 223,997 | CubeSmart REIT | 9,342,915 | ||||||
| 437,835 | VICI Properties, Inc. REIT | 13,502,831 | ||||||
|
|
|
|||||||
| 22,845,746 | ||||||||
|
|
|
|||||||
| Specialty Retail – 3.6% | ||||||||
| 27,979 | Burlington Stores, Inc.* | 4,539,872 | ||||||
| 463,003 | Foot Locker, Inc. | 9,084,119 | ||||||
| 19,310 | RH* | 7,051,819 | ||||||
| 173,705 | Ross Stores, Inc. | 21,159,006 | ||||||
|
|
|
|||||||
| 41,834,816 | ||||||||
|
|
|
|||||||
| Trading Companies & Distributors – 1.3% | ||||||||
| 31,395 | United Rentals, Inc. | 14,960,973 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,027,782,255) | $ | 1,148,373,423 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.3%(a) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 3,503,744 | 5.234% | $ | 3,503,744 | |||||
| (Cost $3,503,744) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 100.0% | ||||||||
| (Cost $1,031,285,999) | $ | 1,151,877,167 | ||||||
|
|
|
|||||||
| |
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% |
(174,690 | ) | |||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 1,151,702,477 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MID CAP VALUE FUND
Schedule of Investments (continued)
August 31, 2023
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – 98.9% | ||||||||
| Aerospace & Defense – 1.5% | ||||||||
| 146,335 | Ducommun, Inc.* | $ | 6,653,853 | |||||
| 411,819 | Kratos Defense & Security Solutions, Inc.* | 6,626,168 | ||||||
| 110,684 | Moog, Inc., Class A | 12,857,053 | ||||||
|
|
|
|||||||
| 26,137,074 | ||||||||
|
|
|
|||||||
| Automobile Components – 1.3% | ||||||||
| 306,363 | Adient PLC* | 12,000,239 | ||||||
| 555,887 | American Axle & Manufacturing Holdings, Inc.* | 4,196,947 | ||||||
| 490,805 | Goodyear Tire & Rubber Co. (The)* | 6,336,292 | ||||||
|
|
|
|||||||
| 22,533,478 | ||||||||
|
|
|
|||||||
| Banks – 15.4% | ||||||||
| 72,116 | Amalgamated Financial Corp. | 1,292,319 | ||||||
| 298,443 | Ameris Bancorp | 12,161,552 | ||||||
| 634,520 | Associated Banc-Corp. | 10,996,232 | ||||||
| 278,695 | Atlantic Union Bankshares Corp.(a) | 8,274,455 | ||||||
| 227,333 | Banner Corp. | 9,900,352 | ||||||
| 167,685 | Berkshire Hills Bancorp, Inc. | 3,504,616 | ||||||
| 219,909 | Community Bank System, Inc. | 10,456,673 | ||||||
| 343,150 | ConnectOne Bancorp, Inc. | 6,561,028 | ||||||
| 457,569 | CVB Financial Corp. | 7,989,155 | ||||||
| 693,297 | Eastern Bankshares, Inc. | 9,331,778 | ||||||
| 241,071 | FB Financial Corp. | 7,323,737 | ||||||
| 268,560 | First Financial Bankshares, Inc. | 7,713,043 | ||||||
| 289,940 | First Merchants Corp. | 8,651,810 | ||||||
| 164,697 | German American Bancorp, Inc. | 4,764,684 | ||||||
| 260,839 | Glacier Bancorp, Inc. | 7,879,946 | ||||||
| 332,053 | Hancock Whitney Corp. | 13,697,186 | ||||||
| 238,546 | Heritage Financial Corp. | 4,107,762 | ||||||
| 408,253 | Home BancShares, Inc. | 9,055,052 | ||||||
| 118,065 | Independent Bank Corp. | 6,377,871 | ||||||
| 150,810 | Lakeland Financial Corp. | 7,861,725 | ||||||
| 201,903 | NBT Bancorp, Inc. | 6,949,501 | ||||||
| 394,719 | OceanFirst Financial Corp. | 6,658,909 | ||||||
| 228,798 | Origin Bancorp, Inc. | 7,021,811 | ||||||
| 446,116 | Pacific Premier Bancorp, Inc. | 10,269,590 | ||||||
| 166,860 | Pinnacle Financial Partners, Inc. | 11,106,202 | ||||||
| 275,326 | Renasant Corp. | 7,667,829 | ||||||
| 203,487 | SouthState Corp. | 14,712,110 | ||||||
| 152,904 | Stock Yards Bancorp, Inc. | 7,003,003 | ||||||
| 278,410 | Towne Bank | 6,570,476 | ||||||
| 232,768 | TriCo Bancshares | 7,993,253 | ||||||
| 458,189 | United Community Banks, Inc. | 12,371,103 | ||||||
| 277,520 | Washington Federal, Inc. | 7,542,994 | ||||||
|
|
|
|||||||
| 263,767,757 | ||||||||
|
|
|
|||||||
| Beverages – 0.7% | ||||||||
| 735,632 | Primo Water Corp. | 11,225,744 | ||||||
|
|
|
|||||||
| Biotechnology – 2.3% | ||||||||
| 184,366 | Agios Pharmaceuticals, Inc.* | 5,057,159 | ||||||
| 190,959 | Alkermes PLC* | 5,574,093 | ||||||
| 115,052 | Arcus Biosciences, Inc.* | 2,358,566 | ||||||
| 124,527 | Cytokinetics, Inc.* | 4,350,973 | ||||||
| 103,489 | Intellia Therapeutics, Inc.* | 3,878,768 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Biotechnology – (continued) | ||||||||
| 285,799 | Iovance Biotherapeutics, Inc.* | 1,726,226 | ||||||
| 52,347 | Kura Oncology, Inc.* | 519,806 | ||||||
| 282,832 | Myriad Genetics, Inc.* | 5,048,551 | ||||||
| 125,418 | REGENXBIO, Inc.* | 2,219,899 | ||||||
| 205,699 | Relay Therapeutics, Inc.* | 2,102,244 | ||||||
| 266,282 | Veracyte, Inc.* | 7,029,845 | ||||||
|
|
|
|||||||
| 39,866,130 | ||||||||
|
|
|
|||||||
| Broadline Retail – 0.8% | ||||||||
| 227,983 | Macy’s, Inc. | 2,788,232 | ||||||
| 76,536 | Ollie’s Bargain Outlet Holdings, Inc.* | 5,899,395 | ||||||
| 223,018 | Savers Value Village, Inc.* | 5,519,696 | ||||||
|
|
|
|||||||
| 14,207,323 | ||||||||
|
|
|
|||||||
| Building Products – 3.1% | ||||||||
| 105,385 | AZZ, Inc. | 5,174,404 | ||||||
| 1,002,999 | Hayward Holdings, Inc.* | 14,844,385 | ||||||
| 163,964 | UFP Industries, Inc. | 17,109,643 | ||||||
| 537,060 | Zurn Elkay Water Solutions Corp. | 15,907,717 | ||||||
|
|
|
|||||||
| 53,036,149 | ||||||||
|
|
|
|||||||
| Capital Markets – 1.2% | ||||||||
| 289,511 | P10, Inc., Class A | 3,488,607 | ||||||
| 48,120 | Piper Sandler Cos. | 7,168,918 | ||||||
| 59,439 | PJT Partners, Inc., Class A | 4,695,087 | ||||||
| 66,437 | Stifel Financial Corp. | 4,319,734 | ||||||
|
|
|
|||||||
| 19,672,346 | ||||||||
|
|
|
|||||||
| Chemicals – 2.6% | ||||||||
| 182,060 | Ashland, Inc. | 15,771,858 | ||||||
| 301,091 | Avient Corp. | 12,076,760 | ||||||
| 451,235 | Element Solutions, Inc. | 9,304,465 | ||||||
| 109,407 | Minerals Technologies, Inc. | 6,684,768 | ||||||
|
|
|
|||||||
| 43,837,851 | ||||||||
|
|
|
|||||||
| Communications Equipment – 0.4% | ||||||||
| 645,922 | Viavi Solutions, Inc.* | 6,749,885 | ||||||
|
|
|
|||||||
| Construction & Engineering – 2.0% | ||||||||
| 211,626 | Arcosa, Inc. | 16,553,386 | ||||||
| 247,728 | Granite Construction, Inc. | 10,228,689 | ||||||
| 74,932 | MasTec, Inc.* | 7,454,985 | ||||||
|
|
|
|||||||
| 34,237,060 | ||||||||
|
|
|
|||||||
| Construction Materials – 0.7% | ||||||||
| 317,723 | Summit Materials, Inc., Class A* | 11,886,017 | ||||||
|
|
|
|||||||
| Consumer Finance – 0.4% | ||||||||
| 83,509 | FirstCash Holdings, Inc. | 7,459,024 | ||||||
|
|
|
|||||||
| Containers & Packaging – 0.2% | ||||||||
| 44,240 | Greif, Inc., Class A | 3,211,382 | ||||||
|
|
|
|||||||
| Diversified Consumer Services – 0.6% | ||||||||
| 251,921 | Adtalem Global Education, Inc.* | 11,046,736 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Electric Utilities – 1.8% | ||||||||
| 78,947 | IDACORP, Inc. | $ | 7,566,280 | |||||
| 136,433 | MGE Energy, Inc. | 9,881,842 | ||||||
| 313,774 | Portland General Electric Co. | 13,762,128 | ||||||
|
|
|
|||||||
| 31,210,250 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 3.1% | ||||||||
| 139,780 | CTS Corp. | 6,241,177 | ||||||
| 161,932 | Itron, Inc.* | 11,077,768 | ||||||
| 638,386 | Knowles Corp.* | 10,233,328 | ||||||
| 50,569 | Rogers Corp.* | 7,307,726 | ||||||
| 188,339 | Sanmina Corp.* | 10,490,482 | ||||||
| 488,528 | TTM Technologies, Inc.* | 7,279,067 | ||||||
|
|
|
|||||||
| 52,629,548 | ||||||||
|
|
|
|||||||
| Energy Equipment & Services – 1.5% | ||||||||
| 384,879 | Liberty Energy, Inc. | 6,138,820 | ||||||
| 577,960 | NexTier Oilfield Solutions, Inc.* | 6,132,156 | ||||||
| 131,287 | Noble Corp. PLC | 6,924,076 | ||||||
| 91,765 | Tidewater, Inc.* | 5,967,478 | ||||||
|
|
|
|||||||
| 25,162,530 | ||||||||
|
|
|
|||||||
| Financial Services – 2.0% | ||||||||
| 59,056 | Alerus Financial Corp. | 1,151,592 | ||||||
| 904,774 | MGIC Investment Corp. | 15,905,927 | ||||||
| 323,604 | NMI Holdings, Inc., Class A* | 9,261,547 | ||||||
| 101,613 | Walker & Dunlop, Inc. | 8,671,653 | ||||||
|
|
|
|||||||
| 34,990,719 | ||||||||
|
|
|
|||||||
| Food Products – 2.6% | ||||||||
| 789,678 | Hostess Brands, Inc.* | 22,490,029 | ||||||
| 170,944 | Simply Good Foods Co. (The)* | 6,167,660 | ||||||
| 203,549 | TreeHouse Foods, Inc.* | 9,469,100 | ||||||
| 410,780 | Utz Brands, Inc. | 6,342,443 | ||||||
|
|
|
|||||||
| 44,469,232 | ||||||||
|
|
|
|||||||
| Gas Utilities – 1.3% | ||||||||
| 60,153 | Chesapeake Utilities Corp. | 6,622,845 | ||||||
| 218,156 | ONE Gas, Inc. | 15,809,766 | ||||||
|
|
|
|||||||
| 22,432,611 | ||||||||
|
|
|
|||||||
| Ground Transportation – 0.6% | ||||||||
| 52,581 | ArcBest Corp. | 5,552,028 | ||||||
| 9,836 | Saia, Inc.* | 4,192,103 | ||||||
|
|
|
|||||||
| 9,744,131 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 2.9% | ||||||||
| 312,518 | Avanos Medical, Inc.* | 6,575,379 | ||||||
| 61,600 | CONMED Corp. | 6,865,936 | ||||||
| 161,884 | Enovis Corp.* | 9,071,979 | ||||||
| 162,725 | LivaNova PLC* | 9,039,374 | ||||||
| 446,254 | Neogen Corp.* | 10,317,392 | ||||||
| 97,602 | QuidelOrtho Corp.* | 8,038,501 | ||||||
|
|
|
|||||||
| 49,908,561 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 1.4% | ||||||||
| 70,224 | Acadia Healthcare Co., Inc.* | 5,414,271 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Health Care Providers & Services – (continued) | ||||||||
| 923,065 | NeoGenomics, Inc.* | 13,873,667 | ||||||
| 237,606 | Owens & Minor, Inc.* | 4,015,541 | ||||||
|
|
|
|||||||
| 23,303,479 | ||||||||
|
|
|
|||||||
| Health Care REITs – 1.3% | ||||||||
| 1,536,029 | Physicians Realty Trust REIT | 21,366,163 | ||||||
|
|
|
|||||||
| Health Care Technology – 0.6% | ||||||||
| 320,883 | Health Catalyst, Inc.* | 3,751,122 | ||||||
| 526,111 | Veradigm, Inc.* | 7,039,365 | ||||||
|
|
|
|||||||
| 10,790,487 | ||||||||
|
|
|
|||||||
| Hotel & Resort REITs – 2.2% | ||||||||
| 703,431 | Pebblebrook Hotel Trust REIT | 10,178,647 | ||||||
| 1,338,268 | RLJ Lodging Trust REIT | 13,369,297 | ||||||
| 156,359 | Ryman Hospitality Properties, Inc. REIT | 13,295,206 | ||||||
|
|
|
|||||||
| 36,843,150 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 2.4% | ||||||||
| 218,504 | Boyd Gaming Corp. | 14,611,362 | ||||||
| 313,527 | International Game Technology PLC | 10,039,135 | ||||||
| 184,936 | SeaWorld Entertainment, Inc.* | 9,006,383 | ||||||
| 103,203 | Wyndham Hotels & Resorts, Inc. | 7,780,474 | ||||||
|
|
|
|||||||
| 41,437,354 | ||||||||
|
|
|
|||||||
| Household Durables – 3.0% | ||||||||
| 150,704 | Century Communities, Inc. | 11,189,772 | ||||||
| 83,600 | Helen of Troy Ltd.* | 10,276,112 | ||||||
| 55,312 | Installed Building Products, Inc. | 8,005,306 | ||||||
| 155,178 | Meritage Homes Corp. | 21,575,949 | ||||||
|
|
|
|||||||
| 51,047,139 | ||||||||
|
|
|
|||||||
| Industrial REITs – 2.1% | ||||||||
| 351,614 | STAG Industrial, Inc. REIT | 12,844,459 | ||||||
| 377,782 | Terreno Realty Corp. REIT | 23,003,146 | ||||||
|
|
|
|||||||
| 35,847,605 | ||||||||
|
|
|
|||||||
| Insurance – 2.3% | ||||||||
| 78,688 | AMERISAFE, Inc. | 4,076,038 | ||||||
| 332,032 | CNO Financial Group, Inc. | 7,769,549 | ||||||
| 42,466 | Enstar Group Ltd.* | 10,756,213 | ||||||
| 36,752 | RLI Corp. | 4,833,623 | ||||||
| 116,781 | Selective Insurance Group, Inc. | 11,585,843 | ||||||
|
|
|
|||||||
| 39,021,266 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 0.2% | ||||||||
| 183,281 | Bumble, Inc., Class A* | 3,075,455 | ||||||
|
|
|
|||||||
| IT Services – 0.2% | ||||||||
| 116,021 | Fastly, Inc., Class A* | 2,760,140 | ||||||
|
|
|
|||||||
| Leisure Products – 0.5% | ||||||||
| 506,561 | Topgolf Callaway Brands Corp.* | 8,834,424 | ||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 0.1% | ||||||||
| 157,831 | Pacific Biosciences of California, Inc.* | 1,780,334 | ||||||
|
|
|
|||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Machinery – 6.2% | ||||||||
| 65,899 | Chart Industries, Inc.* | $ | 11,900,041 | |||||
| 219,215 | Columbus McKinnon Corp. | 8,257,829 | ||||||
| 139,568 | Crane Co. | 12,717,436 | ||||||
| 83,298 | EnPro Industries, Inc. | 11,361,014 | ||||||
| 170,368 | ESCO Technologies, Inc. | 18,231,080 | ||||||
| 110,738 | Federal Signal Corp. | 6,749,481 | ||||||
| 192,626 | SPX Technologies, Inc.* | 15,221,307 | ||||||
| 52,357 | Standex International Corp. | 8,043,606 | ||||||
| 213,354 | Terex Corp. | 12,931,386 | ||||||
|
|
|
|||||||
| 105,413,180 | ||||||||
|
|
|
|||||||
| Media – 1.3% | ||||||||
| 716,324 | Entravision Communications Corp., Class A | 2,743,521 | ||||||
| 245,775 | John Wiley & Sons, Inc., Class A | 9,132,999 | ||||||
| 33,957 | Nexstar Media Group, Inc. | 5,528,200 | ||||||
| 298,565 | TEGNA, Inc. | 4,935,279 | ||||||
|
|
|
|||||||
| 22,339,999 | ||||||||
|
|
|
|||||||
| Metals & Mining – 2.8% | ||||||||
| 38,745 | Arch Resources, Inc. | 5,060,097 | ||||||
| 218,950 | ATI, Inc.* | 9,925,003 | ||||||
| 255,351 | Commercial Metals Co. | 14,373,708 | ||||||
| 587,811 | Constellium SE* | 10,580,598 | ||||||
| 974,325 | Hecla Mining Co. | 4,277,287 | ||||||
| 106,458 | Ryerson Holding Corp. | 3,315,102 | ||||||
|
|
|
|||||||
| 47,531,795 | ||||||||
|
|
|
|||||||
| Mortgage Real Estate Investment Trusts (REITs) – 1.4% | ||||||||
| 568,462 | Ladder Capital Corp. REIT | 6,230,344 | ||||||
| 822,298 | PennyMac Mortgage Investment Trust REIT | 11,027,016 | ||||||
| 907,970 | TPG RE Finance Trust, Inc. REIT | 6,827,934 | ||||||
|
|
|
|||||||
| 24,085,294 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 7.6% | ||||||||
| 250,908 | Antero Resources Corp.* | 6,942,624 | ||||||
| 107,436 | Chord Energy Corp. | 17,350,914 | ||||||
| 142,718 | Delek US Holdings, Inc. | 3,674,989 | ||||||
| 665,928 | DHT Holdings, Inc. | 6,159,834 | ||||||
| 269,308 | Golar LNG Ltd. (Cameroon) | 5,951,707 | ||||||
| 127,924 | Green Plains, Inc.* | 3,970,761 | ||||||
| 182,502 | Matador Resources Co. | 11,588,877 | ||||||
| 338,326 | Murphy Oil Corp. | 15,360,000 | ||||||
| 182,904 | PBF Energy, Inc., Class A | 8,576,369 | ||||||
| 312,637 | Peabody Energy Corp. | 6,746,706 | ||||||
| 940,201 | Permian Resources Corp. | 13,332,050 | ||||||
| 152,900 | Scorpio Tankers, Inc. (Monaco) | 7,722,979 | ||||||
| 311,140 | Sitio Royalties Corp., Class A | 7,902,956 | ||||||
| 352,822 | SM Energy Co. | 14,927,899 | ||||||
|
|
|
|||||||
| 130,208,665 | ||||||||
|
|
|
|||||||
| Passenger Airlines – 0.4% | ||||||||
| 548,779 | JetBlue Airways Corp.* | 3,248,772 | ||||||
| 235,447 | Spirit Airlines, Inc. | 3,884,875 | ||||||
|
|
|
|||||||
| 7,133,647 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Pharmaceuticals – 0.5% | ||||||||
| 47,386 | Reata Pharmaceuticals, Inc., Class A* | 8,008,234 | ||||||
|
|
|
|||||||
| Professional Services – 2.1% | ||||||||
| 1,407,403 | Alight, Inc., Class A* | 10,752,559 | ||||||
| 180,842 | ASGN, Inc.* | 14,857,979 | ||||||
| 72,710 | ICF International, Inc. | 9,820,212 | ||||||
|
|
|
|||||||
| 35,430,750 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development – 0.7% | ||||||||
| 715,792 | Kennedy-Wilson Holdings, Inc. | 11,431,198 | ||||||
|
|
|
|||||||
| Retail REITs – 2.2% | ||||||||
| 1,092,861 | Acadia Realty Trust REIT | 16,272,700 | ||||||
| 1,601,107 | SITE Centers Corp. REIT | 21,374,779 | ||||||
|
|
|
|||||||
| 37,647,479 | ||||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 2.9% | ||||||||
| 400,425 | Amkor Technology, Inc. | 11,195,883 | ||||||
| 270,275 | Cohu, Inc.* | 10,105,582 | ||||||
| 80,510 | MACOM Technology Solutions Holdings, Inc.* | 6,807,926 | ||||||
| 52,429 | Onto Innovation, Inc.* | 7,286,582 | ||||||
| 351,784 | Semtech Corp.* | 9,199,152 | ||||||
| 62,439 | Synaptics, Inc.* | 5,465,910 | ||||||
|
|
|
|||||||
| 50,061,035 | ||||||||
|
|
|
|||||||
| Software – 1.4% | ||||||||
| 208,249 | LiveRamp Holdings, Inc.* | 6,734,773 | ||||||
| 201,720 | Smartsheet, Inc., Class A* | 8,417,776 | ||||||
| 194,188 | Tenable Holdings, Inc.* | 8,810,309 | ||||||
|
|
|
|||||||
| 23,962,858 | ||||||||
|
|
|
|||||||
| Specialty Retail – 2.6% | ||||||||
| 117,338 | Academy Sports & Outdoors, Inc. | 6,403,135 | ||||||
| 50,678 | Asbury Automotive Group, Inc.* | 11,655,940 | ||||||
| 62,549 | Boot Barn Holdings, Inc.* | 5,738,871 | ||||||
| 274,261 | Foot Locker, Inc. | 5,381,001 | ||||||
| 40,870 | Group 1 Automotive, Inc. | 10,806,845 | ||||||
| 62,167 | Signet Jewelers Ltd. | 4,662,525 | ||||||
|
|
|
|||||||
| 44,648,317 | ||||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 0.2% | ||||||||
| 40,763 | Crocs, Inc.* | 3,967,870 | ||||||
|
|
|
|||||||
| Trading Companies & Distributors – 1.1% | ||||||||
| 102,949 | Beacon Roofing Supply, Inc.* | 8,220,478 | ||||||
| 83,813 | Herc Holdings, Inc. | 10,907,424 | ||||||
|
|
|
|||||||
| 19,127,902 | ||||||||
|
|
|
|||||||
| Wireless Telecommunication Services – 0.2% | ||||||||
| 176,162 | Telephone and Data Systems, Inc. | 3,785,721 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,333,471,345) | $ | 1,690,312,478 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments (continued)
August 31, 2023
| Shares |
Description | Value | ||||||
| Exchange-Traded Fund – 0.4% | ||||||||
| 47,517 | iShares Russell 2000 Value ETF | |||||||
| (Cost $6,703,855) | $ | 6,843,398 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 0.1%(b) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 912,932 | 5.234% | $ | 912,932 | |||||
| (Cost $912,932) | ||||||||
|
|
|
|||||||
| |
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
| (Cost $1,341,088,132) | $ | 1,698,068,808 | ||||||
|
|
|
|||||||
| Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 6,000 | 5.234% | $ | 6,000 | |||||
| (Cost $6,000) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 99.4% | ||||||||
| (Cost $1,341,094,132) | $ | 1,698,074,808 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6% |
11,141,728 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 1,709,216,536 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
All or a portion of security is on loan. | |
| (b) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
| PLC |
—Public Limited Company | |
| REIT |
—Real Estate Investment Trust | |
|
| ||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Schedule of Investments
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – 99.7% | ||||||||
| Aerospace & Defense – 1.5% | ||||||||
| 15,597 | Curtiss-Wright Corp. | $ | 3,244,020 | |||||
|
|
|
|||||||
| Automobile Components – 1.2% | ||||||||
| 29,827 | Adient PLC* | 1,168,323 | ||||||
| 14,373 | Autoliv, Inc. (Sweden) | 1,402,805 | ||||||
|
|
|
|||||||
| 2,571,128 | ||||||||
|
|
|
|||||||
| Banks – 8.3% | ||||||||
| 74,735 | Associated Banc-Corp. | 1,295,158 | ||||||
| 31,987 | Commerce Bancshares, Inc. | 1,570,242 | ||||||
| 19,652 | Cullen/Frost Bankers, Inc. | 1,857,704 | ||||||
| 32,996 | East West Bancorp, Inc. | 1,825,999 | ||||||
| 35,653 | First Financial Bankshares, Inc. | 1,023,954 | ||||||
| 31,534 | Glacier Bancorp, Inc. | 952,642 | ||||||
| 33,298 | Hancock Whitney Corp. | 1,373,542 | ||||||
| 25,903 | Pinnacle Financial Partners, Inc. | 1,724,104 | ||||||
| 24,917 | Prosperity Bancshares, Inc. | 1,415,535 | ||||||
| 22,677 | SouthState Corp. | 1,639,547 | ||||||
| 41,793 | United Community Banks, Inc. | 1,128,411 | ||||||
| 30,525 | Washington Federal, Inc. | 829,669 | ||||||
| 21,451 | Wintrust Financial Corp. | 1,664,812 | ||||||
|
|
|
|||||||
| 18,301,319 | ||||||||
|
|
|
|||||||
| Biotechnology – 0.7% | ||||||||
| 9,618 | Exact Sciences Corp.* | 804,738 | ||||||
| 2,760 | United Therapeutics Corp.* | 619,234 | ||||||
|
|
|
|||||||
| 1,423,972 | ||||||||
|
|
|
|||||||
| Broadline Retail – 0.8% | ||||||||
| 43,810 | Macy’s, Inc. | 535,796 | ||||||
| 16,434 | Ollie’s Bargain Outlet Holdings, Inc.* | 1,266,733 | ||||||
|
|
|
|||||||
| 1,802,529 | ||||||||
|
|
|
|||||||
| Building Products – 1.3% | ||||||||
| 9,622 | Advanced Drainage Systems, Inc. | 1,233,155 | ||||||
| 57,593 | Zurn Elkay Water Solutions Corp. | 1,705,905 | ||||||
|
|
|
|||||||
| 2,939,060 | ||||||||
|
|
|
|||||||
| Capital Markets – 2.8% | ||||||||
| 11,166 | Cboe Global Markets, Inc. | 1,671,662 | ||||||
| 9,159 | Evercore, Inc., Class A | 1,282,718 | ||||||
| 42,088 | Jefferies Financial Group, Inc. | 1,502,121 | ||||||
| 26,983 | Stifel Financial Corp. | 1,754,434 | ||||||
|
|
|
|||||||
| 6,210,935 | ||||||||
|
|
|
|||||||
| Chemicals – 2.0% | ||||||||
| 25,231 | Ashland, Inc. | 2,185,761 | ||||||
| 28,345 | Chemours Co. (The) | 964,297 | ||||||
| 12,728 | RPM International, Inc. | 1,269,491 | ||||||
|
|
|
|||||||
| 4,419,549 | ||||||||
|
|
|
|||||||
| Commercial Services & Supplies – 1.8% | ||||||||
| 71,439 | GFL Environmental, Inc. (Canada) | 2,314,624 | ||||||
| 10,600 | Tetra Tech, Inc. | 1,667,910 | ||||||
|
|
|
|||||||
| 3,982,534 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Communications Equipment – 1.8% | ||||||||
| 62,590 | Ciena Corp.* | 3,128,248 | ||||||
| 84,329 | Viavi Solutions, Inc.* | 881,238 | ||||||
|
|
|
|||||||
| 4,009,486 | ||||||||
|
|
|
|||||||
| Construction & Engineering – 2.8% | ||||||||
| 36,041 | AECOM | 3,162,598 | ||||||
| 17,494 | Arcosa, Inc. | 1,368,380 | ||||||
| 15,498 | MasTec, Inc.* | 1,541,896 | ||||||
|
|
|
|||||||
| 6,072,874 | ||||||||
|
|
|
|||||||
| Consumer Finance – 0.8% | ||||||||
| 9,339 | FirstCash Holdings, Inc. | 834,160 | ||||||
| 22,873 | OneMain Holdings, Inc. | 949,458 | ||||||
|
|
|
|||||||
| 1,783,618 | ||||||||
|
|
|
|||||||
| Consumer Staples Distribution & Retail – 1.5% | ||||||||
| 23,132 | Albertsons Cos., Inc., Class A | 518,157 | ||||||
| 19,103 | BJ’s Wholesale Club Holdings, Inc.* | 1,287,351 | ||||||
| 22,856 | Performance Food Group Co.* | 1,420,043 | ||||||
|
|
|
|||||||
| 3,225,551 | ||||||||
|
|
|
|||||||
| Containers & Packaging – 1.3% | ||||||||
| 18,607 | Crown Holdings, Inc. | 1,724,125 | ||||||
| 52,040 | Graphic Packaging Holding Co. | 1,157,369 | ||||||
|
|
|
|||||||
| 2,881,494 | ||||||||
|
|
|
|||||||
| Diversified Telecommunication – 0.0% | ||||||||
| 3,739 | GCI Liberty Inc., Class A*(a) | 0 | ||||||
|
|
|
|||||||
| Electric Utilities – 1.8% | ||||||||
| 25,750 | Alliant Energy Corp. | 1,291,877 | ||||||
| 18,627 | IDACORP, Inc. | 1,785,212 | ||||||
| 21,863 | Portland General Electric Co. | 958,911 | ||||||
|
|
|
|||||||
| 4,036,000 | ||||||||
|
|
|
|||||||
| Electrical Equipment – 3.0% | ||||||||
| 4,366 | Hubbell, Inc. | 1,423,534 | ||||||
| 36,141 | nVent Electric PLC | 2,043,412 | ||||||
| 19,555 | Regal Rexnord Corp. | 3,171,626 | ||||||
|
|
|
|||||||
| 6,638,572 | ||||||||
|
|
|
|||||||
| Electronic Equipment, Instruments & Components – 2.9% | ||||||||
| 29,024 | Cognex Corp. | 1,366,450 | ||||||
| 32,364 | Flex Ltd.* | 892,923 | ||||||
| 15,836 | Itron, Inc.* | 1,083,341 | ||||||
| 7,344 | Littelfuse, Inc. | 1,961,435 | ||||||
| 8,262 | Rogers Corp.* | 1,193,942 | ||||||
|
|
|
|||||||
| 6,498,091 | ||||||||
|
|
|
|||||||
| Energy Equipment & Services – 0.8% | ||||||||
| 87,395 | NexTier Oilfield Solutions, Inc.* | 927,261 | ||||||
| 17,029 | Noble Corp. PLC | 898,109 | ||||||
|
|
|
|||||||
| 1,825,370 | ||||||||
|
|
|
|||||||
| Entertainment – 0.1% | ||||||||
| 6,094 | Liberty Media Corp.-Liberty Live, Class C* | 205,063 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Financial Services – 2.0% | ||||||||
| 5,993 | Jack Henry & Associates, Inc. | $ | 939,583 | |||||
| 91,549 | MGIC Investment Corp. | 1,609,431 | ||||||
| 21,511 | NMI Holdings, Inc., Class A* | 615,645 | ||||||
| 18,480 | Voya Financial, Inc. | 1,287,686 | ||||||
|
|
|
|||||||
| 4,452,345 | ||||||||
|
|
|
|||||||
| Food Products – 2.6% | ||||||||
| 23,752 | Darling Ingredients, Inc.* | 1,466,923 | ||||||
| 86,346 | Hostess Brands, Inc.* | 2,459,134 | ||||||
| 27,675 | Simply Good Foods Co. (The)* | 998,514 | ||||||
| 15,767 | TreeHouse Foods, Inc.* | 733,481 | ||||||
|
|
|
|||||||
| 5,658,052 | ||||||||
|
|
|
|||||||
| Gas Utilities – 0.8% | ||||||||
| 24,148 | ONE Gas, Inc. | 1,750,006 | ||||||
|
|
|
|||||||
| Ground Transportation – 1.5% | ||||||||
| 9,082 | ArcBest Corp. | 958,968 | ||||||
| 5,224 | Saia, Inc.* | 2,226,469 | ||||||
|
|
|
|||||||
| 3,185,437 | ||||||||
|
|
|
|||||||
| Health Care Equipment & Supplies – 2.6% | ||||||||
| 8,536 | CONMED Corp. | 951,423 | ||||||
| 42,945 | DENTSPLY SIRONA, Inc. | 1,592,830 | ||||||
| 31,178 | Enovis Corp.* | 1,747,215 | ||||||
| 17,609 | QuidelOrtho Corp.* | 1,450,277 | ||||||
|
|
|
|||||||
| 5,741,745 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services – 2.3% | ||||||||
| 23,450 | Acadia Healthcare Co., Inc.* | 1,807,995 | ||||||
| 60,527 | NeoGenomics, Inc.* | 909,721 | ||||||
| 31,481 | Tenet Healthcare Corp.* | 2,441,666 | ||||||
|
|
|
|||||||
| 5,159,382 | ||||||||
|
|
|
|||||||
| Health Care REITs – 0.9% | ||||||||
| 116,123 | Healthcare Realty Trust, Inc. REIT | 2,034,475 | ||||||
|
|
|
|||||||
| Hotel & Resort REITs – 1.2% | ||||||||
| 153,261 | RLJ Lodging Trust REIT | 1,531,077 | ||||||
| 14,162 | Ryman Hospitality Properties, Inc. REIT | 1,204,195 | ||||||
|
|
|
|||||||
| 2,735,272 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure – 3.9% | ||||||||
| 44,411 | Aramark | 1,651,201 | ||||||
| 30,696 | Boyd Gaming Corp. | 2,052,642 | ||||||
| 17,391 | Hyatt Hotels Corp., Class A | 1,954,922 | ||||||
| 34,955 | SeaWorld Entertainment, Inc.* | 1,702,308 | ||||||
| 16,831 | Wyndham Hotels & Resorts, Inc. | 1,268,889 | ||||||
|
|
|
|||||||
| 8,629,962 | ||||||||
|
|
|
|||||||
| Household Durables – 2.3% | ||||||||
| 14,390 | Meritage Homes Corp. | 2,000,786 | ||||||
| 19,851 | PulteGroup, Inc. | 1,628,973 | ||||||
| 5,186 | TopBuild Corp.* | 1,504,355 | ||||||
|
|
|
|||||||
| 5,134,114 | ||||||||
|
|
|
|||||||
| Industrial REITs – 2.1% | ||||||||
| 61,791 | Americold Realty Trust, Inc. REIT | 2,079,267 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Industrial REITs – (continued) | ||||||||
| 42,949 | Terreno Realty Corp. REIT | 2,615,165 | ||||||
|
|
|
|||||||
| 4,694,432 | ||||||||
|
|
|
|||||||
| Insurance – 4.0% | ||||||||
| 16,110 | American Financial Group, Inc. | 1,867,471 | ||||||
| 22,319 | Brown & Brown, Inc. | 1,653,838 | ||||||
| 32,144 | CNO Financial Group, Inc. | 752,170 | ||||||
| 17,237 | Globe Life, Inc. | 1,923,132 | ||||||
| 20,933 | Ryan Specialty Holdings, Inc.* | 1,020,484 | ||||||
| 15,801 | Selective Insurance Group, Inc. | 1,567,617 | ||||||
|
|
|
|||||||
| 8,784,712 | ||||||||
|
|
|
|||||||
| Interactive Media & Services – 0.3% | ||||||||
| 9,810 | IAC, Inc.* | 542,787 | ||||||
|
|
|
|||||||
| Leisure Products – 1.2% | ||||||||
| 8,376 | Brunswick Corp. | 662,709 | ||||||
| 45,244 | Mattel, Inc.* | 1,002,607 | ||||||
| 58,983 | Topgolf Callaway Brands Corp.* | 1,028,664 | ||||||
|
|
|
|||||||
| 2,693,980 | ||||||||
|
|
|
|||||||
| Life Sciences Tools & Services – 0.8% | ||||||||
| 15,090 | Bruker Corp. | 989,904 | ||||||
| 4,177 | Repligen Corp.* | 726,422 | ||||||
|
|
|
|||||||
| 1,716,326 | ||||||||
|
|
|
|||||||
| Machinery – 5.2% | ||||||||
| 8,211 | Chart Industries, Inc.* | 1,482,742 | ||||||
| 19,654 | Crane Co. | 1,790,872 | ||||||
| 15,252 | ITT, Inc. | 1,559,975 | ||||||
| 26,139 | Pentair PLC | 1,836,526 | ||||||
| 27,316 | SPX Technologies, Inc.* | 2,158,510 | ||||||
| 34,175 | Timken Co. (The) | 2,611,654 | ||||||
|
|
|
|||||||
| 11,440,279 | ||||||||
|
|
|
|||||||
| Media – 1.1% | ||||||||
| 24,376 | Liberty Media Corp.-Liberty SiriusXM* | 595,749 | ||||||
| 7,939 | Nexstar Media Group, Inc. | 1,292,469 | ||||||
| 29,552 | TEGNA, Inc. | 488,495 | ||||||
|
|
|
|||||||
| 2,376,713 | ||||||||
|
|
|
|||||||
| Metals & Mining – 3.4% | ||||||||
| 12,386 | Alcoa Corp. | 372,571 | ||||||
| 43,677 | ATI, Inc.* | 1,979,878 | ||||||
| 43,659 | Commercial Metals Co. | 2,457,565 | ||||||
| 9,853 | Royal Gold, Inc. | 1,104,423 | ||||||
| 15,264 | Steel Dynamics, Inc. | 1,626,990 | ||||||
|
|
|
|||||||
| 7,541,427 | ||||||||
|
|
|
|||||||
| Mortgage Real Estate Investment Trusts (REITs) – 0.4% | ||||||||
| 69,475 | PennyMac Mortgage Investment Trust REIT | 931,660 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels – 5.0% | ||||||||
| 45,392 | Antero Resources Corp.* | 1,255,997 | ||||||
| 8,700 | Chord Energy Corp. | 1,405,050 | ||||||
| 38,786 | EQT Corp. | 1,676,331 | ||||||
| 21,366 | HF Sinclair Corp. | 1,177,053 | ||||||
|
|
|
|||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Oil, Gas & Consumable Fuels – (continued) | ||||||||
| 60,321 | Marathon Oil Corp. | $ | 1,589,458 | |||||
| 47,108 | Range Resources Corp. | 1,525,357 | ||||||
| 27,743 | Targa Resources Corp. | 2,392,834 | ||||||
|
|
|
|||||||
| 11,022,080 | ||||||||
|
|
|
|||||||
| Passenger Airlines – 0.3% | ||||||||
| 34,971 | Spirit Airlines, Inc. | 577,022 | ||||||
|
|
|
|||||||
| Pharmaceuticals – 0.5% | ||||||||
| 22,403 | Catalent, Inc.* | 1,119,478 | ||||||
|
|
|
|||||||
| Professional Services – 3.2% | ||||||||
| 146,555 | Alight, Inc., Class A* | 1,119,680 | ||||||
| 24,565 | ASGN, Inc.* | 2,018,260 | ||||||
| 53,521 | KBR, Inc. | 3,292,612 | ||||||
| 3,511 | Paylocity Holding Corp.* | 703,956 | ||||||
|
|
|
|||||||
| 7,134,508 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development – 0.5% | ||||||||
| 73,693 | Kennedy-Wilson Holdings, Inc. | 1,176,877 | ||||||
|
|
|
|||||||
| Residential REITs – 1.2% | ||||||||
| 74,918 | American Homes 4 Rent, Class A REIT | 2,700,045 | ||||||
|
|
|
|||||||
| Retail REITs – 2.1% | ||||||||
| 46,459 | Regency Centers Corp. REIT | 2,889,750 | ||||||
| 125,634 | SITE Centers Corp. REIT | 1,677,214 | ||||||
|
|
|
|||||||
| 4,566,964 | ||||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment – 3.1% | ||||||||
| 22,318 | Entegris, Inc. | 2,260,144 | ||||||
| 29,606 | MKS Instruments, Inc. | 2,967,410 | ||||||
| 38,529 | Semtech Corp.* | 1,007,533 | ||||||
| 11,287 | Wolfspeed, Inc.* | 539,744 | ||||||
|
|
|
|||||||
| 6,774,831 | ||||||||
|
|
|
|||||||
| Software – 1.8% | ||||||||
| 6,586 | BILL Holdings, Inc.* | 759,366 | ||||||
| 10,141 | Procore Technologies, Inc.* | 685,024 | ||||||
| 24,370 | Smartsheet, Inc., Class A* | 1,016,960 | ||||||
| 23,156 | Tenable Holdings, Inc.* | 1,050,588 | ||||||
| 26,823 | UiPath, Inc., Class A* | 424,072 | ||||||
|
|
|
|||||||
| 3,936,010 | ||||||||
|
|
|
|||||||
| Specialized REITs – 1.1% | ||||||||
| 59,789 | CubeSmart REIT | 2,493,799 | ||||||
|
|
|
|||||||
| Specialty Retail – 1.8% | ||||||||
| 15,628 | Academy Sports & Outdoors, Inc. | 852,820 | ||||||
| 5,622 | AutoNation, Inc.* | 883,160 | ||||||
| 29,906 | Foot Locker, Inc. | 586,756 | ||||||
| 6,568 | Group 1 Automotive, Inc. | 1,736,710 | ||||||
|
|
|
|||||||
| 4,059,446 | ||||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods – 1.1% | ||||||||
| 1,838 | Deckers Outdoor Corp.* | 972,468 | ||||||
| 43,935 | Tapestry, Inc. | 1,463,914 | ||||||
|
|
|
|||||||
| 2,436,382 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Trading Companies & Distributors – 2.2% | ||||||||
| 50,153 | Core & Main, Inc., Class A* | 1,647,024 | ||||||
| 13,197 | Herc Holdings, Inc. | 1,717,458 | ||||||
| 9,678 | WESCO International, Inc. | 1,566,384 | ||||||
|
|
|
|||||||
| 4,930,866 | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 99.7% | ||||||||
| (Cost $197,875,236) | $ | 220,202,579 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
715,608 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 220,918,187 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
|
| ||||
| Investment Abbreviations: | ||||
| PLC |
—Public Limited Company | |||
| REIT |
—Real Estate Investment Trust | |||
|
| ||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Assets and Liabilities
August 31, 2023
| Equity Income Fund |
Focused Value Fund |
Large Cap Value Fund |
||||||||||||
| Assets: | ||||||||||||||
| Investments in unaffiliated issuers, at value (cost $331,331,209, $41,357,201 and $354,243,627, respectively)(a) |
$ | 401,180,448 | $ | 45,850,024 | $ | 418,052,508 | ||||||||
| Investments in affiliated issuers, at value (cost $714,371, $153,740 and $1,988,552, respectively) |
714,371 | 153,740 | 1,988,552 | |||||||||||
| Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
1,298,115 | — | — | |||||||||||
| Cash |
581,630 | 108,033 | 602,098 | |||||||||||
| Receivables: |
||||||||||||||
| Dividends |
924,892 | 50,641 | 719,638 | |||||||||||
| Fund shares sold |
481,855 | — | 3,037 | |||||||||||
| Foreign tax reclaims |
28,770 | 45 | — | |||||||||||
| Reimbursement from investment adviser |
25,959 | 24,638 | 27,442 | |||||||||||
| Securities lending income |
14,986 | — | — | |||||||||||
| Investments sold |
— | 857,280 | 20,265,346 | |||||||||||
| Other assets |
50,839 | 56,785 | 42,496 | |||||||||||
| Total assets | 405,301,865 | 47,101,186 | 441,701,117 | |||||||||||
| Liabilities: | ||||||||||||||
| Payables: |
||||||||||||||
| Payable upon return of securities loaned |
1,298,115 | — | — | |||||||||||
| Management fees |
237,156 | 25,884 | 248,407 | |||||||||||
| Fund shares redeemed |
124,837 | 25,000 | 352,006 | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
93,308 | 1,548 | 38,986 | |||||||||||
| Investments purchased |
— | — | 19,528,412 | |||||||||||
| Accrued expenses |
139,227 | 68,362 | 131,929 | |||||||||||
| Total liabilities | 1,892,643 | 120,794 | 20,299,740 | |||||||||||
| Net Assets: | ||||||||||||||
| Paid-in capital |
323,520,101 | 43,073,564 | 337,876,051 | |||||||||||
| Total distributable earnings |
79,889,121 | 3,906,828 | 83,525,326 | |||||||||||
| NET ASSETS | $ | 403,409,222 | $ | 46,980,392 | $ | 421,401,377 | ||||||||
| Net Assets: |
||||||||||||||
| Class A |
$ | 294,457,961 | $ | 418,888 | $ | 77,915,022 | ||||||||
| Class C |
4,326,672 | 212,021 | 8,198,436 | |||||||||||
| Institutional |
25,844,989 | 2,310,288 | 127,436,427 | |||||||||||
| Service |
92,776 | — | 964,111 | |||||||||||
| Investor |
4,196,647 | 14,116 | 6,907,090 | |||||||||||
| Class R6 |
5,817,189 | 14,145 | 2,233,465 | |||||||||||
| Class R |
676,336 | 45,682 | 4,113,563 | |||||||||||
| Class P |
67,996,652 | 43,965,252 | 193,633,263 | |||||||||||
| Total Net Assets |
$ | 403,409,222 | $ | 46,980,392 | $ | 421,401,377 | ||||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
| Class A |
6,951,576 | 31,284 | 5,186,857 | |||||||||||
| Class C |
108,307 | 16,179 | 588,136 | |||||||||||
| Institutional |
597,173 | 171,612 | 8,355,886 | |||||||||||
| Service |
2,180 | — | 64,508 | |||||||||||
| Investor |
99,278 | 1,053 | 459,400 | |||||||||||
| Class R6 |
134,399 | 1,053 | 141,973 | |||||||||||
| Class R |
16,056 | 3,439 | 285,645 | |||||||||||
| Class P |
1,571,510 | 3,273,530 | 12,310,321 | |||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||
| Class A |
$42.36 | $13.39 | $15.02 | |||||||||||
| Class C |
39.95 | 13.10 | 13.94 | |||||||||||
| Institutional |
43.28 | 13.46 | 15.25 | |||||||||||
| Service |
42.56 | — | 14.95 | |||||||||||
| Investor |
42.27 | 13.41 | 15.04 | |||||||||||
| Class R6 |
43.28 | 13.43 | 15.73 | |||||||||||
| Class R |
42.12 | 13.28 | 14.40 | |||||||||||
| Class P |
43.27 | 13.43 | 15.73 | |||||||||||
| (a) | Includes loaned securities having a market value of $1,262,367, $— and $—, respectively. |
| (b) | Maximum public offering price per share for Class A Shares of the Equity Income, Focused Value and Large Cap Value Funds is $44.83, $14.17 and $15.89, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Assets and Liabilities (continued)
August 31, 2023
| Mid Cap Value Fund |
Small Cap Value Fund |
Small/Mid Cap Value Fund |
||||||||||||
| Assets: | ||||||||||||||
| Investments in unaffiliated issuers, at value (cost $1,027,782,255, $1,340,175,200 and $197,875,236, respectively)(a) |
$ | 1,148,373,423 | $ | 1,697,155,876 | $ | 220,202,579 | ||||||||
| Investments in affiliated issuers, at value (cost $3,503,744, $912,932 and $—, respectively) |
3,503,744 | 912,932 | — | |||||||||||
| Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
— | 6,000 | — | |||||||||||
| Cash |
719,400 | — | 649,796 | |||||||||||
| Receivables: |
||||||||||||||
| Dividends |
1,364,259 | 1,911,834 | 187,744 | |||||||||||
| Fund shares sold |
591,655 | 942,832 | 322,341 | |||||||||||
| Investments sold |
— | 21,391,807 | — | |||||||||||
| Securities lending income |
— | 582 | — | |||||||||||
| Reimbursement from investment adviser |
— | 79,661 | 28,546 | |||||||||||
| Due from custodian |
— | 39,323,936 | — | |||||||||||
| Other assets |
73,935 | 67,024 | 40,749 | |||||||||||
| Total assets | 1,154,626,416 | 1,761,792,484 | 221,431,755 | |||||||||||
| Liabilities: | ||||||||||||||
| Payables: |
||||||||||||||
| Fund shares redeemed |
1,660,886 | 13,335,985 | 262,091 | |||||||||||
| Management fees |
738,169 | 1,520,857 | 149,933 | |||||||||||
| Distribution and Service fees and Transfer Agency fees |
204,547 | 131,687 | 8,293 | |||||||||||
| Due to custodian |
38,064 | — | — | |||||||||||
| Investments purchased |
— | 10,058,423 | — | |||||||||||
| Payable upon return of securities loaned |
— | 6,000 | — | |||||||||||
| Cash overdraft |
— | 26,882,573 | — | |||||||||||
| Accrued expenses |
282,273 | 640,423 | 93,251 | |||||||||||
| Total liabilities | 2,923,939 | 52,575,948 | 513,568 | |||||||||||
| Net Assets: | ||||||||||||||
| Paid-in capital |
993,544,511 | 1,350,550,886 | 212,137,164 | |||||||||||
| Total distributable earnings |
158,157,966 | 358,665,650 | 8,781,023 | |||||||||||
| NET ASSETS | $ | 1,151,702,477 | $ | 1,709,216,536 | $ | 220,918,187 | ||||||||
| Net Assets: |
||||||||||||||
| Class A |
$ | 435,462,640 | $ | 248,764,411 | $ | 2,279,235 | ||||||||
| Class C |
6,558,434 | 1,146,118 | 893,729 | |||||||||||
| Institutional |
318,000,381 | 630,611,043 | 24,273,903 | |||||||||||
| Service |
27,581,895 | 14,082,727 | — | |||||||||||
| Investor |
76,816,411 | 71,845,206 | 9,219,402 | |||||||||||
| Class R6 |
89,604,916 | 443,790,503 | 91,081,869 | |||||||||||
| Class R |
19,373,082 | 35,901,259 | 107,092 | |||||||||||
| Class P |
178,304,718 | 263,075,269 | 93,062,957 | |||||||||||
| Total Net Assets |
$ | 1,151,702,477 | $ | 1,709,216,536 | $ | 220,918,187 | ||||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||||
| Class A |
12,946,840 | 6,519,773 | 158,659 | |||||||||||
| Class C |
240,714 | 54,406 | 65,108 | |||||||||||
| Institutional |
9,279,209 | 14,449,388 | 1,659,922 | |||||||||||
| Service |
846,403 | 391,296 | — | |||||||||||
| Investor |
2,363,325 | 1,907,764 | 635,043 | |||||||||||
| Class R6 |
2,616,989 | 10,176,205 | 6,236,310 | |||||||||||
| Class R |
605,568 | 984,522 | 7,481 | |||||||||||
| Class P |
5,208,855 | 6,032,293 | 6,372,948 | |||||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||||||
| Class A |
$33.63 | $38.16 | $14.37 | |||||||||||
| Class C |
27.25 | 21.07 | 13.73 | |||||||||||
| Institutional |
34.27 | 43.64 | 14.62 | |||||||||||
| Service |
32.59 | 35.99 | — | |||||||||||
| Investor |
32.50 | 37.66 | 14.52 | |||||||||||
| Class R6 |
34.24 | 43.61 | 14.61 | |||||||||||
| Class R |
31.99 | 36.47 | 14.32 | |||||||||||
| Class P |
34.23 | 43.61 | 14.60 | |||||||||||
| (a) | Includes loaned securities having a market value of $—, $5,938 and $—, respectively. |
| (b) | Maximum public offering price per share for Class A Shares of the Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $35.59, $40.38 and $15.21, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Operations
For the Fiscal Year Ended August 31, 2023
| Equity Income Fund |
Focused |
Large Cap Value Fund |
||||||||||||
| Investment income: |
| |||||||||||||
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $37,682, $194 and $56,667, respectively) |
$ | 11,762,221 | $ | 952,215 | $ | 9,113,944 | ||||||||
| Dividends — affiliated issuers |
86,536 | 21,953 | 100,593 | |||||||||||
| Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
23,704 | — | — | |||||||||||
| Total investment income | 11,872,461 | 974,168 | 9,214,537 | |||||||||||
| Expenses: |
| |||||||||||||
| Management fees |
2,822,265 | 309,995 | 3,315,663 | |||||||||||
| Distribution and/or Service (12b-1) fees(a) |
789,315 | 2,996 | 286,291 | |||||||||||
| Transfer Agency fees(a) |
523,554 | 14,517 | 269,469 | |||||||||||
| Registration fees |
111,458 | 99,201 | 110,383 | |||||||||||
| Professional fees |
108,779 | 107,561 | 113,914 | |||||||||||
| Printing and mailing costs |
45,679 | 30,165 | 37,226 | |||||||||||
| Custody, accounting and administrative services |
42,248 | 12,520 | 46,687 | |||||||||||
| Trustee fees |
23,714 | 23,182 | 23,762 | |||||||||||
| Shareholder meeting expense |
12,461 | 646 | 6,697 | |||||||||||
| Service fees — Class C |
12,057 | 655 | 23,134 | |||||||||||
| Shareholder Administration fees — Service Shares |
229 | — | 2,213 | |||||||||||
| Other |
12,170 | 10,105 | 14,595 | |||||||||||
| Total expenses | 4,503,929 | 611,543 | 4,250,034 | |||||||||||
| Less — expense reductions |
(518,269 | ) | (294,457 | ) | (654,983 | ) | ||||||||
| Net expenses | 3,985,660 | 317,086 | 3,595,051 | |||||||||||
| NET INVESTMENT INCOME | 7,886,801 | 657,082 | 5,619,486 | |||||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
8,811,402 | (685,397 | ) | 17,600,779 | ||||||||||
| Foreign currency transactions |
— | — | (29 | ) | ||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers |
8,535,232 | 5,692,623 | 15,770,157 | |||||||||||
| Foreign currency translations |
— | (3 | ) | 82 | ||||||||||
| Net realized and unrealized gain | 17,346,634 | 5,007,223 | 33,370,989 | |||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 25,233,435 | $ | 5,664,305 | $ | 38,990,475 | ||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Equity Income Fund |
$ | 749,645 | $ | 36,170 | $ | 229 | $ | 3,271 | $ | 474,719 | $ | 7,639 | $ | 10,197 | $ | 36 | $ | 8,013 | $ | 1,928 | $ | 1,035 | $ | 19,987 | ||||||||||||||||||||||||
| Focused Value Fund |
815 | 1,964 | — | 217 | 515 | 415 | 852 | — | 21 | 4 | 68 | 12,642 | ||||||||||||||||||||||||||||||||||||
| Large Cap Value Fund |
195,778 | 69,401 | 2,213 | 18,899 | 123,955 | 14,665 | 59,305 | 354 | 5,849 | 653 | 5,978 | 58,710 | ||||||||||||||||||||||||||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2023
| Mid Cap Value Fund |
Small Cap |
Small/Mid Cap Value Fund |
||||||||||||
| Investment income: |
| |||||||||||||
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $82,123 and $4,194, respectively) |
$ | 19,770,854 | $ | 44,941,555 | $ | 3,491,959 | ||||||||
| Dividends — affiliated issuers |
538,178 | 662,990 | 83,831 | |||||||||||
| Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
1,719 | 19,722 | 6,132 | |||||||||||
| Total investment income | 20,310,751 | 45,624,267 | 3,581,922 | |||||||||||
| Expenses: |
| |||||||||||||
| Management fees |
8,645,297 | 24,256,398 | 1,757,217 | |||||||||||
| Distribution and/or Service (12b-1) fees(a) |
1,352,651 | 954,819 | 13,302 | |||||||||||
| Transfer Agency fees(a) |
1,081,318 | 1,402,621 | 85,719 | |||||||||||
| Registration fees |
156,577 | 156,721 | 94,419 | |||||||||||
| Professional fees |
117,585 | 109,750 | 108,885 | |||||||||||
| Custody, accounting and administrative services |
108,016 | 329,758 | 29,354 | |||||||||||
| Shareholder Administration fees — Service Shares |
83,049 | 38,623 | — | |||||||||||
| Printing and mailing costs |
52,324 | 89,766 | 40,873 | |||||||||||
| Shareholder meeting expense |
40,831 | 64,122 | 2,287 | |||||||||||
| Trustee fees |
24,808 | 26,660 | 23,435 | |||||||||||
| Service fees — Class C |
19,449 | 3,477 | 2,335 | |||||||||||
| Other |
45,419 | 144,568 | 19,953 | |||||||||||
| Total expenses | 11,727,324 | 27,577,283 | 2,177,779 | |||||||||||
| Less — expense reductions |
(75,702 | ) | (1,144,475 | ) | (312,789 | ) | ||||||||
| Net expenses | 11,651,622 | 26,432,808 | 1,864,990 | |||||||||||
| NET INVESTMENT INCOME | 8,659,129 | 19,191,459 | 1,716,932 | |||||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
| Net realized gain (loss) from: |
||||||||||||||
| Investments — unaffiliated issuers |
49,393,542 | 92,563,674 | (6,660,726 | ) | ||||||||||
| In-kind redemptions |
— | 4,391,384 | — | |||||||||||
| Net change in unrealized gain (loss) on: |
||||||||||||||
| Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $—, $— and $20, respectively) |
(490,107 | ) | (43,305,466 | ) | 14,063,494 | |||||||||
| Net realized and unrealized gain | 48,903,435 | 53,649,592 | 7,402,768 | |||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 57,562,564 | $ | 72,841,051 | $ | 9,119,700 | ||||||||
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||||||||||||||||||||||||||||
| Fund |
Class A |
Class C |
Service |
Class R |
Class A |
Class C |
Institutional |
Service |
Investor |
Class R6 |
Class R |
Class P |
||||||||||||||||||||||||||||||||||||
| Mid Cap Value Fund |
$ | 1,116,026 | $ | 58,348 | $ | 83,048 | $ | 95,229 | $ | 706,643 | $ | 12,331 | $ | 124,690 | $ | 13,288 | $ | 115,835 | $ | 25,884 | $ | 30,137 | $ | 52,510 | ||||||||||||||||||||||||
| Small Cap Value Fund |
711,701 | 10,432 | 38,623 | 194,063 | 451,166 | 2,206 | 435,837 | 6,180 | 141,926 | 226,718 | 61,484 | 77,104 | ||||||||||||||||||||||||||||||||||||
| Small/Mid Cap Value Fund |
5,733 | 7,005 | — | 564 | 3,629 | 1,478 | 9,802 | — | 16,146 | 27,272 | 179 | 27,213 | ||||||||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Changes in Net Assets
| Equity Income Fund | Focused Value Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment income |
$ | 7,886,801 | $ | 6,943,081 | $ | 657,082 | $ | 417,542 | ||||||||||||||
| Net realized gain (loss) |
8,811,402 | 14,818,153 | (685,397 | ) | 3,648,935 | |||||||||||||||||
| Net change in unrealized gain (loss) |
8,535,232 | (37,073,296 | ) | 5,692,620 | (6,565,141 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 25,233,435 | (15,312,062 | ) | 5,664,305 | (2,498,664 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(15,964,013 | ) | (26,486,951 | ) | (27,797 | ) | (17,568 | ) | ||||||||||||||
| Class C Shares |
(231,155 | ) | (390,823 | ) | (28,283 | ) | (2,875 | ) | ||||||||||||||
| Institutional Shares |
(1,383,100 | ) | (2,720,942 | ) | (196,617 | ) | (94,204 | ) | ||||||||||||||
| Service Shares |
(4,654 | ) | (8,034 | ) | — | — | ||||||||||||||||
| Investor Shares |
(285,008 | ) | (255,958 | ) | (1,281 | ) | (869 | ) | ||||||||||||||
| Class R6 Shares |
(358,806 | ) | (558,521 | ) | (1,290 | ) | (880 | ) | ||||||||||||||
| Class R Shares |
(32,124 | ) | (103,134 | ) | (3,995 | ) | (2,652 | ) | ||||||||||||||
| Class P Shares |
(3,656,406 | ) | (3,671,657 | ) | (3,634,594 | ) | (2,350,232 | ) | ||||||||||||||
| Total distributions to shareholders | (21,915,266 | ) | (34,196,020 | ) | (3,893,857 | ) | (2,469,280 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
31,147,105 | 42,035,572 | 10,572,005 | 14,779,334 | ||||||||||||||||||
| Reinvestment of distributions |
21,544,310 | 33,518,967 | 3,893,857 | 2,469,280 | ||||||||||||||||||
| Cost of shares redeemed |
(58,547,443 | ) | (46,233,931 | ) | (12,234,451 | ) | (8,992,169 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | (5,856,028 | ) | 29,320,608 | 2,231,411 | 8,256,445 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | (2,537,859 | ) | (20,187,474 | ) | 4,001,859 | 3,288,501 | ||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
405,947,081 | 426,134,555 | 42,978,533 | 39,690,032 | ||||||||||||||||||
| End of year |
$ | 403,409,222 | $ | 405,947,081 | $ | 46,980,392 | $ | 42,978,533 | ||||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Changes in Net Assets (continued)
| Large Cap Value Fund | Mid Cap Value Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment income |
$ | 5,619,486 | $ | 5,624,176 | $ | 8,659,129 | $ | 6,270,018 | ||||||||||||||
| Net realized gain |
17,600,750 | 44,259,875 | 49,393,542 | 158,509,493 | ||||||||||||||||||
| Net change in unrealized gain (loss) |
15,770,239 | (73,127,971 | ) | (490,107 | ) | (216,479,555 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 38,990,475 | (23,243,920 | ) | 57,562,564 | (51,700,044 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(6,742,536 | ) | (9,847,776 | ) | (55,239,987 | ) | (81,091,952 | ) | ||||||||||||||
| Class C Shares |
(857,851 | ) | (1,340,637 | ) | (1,231,703 | ) | (2,046,722 | ) | ||||||||||||||
| Institutional Shares |
(13,297,130 | ) | (20,785,951 | ) | (38,717,068 | ) | (50,978,548 | ) | ||||||||||||||
| Service Shares |
(76,077 | ) | (94,128 | ) | (4,173,176 | ) | (5,405,769 | ) | ||||||||||||||
| Investor Shares |
(313,809 | ) | (416,593 | ) | (9,223,366 | ) | (6,718,024 | ) | ||||||||||||||
| Class R6 Shares |
(194,345 | ) | (219,492 | ) | (10,488,178 | ) | (12,632,771 | ) | ||||||||||||||
| Class R Shares |
(309,775 | ) | (360,604 | ) | (2,295,189 | ) | (3,286,387 | ) | ||||||||||||||
| Class P Shares |
(16,929,697 | ) | (23,402,507 | ) | (21,613,805 | ) | (29,991,781 | ) | ||||||||||||||
| Total distributions to shareholders | (38,721,220 | ) | (56,467,688 | ) | (142,982,472 | ) | (192,151,954 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
33,412,731 | 43,863,133 | 221,163,999 | 240,283,675 | ||||||||||||||||||
| Reinvestment of distributions |
38,058,875 | 55,466,446 | 135,698,815 | 179,816,177 | ||||||||||||||||||
| Cost of shares redeemed |
(100,644,410 | ) | (68,984,563 | ) | (268,511,768 | ) | (278,289,464 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | (29,172,804 | ) | 30,345,016 | 88,351,046 | 141,810,388 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | (28,903,549 | ) | (49,366,592 | ) | 2,931,138 | (102,041,610 | ) | |||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
450,304,926 | 499,671,518 | 1,148,771,339 | 1,250,812,949 | ||||||||||||||||||
| End of year |
$ | 421,401,377 | $ | 450,304,926 | $ | 1,151,702,477 | $ | 1,148,771,339 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statements of Changes in Net Assets (continued)
| Small Cap Value Fund | Small/Mid Cap Value Fund | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: |
|
|||||||||||||||||||||
| Net investment income |
$ | 19,191,459 | $ | 20,132,996 | $ | 1,716,932 | $ | 1,627,333 | ||||||||||||||
| Net realized gain (loss) |
96,955,058 | 569,564,753 | (6,660,726 | ) | 11,009,736 | |||||||||||||||||
| Net change in unrealized gain (loss) |
(43,305,466 | ) | (920,760,237 | ) | 14,063,494 | (36,629,393 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 72,841,051 | (331,062,488 | ) | 9,119,700 | (23,992,324 | ) | ||||||||||||||||
| Distributions to shareholders: |
|
|||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(51,748,366 | ) | (86,760,802 | ) | (164,809 | ) | (119,467 | ) | ||||||||||||||
| Class C Shares |
(440,629 | ) | (495,489 | ) | (66,005 | ) | (75,322 | ) | ||||||||||||||
| Institutional Shares |
(202,459,669 | ) | (372,106,140 | ) | (1,864,079 | ) | (1,191,915 | ) | ||||||||||||||
| Service Shares |
(2,858,068 | ) | (4,846,092 | ) | — | — | ||||||||||||||||
| Investor Shares |
(20,218,513 | ) | (34,654,005 | ) | (757,902 | ) | (800,656 | ) | ||||||||||||||
| Class R6 Shares |
(144,535,398 | ) | (250,111,215 | ) | (6,757,794 | ) | (5,624,330 | ) | ||||||||||||||
| Class R Shares |
(6,990,091 | ) | (12,118,156 | ) | (7,935 | ) | (5,089 | ) | ||||||||||||||
| Class P Shares |
(38,556,866 | ) | (61,591,156 | ) | (5,911,852 | ) | (5,339,404 | ) | ||||||||||||||
| Total distributions to shareholders | (467,807,600 | ) | (822,683,055 | ) | (15,530,376 | ) | (13,156,183 | ) | ||||||||||||||
| From share transactions: |
|
|||||||||||||||||||||
| Proceeds from sales of shares |
376,347,158 | 749,898,210 | 54,323,797 | 105,555,731 | ||||||||||||||||||
| Reinvestment of distributions |
454,551,534 | 794,278,372 | 15,529,991 | 13,155,489 | ||||||||||||||||||
| Proceeds paid in connection with in-kind transactions |
(23,891,044 | ) | — | — | — | |||||||||||||||||
| Cost of shares redeemed |
(2,086,211,976 | ) | (1,809,688,954 | ) | (72,236,151 | ) | (76,873,076 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | (1,279,204,328 | ) | (265,512,372 | ) | (2,382,363 | ) | 41,838,144 | |||||||||||||||
| TOTAL INCREASE (DECREASE) | (1,674,170,877 | ) | (1,419,257,915 | ) | (8,793,039 | ) | 4,689,637 | |||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
3,383,387,413 | 4,802,645,328 | 229,711,226 | 225,021,589 | ||||||||||||||||||
| End of year |
$ | 1,709,216,536 | $ | 3,383,387,413 | $ | 220,918,187 | $ | 229,711,226 | ||||||||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 39.62 | $ | 44.89 | $ | 36.06 | $ | 37.12 | $ | 36.41 | ||||||||||||
| Net investment income(a) |
0.44 | 0.36 | 0.26 | 0.34 | 0.38 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.83 | (2.19 | ) | 8.82 | 0.54 | 0.96 | ||||||||||||||||
| Total from investment operations |
2.27 | (1.83 | ) | 9.08 | 0.88 | 1.34 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.47 | ) | (0.41 | ) | (0.25 | ) | (0.37 | ) | (0.33 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(1.94 | ) | (3.44 | ) | (0.25 | ) | (1.94 | ) | (0.63 | ) | ||||||||||||
| Net asset value, end of year |
$ | 39.95 | $ | 39.62 | $ | 44.89 | $ | 36.06 | $ | 37.12 | ||||||||||||
| Total Return(b) | 5.75 | % | (4.51 | )% | 25.26 | % | 2.33 | % | 3.82 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 4,327 | $ | 4,651 | $ | 6,026 | $ | 5,477 | $ | 8,116 | ||||||||||||
| Ratio of net expenses to average net assets |
1.79 | % | 1.79 | % | 1.79 | % | 1.83 | % | 1.85 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.94 | % | 1.93 | % | 1.95 | % | 2.00 | % | 2.00 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.11 | % | 0.84 | % | 0.65 | % | 0.94 | % | 1.05 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.76 | $ | 48.15 | $ | 38.65 | $ | 39.66 | $ | 38.92 | ||||||||||||
| Net investment income(a) |
0.93 | 0.87 | 0.75 | 0.76 | 0.83 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.96 | (2.37 | ) | 9.44 | 0.58 | 1.01 | ||||||||||||||||
| Total from investment operations |
2.89 | (1.50 | ) | 10.19 | 1.34 | 1.84 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.90 | ) | (0.86 | ) | (0.69 | ) | (0.78 | ) | (0.80 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.37 | ) | (3.89 | ) | (0.69 | ) | (2.35 | ) | (1.10 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.28 | $ | 42.76 | $ | 48.15 | $ | 38.65 | $ | 39.66 | ||||||||||||
| Total Return(b) | 6.86 | % | (3.49 | )% | 26.63 | % | 3.41 | % | 4.94 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 25,845 | $ | 31,702 | $ | 33,660 | $ | 22,592 | $ | 19,906 | ||||||||||||
| Ratio of net expenses to average net assets |
0.74 | % | 0.73 | % | 0.73 | % | 0.74 | % | 0.73 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.82 | % | 0.81 | % | 0.83 | % | 0.86 | % | 0.86 | % | ||||||||||||
| Ratio of net investment income to average net assets |
2.18 | % | 1.90 | % | 1.73 | % | 2.00 | % | 2.17 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.08 | $ | 47.45 | $ | 38.08 | $ | 39.10 | $ | 38.39 | ||||||||||||
| Net investment income(a) |
0.70 | 0.63 | 0.48 | 0.57 | 0.61 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.94 | (2.33 | ) | 9.35 | 0.57 | 1.01 | ||||||||||||||||
| Total from investment operations |
2.64 | (1.70 | ) | 9.83 | 1.14 | 1.62 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.69 | ) | (0.64 | ) | (0.46 | ) | (0.59 | ) | (0.61 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.16 | ) | (3.67 | ) | (0.46 | ) | (2.16 | ) | (0.91 | ) | ||||||||||||
| Net asset value, end of year |
$ | 42.56 | $ | 42.08 | $ | 47.45 | $ | 38.08 | $ | 39.10 | ||||||||||||
| Total Return(b) | 6.33 | % | (3.98 | )% | 26.01 | % | 2.89 | % | 4.40 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 93 | $ | 90 | $ | 103 | $ | 161 | $ | 175 | ||||||||||||
| Ratio of net expenses to average net assets |
1.24 | % | 1.23 | % | 1.23 | % | 1.24 | % | 1.23 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.31 | % | 1.31 | % | 1.33 | % | 1.37 | % | 1.36 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.67 | % | 1.39 | % | 1.16 | % | 1.52 | % | 1.60 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 41.82 | $ | 47.18 | $ | 37.88 | $ | 38.91 | $ | 38.20 | ||||||||||||
| Net investment income(a) |
0.88 | 0.83 | 0.69 | 0.71 | 0.76 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.92 | (2.32 | ) | 9.27 | 0.58 | 1.00 | ||||||||||||||||
| Total from investment operations |
2.80 | (1.49 | ) | 9.96 | 1.29 | 1.76 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.88 | ) | (0.84 | ) | (0.66 | ) | (0.75 | ) | (0.75 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.35 | ) | (3.87 | ) | (0.66 | ) | (2.32 | ) | (1.05 | ) | ||||||||||||
| Net asset value, end of year |
$ | 42.27 | $ | 41.82 | $ | 47.18 | $ | 37.88 | $ | 38.91 | ||||||||||||
| Total Return(b) | 6.78 | % | (3.55 | )% | 26.54 | % | 3.33 | % | 4.82 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 4,197 | $ | 4,394 | $ | 3,042 | $ | 2,384 | $ | 2,321 | ||||||||||||
| Ratio of net expenses to average net assets |
0.79 | % | 0.79 | % | 0.80 | % | 0.83 | % | 0.85 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.94 | % | 0.93 | % | 0.95 | % | 0.99 | % | 1.00 | % | ||||||||||||
| Ratio of net investment income to average net assets |
2.10 | % | 1.86 | % | 1.66 | % | 1.92 | % | 2.04 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.76 | $ | 48.15 | $ | 38.65 | $ | 39.66 | $ | 38.92 | ||||||||||||
| Net investment income(a) |
0.93 | 0.87 | 0.75 | 0.76 | 0.80 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.96 | (2.36 | ) | 9.44 | 0.58 | 1.04 | ||||||||||||||||
| Total from investment operations |
2.89 | (1.49 | ) | 10.19 | 1.34 | 1.84 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.90 | ) | (0.87 | ) | (0.69 | ) | (0.78 | ) | (0.80 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.37 | ) | (3.90 | ) | (0.69 | ) | (2.35 | ) | (1.10 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.28 | $ | 42.76 | $ | 48.15 | $ | 38.65 | $ | 39.66 | ||||||||||||
| Total Return(b) | 6.87 | % | (3.48 | )% | 26.64 | % | 3.42 | % | 4.95 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 5,817 | $ | 6,582 | $ | 6,981 | $ | 5,378 | $ | 5,973 | ||||||||||||
| Ratio of net expenses to average net assets |
0.73 | % | 0.72 | % | 0.72 | % | 0.73 | % | 0.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.81 | % | 0.80 | % | 0.82 | % | 0.86 | % | 0.85 | % | ||||||||||||
| Ratio of net investment income to average net assets |
2.17 | % | 1.90 | % | 1.73 | % | 2.00 | % | 2.08 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 41.62 | $ | 46.98 | $ | 37.73 | $ | 38.75 | $ | 38.05 | ||||||||||||
| Net investment income(a) |
0.67 | 0.60 | 0.49 | 0.53 | 0.57 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.92 | (2.31 | ) | 9.22 | 0.57 | 1.00 | ||||||||||||||||
| Total from investment operations |
2.59 | (1.71 | ) | 9.71 | 1.10 | 1.57 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.62 | ) | (0.62 | ) | (0.46 | ) | (0.55 | ) | (0.57 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.09 | ) | (3.65 | ) | (0.46 | ) | (2.12 | ) | (0.87 | ) | ||||||||||||
| Net asset value, end of year |
$ | 42.12 | $ | 41.62 | $ | 46.98 | $ | 37.73 | $ | 38.75 | ||||||||||||
| Total Return(b) | 6.23 | % | (4.02 | )% | 25.91 | % | 2.82 | % | 4.29 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 676 | $ | 630 | $ | 1,337 | $ | 1,131 | $ | 1,525 | ||||||||||||
| Ratio of net expenses to average net assets |
1.29 | % | 1.29 | % | 1.29 | % | 1.33 | % | 1.34 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.44 | % | 1.43 | % | 1.45 | % | 1.50 | % | 1.50 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.61 | % | 1.34 | % | 1.15 | % | 1.42 | % | 1.54 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS EQUITY INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Equity Income Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.75 | $ | 48.14 | $ | 38.64 | $ | 39.65 | $ | 38.92 | ||||||||||||
| Net investment income(a) |
0.93 | 0.88 | 0.76 | 0.76 | 0.82 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.96 | (2.37 | ) | 9.43 | 0.59 | 1.01 | ||||||||||||||||
| Total from investment operations |
2.89 | (1.49 | ) | 10.19 | 1.35 | 1.83 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.90 | ) | (0.87 | ) | (0.69 | ) | (0.79 | ) | (0.80 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.47 | ) | (3.03 | ) | — | (1.57 | ) | (0.30 | ) | |||||||||||||
| Total distributions |
(2.37 | ) | (3.90 | ) | (0.69 | ) | (2.36 | ) | (1.10 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.27 | $ | 42.75 | $ | 48.14 | $ | 38.64 | $ | 39.65 | ||||||||||||
| Total Return(b) | 6.87 | % | (3.48 | )% | 26.65 | % | 3.43 | % | 4.92 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 67,997 | $ | 57,277 | $ | 40,099 | $ | 20,492 | $ | 11,500 | ||||||||||||
| Ratio of net expenses to average net assets |
0.73 | % | 0.72 | % | 0.72 | % | 0.73 | % | 0.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.81 | % | 0.80 | % | 0.82 | % | 0.85 | % | 0.85 | % | ||||||||||||
| Ratio of net investment income to average net assets |
2.17 | % | 1.94 | % | 1.74 | % | 2.04 | % | 2.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
32 | % | 17 | % | 44 | % | 42 | % | 42 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.85 | $ | 14.65 | $ | 11.11 | $ | 10.60 | $ | 11.03 | ||||||||||||
| Net investment income (loss)(a) |
0.06 | — | (0.03 | ) | 0.01 | — | ||||||||||||||||
| Net realized and unrealized gain (loss) |
1.42 | (0.94 | ) | 3.71 | 0.61 | 0.09 | ||||||||||||||||
| Total from investment operations |
1.48 | (0.94 | ) | 3.68 | 0.62 | 0.09 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.06 | ) | — | — | — | (0.01 | ) | |||||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.23 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.52 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.10 | $ | 12.85 | $ | 14.65 | $ | 11.11 | $ | 10.60 | ||||||||||||
| Total Return(b) | 11.91 | % | (6.93 | )% | 33.34 | % | 5.85 | % | 1.27 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 212 | $ | 326 | $ | 49 | $ | 32 | $ | 30 | ||||||||||||
| Ratio of net expenses to average net assets |
1.78 | % | 1.79 | % | 1.79 | % | 1.85 | % | 1.85 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.48 | % | 2.43 | % | 2.99 | % | 5.81 | % | 8.79 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.44 | % | 0.04 | % | (0.24 | )% | 0.06 | % | 0.05 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.14 | $ | 14.92 | $ | 11.29 | $ | 10.72 | $ | 11.13 | ||||||||||||
| Net investment income(a) |
0.19 | 0.16 | 0.11 | 0.12 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.46 | (0.97 | ) | 3.77 | 0.63 | 0.08 | ||||||||||||||||
| Total from investment operations |
1.65 | (0.81 | ) | 3.88 | 0.75 | 0.20 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.16 | ) | (0.11 | ) | (0.11 | ) | (0.07 | ) | (0.10 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.33 | ) | (0.97 | ) | (0.25 | ) | (0.18 | ) | (0.61 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.46 | $ | 13.14 | $ | 14.92 | $ | 11.29 | $ | 10.72 | ||||||||||||
| Total Return(b) | 13.13 | % | (5.98 | )% | 34.80 | % | 7.00 | % | 2.47 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 2,310 | $ | 2,167 | $ | 5,999 | $ | 871 | $ | 776 | ||||||||||||
| Ratio of net expenses to average net assets |
0.71 | % | 0.73 | % | 0.73 | % | 0.76 | % | 0.73 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.36 | % | 1.41 | % | 1.65 | % | 4.65 | % | 7.57 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.46 | % | 1.10 | % | 0.82 | % | 1.13 | % | 1.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.09 | $ | 14.88 | $ | 11.26 | $ | 10.69 | $ | 11.13 | ||||||||||||
| Net investment income(a) |
0.18 | 0.14 | 0.09 | 0.11 | 0.11 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.47 | (0.96 | ) | 3.77 | 0.63 | 0.07 | ||||||||||||||||
| Total from investment operations |
1.65 | (0.82 | ) | 3.86 | 0.74 | 0.18 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.16 | ) | (0.11 | ) | (0.10 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.33 | ) | (0.97 | ) | (0.24 | ) | (0.17 | ) | (0.62 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.41 | $ | 13.09 | $ | 14.88 | $ | 11.26 | $ | 10.69 | ||||||||||||
| Total Return(b) | 13.11 | % | (6.06 | )% | 34.71 | % | 6.92 | % | 2.26 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 14 | $ | 12 | $ | 13 | $ | 34 | $ | 32 | ||||||||||||
| Ratio of net expenses to average net assets |
0.78 | % | 0.80 | % | 0.80 | % | 0.85 | % | 0.85 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.47 | % | 1.47 | % | 2.61 | % | 4.81 | % | 7.79 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.38 | % | 0.97 | % | 0.69 | % | 1.04 | % | 1.05 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.11 | $ | 14.89 | $ | 11.27 | $ | 10.71 | $ | 11.14 | ||||||||||||
| Net investment income(a) |
0.19 | 0.15 | 0.10 | 0.12 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.47 | (0.95 | ) | 3.77 | 0.62 | 0.09 | ||||||||||||||||
| Total from investment operations |
1.66 | (0.80 | ) | 3.87 | 0.74 | 0.21 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.17 | ) | (0.12 | ) | (0.11 | ) | (0.07 | ) | (0.13 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.34 | ) | (0.98 | ) | (0.25 | ) | (0.18 | ) | (0.64 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.43 | $ | 13.11 | $ | 14.89 | $ | 11.27 | $ | 10.71 | ||||||||||||
| Total Return(b) | 13.17 | % | (5.90 | )% | 34.79 | % | 6.92 | % | 2.52 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 14 | $ | 12 | $ | 13 | $ | 34 | $ | 32 | ||||||||||||
| Ratio of net expenses to average net assets |
0.69 | % | 0.72 | % | 0.72 | % | 0.75 | % | 0.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.34 | % | 1.33 | % | 2.48 | % | 4.67 | % | 7.64 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.47 | % | 1.05 | % | 0.77 | % | 1.13 | % | 1.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.98 | $ | 14.76 | $ | 11.20 | $ | 10.65 | $ | 11.07 | ||||||||||||
| Net investment income(a) |
0.12 | 0.07 | 0.03 | 0.06 | 0.06 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.44 | (0.95 | ) | 3.74 | 0.61 | 0.09 | ||||||||||||||||
| Total from investment operations |
1.56 | (0.88 | ) | 3.77 | 0.67 | 0.15 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.09 | ) | (0.04 | ) | (0.07 | ) | (0.01 | ) | (0.06 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.26 | ) | (0.90 | ) | (0.21 | ) | (0.12 | ) | (0.57 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.28 | $ | 12.98 | $ | 14.76 | $ | 11.20 | $ | 10.65 | ||||||||||||
| Total Return(b) | 12.51 | % | (6.47 | )% | 34.04 | % | 6.27 | % | 1.91 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 46 | $ | 41 | $ | 43 | $ | 33 | $ | 31 | ||||||||||||
| Ratio of net expenses to average net assets |
1.28 | % | 1.29 | % | 1.29 | % | 1.35 | % | 1.35 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.97 | % | 1.96 | % | 2.69 | % | 5.31 | % | 8.29 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.89 | % | 0.47 | % | 0.23 | % | 0.55 | % | 0.54 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FOCUSED VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Focused Value Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 13.11 | $ | 14.90 | $ | 11.28 | $ | 10.71 | $ | 11.15 | ||||||||||||
| Net investment income(a) |
0.19 | 0.15 | 0.11 | 0.12 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.47 | (0.96 | ) | 3.76 | 0.63 | 0.08 | ||||||||||||||||
| Total from investment operations |
1.66 | (0.81 | ) | 3.87 | 0.75 | 0.20 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.17 | ) | (0.12 | ) | (0.11 | ) | (0.07 | ) | (0.13 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.17 | ) | (0.86 | ) | (0.14 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||
| Total distributions |
(1.34 | ) | (0.98 | ) | (0.25 | ) | (0.18 | ) | (0.64 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.43 | $ | 13.11 | $ | 14.90 | $ | 11.28 | $ | 10.71 | ||||||||||||
| Total Return(b) | 13.17 | % | (5.96 | )% | 34.76 | % | 7.03 | % | 2.44 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 43,965 | $ | 40,108 | $ | 33,202 | $ | 8,657 | $ | 4,739 | ||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.72 | % | 0.72 | % | 0.74 | % | 0.72 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.35 | % | 1.33 | % | 1.80 | % | 4.45 | % | 7.47 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.47 | % | 1.04 | % | 0.82 | % | 1.16 | % | 1.16 | % | ||||||||||||
| Portfolio turnover rate(c) |
82 | % | 78 | % | 78 | % | 102 | % | 122 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.04 | $ | 16.80 | $ | 13.12 | $ | 13.64 | $ | 15.32 | ||||||||||||
| Net investment income(a) |
0.04 | 0.03 | — | 0.05 | 0.05 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.06 | (0.88 | ) | 4.06 | 0.17 | (0.22 | ) | |||||||||||||||
| Total from investment operations |
1.10 | (0.85 | ) | 4.06 | 0.22 | (0.17 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.05 | ) | — | (0.05 | ) | (0.07 | ) | — | ||||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.20 | ) | (1.91 | ) | (0.38 | ) | (0.74 | ) | (1.51 | ) | ||||||||||||
| Net asset value, end of year |
$ | 13.94 | $ | 14.04 | $ | 16.80 | $ | 13.12 | $ | 13.64 | ||||||||||||
| Total Return(b) | 8.03 | % | (5.87 | )% | 31.59 | % | 1.21 | % | (0.28 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,198 | $ | 10,176 | $ | 12,948 | $ | 17,422 | $ | 21,481 | ||||||||||||
| Ratio of net expenses to average net assets |
1.79 | % | 1.79 | % | 1.79 | % | 1.82 | % | 1.86 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.99 | % | 1.97 | % | 1.99 | % | 2.03 | % | 2.03 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.30 | % | 0.18 | % | 0.00 | % | 0.39 | % | 0.35 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.25 | $ | 18.08 | $ | 14.08 | $ | 14.58 | $ | 16.32 | ||||||||||||
| Net investment income(a) |
0.20 | 0.21 | 0.17 | 0.20 | 0.21 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.15 | (0.96 | ) | 4.37 | 0.19 | (0.26 | ) | |||||||||||||||
| Total from investment operations |
1.35 | (0.75 | ) | 4.54 | 0.39 | (0.05 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.20 | ) | (0.17 | ) | (0.21 | ) | (0.22 | ) | (0.18 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.35 | ) | (2.08 | ) | (0.54 | ) | (0.89 | ) | (1.69 | ) | ||||||||||||
| Net asset value, end of year |
$ | 15.25 | $ | 15.25 | $ | 18.08 | $ | 14.08 | $ | 14.58 | ||||||||||||
| Total Return(b) | 9.16 | % | (4.88 | )% | 33.08 | % | 2.26 | % | 0.69 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 127,436 | $ | 155,700 | $ | 181,806 | $ | 140,814 | $ | 177,613 | ||||||||||||
| Ratio of net expenses to average net assets |
0.73 | % | 0.73 | % | 0.73 | % | 0.76 | % | 0.79 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.87 | % | 0.85 | % | 0.87 | % | 0.90 | % | 0.89 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.35 | % | 1.24 | % | 1.04 | % | 1.43 | % | 1.42 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.97 | $ | 17.78 | $ | 13.86 | $ | 14.36 | $ | 16.03 | ||||||||||||
| Net investment income(a) |
0.12 | 0.12 | 0.09 | 0.13 | 0.13 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.14 | (0.93 | ) | 4.29 | 0.19 | (0.24 | ) | |||||||||||||||
| Total from investment operations |
1.26 | (0.81 | ) | 4.38 | 0.32 | (0.11 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.13 | ) | (0.15 | ) | (0.05 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.28 | ) | (2.00 | ) | (0.46 | ) | (0.82 | ) | (1.56 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.95 | $ | 14.97 | $ | 17.78 | $ | 13.86 | $ | 14.36 | ||||||||||||
| Total Return(b) | 8.66 | % | (5.33 | )% | 32.36 | % | 1.80 | % | 0.20 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 964 | $ | 835 | $ | 846 | $ | 836 | $ | 1,004 | ||||||||||||
| Ratio of net expenses to average net assets |
1.23 | % | 1.23 | % | 1.23 | % | 1.26 | % | 1.29 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.37 | % | 1.35 | % | 1.37 | % | 1.40 | % | 1.39 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.85 | % | 0.74 | % | 0.55 | % | 0.94 | % | 0.91 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.05 | $ | 17.87 | $ | 13.93 | $ | 14.43 | $ | 16.17 | ||||||||||||
| Net investment income(a) |
0.19 | 0.19 | 0.16 | 0.19 | 0.20 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.15 | (0.94 | ) | 4.31 | 0.19 | (0.26 | ) | |||||||||||||||
| Total from investment operations |
1.34 | (0.75 | ) | 4.47 | 0.38 | (0.06 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.20 | ) | (0.16 | ) | (0.20 | ) | (0.21 | ) | (0.17 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.35 | ) | (2.07 | ) | (0.53 | ) | (0.88 | ) | (1.68 | ) | ||||||||||||
| Net asset value, end of year |
$ | 15.04 | $ | 15.05 | $ | 17.87 | $ | 13.93 | $ | 14.43 | ||||||||||||
| Total Return(b) | 9.16 | % | (4.94 | )% | 32.92 | % | 2.22 | % | 0.64 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 6,907 | $ | 3,318 | $ | 3,559 | $ | 3,460 | $ | 4,191 | ||||||||||||
| Ratio of net expenses to average net assets |
0.79 | % | 0.79 | % | 0.79 | % | 0.82 | % | 0.86 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.99 | % | 0.97 | % | 0.99 | % | 1.03 | % | 1.03 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.27 | % | 1.19 | % | 0.99 | % | 1.37 | % | 1.35 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.69 | $ | 18.54 | $ | 14.43 | $ | 14.92 | $ | 16.66 | ||||||||||||
| Net investment income(a) |
0.21 | 0.21 | 0.17 | 0.21 | 0.22 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.19 | (0.97 | ) | 4.48 | 0.19 | (0.26 | ) | |||||||||||||||
| Total from investment operations |
1.40 | (0.76 | ) | 4.65 | 0.40 | (0.04 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.21 | ) | (0.18 | ) | (0.21 | ) | (0.22 | ) | (0.19 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.36 | ) | (2.09 | ) | (0.54 | ) | (0.89 | ) | (1.70 | ) | ||||||||||||
| Net asset value, end of year |
$ | 15.73 | $ | 15.69 | $ | 18.54 | $ | 14.43 | $ | 14.92 | ||||||||||||
| Total Return(b) | 9.17 | % | (4.86 | )% | 33.05 | % | 2.29 | % | 0.73 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 2,233 | $ | 2,245 | $ | 1,958 | $ | 1,636 | $ | 2,172 | ||||||||||||
| Ratio of net expenses to average net assets |
0.72 | % | 0.72 | % | 0.72 | % | 0.75 | % | 0.78 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.86 | % | 0.84 | % | 0.86 | % | 0.89 | % | 0.89 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.36 | % | 1.26 | % | 1.06 | % | 1.43 | % | 1.44 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.47 | $ | 17.27 | $ | 13.47 | $ | 13.97 | $ | 15.71 | ||||||||||||
| Net investment income(a) |
0.11 | 0.11 | 0.07 | 0.12 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.10 | (0.91 | ) | 4.18 | 0.17 | (0.25 | ) | |||||||||||||||
| Total from investment operations |
1.21 | (0.80 | ) | 4.25 | 0.29 | (0.13 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.12 | ) | (0.12 | ) | (0.10 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.28 | ) | (2.00 | ) | (0.45 | ) | (0.79 | ) | (1.61 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.40 | $ | 14.47 | $ | 17.27 | $ | 13.47 | $ | 13.97 | ||||||||||||
| Total Return(b) | 8.60 | % | (5.46 | )% | 32.32 | % | 1.70 | % | 0.12 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 4,114 | $ | 3,437 | $ | 3,269 | $ | 2,932 | $ | 4,008 | ||||||||||||
| Ratio of net expenses to average net assets |
1.29 | % | 1.29 | % | 1.29 | % | 1.32 | % | 1.36 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.49 | % | 1.47 | % | 1.49 | % | 1.53 | % | 1.53 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.78 | % | 0.69 | % | 0.49 | % | 0.89 | % | 0.85 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Large Cap Value Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.68 | $ | 18.54 | $ | 14.43 | $ | 14.92 | $ | 16.66 | ||||||||||||
| Net investment income(a) |
0.21 | 0.21 | 0.17 | 0.21 | 0.21 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.20 | (0.98 | ) | 4.48 | 0.19 | (0.25 | ) | |||||||||||||||
| Total from investment operations |
1.41 | (0.77 | ) | 4.65 | 0.40 | (0.04 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.21 | ) | (0.18 | ) | (0.21 | ) | (0.22 | ) | (0.19 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(1.15 | ) | (1.91 | ) | (0.33 | ) | (0.67 | ) | (1.51 | ) | ||||||||||||
| Total distributions |
(1.36 | ) | (2.09 | ) | (0.54 | ) | (0.89 | ) | (1.70 | ) | ||||||||||||
| Net asset value, end of year |
$ | 15.73 | $ | 15.68 | $ | 18.54 | $ | 14.43 | $ | 14.92 | ||||||||||||
| Total Return(b) | 9.24 | % | (4.92 | )% | 33.05 | % | 2.29 | % | 0.74 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 193,633 | $ | 197,335 | $ | 207,926 | $ | 154,720 | $ | 180,475 | ||||||||||||
| Ratio of net expenses to average net assets |
0.72 | % | 0.72 | % | 0.72 | % | 0.75 | % | 0.78 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.86 | % | 0.84 | % | 0.86 | % | 0.89 | % | 0.88 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.36 | % | 1.26 | % | 1.05 | % | 1.45 | % | 1.43 | % | ||||||||||||
| Portfolio turnover rate(c) |
57 | % | 46 | % | 53 | % | 64 | % | 62 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 30.26 | $ | 38.53 | $ | 27.00 | $ | 28.10 | $ | 32.59 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.14 | ) | (0.24 | ) | (0.02 | ) | (0.07 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
1.32 | (1.30 | ) | 11.77 | (0.24 | ) | 0.29 | |||||||||||||||
| Total from investment operations |
1.27 | (1.44 | ) | 11.53 | (0.26 | ) | 0.22 | |||||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.81 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.03 | ) | — | ||||||||||||||||
| Total distributions |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Net asset value, end of year |
$ | 27.25 | $ | 30.26 | $ | 38.53 | $ | 27.00 | $ | 28.10 | ||||||||||||
| Total Return(b) | 4.24 | % | (5.20 | )% | 42.70 | % | (1.14 | )% | 2.58 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 6,558 | $ | 9,337 | $ | 12,836 | $ | 16,230 | $ | 28,175 | ||||||||||||
| Ratio of net expenses to average net assets |
1.94 | % | 1.95 | % | 1.96 | % | 1.99 | % | 1.98 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.96 | % | 1.96 | % | 1.96 | % | 1.99 | % | 1.98 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.17 | )% | (0.42 | )% | (0.73 | )% | (0.07 | )% | (0.24 | )% | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 36.92 | $ | 45.34 | $ | 31.65 | $ | 32.76 | $ | 37.06 | ||||||||||||
| Net investment income(a) |
0.32 | 0.28 | 0.15 | 0.26 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.61 | (1.62 | ) | 13.80 | (0.19 | ) | 0.39 | |||||||||||||||
| Total from investment operations |
1.93 | (1.34 | ) | 13.95 | 0.07 | 0.68 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.25 | ) | (0.26 | ) | (0.30 | ) | (0.27 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.04 | ) | — | ||||||||||||||||
| Total distributions |
(4.58 | ) | (7.08 | ) | (0.26 | ) | (1.18 | ) | (4.98 | ) | ||||||||||||
| Net asset value, end of year |
$ | 34.27 | $ | 36.92 | $ | 45.34 | $ | 31.65 | $ | 32.76 | ||||||||||||
| Total Return(b) | 5.39 | % | (4.12 | )% | 44.27 | % | (0.03 | )% | 3.78 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 318,000 | $ | 298,877 | $ | 331,383 | $ | 271,283 | $ | 346,004 | ||||||||||||
| Ratio of net expenses to average net assets |
0.84 | % | 0.83 | % | 0.84 | % | 0.86 | % | 0.84 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.84 | % | 0.84 | % | 0.84 | % | 0.86 | % | 0.84 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.93 | % | 0.71 | % | 0.38 | % | 0.82 | % | 0.89 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 35.32 | $ | 43.69 | $ | 30.50 | $ | 31.58 | $ | 35.89 | ||||||||||||
| Net investment income (loss)(a) |
0.14 | 0.08 | (0.04 | ) | 0.13 | 0.12 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
1.54 | (1.55 | ) | 13.31 | (0.23 | ) | 0.38 | |||||||||||||||
| Total from investment operations |
1.68 | (1.47 | ) | 13.27 | (0.10 | ) | 0.50 | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.07 | ) | (0.08 | ) | (0.11 | ) | (0.10 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.03 | ) | — | ||||||||||||||||
| Total distributions |
(4.41 | ) | (6.90 | ) | (0.08 | ) | (0.98 | ) | (4.81 | ) | ||||||||||||
| Net asset value, end of year |
$ | 32.59 | $ | 35.32 | $ | 43.69 | $ | 30.50 | $ | 31.58 | ||||||||||||
| Total Return(b) | 4.86 | % | (4.60 | )% | 43.57 | % | (0.52 | )% | 3.25 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 27,582 | $ | 34,533 | $ | 34,851 | $ | 30,424 | $ | 47,597 | ||||||||||||
| Ratio of net expenses to average net assets |
1.33 | % | 1.33 | % | 1.34 | % | 1.36 | % | 1.34 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.34 | % | 1.34 | % | 1.34 | % | 1.36 | % | 1.34 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.42 | % | 0.20 | % | (0.12 | )% | 0.43 | % | 0.38 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 35.26 | $ | 43.60 | $ | 30.44 | $ | 31.55 | $ | 35.89 | ||||||||||||
| Net investment income(a) |
0.27 | 0.25 | 0.10 | 0.22 | 0.23 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.52 | (1.55 | ) | 13.28 | (0.19 | ) | 0.37 | |||||||||||||||
| Total from investment operations |
1.79 | (1.30 | ) | 13.38 | 0.03 | 0.60 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.21 | ) | (0.22 | ) | (0.26 | ) | (0.23 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.04 | ) | — | ||||||||||||||||
| Total distributions |
(4.55 | ) | (7.04 | ) | (0.22 | ) | (1.14 | ) | (4.94 | ) | ||||||||||||
| Net asset value, end of year |
$ | 32.50 | $ | 35.26 | $ | 43.60 | $ | 30.44 | $ | 31.55 | ||||||||||||
| Total Return(b) | 5.24 | % | (4.21 | )% | 44.11 | % | (0.16 | )% | 3.63 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 76,816 | $ | 68,948 | $ | 42,206 | $ | 33,249 | $ | 41,809 | ||||||||||||
| Ratio of net expenses to average net assets |
0.94 | % | 0.95 | % | 0.96 | % | 0.99 | % | 0.97 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.96 | % | 0.96 | % | 0.96 | % | 0.99 | % | 0.98 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.82 | % | 0.65 | % | 0.26 | % | 0.72 | % | 0.74 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 36.90 | $ | 45.31 | $ | 31.62 | $ | 32.74 | $ | 37.04 | ||||||||||||
| Net investment income(a) |
0.32 | 0.29 | 0.15 | 0.25 | 0.27 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.60 | (1.61 | ) | 13.80 | (0.18 | ) | 0.41 | |||||||||||||||
| Total from investment operations |
1.92 | (1.32 | ) | 13.95 | 0.07 | 0.68 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.26 | ) | (0.26 | ) | (0.27 | ) | (0.27 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.08 | ) | — | ||||||||||||||||
| Total distributions |
(4.58 | ) | (7.09 | ) | (0.26 | ) | (1.19 | ) | (4.98 | ) | ||||||||||||
| Net asset value, end of year |
$ | 34.24 | $ | 36.90 | $ | 45.31 | $ | 31.62 | $ | 32.74 | ||||||||||||
| Total Return(b) | 5.38 | % | (4.09 | )% | 44.33 | % | (0.05 | )% | 3.79 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 89,605 | $ | 83,400 | $ | 80,114 | $ | 54,633 | $ | 50,538 | ||||||||||||
| Ratio of net expenses to average net assets |
0.83 | % | 0.82 | % | 0.83 | % | 0.85 | % | 0.82 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.83 | % | 0.83 | % | 0.83 | % | 0.85 | % | 0.83 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.94 | % | 0.72 | % | 0.39 | % | 0.82 | % | 0.85 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 34.76 | $ | 43.09 | $ | 30.09 | $ | 31.20 | $ | 35.52 | ||||||||||||
| Net investment income (loss)(a) |
0.10 | 0.04 | (0.09 | ) | 0.10 | 0.08 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
1.51 | (1.52 | ) | 13.14 | (0.24 | ) | 0.37 | |||||||||||||||
| Total from investment operations |
1.61 | (1.48 | ) | 13.05 | (0.14 | ) | 0.45 | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.10 | ) | (0.02 | ) | (0.05 | ) | (0.10 | ) | (0.06 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.03 | ) | — | ||||||||||||||||
| Total distributions |
(4.38 | ) | (6.85 | ) | (0.05 | ) | (0.97 | ) | (4.77 | ) | ||||||||||||
| Net asset value, end of year |
$ | 31.99 | $ | 34.76 | $ | 43.09 | $ | 30.09 | $ | 31.20 | ||||||||||||
| Total Return(b) | 4.72 | % | (4.68 | )% | 43.41 | % | (0.65 | )% | 3.10 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 19,373 | $ | 18,760 | $ | 21,249 | $ | 17,015 | $ | 21,916 | ||||||||||||
| Ratio of net expenses to average net assets |
1.44 | % | 1.45 | % | 1.46 | % | 1.49 | % | 1.47 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.46 | % | 1.46 | % | 1.46 | % | 1.49 | % | 1.48 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.32 | % | 0.09 | % | (0.23 | )% | 0.32 | % | 0.25 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 36.89 | $ | 45.30 | $ | 31.62 | $ | 32.73 | $ | 37.04 | ||||||||||||
| Net investment income(a) |
0.32 | 0.29 | 0.15 | 0.26 | 0.29 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.60 | (1.61 | ) | 13.79 | (0.19 | ) | 0.39 | |||||||||||||||
| Total from investment operations |
1.92 | (1.32 | ) | 13.94 | 0.07 | 0.68 | ||||||||||||||||
| Distributions to shareholders from net investment income |
(0.30 | ) | (0.26 | ) | (0.26 | ) | (0.33 | ) | (0.28 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(4.28 | ) | (6.83 | ) | — | (0.84 | ) | (4.71 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.01 | ) | — | ||||||||||||||||
| Total distributions |
(4.58 | ) | (7.09 | ) | (0.26 | ) | (1.18 | ) | (4.99 | ) | ||||||||||||
| Net asset value, end of year |
$ | 34.23 | $ | 36.89 | $ | 45.30 | $ | 31.62 | $ | 32.73 | ||||||||||||
| Total Return(b) | 5.38 | % | (4.09 | )% | 44.30 | % | (0.02 | )% | 3.80 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 178,305 | $ | 176,827 | $ | 191,790 | $ | 129,680 | $ | 141,460 | ||||||||||||
| Ratio of net expenses to average net assets |
0.83 | % | 0.82 | % | 0.83 | % | 0.85 | % | 0.83 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.83 | % | 0.83 | % | 0.83 | % | 0.85 | % | 0.83 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.94 | % | 0.71 | % | 0.39 | % | 0.82 | % | 0.89 | % | ||||||||||||
| Portfolio turnover rate(c) |
64 | % | 69 | % | 66 | % | 87 | % | 82 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 27.87 | $ | 42.63 | $ | 28.68 | $ | 33.97 | $ | 45.37 | ||||||||||||
| Net investment loss(a) |
(0.05 | ) | (0.18 | ) | (0.33 | ) | (0.02 | ) | (0.13 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | (2.73 | ) | 14.28 | (3.21 | ) | (5.43 | ) | ||||||||||||||
| Total from investment operations |
0.56 | (2.91 | ) | 13.95 | (3.23 | ) | (5.56 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.06 | ) | — | — | — | — | ||||||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.36 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Net asset value, end of year |
$ | 21.07 | $ | 27.87 | $ | 42.63 | $ | 28.68 | $ | 33.97 | ||||||||||||
| Total Return(b) | 1.96 | % | (10.00 | )% | 48.69 | % | (10.61 | )% | (11.83 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 1,146 | $ | 1,788 | $ | 2,204 | $ | 3,220 | $ | 8,867 | ||||||||||||
| Ratio of net expenses to average net assets |
2.04 | % | 2.04 | % | 2.05 | % | 2.09 | % | 2.09 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.15 | % | 2.11 | % | 2.11 | % | 2.12 | % | 2.11 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.23 | )% | (0.54 | )% | (0.89 | )% | (0.05 | )% | (0.36 | )% | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 49.82 | $ | 66.58 | $ | 44.52 | $ | 51.56 | $ | 64.90 | ||||||||||||
| Net investment income(a) |
0.36 | 0.30 | 0.11 | 0.35 | 0.43 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.07 | (5.02 | ) | 22.22 | (4.87 | ) | (7.71 | ) | ||||||||||||||
| Total from investment operations |
1.43 | (4.72 | ) | 22.33 | (4.52 | ) | (7.28 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.31 | ) | (0.19 | ) | (0.27 | ) | (0.46 | ) | (0.22 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.61 | ) | (12.04 | ) | (0.27 | ) | (2.52 | ) | (6.06 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.64 | $ | 49.82 | $ | 66.58 | $ | 44.52 | $ | 51.56 | ||||||||||||
| Total Return(b) | 2.96 | % | (9.02 | )% | 50.29 | % | (9.60 | )% | (10.81 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 630,611 | $ | 1,446,222 | $ | 2,331,482 | $ | 2,454,781 | $ | 3,114,853 | ||||||||||||
| Ratio of net expenses to average net assets |
1.00 | % | 0.97 | % | 0.96 | % | 0.96 | % | 0.95 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.03 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.97 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.79 | % | 0.51 | % | 0.19 | % | 0.74 | % | 0.78 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Service Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.36 | $ | 58.44 | $ | 39.10 | $ | 45.50 | $ | 58.10 | ||||||||||||
| Net investment income (loss)(a) |
0.11 | 0.01 | (0.15 | ) | 0.16 | 0.14 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.93 | (4.24 | ) | 19.51 | (4.35 | ) | (6.90 | ) | ||||||||||||||
| Total from investment operations |
1.04 | (4.23 | ) | 19.36 | (4.19 | ) | (6.76 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.11 | ) | — | (0.02 | ) | (0.15 | ) | — | ||||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.41 | ) | (11.85 | ) | (0.02 | ) | (2.21 | ) | (5.84 | ) | ||||||||||||
| Net asset value, end of year |
$ | 35.99 | $ | 42.36 | $ | 58.44 | $ | 39.10 | $ | 45.50 | ||||||||||||
| Total Return(b) | 2.46 | % | (9.48 | )% | 49.53 | % | (10.04 | )% | (11.26 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 14,083 | $ | 17,138 | $ | 27,102 | $ | 39,295 | $ | 75,860 | ||||||||||||
| Ratio of net expenses to average net assets |
1.51 | % | 1.47 | % | 1.46 | % | 1.46 | % | 1.45 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.54 | % | 1.49 | % | 1.49 | % | 1.49 | % | 1.47 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.29 | % | 0.01 | % | (0.31 | )% | 0.39 | % | 0.29 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 43.99 | $ | 60.18 | $ | 40.26 | $ | 46.84 | $ | 59.60 | ||||||||||||
| Net investment income(a) |
0.31 | 0.24 | 0.05 | 0.27 | 0.32 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.94 | (4.41 | ) | 20.09 | (4.39 | ) | (7.09 | ) | ||||||||||||||
| Total from investment operations |
1.25 | (4.17 | ) | 20.14 | (4.12 | ) | (6.77 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.28 | ) | (0.17 | ) | (0.22 | ) | (0.40 | ) | (0.15 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.58 | ) | (12.02 | ) | (0.22 | ) | (2.46 | ) | (5.99 | ) | ||||||||||||
| Net asset value, end of year |
$ | 37.66 | $ | 43.99 | $ | 60.18 | $ | 40.26 | $ | 46.84 | ||||||||||||
| Total Return(b) | 2.94 | % | (9.07 | )% | 50.14 | % | (9.70 | )% | (10.94 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 71,845 | $ | 131,530 | $ | 140,918 | $ | 115,491 | $ | 132,434 | ||||||||||||
| Ratio of net expenses to average net assets |
1.04 | % | 1.04 | % | 1.04 | % | 1.09 | % | 1.09 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.15 | % | 1.11 | % | 1.11 | % | 1.12 | % | 1.11 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.78 | % | 0.46 | % | 0.09 | % | 0.64 | % | 0.64 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 49.78 | $ | 66.55 | $ | 44.50 | $ | 51.53 | $ | 64.88 | ||||||||||||
| Net investment income(a) |
0.37 | 0.31 | 0.11 | 0.35 | 0.42 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.08 | (5.02 | ) | 22.22 | (4.85 | ) | (7.70 | ) | ||||||||||||||
| Total from investment operations |
1.45 | (4.71 | ) | 22.33 | (4.50 | ) | (7.28 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.21 | ) | (0.28 | ) | (0.47 | ) | (0.23 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.62 | ) | (12.06 | ) | (0.28 | ) | (2.53 | ) | (6.07 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.61 | $ | 49.78 | $ | 66.55 | $ | 44.50 | $ | 51.53 | ||||||||||||
| Total Return(b) | 2.99 | % | (9.02 | )% | 50.31 | % | (9.58 | )% | (10.81 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 443,791 | $ | 1,145,840 | $ | 1,436,954 | $ | 1,229,047 | $ | 1,302,069 | ||||||||||||
| Ratio of net expenses to average net assets |
0.99 | % | 0.96 | % | 0.95 | % | 0.95 | % | 0.94 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.02 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.96 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.82 | % | 0.54 | % | 0.19 | % | 0.74 | % | 0.77 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data |
| |||||||||||||||||||||
| Net asset value, beginning of year |
$ | 42.82 | $ | 58.98 | $ | 39.48 | $ | 45.96 | $ | 58.69 | ||||||||||||
| Net investment income (loss)(a) |
0.10 | (0.03 | ) | (0.21 | ) | 0.13 | 0.07 | |||||||||||||||
| Net realized and unrealized gain (loss) |
0.94 | (4.28 | ) | 19.71 | (4.42 | ) | (6.96 | ) | ||||||||||||||
| Total from investment operations |
1.04 | (4.31 | ) | 19.50 | (4.29 | ) | (6.89 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.09 | ) | — | — | (0.13 | ) | — | |||||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.39 | ) | (11.85 | ) | — | (2.19 | ) | (5.84 | ) | |||||||||||||
| Net asset value, end of year |
$ | 36.47 | $ | 42.82 | $ | 58.98 | $ | 39.48 | $ | 45.96 | ||||||||||||
| Total Return(b) | 2.44 | % | (9.53 | )% | 49.39 | % | (10.16 | )% | 11.37 | % | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 35,901 | $ | 41,857 | $ | 62,339 | $ | 57,272 | $ | 84,684 | ||||||||||||
| Ratio of net expenses to average net assets |
1.54 | % | 1.54 | % | 1.55 | % | 1.59 | % | 1.59 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.66 | % | 1.61 | % | 1.61 | % | 1.62 | % | 1.61 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.26 | % | (0.06 | )% | (0.40 | )% | 0.30 | % | 0.15 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small Cap Value Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 49.79 | $ | 66.55 | $ | 44.50 | $ | 51.53 | $ | 64.88 | ||||||||||||
| Net investment income(a) |
0.35 | 0.31 | 0.11 | 0.34 | 0.43 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.09 | (5.01 | ) | 22.22 | (4.85 | ) | (7.71 | ) | ||||||||||||||
| Total from investment operations |
1.44 | (4.70 | ) | 22.33 | (4.51 | ) | (7.28 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.32 | ) | (0.21 | ) | (0.28 | ) | (0.46 | ) | (0.23 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(7.30 | ) | (11.85 | ) | — | (2.06 | ) | (5.84 | ) | |||||||||||||
| Total distributions |
(7.62 | ) | (12.06 | ) | (0.28 | ) | (2.52 | ) | (6.07 | ) | ||||||||||||
| Net asset value, end of year |
$ | 43.61 | $ | 49.79 | $ | 66.55 | $ | 44.50 | $ | 51.53 | ||||||||||||
| Total Return(b) | 2.97 | % | (9.01 | )% | 50.28 | % | (9.56 | )% | (10.80 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 263,075 | $ | 265,197 | $ | 333,524 | $ | 206,370 | $ | 231,930 | ||||||||||||
| Ratio of net expenses to average net assets |
1.00 | % | 0.96 | % | 0.95 | % | 0.95 | % | 0.94 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.03 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.96 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.80 | % | 0.53 | % | 0.18 | % | 0.74 | % | 0.79 | % | ||||||||||||
| Portfolio turnover rate(c) |
71 | % | 65 | % | 64 | % | 75 | % | 47 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Class C Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.26 | $ | 16.68 | $ | 11.17 | $ | 11.67 | $ | 13.30 | ||||||||||||
| Net investment loss(a) |
(0.04 | ) | (0.07 | ) | (0.10 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||
| Net realized and unrealized gain (loss) |
0.48 | (1.42 | ) | 5.61 | (0.49 | ) | (0.85 | ) | ||||||||||||||
| Total from investment operations |
0.44 | (1.49 | ) | 5.51 | (0.50 | ) | (0.87 | ) | ||||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Net asset value, end of year |
$ | 13.73 | $ | 14.26 | $ | 16.68 | $ | 11.17 | $ | 11.67 | ||||||||||||
| Total Return(b) | 3.25 | % | (9.56 | )% | 49.46 | % | (4.36 | )% | (6.07 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 894 | $ | 997 | $ | 1,483 | $ | 948 | $ | 994 | ||||||||||||
| Ratio of net expenses to average net assets |
1.95 | % | 1.96 | % | 1.96 | % | 1.98 | % | 1.98 | % | ||||||||||||
| Ratio of total expenses to average net assets |
2.10 | % | 2.09 | % | 2.17 | % | 2.24 | % | 2.31 | % | ||||||||||||
| Ratio of net investment loss to average net assets |
(0.32 | )% | (0.44 | )% | (0.69 | )% | (0.07 | )% | (0.15 | )% | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.11 | $ | 17.51 | $ | 11.67 | $ | 12.18 | $ | 13.74 | ||||||||||||
| Net investment income(a) |
0.11 | 0.12 | 0.07 | 0.09 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | (1.50 | ) | 5.87 | (0.47 | ) | (0.88 | ) | ||||||||||||||
| Total from investment operations |
0.61 | (1.38 | ) | 5.94 | (0.38 | ) | (0.76 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.10 | ) | (0.13 | ) | (0.04 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Total distributions |
(1.10 | ) | (1.02 | ) | (0.10 | ) | (0.13 | ) | (0.80 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.62 | $ | 15.11 | $ | 17.51 | $ | 11.67 | $ | 12.18 | ||||||||||||
| Total Return(b) | 4.33 | % | (8.56 | )% | 51.16 | % | (3.26 | )% | (5.00 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 24,274 | $ | 23,900 | $ | 18,472 | $ | 7,054 | $ | 6,223 | ||||||||||||
| Ratio of net expenses to average net assets |
0.84 | % | 0.84 | % | 0.84 | % | 0.85 | % | 0.84 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.99 | % | 0.97 | % | 1.05 | % | 1.12 | % | 1.17 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.79 | % | 0.72 | % | 0.44 | % | 0.78 | % | 0.99 | % | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Investor Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.00 | $ | 17.41 | $ | 11.59 | $ | 12.09 | $ | 13.67 | ||||||||||||
| Net investment income(a) |
0.10 | 0.09 | 0.07 | 0.08 | 0.10 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | (1.49 | ) | 5.82 | (0.47 | ) | (0.88 | ) | ||||||||||||||
| Total from investment operations |
0.60 | (1.40 | ) | 5.89 | (0.39 | ) | (0.78 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.11 | ) | (0.08 | ) | (0.07 | ) | (0.11 | ) | (0.04 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Total distributions |
(1.08 | ) | (1.01 | ) | (0.07 | ) | (0.11 | ) | (0.80 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.52 | $ | 15.00 | $ | 17.41 | $ | 11.59 | $ | 12.09 | ||||||||||||
| Total Return(b) | 4.28 | % | (8.68 | )% | 50.98 | % | (3.32 | )% | (5.19 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 9,219 | $ | 11,178 | $ | 13,553 | $ | 1,435 | $ | 3,253 | ||||||||||||
| Ratio of net expenses to average net assets |
0.95 | % | 0.96 | % | 0.96 | % | 0.98 | % | 0.98 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.10 | % | 1.08 | % | 1.15 | % | 1.26 | % | 1.30 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.69 | % | 0.55 | % | 0.40 | % | 0.74 | % | 0.85 | % | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.09 | $ | 17.50 | $ | 11.66 | $ | 12.16 | $ | 13.75 | ||||||||||||
| Net investment income(a) |
0.11 | 0.12 | 0.07 | 0.09 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | (1.51 | ) | 5.87 | (0.46 | ) | (0.89 | ) | ||||||||||||||
| Total from investment operations |
0.62 | (1.39 | ) | 5.94 | (0.37 | ) | (0.77 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.10 | ) | (0.13 | ) | (0.06 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Total distributions |
(1.10 | ) | (1.02 | ) | (0.10 | ) | (0.13 | ) | (0.82 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.61 | $ | 15.09 | $ | 17.50 | $ | 11.66 | $ | 12.16 | ||||||||||||
| Total Return(b) | 4.41 | % | (8.56 | )% | 51.12 | % | (3.17 | )% | (5.06 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 91,082 | $ | 93,904 | $ | 97,324 | $ | 52,507 | $ | 57,055 | ||||||||||||
| Ratio of net expenses to average net assets |
0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.98 | % | 0.96 | % | 1.04 | % | 1.11 | % | 1.16 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.80 | % | 0.70 | % | 0.44 | % | 0.79 | % | 1.00 | % | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Class R Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 14.82 | $ | 17.21 | $ | 11.46 | $ | 11.96 | $ | 13.56 | ||||||||||||
| Net investment income (loss)(a) |
0.03 | 0.01 | (0.03 | ) | 0.03 | 0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.49 | (1.47 | ) | 5.78 | (0.49 | ) | (0.87 | ) | ||||||||||||||
| Total from investment operations |
0.52 | (1.46 | ) | 5.75 | (0.46 | ) | (0.83 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.05 | ) | — | — | (0.04 | ) | (0.01 | ) | ||||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Total distributions |
(1.02 | ) | (0.93 | ) | — | (0.04 | ) | (0.77 | ) | |||||||||||||
| Net asset value, end of year |
$ | 14.32 | $ | 14.82 | $ | 17.21 | $ | 11.46 | $ | 11.96 | ||||||||||||
| Total Return(b) | 3.75 | % | (9.07 | )% | 50.17 | % | (3.85 | )% | (5.65 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 107 | $ | 105 | $ | 99 | $ | 74 | $ | 160 | ||||||||||||
| Ratio of net expenses to average net assets |
1.45 | % | 1.45 | % | 1.46 | % | 1.48 | % | 1.48 | % | ||||||||||||
| Ratio of total expenses to average net assets |
1.60 | % | 1.58 | % | 1.67 | % | 1.76 | % | 1.81 | % | ||||||||||||
| Ratio of net investment income (loss) to average net assets |
0.18 | % | 0.07 | % | (0.19 | )% | 0.29 | % | 0.36 | % | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS SMALL/MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Small/Mid Cap Value Fund | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 15.09 | $ | 17.49 | $ | 11.66 | $ | 12.16 | $ | 13.75 | ||||||||||||
| Net investment income(a) |
0.11 | 0.12 | 0.07 | 0.09 | 0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | (1.50 | ) | 5.86 | (0.46 | ) | (0.89 | ) | ||||||||||||||
| Total from investment operations |
0.61 | (1.38 | ) | 5.93 | (0.37 | ) | (0.77 | ) | ||||||||||||||
| Distributions to shareholders from net investment income |
(0.13 | ) | (0.09 | ) | (0.10 | ) | (0.13 | ) | (0.06 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.97 | ) | (0.93 | ) | — | — | (0.76 | ) | ||||||||||||||
| Total distributions |
(1.10 | ) | (1.02 | ) | (0.10 | ) | (0.13 | ) | (0.82 | ) | ||||||||||||
| Net asset value, end of year |
$ | 14.60 | $ | 15.09 | $ | 17.49 | $ | 11.66 | $ | 12.16 | ||||||||||||
| Total Return(b) | 4.34 | % | (8.51 | )% | 51.04 | % | (3.17 | )% | (5.05 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 93,063 | $ | 97,396 | $ | 92,056 | $ | 38,153 | $ | 48,725 | ||||||||||||
| Ratio of net expenses to average net assets |
0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.83 | % | ||||||||||||
| Ratio of total expenses to average net assets |
0.98 | % | 0.96 | % | 1.04 | % | 1.11 | % | 1.16 | % | ||||||||||||
| Ratio of net investment income to average net assets |
0.80 | % | 0.70 | % | 0.44 | % | 0.79 | % | 1.00 | % | ||||||||||||
| Portfolio turnover rate(c) |
56 | % | 90 | % | 78 | % | 76 | % | 73 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
August 31, 2023
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-Diversified | ||
| Focused Value |
A, C, Institutional, Investor, R6, R and P |
Non-Diversified | ||
| Equity Income, Large Cap Value, Mid Cap Value, Small Cap Value |
A, C, Institutional, Service, Investor, R6, R and P |
Diversified | ||
| Small/Mid Cap Value |
A, C, Institutional, Investor, R6, R and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
103
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| Fund | Income Distributions Declared/Paid |
Capital Gains Distributions Declared/Paid | ||||
| Equity Income |
Quarterly | Annually | ||||
|
Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value |
Annually | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
104
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. 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 Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent that Underlying ETFs 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.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. 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.
105
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2023:
| EQUITY INCOME FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Asia |
$ | 2,534,304 | $ | — | $ | — | ||||||
| Europe |
20,502,937 | — | — | |||||||||
| North America |
373,243,832 | — | — | |||||||||
| Oceania |
4,899,375 | — | — | |||||||||
| Investment Company |
714,371 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
1,298,115 | — | — | |||||||||
| Total | $ | 403,192,934 | $ | — | $ | — | ||||||
| FOCUSED VALUE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| North America |
$ | 45,850,024 | $ | — | $ | — | ||||||
| Investment Company |
153,740 | — | — | |||||||||
| Total | $ | 46,003,764 | $ | — | $ | — | ||||||
| LARGE CAP VALUE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 5,591,217 | $ | — | $ | — | ||||||
| North America |
412,461,291 | — | — | |||||||||
| Investment Company |
1,988,552 | — | — | |||||||||
| Total | $ | 420,041,060 | $ | — | $ | — | ||||||
| MID CAP VALUE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 14,257,936 | $ | — | $ | — | ||||||
| North America |
1,134,115,487 | — | — | |||||||||
| Investment Company |
3,503,744 | — | — | |||||||||
| Total | $ | 1,151,877,167 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
106
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| SMALL CAP VALUE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Africa |
$ | 5,951,707 | $ | — | $ | — | ||||||
| Europe |
7,722,979 | — | — | |||||||||
| North America |
1,676,637,792 | — | — | |||||||||
| Investment Company |
912,932 | — | — | |||||||||
| Exchange-Traded Fund |
6,843,398 | — | — | |||||||||
| Securities Lending Reinvestment Vehicle |
6,000 | — | — | |||||||||
| Total | $ | 1,698,074,808 | $ | — | $ | — | ||||||
| SMALL/MID CAP VALUE FUND | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Europe |
$ | 1,402,805 | $ | — | $ | — | ||||||
| North America |
218,799,774 | — | — | |||||||||
| Total | $ | 220,202,579 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
107
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2023, contractual and effective net management fees with GSAM were at the following rates:
| Contractual Management Rate | Effective Contractual Management Rate |
Effective Net Management Rate# |
||||||||||||||||||||||||||||||
| Fund | First $1 billion |
Next $1 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
|||||||||||||||||||||||||||
| Equity Income |
0.69 | % | 0.62 | % | 0.59 | % | 0.58 | % | 0.57 | % | 0.69 | % | 0.69 | % | ||||||||||||||||||
| Focused Value |
0.69 | 0.62 | 0.59 | 0.58 | 0.57 | 0.69 | 0.66 | * | ||||||||||||||||||||||||
| Large Cap Value |
0.75 | 0.68 | 0.65 | 0.64 | 0.63 | 0.75 | 0.69 | * | ||||||||||||||||||||||||
| Mid Cap Value |
0.75 | 0.75 | 0.68 | 0.65 | 0.64 | 0.75 | 0.75 | |||||||||||||||||||||||||
| Small Cap Value |
0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.96 | 0.96 | |||||||||||||||||||||||||
| Small/Mid Cap Value |
0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 | |||||||||||||||||||||||||
| # | The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| * | GSAM agreed to waive a portion of its management fee with respect to the Focused Value and Large Cap Value Fund in order to achieve an effective net management fee rate of 0.65% and 0.69%, respectively, as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2023, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees. Prior to December 29, 2022, the Focused Value Fund did not have any management fee waivers. |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2023, the management fee waived by GSAM for each Fund was as follows:
| Fund | Management Fee Waived |
|||||
| Equity Income |
$ | 4,349 | ||||
| Focused Value |
831 | |||||
| Large Cap Value |
3,816 | |||||
| Mid Cap Value |
21,051 | |||||
| Small Cap Value |
26,553 | |||||
| Small/Mid Cap Value |
3,304 | |||||
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| Distribution and/or Service Plan Rates | ||||||||||||||||
| Class A* | Class C | Service | Class R* | |||||||||||||
| Distribution and/or Service Plan |
0.25 | % | 0.75 | % | 0.25 | % | 0.50 | % | ||||||||
| * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended August 31, 2023, Goldman Sachs retained the following amounts:
| Front End Sales Charge |
Contingent Deferred Sales Charge |
|||||||||
| Fund | Class A | Class C | ||||||||
| Equity Income |
$ | 7,203 | $ | — | ||||||
| Focused Value |
574 | — | ||||||||
| Large Cap Value |
4,312 | — | ||||||||
| Mid Cap Value |
10,293 | — | ||||||||
| Small Cap Value |
2,951 | — | ||||||||
| Small/Mid Cap Value |
665 | — | ||||||||
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1, 2023, the rate for Class A, Class C, Investor and Class R Shares was 0.16%.
109
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2023, the transfer agency fee waivers were as follows:
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) | ||||||||||
| Fund | Before December 29, 2022 | As of December 29, 2022* | ||||||||
| Equity Income |
0.06 | % | 0.06 | % | ||||||
| Focused Value |
0.06 | % | 0.04 | % | ||||||
| Large Cap Value |
0.06 | % | 0.06 | % | ||||||
| Mid Cap Value |
0.01 | % | 0.01 | % | ||||||
| Small Cap Value |
0.05 | % | 0.11 | % | ||||||
| Small/Mid Cap Value |
0.01 | % | 0.01 | % | ||||||
| * | These arrangements will remain in effect through at least December 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. |
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds is 0.004% and for Mid Cap Value Fund is 0.104%. These Other Expense limitations will remain in place through at least December 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above. Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.
For the fiscal year ended August 31, 2023, these expense reductions, including any fee waivers and Other Expense
reimbursements, were as follows:
| Fund | Management Fee Waiver |
Transfer Agency Fee Waiver/Credits |
Other Expense Reimbursements |
Total Expense Reductions |
||||||||||||||
| Equity Income |
$ | 4,349 | $ | 186,230 | $ | 327,690 | $ | 518,269 | ||||||||||
| Focused Value |
13,220 | 300 | 280,937 | 294,457 | ||||||||||||||
| Large Cap Value |
269,064 | 57,035 | 328,884 | 654,983 | ||||||||||||||
| Mid Cap Value |
21,051 | 54,651 | — | 75,702 | ||||||||||||||
| Small Cap Value |
26,553 | 361,978 | 755,944 | 1,144,475 | ||||||||||||||
| Small/Mid Cap Value |
3,304 | 1,353 | 308,132 | 312,789 | ||||||||||||||
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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility — As of August 31, 2023, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.
H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2023, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:
| Equity Income |
Focused Value |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/Mid Cap Value |
|||||||||||||||||||
| Brokerage commissions paid |
$ | 34,554 | $ | 354 | $ | 5,139 | $ | — | $ | — | $ | — | ||||||||||||
The following table provides information about the Funds’ investments in the Government Money Market Fund — Institutional Shares for the fiscal year ended August 31, 2023:
| Fund | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
||||||||||||||||||
| Equity Income |
$ | 8,778,605 | $ | 33,090,650 | $ | (41,154,884 | ) | $ | 714,371 | 714,371 | $ | 86,536 | ||||||||||||
| Focused Value |
922,973 | 11,123,353 | (11,892,586 | ) | 153,740 | 153,740 | 21,953 | |||||||||||||||||
| Large Cap Value |
4,276,030 | 67,830,338 | (70,117,816 | ) | 1,988,552 | 1,988,552 | 100,593 | |||||||||||||||||
| Mid Cap Value |
22,288,207 | 164,088,010 | (182,872,473 | ) | 3,503,744 | 3,503,744 | 538,178 | |||||||||||||||||
| Small Cap Value |
22,581,860 | 947,083,675 | (968,752,603 | ) | 912,932 | 912,932 | 662,990 | |||||||||||||||||
| Small/Mid Cap Value |
1,414,538 | 56,740,885 | (58,155,423 | ) | — | — | 83,831 | |||||||||||||||||
As of August 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Funds:
| Fund | Class A | Class C | Institutional | Investor | Class P | Class R | Class R6 | |||||||||||||||||||||
| Focused Value |
— | % | 6 | % | — | % | 100 | % | — | % | 31 | % | 100 | % | ||||||||||||||
| Small/Mid Cap Value |
— | — | — | — | — | 9 | — | |||||||||||||||||||||
111
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 5. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases | Sales and Maturities | ||||||||
| Equity Income |
$ | 129,860,005 | $ | 142,118,737 | ||||||
| Focused Value |
36,463,645 | 37,428,624 | ||||||||
| Large Cap Value |
249,755,256 | 308,932,645 | ||||||||
| Mid Cap Value |
727,106,055 | 752,173,895 | ||||||||
| Small Cap Value |
1,794,235,117 | 3,473,931,747 | ||||||||
| Small/Mid Cap Value |
121,734,788 | 135,766,785 | ||||||||
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases | Sales and Maturities | ||||||||
| Equity Income |
$ | — | $ | — | ||||||
| Focused Value |
— | — | ||||||||
| Large Cap Value |
— | — | ||||||||
| Mid Cap Value |
— | — | ||||||||
| Small Cap Value |
— | 23,463,869 | ||||||||
| Small/Mid Cap Value |
— | — | ||||||||
| 6. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Government Money Market Fund, an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying
112
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 6. SECURITIES LENDING (continued) |
the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended August 31, 2023:
| Fund | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of August 31, 2023 |
||||||||||||||
| Equity Income |
$ | 2,353,075 | $ | 21,956,531 | $ | (23,011,491 | ) | $ | 1,298,115 | |||||||||
| Mid Cap Value |
— | 11,878,506 | (11,878,506 | ) | — | |||||||||||||
| Small Cap Value |
2,576,575 | 137,063,865 | (139,634,440 | ) | 6,000 | |||||||||||||
| Small/Mid Cap Value |
489,327 | 6,355,324 | (6,844,651 | ) | — | |||||||||||||
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
| Equity Income |
Focused Value |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/Mid Cap Value |
|||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||
| Ordinary Income |
$ | 9,033,251 | $ | 2,039,306 | $ | 5,835,947 | $ | 8,244,638 | $ | 19,926,056 | $ | 1,977,511 | ||||||||||||
| Net long-term capital gains |
12,882,015 | 1,854,551 | 32,885,273 | 134,737,834 | 447,881,544 | 13,552,865 | ||||||||||||||||||
| Return of Capital |
— | — | — | — | — | — | ||||||||||||||||||
| Total taxable distributions |
$ | 21,915,266 | $ | 3,893,857 | $ | 38,721,220 | $ | 142,982,472 | $ | 467,807,600 | $ | 15,530,376 | ||||||||||||
The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
| Equity Income |
Focused Value |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/Mid Cap Value |
|||||||||||||||||||
| Distributions paid from: |
||||||||||||||||||||||||
| Ordinary Income |
$ | 7,079,175 | $ | 1,688,667 | $ | 23,706,400 | $ | 82,393,152 | $ | 261,516,537 | $ | 5,745,544 | ||||||||||||
| Net long-term capital gains |
27,116,845 | 780,613 | 32,761,288 | 109,758,802 | 561,166,518 | 7,410,639 | ||||||||||||||||||
| Total taxable distributions |
$ | 34,196,020 | $ | 2,469,280 | $ | 56,467,688 | $ | 192,151,954 | $ | 822,683,055 | $ | 13,156,183 | ||||||||||||
113
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 7. TAX INFORMATION (continued) |
As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
| Equity Income |
Focused Value |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/Mid Cap Value |
|||||||||||||||||||
| Undistributed ordinary income —net |
$ | 1,267,742 | $ | 419,490 | $ | 8,344,369 | $ | 5,849,633 | $ | 6,139,213 | $ | 618,222 | ||||||||||||
| Undistributed long-term capital gains |
8,977,441 | — | 13,656,071 | 40,390,508 | 51,134,989 | — | ||||||||||||||||||
| Total undistributed earnings |
$ | 10,245,183 | $ | 419,490 | $ | 22,000,440 | $ | 46,240,141 | $ | 57,274,202 | $ | 618,222 | ||||||||||||
| Capital loss carryforwards: |
||||||||||||||||||||||||
| Perpetual Short-Term |
$ | — | $ | (87,834 | ) | $ | — | $ | — | $ | — | $ | (7,385,794 | ) | ||||||||||
| Perpetual Long-Term |
— | — | — | — | — | (617,963 | ) | |||||||||||||||||
| Total capital loss carryovers |
$ | — | $ | (87,834 | ) | $ | — | $ | — | $ | — | $ | (8,003,757 | ) | ||||||||||
| Qualified Late Year Loss Deferral and Post October Losses |
$ | — | $ | — | $ | (28 | ) | $ | — | $ | (6,694,259 | ) | $ | (3,270,860 | ) | |||||||||
| Unrealized gains (losses) — net |
69,643,938 | 3,575,172 | 61,524,914 | 111,917,825 | 308,085,707 | 19,437,418 | ||||||||||||||||||
| Total accumulated earnings (losses) net |
$ | 79,889,121 | $ | 3,906,828 | $ | 83,525,326 | $ | 158,157,966 | $ | 358,665,650 | $ | 8,781,023 | ||||||||||||
As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Equity Income |
Focused Value |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/ Mid Cap Value |
|||||||||||||||||||
| Tax Cost |
$ | 333,548,996 | $ | 42,428,590 | $ | 358,516,146 | $ | 1,039,959,342 | $ | 1,389,989,101 | $ | 200,765,161 | ||||||||||||
| Gross unrealized gain |
87,288,487 | 5,608,455 | 79,267,834 | 166,393,385 | 375,846,564 | 32,088,594 | ||||||||||||||||||
| Gross unrealized loss |
(17,644,549 | ) | (2,033,281 | ) | (17,742,920 | ) | (54,475,560 | ) | (67,760,857 | ) | (12,651,176 | ) | ||||||||||||
| Net unrealized gains (losses) |
$ | 69,643,938 | $ | 3,575,174 | $ | 61,524,914 | $ | 111,917,825 | $ | 308,085,707 | $ | 19,437,418 | ||||||||||||
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales. In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from redemption-in kind transactions. The Small Cap Value Fund reclassed $2,004,276 from distributable earnings to paid-in capital.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures,
114
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 8. OTHER RISKS (continued) |
including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws.
115
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 8. OTHER RISKS (continued) |
REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 10. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) currently serve as a Trustee of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II. Messrs. Chou and Wirth and Ms. Dowling currently serve as Trustees of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
| 11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
116
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Equity Income Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
154,854 | $ | 6,498,025 | 212,235 | $ | 9,347,093 | ||||||||||
| Reinvestment |
369,096 | 15,627,272 | 578,113 | 25,872,061 | ||||||||||||
| Shares redeemed |
(748,112 | ) | (31,357,744 | ) | (701,423 | ) | (31,322,062 | ) | ||||||||
| (224,162 | ) | (9,232,447 | ) | 88,925 | 3,897,092 | |||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
32,734 | 1,298,342 | 29,330 | 1,221,995 | ||||||||||||
| Reinvestment |
5,743 | 230,878 | 9,217 | 390,565 | ||||||||||||
| Shares redeemed |
(47,560 | ) | (1,872,919 | ) | (55,384 | ) | (2,342,631 | ) | ||||||||
| (9,083 | ) | (343,699 | ) | (16,837 | ) | (730,071 | ) | |||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
100,243 | 4,294,731 | 111,994 | 5,062,050 | ||||||||||||
| Reinvestment |
31,355 | 1,349,606 | 58,273 | 2,659,792 | ||||||||||||
| Shares redeemed |
(275,849 | ) | (11,190,696 | ) | (127,915 | ) | (5,883,824 | ) | ||||||||
| (144,251 | ) | (5,546,359 | ) | 42,352 | 1,838,018 | |||||||||||
| Service Shares | ||||||||||||||||
| Shares sold |
1 | 41 | 1 | 43 | ||||||||||||
| Reinvestment |
99 | 4,210 | 162 | 7,278 | ||||||||||||
| Shares redeemed |
(61 | ) | (2,619 | ) | (201 | ) | (8,998 | ) | ||||||||
| 39 | 1,632 | (38 | ) | (1,677 | ) | |||||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
52,946 | 2,230,853 | 51,928 | 2,264,233 | ||||||||||||
| Reinvestment |
6,755 | 285,008 | 5,745 | 255,958 | ||||||||||||
| Shares redeemed |
(65,503 | ) | (2,725,921 | ) | (17,083 | ) | (767,315 | ) | ||||||||
| (5,802 | ) | (210,060 | ) | 40,590 | 1,752,876 | |||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
25,099 | 1,079,345 | 24,082 | 1,080,508 | ||||||||||||
| Reinvestment |
8,316 | 358,806 | 12,235 | 558,521 | ||||||||||||
| Shares redeemed |
(52,924 | ) | (2,286,221 | ) | (27,394 | ) | (1,251,980 | ) | ||||||||
| (19,509 | ) | (848,070 | ) | 8,923 | 387,049 | |||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
460 | 19,106 | 1,107 | 49,414 | ||||||||||||
| Reinvestment |
760 | 32,124 | 2,319 | 103,135 | ||||||||||||
| Shares redeemed |
(295 | ) | (12,296 | ) | (16,755 | ) | (703,600 | ) | ||||||||
| 925 | 38,934 | (13,329 | ) | (551,051 | ) | |||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
363,189 | 15,726,662 | 513,448 | 23,010,236 | ||||||||||||
| Reinvestment |
84,764 | 3,656,406 | 80,631 | 3,671,657 | ||||||||||||
| Shares redeemed |
(216,257 | ) | (9,099,027 | ) | (87,212 | ) | (3,953,521 | ) | ||||||||
| 231,696 | 10,284,041 | 506,867 | 22,728,372 | |||||||||||||
| NET INCREASE/(DECREASE) |
(170,147 | ) | $ | (5,856,028 | ) | 657,453 | $ | 29,320,608 | ||||||||
117
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Focused Value Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
23,953 | $ | 306,925 | 7,679 | $ | 104,758 | ||||||||||
| Reinvestment |
2,154 | 27,797 | 1,229 | 17,568 | ||||||||||||
| Shares redeemed |
(18,690 | ) | (240,275 | ) | (9,910 | ) | (145,232 | ) | ||||||||
| 7,417 | 94,447 | (1,002 | ) | (22,906 | ) | |||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
154 | 2,000 | 21,802 | 303,369 | ||||||||||||
| Reinvestment |
2,232 | 28,283 | 205 | 2,875 | ||||||||||||
| Shares redeemed |
(11,568 | ) | (143,380 | ) | — | — | ||||||||||
| (9,182 | ) | (113,097 | ) | 22,007 | 306,244 | |||||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
70,808 | 944,810 | 124,969 | 1,706,005 | ||||||||||||
| Reinvestment |
15,165 | 196,617 | 6,555 | 94,204 | ||||||||||||
| Shares redeemed |
(79,330 | ) | (1,046,925 | ) | (368,709 | ) | (5,584,597 | ) | ||||||||
| 6,643 | 94,502 | (237,185 | ) | (3,784,388 | ) | |||||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
— | — | — | — | ||||||||||||
| Reinvestment |
100 | 1,281 | 60 | 869 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
| 100 | 1,281 | 60 | 869 | |||||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
— | — | — | — | ||||||||||||
| Reinvestment |
100 | 1,291 | 61 | 880 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
| 100 | 1,291 | 61 | 880 | |||||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
— | — | — | — | ||||||||||||
| Reinvestment |
312 | 3,995 | 186 | 2,652 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
| 312 | 3,995 | 186 | 2,652 | |||||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
731,235 | 9,318,270 | 908,004 | 12,665,202 | ||||||||||||
| Reinvestment |
281,081 | 3,634,593 | 163,759 | 2,350,232 | ||||||||||||
| Shares redeemed |
(798,703 | ) | (10,803,871 | ) | (240,447 | ) | (3,262,340 | ) | ||||||||
| 213,613 | 2,148,992 | 831,316 | 11,753,094 | |||||||||||||
| NET INCREASE/(DECREASE) |
219,003 | $ | 2,231,411 | 615,443 | $ | 8,256,445 | ||||||||||
118
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Large Cap Value Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
345,552 | $ | 5,064,497 | 365,242 | $ | 5,943,759 | ||||||||||
| Reinvestment |
428,925 | 6,325,352 | 563,194 | 9,144,779 | ||||||||||||
| Shares redeemed |
(726,345 | ) | (10,679,578 | ) | (681,679 | ) | (11,082,735 | ) | ||||||||
| 48,132 | 710,271 | 246,757 | 4,005,803 | |||||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
55,684 | 771,644 | 56,511 | 851,308 | ||||||||||||
| Reinvestment |
62,513 | 857,851 | 88,611 | 1,339,801 | ||||||||||||
| Shares redeemed |
(255,044 | ) | (3,441,045 | ) | (190,926 | ) | (2,938,426 | ) | ||||||||
| (136,847 | ) | (1,811,550 | ) | (45,804 | ) | (747,317 | ) | |||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
596,437 | 8,818,838 | 626,059 | 10,409,164 | ||||||||||||
| Reinvestment |
876,160 | 13,104,400 | 1,247,850 | 20,558,707 | ||||||||||||
| Shares redeemed |
(3,329,427 | ) | (50,418,694 | ) | (1,719,366 | ) | (28,307,265 | ) | ||||||||
| (1,856,830 | ) | (28,495,456 | ) | 154,543 | 2,660,606 | |||||||||||
| Service Shares | ||||||||||||||||
| Shares sold |
18,613 | 274,829 | 10,994 | 174,367 | ||||||||||||
| Reinvestment |
2,025 | 29,734 | 2,024 | 32,674 | ||||||||||||
| Shares redeemed |
(11,956 | ) | (177,631 | ) | (4,778 | ) | (74,784 | ) | ||||||||
| 8,682 | 126,932 | 8,240 | 132,257 | |||||||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
288,993 | 4,407,827 | 24,532 | 401,303 | ||||||||||||
| Reinvestment |
21,271 | 313,809 | 25,598 | 416,384 | ||||||||||||
| Shares redeemed |
(71,327 | ) | (1,040,581 | ) | (28,850 | ) | (460,428 | ) | ||||||||
| 238,937 | 3,681,055 | 21,280 | 357,259 | |||||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
33,999 | 527,610 | 60,339 | 1,021,138 | ||||||||||||
| Reinvestment |
12,208 | 188,257 | 12,450 | 210,990 | ||||||||||||
| Shares redeemed |
(47,357 | ) | (714,380 | ) | (35,290 | ) | (611,952 | ) | ||||||||
| (1,150 | ) | 1,487 | 37,499 | 620,176 | ||||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
44,840 | 623,273 | 66,137 | 1,041,116 | ||||||||||||
| Reinvestment |
21,882 | 309,775 | 23,077 | 360,604 | ||||||||||||
| Shares redeemed |
(18,544 | ) | (265,045 | ) | (41,066 | ) | (665,638 | ) | ||||||||
| 48,178 | 668,003 | 48,148 | 736,082 | |||||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
831,359 | 12,924,213 | 1,459,316 | 24,020,978 | ||||||||||||
| Reinvestment |
1,097,794 | 16,929,697 | 1,381,051 | 23,402,507 | ||||||||||||
| Shares redeemed |
(2,200,957 | ) | (33,907,456 | ) | (1,475,581 | ) | (24,843,335 | ) | ||||||||
| (271,804 | ) | (4,053,546 | ) | 1,364,786 | 22,580,150 | |||||||||||
| NET INCREASE/(DECREASE) |
(1,922,702 | ) | $ | (29,172,804 | ) | 1,835,449 | $ | 30,345,016 | ||||||||
119
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Mid Cap Value Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
985,442 | $ | 33,517,823 | 1,091,758 | $ | 43,233,623 | ||||||||||
| Reinvestment |
1,564,335 | 52,348,441 | 1,933,259 | 76,270,620 | ||||||||||||
| Shares redeemed |
(2,216,864 | ) | (74,819,929 | ) | (2,406,280 | ) | (95,958,872 | ) | ||||||||
| 332,913 | 11,046,335 | 618,737 | 23,545,371 | |||||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
43,808 | 1,210,384 | 54,763 | 1,816,117 | ||||||||||||
| Reinvestment |
41,336 | 1,122,677 | 59,326 | 1,955,389 | ||||||||||||
| Shares redeemed |
(152,925 | ) | (4,156,232 | ) | (138,744 | ) | (4,679,204 | ) | ||||||||
| (67,781 | ) | (1,823,171 | ) | (24,655 | ) | (907,698 | ) | |||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
2,667,378 | 92,172,623 | 2,346,250 | 93,437,964 | ||||||||||||
| Reinvestment |
1,040,155 | 35,448,957 | 1,122,095 | 45,050,337 | ||||||||||||
| Shares redeemed |
(2,522,558 | ) | (86,496,618 | ) | (2,682,482 | ) | (106,188,234 | ) | ||||||||
| 1,184,975 | 41,124,962 | 785,863 | 32,300,067 | |||||||||||||
| Service Shares | ||||||||||||||||
| Shares sold |
296,289 | 9,569,035 | 276,388 | 10,612,720 | ||||||||||||
| Reinvestment |
126,934 | 4,116,851 | 136,339 | 5,231,527 | ||||||||||||
| Shares redeemed |
(554,499 | ) | (17,457,983 | ) | (232,747 | ) | (8,929,907 | ) | ||||||||
| (131,276 | ) | (3,772,097 | ) | 179,980 | 6,914,340 | |||||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
1,276,305 | 41,830,417 | 1,233,197 | 45,791,416 | ||||||||||||
| Reinvestment |
285,152 | 9,223,194 | 175,218 | 6,717,802 | ||||||||||||
| Shares redeemed |
(1,153,726 | ) | (37,427,369 | ) | (420,756 | ) | (15,885,773 | ) | ||||||||
| 407,731 | 13,626,242 | 987,659 | 36,623,445 | |||||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
633,482 | 21,704,161 | 654,916 | 25,788,895 | ||||||||||||
| Reinvestment |
280,408 | 9,547,007 | 282,541 | 11,334,959 | ||||||||||||
| Shares redeemed |
(557,288 | ) | (19,126,148 | ) | (445,147 | ) | (17,926,659 | ) | ||||||||
| 356,602 | 12,125,020 | 492,310 | 19,197,195 | |||||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
176,929 | 5,562,212 | 159,583 | 5,992,308 | ||||||||||||
| Reinvestment |
71,530 | 2,277,883 | 86,479 | 3,263,762 | ||||||||||||
| Shares redeemed |
(182,641 | ) | (5,787,384 | ) | (199,386 | ) | (7,485,820 | ) | ||||||||
| 65,818 | 2,052,711 | 46,676 | 1,770,250 | |||||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
449,136 | 15,597,344 | 334,180 | 13,610,632 | ||||||||||||
| Reinvestment |
634,949 | 21,613,805 | 747,768 | 29,991,781 | ||||||||||||
| Shares redeemed |
(668,904 | ) | (23,240,105 | ) | (521,675 | ) | (21,234,995 | ) | ||||||||
| 415,181 | 13,971,044 | 560,273 | 22,367,418 | |||||||||||||
| NET INCREASE |
2,564,163 | $ | 88,351,046 | 3,646,843 | $ | 141,810,388 | ||||||||||
120
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Small Cap Value Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares |
| |||||||||||||||
| Shares sold |
689,898 | $ | 26,772,261 | 1,016,199 | $ | 52,298,451 | ||||||||||
| Reinvestment |
1,266,146 | 48,411,679 | 1,548,652 | 77,307,443 | ||||||||||||
| Shares redeemed |
(2,945,344 | ) | (112,723,568 | ) | (2,769,477 | ) | (142,660,949 | ) | ||||||||
| (989,300 | ) | (37,539,628 | ) | (204,626 | ) | (13,055,055 | ) | |||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
4,878 | 107,895 | 22,416 | 731,298 | ||||||||||||
| Reinvestment |
19,990 | 423,795 | 15,673 | 492,910 | ||||||||||||
| Shares redeemed |
(34,611 | ) | (761,259 | ) | (25,641 | ) | (948,730 | ) | ||||||||
| (9,743 | ) | (229,569 | ) | 12,448 | 275,478 | |||||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
2,649,928 | 118,061,869 | 4,448,777 | 259,305,224 | ||||||||||||
| Reinvestment |
4,483,073 | 196,026,369 | 6,413,362 | 358,897,882 | ||||||||||||
| Shares redeemed |
(21,715,133 | ) | (957,891,695 | ) | (16,849,617 | ) | (997,469,120 | ) | ||||||||
| (14,582,132 | ) | (643,803,457 | ) | (5,987,478 | ) | (379,266,014 | ) | |||||||||
| Service Shares | ||||||||||||||||
| Shares sold |
67,745 | 2,505,249 | 83,082 | 4,086,919 | ||||||||||||
| Reinvestment |
76,057 | 2,744,462 | 97,079 | 4,620,960 | ||||||||||||
| Shares redeemed |
(157,089 | ) | (5,801,066 | ) | (239,333 | ) | (11,860,096 | ) | ||||||||
| (13,287 | ) | (551,355 | ) | (59,172 | ) | (3,152,217 | ) | |||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
989,545 | 35,462,993 | 2,020,703 | 109,296,547 | ||||||||||||
| Reinvestment |
535,409 | 20,213,694 | 700,738 | 34,646,372 | ||||||||||||
| Shares redeemed |
(2,607,408 | ) | (101,574,347 | ) | (2,072,762 | ) | (106,724,172 | ) | ||||||||
| (1,082,454 | ) | (45,897,660 | ) | 648,679 | 37,218,747 | |||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
2,343,438 | 105,437,606 | 4,726,559 | 274,470,391 | ||||||||||||
| Reinvestment |
3,232,248 | 141,231,618 | 4,374,531 | 244,668,903 | ||||||||||||
| Proceeds paid in connection with in-kind transactions |
(526,003 | ) | (23,891,044 | ) | – | – | ||||||||||
| Shares redeemed |
(17,890,009 | ) | (803,136,472 | ) | (7,677,920 | ) | (443,747,032 | ) | ||||||||
| (12,840,326 | ) | (580,358,292 | ) | 1,423,170 | 75,392,262 | |||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
205,973 | 7,625,415 | 213,009 | 10,356,347 | ||||||||||||
| Reinvestment |
190,014 | 6,943,051 | 250,421 | 12,052,746 | ||||||||||||
| Shares redeemed |
(389,071 | ) | (14,361,204 | ) | (542,785 | ) | (26,668,443 | ) | ||||||||
| 6,916 | 207,262 | (79,355 | ) | (4,259,350 | ) | |||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
1,810,313 | 80,373,870 | 696,839 | 39,353,033 | ||||||||||||
| Reinvestment |
882,391 | 38,556,866 | 1,101,018 | 61,591,156 | ||||||||||||
| Shares redeemed |
(1,987,153 | ) | (89,962,365 | ) | (1,482,798 | ) | (79,610,412 | ) | ||||||||
| 705,551 | 28,968,371 | 315,059 | 21,333,777 | |||||||||||||
| NET INCREASE/(DECREASE) |
(28,804,775 | ) | $ | (1,279,204,328 | ) | (3,931,275 | ) | $ | (265,512,372 | ) | ||||||
121
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| Small/Mid Cap Value Fund | ||||||||||||||||
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| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
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| Shares | Dollars | Shares | Dollars | |||||||||||||
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| Class A Shares | ||||||||||||||||
| Shares sold |
29,548 | $ | 417,575 | 49,387 | $ | 809,215 | ||||||||||
| Reinvestment |
11,787 | 164,809 | 7,123 | 119,225 | ||||||||||||
| Shares redeemed |
(32,805 | ) | (461,862 | ) | (24,243 | ) | (407,696 | ) | ||||||||
| 8,530 | 120,522 | 32,267 | 520,744 | |||||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold |
3,867 | 53,206 | 5,354 | 83,081 | ||||||||||||
| Reinvestment |
4,929 | 66,005 | 4,667 | 75,226 | ||||||||||||
| Shares redeemed |
(13,629 | ) | (184,949 | ) | (28,997 | ) | (458,571 | ) | ||||||||
| (4,833 | ) | (65,738 | ) | (18,976 | ) | (300,264 | ) | |||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
570,054 | 8,151,094 | 1,334,667 | 22,531,073 | ||||||||||||
| Reinvestment |
131,137 | 1,863,694 | 70,009 | 1,191,559 | ||||||||||||
| Shares redeemed |
(623,348 | ) | (8,949,197 | ) | (877,236 | ) | (14,873,658 | ) | ||||||||
| 77,843 | 1,065,591 | 527,440 | 8,848,974 | |||||||||||||
| Investor Shares | ||||||||||||||||
| Shares sold |
301,888 | 4,263,071 | 607,274 | 9,838,989 | ||||||||||||
| Reinvestment |
53,701 | 757,902 | 47,370 | 800,656 | ||||||||||||
| Shares redeemed |
(465,635 | ) | (6,509,679 | ) | (688,133 | ) | (10,797,900 | ) | ||||||||
| (110,046 | ) | (1,488,706 | ) | (33,489 | ) | (158,255 | ) | |||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
1,336,431 | 19,162,502 | 1,747,124 | 29,238,130 | ||||||||||||
| Reinvestment |
475,963 | 6,757,794 | 330,864 | 5,624,330 | ||||||||||||
| Shares redeemed |
(1,799,587 | ) | (25,938,718 | ) | (1,416,819 | ) | (23,274,689 | ) | ||||||||
| 12,807 | (18,422 | ) | 661,169 | 11,587,771 | ||||||||||||
| Class R Shares | ||||||||||||||||
| Shares sold |
1,110 | 15,892 | 1,902 | 31,970 | ||||||||||||
| Reinvestment |
569 | 7,935 | 305 | 5,089 | ||||||||||||
| Shares redeemed |
(1,308 | ) | (17,760 | ) | (859 | ) | (14,597 | ) | ||||||||
| 371 | 6,067 | 1,348 | 22,462 | |||||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
1,572,582 | 22,260,457 | 2,554,772 | 43,023,273 | ||||||||||||
| Reinvestment |
416,670 | 5,911,852 | 314,116 | 5,339,404 | ||||||||||||
| Shares redeemed |
(2,072,093 | ) | (30,173,986 | ) | (1,675,101 | ) | (27,045,965 | ) | ||||||||
| (82,841 | ) | (2,001,677 | ) | 1,193,787 | 21,316,712 | |||||||||||
| NET INCREASE/(DECREASE) |
(98,169 | ) | $ | (2,382,363 | ) | 2,363,546 | $ | 41,838,144 | ||||||||
122
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (six of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
123
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Fund Expenses — Six Month Period Ended August 31, 2023 (Unaudited)
As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365 day year.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:
| Equity Income Fund | Focused Value Fund | Large Cap Value Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the Fiscal Year Ended 8/31/2023* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the Fiscal Year Ended 8/31/2023* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the Fiscal Year Ended 8/31/2023* |
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| Class A | ||||||||||||||||||||||||||||||||||||
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Actual |
$ | 1,000.00 | $ | 1,032.08 | $ | 5.36 | $ | 1,000.00 | $ | 1,055.99 | $ | 5.29 | $ | 1,000.00 | $ | 1,038.73 | $ | 5.36 | ||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,019.93 | + | 5.33 | 1,000.00 | 1,020.06 | + | 5.20 | 1,000.00 | 1,019.95 | + | 5.31 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,028.21 | 9.18 | 1,000.00 | 1,051.36 | 9.16 | 1,000.00 | 1,034.89 | 9.20 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,016.15 | + | 9.13 | 1,000.00 | 1,016.28 | + | 9.00 | 1,000.00 | 1,016.17 | + | 9.11 | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,033.85 | 3.79 | 1,000.00 | 1,057.35 | 3.61 | 1,000.00 | 1,040.25 | 3.79 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,021.47 | + | 3.77 | 1,000.00 | 1,021.70 | + | 3.54 | 1,000.00 | 1,021.49 | + | 3.75 | ||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,031.00 | 6.35 | N/A | N/A | N/A | 1,000.00 | 1,038.19 | 6.35 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,018.95 | + | 6.31 | N/A | N/A | N/A | 1,000.00 | 1,018.97 | + | 6.29 | |||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,033.37 | 4.08 | 1,000.00 | 1,056.74 | 4.02 | 1,000.00 | 1,040.11 | 4.08 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,021.19 | + | 4.06 | 1,000.00 | 1,021.29 | + | 3.95 | 1,000.00 | 1,021.20 | + | 4.04 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,033.66 | 3.74 | 1,000.00 | 1,057.48 | 3.53 | 1,000.00 | 1,040.34 | 3.74 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,021.53 | + | 3.72 | 1,000.00 | 1,021.78 | + | 3.47 | 1,000.00 | 1,021.54 | + | 3.70 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,030.81 | 6.64 | 1,000.00 | 1,053.97 | 6.58 | 1,000.00 | 1,037.46 | 6.64 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,018.67 | + | 6.60 | 1,000.00 | 1,018.80 | + | 6.46 | 1,000.00 | 1,018.69 | + | 6.58 | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
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Actual |
1,000.00 | 1,033.91 | 3.74 | 1,000.00 | 1,057.48 | 3.55 | 1,000.00 | 1,040.34 | 3.74 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,021.53 | + | 3.72 | 1,000.00 | 1,021.75 | + | 3.49 | 1,000.00 | 1,021.54 | + | 3.70 | ||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for (excluding proxy fee which is not annualized) each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A Shares |
Class C Shares |
Institutional Shares |
Service Shares |
Investor Shares |
Class R6 Shares |
Class R Shares |
Class P Shares |
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| Equity Income |
1.05 | % | 1.80 | % | 0.74 | % | 1.24 | % | 0.80 | % | 0.73 | % | 1.30 | % | 0.73 | % | ||||||||||||||||
| Focused Value |
1.02 | 1.77 | 0.70 | N/A | 0.78 | 0.68 | 1.27 | 0.69 | ||||||||||||||||||||||||
| Large Cap Value |
1.04 | 1.79 | 0.74 | 1.24 | 0.79 | 0.73 | 1.29 | 0.73 | ||||||||||||||||||||||||
124
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Fund Expenses — Six Month Period Ended August 31, 2023 (Unaudited) (continued)
| Mid Cap Value Fund | Small Cap Value Fund | Small/Mid Cap Value Fund | ||||||||||||||||||||||||||||||||||
| Share Class | Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/2023* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/2023* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/2023* |
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| Class A | ||||||||||||||||||||||||||||||||||||
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Actual |
$ | 1,000.00 | $ | 1,007.19 | $ | 6.05 | $ | 1,000.00 | $ | 978.46 | $ | 6.40 | $ | 1,000.00 | $ | 1,001.39 | $ | 6.06 | ||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,019.18 | + | 6.09 | 1,000.00 | 1,018.74 | + | 6.53 | 1,000.00 | 1,019.15 | + | 6.12 | ||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,003.68 | 9.83 | 1,000.00 | 975.01 | 10.12 | 1,000.00 | 997.10 | 9.82 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,015.39 | + | 9.89 | 1,000.00 | 1,014.96 | + | 10.32 | 1,000.00 | 1,015.37 | + | 9.91 | ||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,009.13 | 4.25 | 1,000.00 | 979.57 | 5.11 | 1,000.00 | 1,002.74 | 4.27 | |||||||||||||||||||||||||||
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Hypothetical 5% return |
1,000.00 | 1,020.97 | + | 4.28 | 1,000.00 | 1,020.04 | + | 5.22 | 1,000.00 | 1,020.95 | + | 4.30 | ||||||||||||||||||||||||
| Service | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,006.80 | 6.77 | 1,000.00 | 977.19 | 7.61 | N/A | N/A | N/A | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,018.45 | + | 6.81 | 1,000.00 | 1,017.51 | + | 7.76 | N/A | N/A | N/A | |||||||||||||||||||||||||
| Investor | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,008.69 | 4.79 | 1,000.00 | 979.45 | 5.16 | 1,000.00 | 1,002.07 | 4.80 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,020.43 | + | 4.82 | 1,000.00 | 1,019.99 | + | 5.26 | 1,000.00 | 1,020.41 | + | 4.85 | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,009.14 | 4.20 | 1,000.00 | 979.56 | 5.07 | 1,000.00 | 1,002.75 | 4.22 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.02 | + | 4.23 | 1,000.00 | 1,020.08 | + | 5.18 | 1,000.00 | 1,021.00 | + | 4.25 | ||||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,005.98 | 7.31 | 1,000.00 | 977.22 | 7.64 | 1,000.00 | 1,000.00 | 7.32 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,017.91 | + | 7.36 | 1,000.00 | 1,017.48 | + | 7.79 | 1,000.00 | 1,017.89 | + | 7.38 | ||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,009.43 | 4.20 | 1,000.00 | 979.56 | 5.06 | 1,000.00 | 1,003.43 | 4.22 | |||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,021.02 | + | 4.23 | 1,000.00 | 1,020.09 | + | 5.17 | 1,000.00 | 1,021.00 | + | 4.25 | ||||||||||||||||||||||||
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
| * | Expenses for each share class are calculated using each Fund’s annualized net expense ratio for (excluding proxy fee which is not annualized) each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund | Class A Shares |
Class C Shares |
Institutional Shares |
Service Shares |
Investor Shares |
Class R6 Shares |
Class R Shares |
Class P Shares |
||||||||||||||||||||||||
| Mid Cap Value |
1.20 | % | 1.95 | % | 0.84 | % | 1.34 | % | 0.95 | % | 0.83 | % | 1.45 | % | 0.83 | % | ||||||||||||||||
| Small Cap Value |
1.28 | 2.03 | 1.02 | 1.53 | 1.03 | 1.02 | 1.53 | 1.02 | ||||||||||||||||||||||||
| Small/Mid Cap Value |
1.20 | 1.95 | 0.84 | N/A | 0.95 | 0.83 | 1.45 | 0.83 | ||||||||||||||||||||||||
125
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Value Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2023 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| (iii) | trends in employee headcount; |
| (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| (b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Mid Cap Value Fund and Small Cap Value Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| (e) | fee and expense information for the Fund, including: |
| (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| (ii) | the Fund’s expense trends over time; and |
| (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
126
GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
| (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| (l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2022,
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and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Mid Cap Value Fund’s and Small Cap Value Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees observed that the Equity Income Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, five-, and ten-year periods, and in the fourth quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2023. The Trustees considered that the Large Cap Value Fund’s Institutional Shares had placed in the in the top half of the Fund’s peer group for the five-year period, in the third quartile for the one- and three-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2023. The Trustees noted that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2023. The Trustees observed that the Small/Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period, in the third quartile for the five-year period, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for five-year period and underperformed for the one- and three-year periods ended March 31, 2023. The Trustees considered that the Small Cap Value Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three-year period and in the fourth quartile for the one-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and ten-year periods and underperformed for the three- and five-year periods ended March 31, 2023. The Trustees noted that the Focused Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2023. The Trustees observed that the Small Cap Value Fund and Small/Mid Cap Value Fund had each experienced certain portfolio management changes in 2022.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Equity Income Fund and Large Cap Value Fund that would have the effect of decreasing total Fund expenses, and that certain changes were being made to existing fee waiver or expense reimbursement arrangements of the Small/Mid Cap Value Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with each Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2022 and 2021, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| Equity Income Fund |
Focused Value Fund |
Large Cap Value |
Mid Cap Value |
Small Cap Value |
Small/Mid Cap Value Fund |
|||||||||||||||||||
| First $1 billion | 0.69 | % | 0.69 | % | 0.75 | % | 0.75 | % | 0.98 | % | 0.80 | % | ||||||||||||
| Next $1 billion | 0.62 | 0.62 | 0.68 | 0.75 | 0.98 | 0.80 | ||||||||||||||||||
| Next $3 billion | 0.59 | 0.59 | 0.65 | 0.68 | 0.88 | 0.72 | ||||||||||||||||||
| Next $3 billion | 0.58 | 0.58 | 0.64 | 0.65 | 0.84 | 0.68 | ||||||||||||||||||
| Over $8 billion | 0.57 | 0.57 | 0.63 | 0.64 | 0.82 | 0.67 | ||||||||||||||||||
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee for the Focused Value Fund and Large Cap Value Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by each of the Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund and Goldman Sachs Large Cap Value Funds’ Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Small Cap Value Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage commissions earned by Goldman Sachs for executing securities transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2024.
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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Trustees and Officers (Unaudited) Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 71 |
Chair of the Board of Trustees |
Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Verizon Communications Inc. | |||||
| Dwight L. Bush Age: 66 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 69 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age: 66 |
Trustee | Since 2022 | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Joaquin Delgado Age: 63 |
Trustee | Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Stepan Company (a specialty chemical manufacturer) | |||||
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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Eileen H. Dowling Age: 60 |
Trustee | Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013-2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee on BlackRock.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Paul C. Wirth Age: 65 |
Trustee | Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
Interested Trustee*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara Age: 60 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Positions Held with the Trust |
Term of Office
and |
Principal Occupation(s) During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 60 |
Trustee and President | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 |
Secretary | Since 2012 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of August 31, 2023. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Trust — Fundamental Equity Value Funds — Tax Information (Unaudited)
For the year ended August 31, 2023, 100%, 38.58%, 97.59%, 100%, 100% and 99.54% of the dividends paid from net investment company taxable income by the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively, qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value, and Small/Mid Cap Value Funds designate $12,882,015, $1,854,551, $32,885,273, $134,737,834, $447,881,544, and $13,552,865 respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2023.
For the year ended August 31, 2023, the Equity Income, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds designate 100%, 37.56%, 100%, 100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
During the fiscal year ended August 31, 2023, the Equity Income, Focused Value, Large Cap Value, and Small/Mid Cap Value Funds designated $1,218,342, $1,533,409, $2,861, and $8,401 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
For the year ended August 31, 2023, 0.39% of the dividends paid from net investment company taxable income by the Focused Value Fund qualify as section 199A dividends.
133
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | U.S. Mortgages Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
| ∎ | Long Short Credit Strategies Fund |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Flexible Cap Fund |
| ∎ | Concentrated Growth Fund |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Manager Alternatives Fund |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Satellite Strategies Portfolio |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | Strategic Volatility Premium Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
| TRUSTEES Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary*
* Effective October 10, 2023 | |
| GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L .P. 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.
Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Authorized Institution or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2023 Goldman Sachs. All rights reserved. 339813-OTU-1892520 EQVALAR-23
Goldman Sachs Funds
| Annual Report | August 31, 2023 | |||
| Global Tax-Aware Equity Portfolios | ||||
| Enhanced Dividend Global Equity Portfolio | ||||
| Tax-Advantaged Global Equity Portfolio | ||||
Goldman Sachs Global Tax-Aware Equity Portfolios
| ∎ | ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO |
| ∎ | TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO |
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| 4 | ||||
| 14 | ||||
| 15 | ||||
| 20 | ||||
| 23 | ||||
| 23 | ||||
| 27 | ||||
| 31 | ||||
| 48 | ||||
| 54 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
MARKET REVIEW
Goldman Sachs Global Tax-Aware Equity Portfolios
| Investment Strategy |
| The Portfolios invest in a strategic mix of Underlying Funds (as defined below) and other securities with the goal of achieving long-term growth of capital (both Portfolios) and current income (Goldman Sachs Enhanced Dividend Global Equity Portfolio only). Under normal conditions, at least 80% of the Portfolios’ total assets measured at the time of purchase will be allocated among the Underlying Funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management or an affiliate, now or in the future, acts as investment adviser or principal underwriter (“Underlying Funds”). Also under normal circumstances, each of the Portfolios invests up to 10% of its total assets to implement investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments (“Tactical Views”) generated by the Goldman Sachs Investment Strategy Group. |
During the 12 months ended August 31, 2023 (the “Reporting Period”), the financial markets were influenced most by macroeconomic factors, including inflation data, global central banks’ monetary policy and geopolitics.
In September 2022, when the Reporting Period began, financial markets were under pressure from macroeconomic headwinds, central bank monetary policy tightening and widespread recession concerns. Inflation remained top of mind for investors as central banks in the U.S., Europe, Asia and South America continued to announce plans to raise interest rates to get ahead of rising consumer prices. In the U.S., the Federal Reserve (“Fed”) hiked the federal funds target rate by 75 basis points during September. (A basis point is 1/100th of a percentage point.) In the U.K., the government unveiled a budget intended to support economic growth through personal and corporate tax cuts combined with supply-side reforms. After this expansionary fiscal policy was announced, U.K. bonds sold off sharply, and the yields of 10-year and 30-year U.K. government bonds rose significantly. The sell-off extended beyond the U.K., with both 10-year U.S. Treasury and German government bond yields rising to their highest levels in more than a decade.
In the fourth quarter of 2022, investors witnessed a variety of contradictory macroeconomic developments, highlighted by hawkish central banks, improving inflation indicators, strong consumer activity and signs of a rebound, albeit slow, in economic growth. (Hawkish tends to imply higher interest rates; opposite of dovish.) During October, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. The Fed raised the federal funds target rate by 75 basis points in early November and by 50 basis points in December. Fed policymakers indicated they were determined to continue their fight to tame inflation and that future rate hikes would likely be “appropriate.” Elsewhere, the European Central Bank (“ECB”) and Bank of England (“BoE”) similarly delivered interest rates hikes during the fourth quarter, with policymakers signaling they expected future action to be data dependent. In mid-October, the U.K. government withdrew its controversial budget, which reduced market concerns about U.K. fiscal policy and its inflationary implications. A new U.K. budget was announced in November, which was seen more positively by markets, as it included tax increases and spending cuts that sought to fill a substantial funding gap. As for the emerging markets, they broadly benefited from moderating global inflation and easing oil prices during the fourth quarter overall. China began to relax its zero-COVID policies in December, as the government sought to boost its economy through increased domestic spending and international travel.
The first quarter of 2023 started off strongly, supported by the broad reopening of China’s economy, market speculation around the peaking of inflation in the U.S. and Europe, the slowing pace of central bank rate hikes and receding concerns about recession. However, February saw a major reversal in investor sentiment amid geopolitical tensions, including the ongoing Russia/Ukraine war and strained relationships between Western nations and China. Also, stronger than consensus expected U.S. economic data challenged the path of the Fed’s interest rate policy. At the beginning of the month, the Fed stepped down its pace of interest rate increases to 25 basis points but also indicated “ongoing” interest rate hikes would be appropriate, a modestly hawkish surprise. In March, the markets saw a broad-based drawdown in investor sentiment, as the U.S. banking sector faced its worst crisis since 2008, driven by the collapse of regional bank Silicon Valley Bank. The fallout, which extended to some other U.S. regional banks and to Europe, appeared to increase market concerns that the global economy was in a potentially precarious position. It also led to a meaningful tightening in lending standards. Riskier asset classes sold off, and assets perceived to be safe havens, predominately
1
MARKET REVIEW
government bonds, rallied. The turmoil was short-lived, however, as U.S. inflation data came in lower than consensus expected, increasing investor optimism that the Fed’s hiking cycle could be nearing its end. At its March meeting, the Fed implemented a 25 basis point rate hike, while the ECB and BoE each maintained a tightening bias.
The financial markets were volatile but generally performed well during the second quarter of 2023. High inflation rates persisted, while sustained wage growth raised investor concerns that peak terminal policy rates would be higher than previously expected. (The terminal policy rate is the ultimate interest rate level a central bank sets as its target for a cycle of rate hikes or cuts.) Heightened U.S./China geopolitical tensions, speculation about Fed policy, the outlook for corporate earnings and enthusiasm around artificial intelligence (“AI”) were other factors fueling volatility. At its policy meeting near the beginning of May, the Fed again raised the federal funds target rate by 25 basis points but then opted for a hawkish pause in June. In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates. That said, the Fed’s stance led to an upswing in soft economic landing expectations. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.)
In July 2023, global equities broadly gained ground, as inflation rates slowed and investors anticipated a slower pace of interest rate hikes by central banks. Global economic data remained resilient. For fixed income, the month offered mixed results. While spread, or non-government, bond sectors delivered strong performance, sovereign government bonds faltered amid continued monetary policy tightening by a number of developed markets’ central banks.
During August 2023, risk sentiment broadly deteriorated, driven in part by investor concerns about weakness in China’s property market and worries about softening economic growth in Europe. Although global equities broadly weakened, mega-cap technology stocks, primarily in the semiconductor and software industries, continued to dominate headlines amid positive sentiment from AI tailwinds. Investors remained wary of inflation, as data indicated it might be stickier than consensus expected. Overall, developed markets’ central banks maintained a tightening bias. U.S. economic data remained rather resilient, and consensus expectations were for interest rates to remain elevated for longer. This pushed up yields, especially among developed markets sovereign bonds. The 10-year U.S. Treasury yield hit 4.36% on August 22nd, its highest level since 2007.
In commodities, West Texas Intermediate (“WTI”) crude oil prices entered the Reporting Period at rather elevated levels due to supply-chain shortages, exacerbated by the Russia/Ukraine war as well as the reemergence of global demand. In March 2023, WTI crude oil prices fell on the back of broad demand fears associated with the failure of U.S. regional banks. However, in line with other risk assets, WTI crude oil prices recovered rather quickly and rallied through the end of the Reporting Period.
Looking Ahead
At the end of the Reporting Period, we had a positive view on U.S. equities but were mindful of risks — particularly the potential of a U.S. recession, rising geopolitical tensions, inflationary pressures and hawkish central banks. At the sector level, we favored energy MLPs, given their ongoing capital discipline and significant cash flow generation at what we saw as inexpensive valuations. As for Europe, we expected rather flat total returns until the end of the 2023 calendar year, as European equities were slightly elevated relative to history at the end of the Reporting Period. Overall, we expected range-bound corporate earnings growth in 2023, below consensus estimates.
Within fixed income, the U.S. bond market seemed to be pricing in a steep Fed interest rate hiking cycle at the end of the Reporting Period, but we thought the hurdle was high for significant further increases in yields. Meanwhile, we had a neutral view on interest rates in other developed economies. Regarding the emerging markets, we believed ongoing disinflation had opened the door for central bank interest rate cuts. Overall, at the end of the Reporting Period, we broadly favored high quality fixed income, with a marginal preference for investment grade corporate bonds over high yield corporate bonds and for bank loans and preferred high yield corporate bonds over bank loans. In our view, investment grade corporate bonds were likely to benefit from a moderate decline in U.S. Treasury yields in the near term, offset by a slight increase in credit spreads (or yield differentials versus duration equivalent U.S. Treasury securities). At the same time, in historical terms, high yield spreads and bank loan discount margins were tight at the end of the Reporting Period. (A discount margin is the average expected return of a floating rate security above a reference rate, such as an index.) Within emerging markets debt, we expected near-term gains to be more limited given that the market appeared to already be pricing in central bank interest rate cuts at the end of the Reporting Period.
2
MARKET REVIEW
With regards to commodities, supply, demand and inventory levels suggested to us that the crude oil market had shifted back into a supply deficit overall. While these stronger fundamentals had been overshadowed by investors’ fears of recession, Saudi Arabia’s decision to reduce monthly production — by one million barrels per day in July and August, which then was extended through the end of 2023 — should allow inventories to fall and put upward pressure on prices. As a result, we expect crude oil prices to trade between $70 and $100 a barrel by calendar year end. As for other commodities, we believed at the end of the Reporting Period that prices of base metals would likely require stronger Chinese manufacturing data to find upward momentum, in spite of growing demand from the green energy infrastructure sector. We expected gold to remain mostly driven by the U.S. dollar, real interest rates and emerging markets’ central bank purchases.
3
PORTFOLIO RESULTS
Goldman Sachs Enhanced Dividend
Global Equity Portfolio
Investment Objective
The Portfolio seeks long-term growth of capital and current income.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Multi-Asset Solutions (“MAS”) Team discusses the Goldman Sachs Enhanced Dividend Global Equity Portfolio’s (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Portfolio perform during the Reporting Period? |
| A | During the Reporting Period, the Portfolio’s Class A, Institutional, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 11.84%, 12.24%, 12.20% and 12.20%, respectively. These returns compare to the 11.84% average annual total return of the Portfolio’s blended benchmark, the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), over the same time period. The components of the EDGE Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg U.S. Aggregate Bond Index (10%) — returned 13.33% and -1.19%, respectively, during the Reporting Period. |
| Q | What key factors affected the Portfolio’s performance during the Reporting Period? |
| A | Relative to the EDGE Composite Index, the Portfolio benefited during the Reporting Period from its strategic weightings, the MAS Team’s tactical allocation decisions (“Tactical Views”) and the overall performance of the Underlying Funds. (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations as well as the investment views of the Goldman Sachs ISG. Tactical Views are generally derived from short-term or medium-term market views on a variety of asset classes and instruments generated by the Goldman Sachs ISG.) |
| Within its strategic weightings, the Portfolio’s lack of exposure versus the EDGE Composite Index to global fixed income added to its performance, as yields rose during the Reporting Period. |
| Q | How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period? |
| A | The Portfolio implemented its Tactical Views directly by investing up to 10% of its total net assets in a variety of securities and instruments to implement investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments generated by the Goldman Sachs ISG. |
| As mentioned previously, the Portfolio’s Tactical Views contributed positively to its performance during the Reporting Period overall. |
| Q | How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period? |
| A | To implement strategic asset allocation decisions, the Portfolio invests in 10 Underlying Funds. During the Reporting Period, the Portfolio was invested in nine of these 10 Underlying Funds, three of which outperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.) |
| The Goldman Sachs International Small Cap Insights Fund, the Goldman Sachs Energy Infrastructure Fund and the Goldman Sachs Small Cap Equity Insights Fund outperformed their respective benchmark indices during the Reporting Period. |
| Two of the Underlying Funds that underperformed in relative terms — the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund — are those in which the Portfolio invested a significant percentage of its equity allocation. The other Underlying Funds that underperformed their respective benchmark indices during the Reporting |
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PORTFOLIO RESULTS
| Period were the Goldman Sachs Global Infrastructure Fund, the Goldman Sachs Global Real Estate Securities Fund, the Goldman Sachs MLP Energy Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund. |
| Q | How did call writing affect performance? |
| A | As mentioned above, the Portfolio’s two largest allocations were to the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund, which earn premiums through an equity index call writing strategy. When equity markets are down, flat or modestly positive, these Underlying Funds tend to outperform their respective benchmark indices because of the premiums they earn from call writing. When equity markets rally strongly, these two Underlying Funds are likely to trail their respective benchmark indices. Although the Underlying Funds keep the premiums they earn from call writing, they can underperform when the call options are exercised. |
| During the Reporting Period, the call writing strategies of the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund detracted from their performance, as the U.S. and international equity markets appreciated. |
| Q | What changes did you make during the Reporting Period within the Portfolio? |
| A | During the Reporting Period, no changes were made to the Portfolio’s strategic weightings. However, we made a number of changes to the Portfolio’s Tactical Views. |
| Regarding equity-related Tactical Views, in October 2022, we eliminated the Portfolio’s S&P 500® Energy Index call option spread. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at the time of expiry. An option spread is an options strategy that involves buying and selling the same number of options on an underlying asset, but at different strike prices and maturities.) The S&P 500® Energy Index had outperformed the broader S&P 500® Index by a significant margin during 2022 year to date. Although the sector remained attractive in our view, we thought prudent risk management favored closing the Portfolio’s position. Also in October, we removed the Portfolio’s systematic downside mitigation tilt, as it had served its intended purpose. (The systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) During November, we exited the Portfolio’s long position in S&P 500® Health Care Index put options. (A put option is an option contract that gives the holder the right, but not the obligation, to sell a certain quantity of an underlying security at an agreed-upon price at the time of expiry.) In our view, the position had realized most of its profit potential, and we decided to close it at a gain. Additionally, in November, amid a rally in risk assets, we removed the Portfolio’s S&P 500® Index calendar put spread (implemented through a long position in December 2022 call options and a short position in March 2023 put options) by eliminating the Portfolio’s position in long call options but maintaining its position in short put options. (A calendar spread is a derivatives strategy in which an investor takes a long and a short position on the same asset using derivatives contracts with different expiration dates. The goal is to profit from the difference in price on the underlying asset between the two expiration dates.) In December 2022, we removed the Portfolio’s long position in U.S. health care equities as valuations rose. We also removed all of the Portfolio’s remaining short S&P 500® Index put positions. During January 2023, we reestablished an S&P 500® Index options tilt, implemented through a short position in put options and a long position in call options, to give the Portfolio potential upside participation in potential S&P 500® Index gains while hedging its exposure in case the S&P 500® Index declined. Additionally, we added a long position in STOXX® Europe 600 Energy options, as we believed the European energy sector’s relative underperformance and low valuations were at odds with what we considered solid fundamentals. We also expected the position to benefit from rising European energy prices. In February, we eliminated the Portfolio’s long position in Eurozone banks. In early March, we removed the Portfolio’s short position in S&P 500® Index put options, which had been part of the S&P 500® Index options tilt. In April, we implemented a long position in S&P 500® Utilities Index options versus a short position in S&P 500® Commercial and Professional Services Industry Group Index options. In June, we initiated an S&P 500® Index put option spread. Although we maintained a constructive view on equities, we thought there were several potential downside event risks, including upcoming U.S. inflation and employment reports and several developed markets’ central bank policy meetings. In July, we eliminated the Portfolio’s long position in S&P 500® Utilities Index options versus its |
5
PORTFOLIO RESULTS
| short position in S&P 500® Commercial and Professional Services Industry Group Index options. Also in July, we added an out-of-the-money call option on Brazil’s Bovespa Index. (“Out-of-the-money” describes a call option with a strike price that is higher than the market price of the underlying asset.) |
| Regarding fixed income-related Tactical Views, during September 2022, we exited the Portfolio’s long position in U.S. bank loans, as we thought interest rates were near their cycle highs and bank loans had outperformed longer duration fixed income investments. (Duration is price sensitivity to changes in interest rates.) In December, we eliminated the Portfolio’s 30-year U.S. interest rate options tilt because we believed it no longer offered an attractive risk and reward balance. In August 2023, we removed the Portfolio’s long position in two-year U.S. Treasury securities and reinvested the proceeds in investment grade fixed income. We also added long positions in 10-year European interest rate swaps and 10-year U.K. interest rates swaps, as we believed they could add value if interest rates fell. |
| As for currency-related Tactical Views, we allowed the Portfolio’s long position in the U.S. dollar versus its short position in the Brazilian real to expire during September 2022. In December, we allowed the Portfolio’s long position in the euro versus its short position in the Swiss franc to expire. |
| Q | How did the Portfolio use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Portfolio employed equity index options to implement Tactical Views on a variety of equity markets, which had a positive impact overall on performance. The use of equity futures within a trend-based rotation tilt, through which the Portfolio gained exposure to momentum-based trends among multiple asset classes/markets, had a neutral impact on performance. The Portfolio’s use of total return swaps within the systematic downside improvement tilt and to express Tactical Views on a number of equity markets, sectors and industries had a positive impact overall on performance. (As a reminder, the systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) The Portfolio employed interest rate swaps to express Tactical Views on U.K. and European interest rates, which had a neutral impact on performance. Finally, U.S. Treasury futures and swaptions, which were used to implement Tactical Views on the direction of U.S. interest rates, each detracted from the Portfolio’s performance. |
| In addition, some of the Portfolio’s Underlying funds used derivatives to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes. |
| Q | What was the Portfolio’s strategy at the end of the Reporting Period? |
| A | Going forward, we plan to maintain the Portfolio’s strategic weightings and Tactical Views according to the Goldman Sachs ISG’s views as we continue to seek long-term growth of capital and current income. |
6
PORTFOLIO BASICS
Enhanced Dividend Global Equity Portfolio
as of August 31, 2023
| OVERALL UNDERLYING FUND WEIGHTINGS1 | ||||
| Percentage of Net Assets | ||||
| 1 | The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| 2 | Represents unaffiliated funds. |
For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.
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GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Enhanced Dividend Global Equity Composite Index (“EDGE Composite Index”), which is comprised of 10% of the Bloomberg U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Enhanced Dividend Global Equity Portfolio’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||||
| Class A |
||||||||||||||
| Excluding sales charges |
11.84% | 5.89% | 6.87% | — | ||||||||||
| Including sales charges |
5.72% | 4.70% | 6.26% | — | ||||||||||
|
| ||||||||||||||
| Institutional |
12.24% | 6.26% | 7.27% | — | ||||||||||
|
| ||||||||||||||
| Class R6 (Commenced December 29, 2017) |
12.20% | 6.27% | N/A | 6.13% | ||||||||||
|
| ||||||||||||||
| Class P (Commenced April 17, 2018) |
12.20% | 6.28% | N/A | 6.37% | ||||||||||
|
| ||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares. Because Institutional, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
8
PORTFOLIO RESULTS
Goldman Sachs Tax-Advantaged
Global Equity Portfolio
Investment Objective
The Portfolio seeks long-term growth of capital.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Multi-Asset Solutions (“MAS”) Team discusses the Goldman Sachs Tax-Advantaged Global Equity Portfolio (the “Portfolio”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Portfolio perform during the Reporting Period? |
| A | During the Reporting Period, the Portfolio’s Class A, Institutional, Class R6 and Class P Shares generated average annual total returns, without sales charges, of 12.09%, 12.51%, 12.47% and 12.53%, respectively. These returns compare to the 11.84% average annual total return of the Portfolio’s blended benchmark, the Tax-Advantaged Global Equity Composite Index (“TAG Composite Index”), over the same time period. The components of the TAG Composite Index — the MSCI All Country World Index (ACWI) Investable Market Index (“MSCI ACWI IMI”) (90%) and the Bloomberg U.S. Aggregate Bond Index (10%) — returned 13.33% and -1.19%, respectively, during the Reporting Period. |
| Q | What key factors affected the Portfolio’s performance during the Reporting Period? |
| A | Relative to the TAG Composite Index, the Portfolio was helped during the Reporting Period by its strategic weightings, the MAS Team’s tactical allocation decisions (“Tactical Views”) and the overall performance of the underlying funds (“Underlying Funds”). (The strategic weightings are based upon Goldman Sachs Investment Strategy Group’s (“ISG”) assumptions regarding long-term expected returns, expected volatilities and expected correlations as well as the investment views of the Goldman Sachs ISG. Tactical Views are generally derived from short-term or medium-term market views on a variety of asset classes and instruments generated by the Goldman Sachs ISG.) |
| Within its strategic weightings, the Portfolio’s lack of exposure versus the TAG Composite Index to global fixed income added to its performance, as yields rose during the Reporting Period. |
| Q | How were the Portfolio’s tactical asset allocation decisions managed during the Reporting Period? |
| A | The Portfolio implemented its Tactical Views directly by investing up to 10% of its total net assets in a variety of securities and instruments to implement investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments generated by the Goldman Sachs ISG. |
| As mentioned previously, the Portfolio’s Tactical Views contributed positively to its performance during the Reporting Period overall. |
| Q | How did the Portfolio’s Underlying Funds perform relative to their respective benchmark indices during the Reporting Period? |
| A | To implement strategic asset allocation decisions, the Portfolio invests in nine Underlying Funds. During the Reporting Period, the Portfolio was invested in eight of the nine Underlying Funds, three of which outperformed their respective benchmark indices. (The Portfolio did not have an allocation to the Goldman Sachs Core Fixed Income Fund during the Reporting Period.) |
| The Goldman Sachs International Tax-Managed Equity Fund, one of the two Underlying Funds in which the Portfolio held its largest weightings, outperformed its benchmark index. The Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs Energy Infrastructure Fund also outperformed their respective benchmark indices during the Reporting Period. |
| The Goldman Sachs U.S. Tax-Managed Equity Fund — the other Underlying Fund in which the Portfolio held its largest weightings — underperformed its benchmark index. The other Underlying Funds that underperformed their respective benchmark indices during the Reporting Period were the |
9
PORTFOLIO RESULTS
| Goldman Sachs Global Infrastructure Fund, the Goldman Sachs Global Real Estate Securities Fund, the Goldman Sachs MLP Energy Infrastructure Fund and the Goldman Sachs Emerging Markets Equity Insights Fund. |
| Q | What changes did you make during the Reporting Period within the Portfolio? |
| A | During the Reporting Period, no changes were made to the Portfolio’s strategic weightings. However, we made a number of changes to the Portfolio’s Tactical Views. |
| Regarding equity-related Tactical Views, in October 2022, we eliminated the Portfolio’s S&P 500® Energy Index call option spread. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at the time of expiry. An option spread is an options strategy that involves buying and selling the same number of options on an underlying asset, but at different strike prices and maturities.) The S&P 500® Energy Index had outperformed the broader S&P 500® Index by a significant margin during 2022 year to date. Although the sector remained attractive in our view, we thought prudent risk management favored closing the Portfolio’s position. Also in October, we removed the Portfolio’s systematic downside mitigation tilt, as it had served its intended purpose. (The systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) During November, we exited the Portfolio’s long position in S&P 500® Health Care Index put options. (A put option is an option contract that gives the holder the right, but not the obligation, to sell a certain quantity of an underlying security at an agreed-upon price at the time of expiry.) In our view, the position had realized most of its profit potential, and we decided to close it at a gain. Additionally, in November, amid a rally in risk assets, we removed the Portfolio’s S&P 500® Index calendar put spread (implemented through a long position in December 2022 call options and a short position in March 2023 put options) by eliminating the Portfolio’s position in long call options but maintaining its position in short put options. (A calendar spread is a derivatives strategy in which an investor takes a long and a short position on the same asset using derivatives contracts with different expiration dates. The goal is to profit from the difference in price on the underlying asset between the two expiration dates.) In December 2022, we removed the Portfolio’s long position in U.S. health care equities as valuations rose. We also removed all of the Portfolio’s remaining short S&P 500® Index put positions. During January 2023, we reestablished an S&P 500® Index options tilt, implemented through a short position in put options and a long position in call options, to give the Portfolio potential upside participation in potential S&P 500® Index gains while hedging its exposure in case the S&P 500® Index declined. Additionally, we added a long position in STOXX® Europe 600 Energy options, as we believed the European energy sector’s relative underperformance and low valuations were at odds with what we considered solid fundamentals. We also expected the position to benefit from rising European energy prices. In February, we eliminated the Portfolio’s long position in Eurozone banks. In early March, we removed the Portfolio’s short position in S&P 500® Index put options, which had been part of the S&P 500® Index options tilt. In April, we implemented a long position in S&P 500® Utilities Index options versus a short position in S&P 500® Commercial and Professional Services Industry Group Index options. In June, we initiated an S&P 500® Index put option spread. Although we maintained a constructive view on equities, we thought there were several potential downside event risks, including upcoming U.S. inflation and employment reports and several developed markets’ central bank policy meetings. In July, we eliminated the Portfolio’s long position in S&P 500® Utilities Index options versus its short position in S&P 500® Commercial and Professional Services Industry Group Index options. Also in July, we added an out-of-the-money call option on Brazil’s Bovespa Index. (“Out-of-the-money” describes a call option with a strike price that is higher than the market price of the underlying asset.) |
| Regarding fixed income-related Tactical Views, during September 2022, we exited the Portfolio’s long position in U.S. bank loans, as we thought interest rates were near their cycle highs and bank loans had outperformed longer duration fixed income investments. (Duration is price sensitivity to changes in interest rates.) In December, we eliminated the Portfolio’s 30-year U.S. interest rate options tilt because we believed it no longer offered an attractive risk and reward balance. In August 2023, we removed the Portfolio’s long position in two-year U.S. Treasury securities and reinvested the proceeds in investment grade fixed income. We also added long positions in 10-year European interest rate swaps |
10
PORTFOLIO RESULTS
| and 10-year U.K. interest rates swaps, as we believed they could add value if interest rates fell. |
| As for currency-related Tactical Views, we allowed the Portfolio’s long position in the U.S. dollar versus its short position in the Brazilian real to expire during September 2022. In December, we allowed the Portfolio’s long position in the euro versus its short position in the Swiss franc to expire. |
| Q | How did the Portfolio use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, the Portfolio employed equity index options to implement Tactical Views on a variety of equity markets, which had a positive impact overall on performance. The use of equity futures within a trend-based rotation tilt, through which the Portfolio gained exposure to momentum-based trends among multiple asset classes/markets, had a neutral impact on performance. The Portfolio’s use of total return swaps within the systematic downside improvement tilt and to express Tactical Views on a number of equity markets, sectors and industries had a positive impact overall on performance. (As a reminder, the systematic downside mitigation tactical tilt was designed to limit the Portfolio’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) The Portfolio employed interest rate swaps to express Tactical Views on U.K. and European interest rates, which had a neutral impact on performance. Finally, U.S. Treasury futures and swaptions, which were used to implement Tactical Views on the direction of U.S. interest rates, each detracted from the Portfolio’s performance. |
| In addition, some of the Portfolio’s Underlying Funds used derivatives to apply their active investment views with greater versatility or to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts, options and swap contracts to enhance portfolio return and for hedging purposes. |
| Q | What was the Portfolio’s strategy at the end of the Reporting Period? |
| A | Going forward, we plan to maintain the Portfolio’s strategic weightings and Tactical Views according to the Goldman Sachs ISG’s views as we continue to seek long-term growth of capital. |
11
PORTFOLIO BASICS
Tax-Advantaged Global Equity Portfolio
as of August 31, 2023
| OVERALL UNDERLYING FUND WEIGHTINGS1 | ||||
| Percentage of Net Assets | ||||
| 1 | The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the graph above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities. The above graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| 2 | Represents unaffiliated funds. |
For more information about the Portfolio, please refer to www.GSAMFUNDS.com. There, you can learn more about the Portfolio’s investment strategies, holdings, and performance.
12
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on September 1, 2013 in Institutional Shares at NAV. For comparative purposes, the performance of the Portfolio’s benchmark the Goldman Sachs Tax Advantaged Global Composite Index (“TAG Composite Index”), which is comprised of 10% of the Bloomberg U.S. Aggregate Bond Index, and 90% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) (“MSCI ACWI IMI”) (Net, USD, Unhedged), is shown. Performance reflects applicable fee waivers and/or expense limitations currently in effect and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Tax-Advantaged Global Equity Portfolio’s 10 Year Performance |
Performance of a $1,000,000 Investment, including any applicable sales charges, with distributions reinvested, from September 1, 2013 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Ten Years | Since Inception | ||||||||||
| Class A |
||||||||||||||
| Excluding sales charges |
12.09% | 6.05% | 7.92% | — | ||||||||||
| Including sales charges |
5.95% | 4.85% | 7.31% | — | ||||||||||
|
| ||||||||||||||
| Institutional |
12.51% | 6.43% | 8.33% | — | ||||||||||
|
| ||||||||||||||
| Class R6 (Commenced December 29, 2017) |
12.47% | 6.44% | N/A | 6.67% | ||||||||||
|
| ||||||||||||||
| Class P (Commenced April 17, 2018) |
12.53% | 6.44% | N/A | 6.75% | ||||||||||
|
| ||||||||||||||
| * | These returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.50% for Class A Shares. Because Institutional, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
13
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
S&P 500® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
The EDGE Composite Index (“EDGE Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.
The EDGE Composite is comprised of MSCI ACWI IMI (90%) and the Bloomberg U.S. Aggregate Bond Index (10%).
The EDGE Composite figures do not reflect any deduction for fees, expenses or taxes.
The TAG Composite Index (“TAG Composite”) is a composite representation prepared by the investment adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range.
The TAG Composite is comprised of the MSCI ACWI IMI (90%) and the Bloomberg U.S. Aggregate Bond Index (10%).
The TAG Composite figures do not reflect any deduction for fees, expenses or taxes.
The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment grade corporate bonds and mortgage backed and asset-backed securities.
The MSCI ACWI IMI captures large, mid and small cap representation across 23 developed markets and 24 emerging markets.
With 9,216 constituents, the MSCI ACWI IMI is comprehensive, covering approximately 99% of the global equity investment opportunity set. As of August 31, 2023, the 23 developed markets in the MSCI ACWI IMI include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US The 24 emerging markets include Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates
It is not possible to invest directly in an unmanaged index.
S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified as members of the Global Industry Classification Standard, or GICS®, energy sector.
S&P 500® Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies by market value and covers approximately 80% of available market capitalization. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
S&P 500® Health Care Index comprises those companies included in the S&P 500® Index that are classified as members of the Global Industry Classification Standard, or GICS®, health care sector.
STOXX® Europe 600 Index derived from the STOXX® Europe Total Market Index and is a subset of the STOXX® Global 1800 Index. With a fixed number of 600 components, the STOXX® Europe 600 Index represents large, mid and small capitalization companies across 17 countries of the European region.
S&P 500® Utilities Index comprises those companies included in the S&P 500® Index that are classified as members of the Global Industry Classification Standard, or GICS®, utilities sector.
S&P 500® Commercial and Professional Services Industry Group Index tracks the performance of companies in the commercial and professional services industry group within the S&P 500® Index.
14
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
August 31, 2023
| Shares | Description | Value |
||||||
| Underlying Funds (Class R6 Shares)(a) – 91.2% | ||||||||
| Equity – 91.2% | ||||||||
| 14,906,717 | Goldman Sachs U.S. Equity Dividend and Premium Fund | $ | 224,942,353 | |||||
| 11,024,255 | Goldman Sachs International Equity Dividend and Premium Fund | 74,303,481 | ||||||
| 1,297,539 | Goldman Sachs Small Cap Equity Insights Fund | 31,984,337 | ||||||
| 1,116,247 | Goldman Sachs International Small Cap Insights Fund | 13,071,257 | ||||||
| 1,397,321 | Goldman Sachs Emerging Markets Equity Insights Fund | 11,150,621 | ||||||
| 246,654 | Goldman Sachs MLP Energy Infrastructure Fund | 7,683,280 | ||||||
| 802,321 | Goldman Sachs Global Real Estate Securities Fund | 7,293,096 | ||||||
| 582,823 | Goldman Sachs Global Infrastructure Fund | 6,853,999 | ||||||
| 63,645 | Goldman Sachs Energy Infrastructure Fund | 724,915 | ||||||
|
|
|
|||||||
| 378,007,339 | ||||||||
|
|
|
|||||||
| Fixed Income – 0.0% | ||||||||
| 1 | Goldman Sachs High Yield Floating Rate Fund | 11 | ||||||
|
|
|
|||||||
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | ||||||||
| (Cost $268,437,809) | $ | 378,007,350 | ||||||
|
|
|
|||||||
| Exchange-Traded Funds – 0.1% | ||||||||
| 564 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $ | 8,319 | |||||
| 100 | iShares Core S&P 500 ETF | 45,269 | ||||||
| 220 | iShares iBoxx High Yield Corporate Bond ETF | 16,562 | ||||||
| 832 | Sprott Physical Gold Trust* | 12,605 | ||||||
| 28,200 | Sprott Physical Uranium Trust* | 414,276 | ||||||
|
|
|
|||||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $483,975) | $ | 497,031 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 7.3%(a) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 30,305,125 | 5.234% | $ | 30,305,125 | |||||
| (Cost $30,305,125) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 98.6% | ||||||||
| (Cost $299,226,909) | $ | 408,809,506 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4% |
5,560,427 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 414,369,933 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||||
| Currency Abbreviations: | ||||
| AUD |
—Australian Dollar | |||
| CHF |
—Swiss Franc | |||
| DKK |
—Danish Krone | |||
| EUR |
—Euro | |||
| GBP |
—British Pound | |||
| HKD |
—Hong Kong Dollar | |||
| ILS |
—Israeli New Shekel | |||
| JPY |
—Japanese Yen | |||
| NOK |
—Norwegian Krone | |||
| NZD |
—New Zealand Dollar | |||
| SEK |
—Swedish Krona | |||
| SGD |
—Singapore Dollar | |||
| USD |
—United States Dollar | |||
|
| ||||
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2023, the Portfolio 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 |
||||||||||||||||
| Morgan Stanley Co., Inc. |
NOK | 100,000 | USD | 9,282 | 9/20/2023 | $ | 129 | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 3,520,653 | AUD | 5,239,962 | 9/20/2023 | 123,536 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 127,654 | DKK | 870,000 | 9/20/2023 | 963 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 1,692,023 | EUR | 1,550,000 | 9/20/2023 | 10,066 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 1,256,430 | HKD | 9,820,000 | 9/20/2023 | 3,328 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 198,254 | ILS | 720,000 | 9/20/2023 | 8,817 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Schedule of Investments (continued)
August 31, 2023
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 11,189,642 | JPY | 1,547,272,100 | 9/20/2023 | $ | 529,496 | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 97,226 | NZD | 160,000 | 9/20/2023 | 1,815 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 1,523,106 | SEK | 16,425,000 | 9/20/2023 | 21,790 | ||||||||||||||
| Morgan Stanley Co., Inc. |
USD | 582,132 | SGD | 780,000 | 9/20/2023 | 4,584 | ||||||||||||||
| TOTAL |
|
$ | 704,524 | |||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
| Morgan Stanley Co., Inc. |
HKD | 760,000 | USD | 97,157 | 9/20/2023 | $ | (175 | ) | ||||||||||||
| Morgan Stanley Co., Inc. |
USD | 4,747,993 | CHF | 4,250,844 | 9/20/2023 | (72,027 | ) | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 1,281,191 | DKK | 8,840,000 | 9/20/2023 | (6,107 | ) | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 13,971,825 | EUR | 12,954,225 | 9/20/2023 | (85,244 | ) | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 6,871,502 | GBP | 5,494,415 | 9/20/2023 | (89,317 | ) | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 301,254 | NOK | 3,300,000 | 9/20/2023 | (9,286 | ) | |||||||||||||
| Morgan Stanley Co., Inc. |
USD | 7,397 | SGD | 10,000 | 9/20/2023 | (8 | ) | |||||||||||||
| TOTAL |
|
$ | (262,164 | ) | ||||||||||||||||
FUTURES CONTRACTS — At August 31, 2023, the Portfolio had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
| Long position contracts: |
||||||||||||||||
| Stoxx Europe 600 Index Future |
1 | 09/15/23 | $ | 24,902 | $ | (185 | ) | |||||||||
| U.S. Treasury 10 Year Note |
72 | 12/19/23 | 7,994,250 | 75,512 | ||||||||||||
| U.S. Treasury 2 Year Note |
50 | 12/29/23 | 10,192,969 | 20,473 | ||||||||||||
| U.S. Treasury 5 Year Note |
48 | 12/29/23 | 5,134,500 | 39,978 | ||||||||||||
| Total Futures Contracts |
|
$ | 135,778 | |||||||||||||
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund(a) | Payments Received by the Fund |
Termination Date |
Notional (000’s) |
Value | Upfront Premium Paid |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| 2.904%(b) |
1 Day ESTRON | 08/31/2033 | EUR 705 | $ | 3,655 | $ | — | $ | 3,655 | |||||||||||||
|
4.325(b) |
1 Day SONIO | 09/19/2033 | GBP 600 | — | — | — | ||||||||||||||||
| Total | $ | 3,655 | $ | — | $ | 3,655 | ||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2023. |
| (b) | Payments made annually. |
| 16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
| ADDITIONAL INVESTMENT INFORMATION (continued) |
PURCHASED OPTIONS CONTRACTS — At August 31, 2023, the Portfolio had the following purchased option contracts:
OVER THE COUNTER OPTIONS ON EQUITIES CONTRACTS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
| Purchased Option Contracts: |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Brazil Bovespa Index |
J.P. Morgan Securities LLC | $ | 131,082.340 | 12/15/2023 | 51 | $ | 51 | $ | 6,958 | $ | 38,601 | $ | (31,643 | ) | ||||||||||||||||
| KraneShares CSI China Internet ETF |
Morgan Stanley Co., Inc | 31.863 | 01/01/2024 | 16,698 | 16,698 | 25,924 | 60,108 | (34,184 | ) | |||||||||||||||||||||
| TOTAL | $ | 16,749 | $ | 32,882 | $ | 98,709 | $ | (65,827 | ) | |||||||||||||||||||||
|
| ||
| Investment Abbreviation: | ||
| ESTRON |
—Euro Short-Term Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Schedule of Investments
August 31, 2023
| Shares | Description | Value |
||||||
| Underlying Funds (Class R6 Shares)(a) – 89.4% | ||||||||
| Equity – 89.4% | ||||||||
| 61,972,400 | Goldman Sachs U.S. Tax-Managed Equity Fund | $ | 2,226,048,617 | |||||
| 57,181,709 | Goldman Sachs International Tax-Managed Equity Fund | 641,006,954 | ||||||
| 9,817,829 | Goldman Sachs International Small Cap Insights Fund | 114,966,780 | ||||||
| 11,440,705 | Goldman Sachs Emerging Markets Equity Insights Fund | 91,296,827 | ||||||
| 2,080,289 | Goldman Sachs MLP Energy Infrastructure Fund | 64,800,994 | ||||||
| 6,487,768 | Goldman Sachs Global Real Estate Securities Fund | 58,973,813 | ||||||
| 4,769,734 | Goldman Sachs Global Infrastructure Fund | 56,092,075 | ||||||
| 511,913 | Goldman Sachs Energy Infrastructure Fund | 5,830,685 | ||||||
|
|
|
|||||||
| 3,259,016,745 | ||||||||
|
|
|
|||||||
| Fixed Income – 0.0% | ||||||||
| 11 | Goldman Sachs High Yield Floating Rate Fund | 96 | ||||||
|
|
|
|||||||
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | ||||||||
| (Cost $1,798,056,988) | $ | 3,259,016,841 | ||||||
|
|
|
|||||||
| Exchange-Traded Funds – 0.1% | ||||||||
| 4,965 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $ | 73,234 | |||||
| 885 | iShares Core S&P 500 ETF | 400,631 | ||||||
| 1,937 | iShares iBoxx High Yield Corporate Bond ETF | 145,817 | ||||||
| 7,273 | Sprott Physical Gold Trust* | 110,186 | ||||||
| 233,000 | Sprott Physical Uranium Trust* | 3,422,920 | ||||||
|
|
|
|||||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $4,130,718) | $ | 4,152,788 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company – 9.1%(a) | ||||||||
| |
Goldman Sachs Financial Square Government Fund – |
| ||||||
| 332,782,918 | 5.234% | $ | 332,782,918 | |||||
| (Cost $332,782,918) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 98.6% | ||||||||
| (Cost $2,134,970,624) | $ | 3,595,952,547 | ||||||
|
|
|
|||||||
| |
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4% |
49,994,775 | ||||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 3,645,947,322 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * |
Non-income producing security. | |
| (a) |
Represents an affiliated issuer. | |
|
| ||||
| Currency Abbreviations: | ||||
| AUD |
—Australian Dollar | |||
| CHF |
—Swiss Franc | |||
| DKK |
—Danish Krone | |||
| EUR |
—Euro | |||
| GBP |
—British Pound | |||
| HKD |
—Hong Kong Dollar | |||
| ILS |
—Israeli New Shekel | |||
| JPY |
—Japanese Yen | |||
| NOK |
—Norwegian Krone | |||
| NZD |
—New Zealand Dollar | |||
| SEK |
—Swedish Krona | |||
| SGD |
—Singapore Dollar | |||
| USD |
—United States Dollar | |||
|
| ||||
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2023, the Portfolio 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 |
||||||||||||||||
| Morgan Stanley Co., Inc |
USD | 28,945,872 | AUD | 43,064,774 | 9/20/2023 | $ | 1,026,572 | |||||||||||||
| Morgan Stanley Co., Inc |
USD | 10,222,891 | HKD | 79,900,000 | 9/20/2023 | 27,079 | ||||||||||||||
| Morgan Stanley Co., Inc |
USD | 1,696,175 | ILS | 6,160,000 | 9/20/2023 | 75,436 | ||||||||||||||
| Morgan Stanley Co., Inc |
USD | 80,727,037 | JPY | 11,078,154,282 | 9/20/2023 | 4,402,553 | ||||||||||||||
| Morgan Stanley Co., Inc |
USD | 826,861 | NZD | 1,360,000 | 9/20/2023 | 15,864 | ||||||||||||||
| Morgan Stanley Co., Inc |
USD | 12,376,708 | SEK | 133,425,000 | 9/20/2023 | 181,086 | ||||||||||||||
| Morgan Stanley Co., Inc |
USD | 4,925,730 | SGD | 6,600,000 | 9/20/2023 | 38,785 | ||||||||||||||
| TOTAL | $ | 5,767,375 | ||||||||||||||||||
| 18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
| Morgan Stanley Co., Inc |
USD | 39,022,035 | CHF | 34,942,984 | 9/20/2023 | $ | (599,716 | ) | ||||||||||||
| Morgan Stanley Co., Inc |
USD | 11,616,227 | DKK | 80,150,000 | 9/20/2023 | (55,373 | ) | |||||||||||||
| Morgan Stanley Co., Inc |
USD | 129,182,622 | EUR | 119,773,958 | 9/20/2023 | (788,159 | ) | |||||||||||||
| Morgan Stanley Co., Inc |
USD | 57,893,310 | GBP | 46,291,169 | 9/20/2023 | (752,510 | ) | |||||||||||||
| Morgan Stanley Co., Inc |
USD | 2,483,065 | NOK | 27,200,000 | 9/20/2023 | (76,535 | ) | |||||||||||||
| TOTAL | $ | (2,272,293 | ) | |||||||||||||||||
FUTURES CONTRACTS — At August 31, 2023, the Portfolio had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
| Long position contracts: |
||||||||||||||||
| NASDAQ 100 E-Mini Index |
1 | 09/15/23 | $ | 310,770 | $ | (6,422 | ) | |||||||||
| Russell 2000 E-Mini Index |
4 | 09/15/23 | 380,320 | (22,448 | ) | |||||||||||
| Stoxx Europe 600 Index Future |
13 | 09/15/23 | 323,727 | (2,613 | ) | |||||||||||
| TOPIX Index |
4 | 09/07/23 | 640,709 | (103 | ) | |||||||||||
| U.S. Treasury 10 Year Note |
631 | 12/19/23 | 70,060,719 | 655,918 | ||||||||||||
| U.S. Treasury 2 Year Note |
444 | 12/29/23 | 90,513,563 | 184,167 | ||||||||||||
| U.S. Treasury 5 Year Note |
424 | 12/29/23 | 45,354,750 | 353,138 | ||||||||||||
| Total Futures Contracts |
|
$ | 1,161,637 | |||||||||||||
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund(a) | Payments Received by the Fund |
Termination Date |
Notional Amounts (000’s) |
Value | Upfront Premium Paid |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| 2.904%(b) |
1 Day ESTRON | 08/31/2033 | EUR 6,155 | $ | 31,914 | $ | — | $ | 31,914 | |||||||||||||||||
|
4.325(b) |
1 Day SONIO | 09/19/2033 | GBP 5,400 | — | — | — | ||||||||||||||||||||
| Total | $ | 31,914 | $ | — | $ | 31,914 | ||||||||||||||||||||
| (a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2023. |
| (b) | Payments made annually. |
PURCHASED OPTIONS CONTRACTS — At August 31, 2023, the Portfolio had the following purchased option contracts:
OVER THE COUNTER OPTIONS ON EQUITIES CONTRACTS
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
| Purchased Option Contracts: |
| |||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||
| Brazil Bovespa Index |
J.P. Morgan Securities LLC |
$131,082.340 | 12/15/2023 | 448 | $ | 448 | $ | 61,125 | $ | 339,088 | $ | (277,963 | ) | |||||||||||||||
| KraneShares CSI China Internet ETF |
Morgan Stanley Co., Inc |
31.863 | 01/01/2024 | 145,873 | 145,873 | 226,471 | 525,099 | (298,628 | ) | |||||||||||||||||||
| TOTAL | $ | 146,321 | $ | 287,596 | $ | 864,187 | $ | (576,591 | ) | |||||||||||||||||||
|
| ||
| Investment Abbreviation: | ||
| ESTRON |
—Euro Short-Term Rate | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statements of Assets and Liabilities
August 31, 2023
| Enhanced Dividend Global Equity Portfolio |
Tax-Advantaged Global Equity Portfolio |
|||||||||
| Assets: | ||||||||||
| Investments in unaffiliated issuers, at value (cost $483,975 and $4,130,718, respectively) |
$ | 497,031 | $ | 4,152,788 | ||||||
| Investments in affiliated issuers, at value (cost $298,742,934 and $2,130,839,906, respectively) |
408,312,475 | 3,591,799,759 | ||||||||
| Purchased Options, at value (premiums paid $98,709 and $864,187, respectively) |
32,882 | 287,596 | ||||||||
| Cash |
3,799,107 | 33,862,336 | ||||||||
| Foreign currency, at value (cost $1,381,653 and $2,733,221, respectively) |
350,119 | 2,690,746 | ||||||||
| Receivables: |
||||||||||
| Due from broker(a) |
1,126,619 | 9,446,047 | ||||||||
| Investments sold |
125,793 | 1,286,368 | ||||||||
| Reimbursement from investment adviser |
23,744 | 49,901 | ||||||||
| Fund shares sold |
5,253 | 1,184,860 | ||||||||
| Dividends |
— | 46,214 | ||||||||
| Foreign tax reclaims |
— | 2,203 | ||||||||
| Unrealized gain on forward foreign currency exchange contracts |
704,524 | 5,767,375 | ||||||||
| Variation margin on futures contracts |
22,155 | 202,865 | ||||||||
| Other assets |
42,991 | 97,012 | ||||||||
| Total assets | 415,042,693 | 3,650,876,070 | ||||||||
| Liabilities: | ||||||||||
| Variation margin on futures contracts |
— | |
— |
| ||||||
| Variation margin on swaps |
50,290 | 455,022 | ||||||||
| Unrealized loss on forward foreign currency exchange contracts |
262,164 | 2,272,293 | ||||||||
| Payables: |
||||||||||
| Fund shares redeemed |
181,590 | 1,052,961 | ||||||||
| Management fees |
46,766 | 442,223 | ||||||||
| Investments purchased |
24,883 | 145,822 | ||||||||
| Distribution and Service fees and Transfer Agency fees |
11,097 | 89,555 | ||||||||
| Due to broker(a) |
— | 280,000 | ||||||||
| Accrued expenses |
95,970 | 190,872 | ||||||||
| Total liabilities | 672,760 | 4,928,748 | ||||||||
| Net Assets: | ||||||||||
| Paid-in capital |
311,950,927 | 2,260,288,817 | ||||||||
| Total distributable earnings |
102,419,006 | 1,385,658,505 | ||||||||
| NET ASSETS | $ | 414,369,933 | $ | 3,645,947,322 | ||||||
| Net Assets: |
||||||||||
| Class A |
$ | 2,773,564 | $ | 603,351 | ||||||
| Institutional |
8,456,072 | 40,173,907 | ||||||||
| Class R6 |
14,017 | 8,284,382 | ||||||||
| Class P |
403,126,280 | 3,596,885,682 | ||||||||
| Total Net Assets |
$ | 414,369,933 | $ | 3,645,947,322 | ||||||
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||
| Class A |
225,428 | 29,533 | ||||||||
| Institutional |
678,075 | 1,947,945 | ||||||||
| Class R6 |
1,127 | 407,409 | ||||||||
| Class P |
32,426,885 | 176,868,738 | ||||||||
| Net asset value, offering and redemption price per share:(b) |
||||||||||
| Class A |
$12.30 | $20.43 | ||||||||
| Institutional |
12.47 | 20.62 | ||||||||
| Class R6 |
12.44 | 20.33 | ||||||||
| Class P |
12.43 | 20.34 | ||||||||
| (a) | Segregated for initial margin and/or collateral on transactions as follows: |
| Portfolio | Forwards | Futures | Swaps | |||||||||
| Enhanced Dividend Global Equity |
$ | — | $ | 338,740 | $ | 787,879 | ||||||
| Tax-Advantaged Global Equity |
(280,000 | ) | 2,885,556 | 6,560,491 | ||||||||
| (b) | Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio Funds is $13.02 and $21.62, respectively. |
| 20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statements of Operations
For the Fiscal Year Ended August 31, 2023
| Enhanced Dividend Global Equity Portfolio |
Tax-Advantaged Global Equity Portfolio |
|||||||||
| Investment income: | ||||||||||
| Dividends from affiliated Underlying Funds |
$ | 8,136,990 | $ | 58,976,916 | ||||||
| Dividends — unaffiliated issuers |
27,914 | 290,911 | ||||||||
| Total investment income | 8,164,904 | 59,267,827 | ||||||||
| Expenses: | ||||||||||
| Management fees |
594,124 | 5,008,088 | ||||||||
| Custody, accounting and administrative services |
134,126 | 567,951 | ||||||||
| Transfer Agency fees(a) |
123,775 | 1,019,151 | ||||||||
| Professional fees |
114,014 | 115,636 | ||||||||
| Registration fees |
53,036 | 83,599 | ||||||||
| Printing and mailing costs |
34,554 | 67,446 | ||||||||
| Trustee fees |
18,908 | 27,265 | ||||||||
| Distribution and/or Service (12b-1) fees — Class A Shares |
6,638 | 1,371 | ||||||||
| Shareholder meeting expense |
1,685 | 5,901 | ||||||||
| Other |
23,443 | 93,959 | ||||||||
| Total expenses | 1,104,303 | 6,990,367 | ||||||||
| Less — expense reductions |
(336,722 | ) | (609,689 | ) | ||||||
| Net expenses | 767,581 | 6,380,678 | ||||||||
| NET INVESTMENT INCOME | 7,397,323 | 52,887,149 | ||||||||
| Realized and unrealized gain (loss): | ||||||||||
| Net realized gain (loss) from: |
||||||||||
| Investments — unaffiliated issuers |
276,466 | 3,660,952 | ||||||||
| Investments in affiliated Underlying Funds |
901,501 | (1,534,139 | ) | |||||||
| Futures contracts |
(1,203,654 | ) | (13,547,713 | ) | ||||||
| Swap contracts |
415,501 | 3,231,651 | ||||||||
| Written options |
443,961 | 3,575,243 | ||||||||
| Purchased options |
8,196 | 46,152 | ||||||||
| Forward foreign currency exchange contracts |
1,707,245 | 14,485,118 | ||||||||
| Foreign currency transactions |
9,793 | 56,039 | ||||||||
| Capital gain distributions from affiliated Underlying Funds |
10,902,905 | 862,915 | ||||||||
| Net change in unrealized gain (loss) on: |
||||||||||
| Investments — unaffiliated issuers |
(13,652 | ) | (124,771 | ) | ||||||
| Investments in affiliated Underlying Funds |
27,848,950 | 361,250,908 | ||||||||
| Futures contracts |
224,289 | 1,880,544 | ||||||||
| Written options |
318 | 7,820 | ||||||||
| Purchased Options |
(189,086 | ) | (1,573,041 | ) | ||||||
| Swap contracts |
(73,137 | ) | (594,374 | ) | ||||||
| Forward foreign currency exchange contracts |
(2,181,146 | ) | (17,709,171 | ) | ||||||
| Foreign currency translations |
(5,714 | ) | (46,941 | ) | ||||||
| Net realized and unrealized gain | 39,072,736 | 353,927,192 | ||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 46,470,059 | $ | 406,814,341 | ||||||
| (a) | Class specific Transfer Agency fees were as follows: |
| Transfer Agency Fees | ||||||||||||||||
| Portfolio |
Class A |
Institutional |
Class R6 |
Class P |
||||||||||||
| Enhanced Dividend Global Equity |
$ | 4,202 | $ | 3,585 | $ | 4 | $ | 115,984 | ||||||||
| Tax-Advantaged Global Equity |
867 | 15,217 | 2,337 | 1,000,730 | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statements of Changes in Net Assets
| Enhanced Dividend Global Equity Portfolio |
Tax-Advantaged Global Equity Portfolio | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
| From operations: | ||||||||||||||||||||||
| Net investment income |
$ | 7,397,323 | $ | 9,954,698 | $ | 52,887,149 | $ | 49,661,142 | ||||||||||||||
| Net realized gain |
13,461,914 | 39,279,397 | 10,836,218 | 66,792,752 | ||||||||||||||||||
| Net change in unrealized gain (loss) |
25,610,822 | (90,603,739 | ) | 343,090,974 | (572,224,244 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 46,470,059 | (41,369,644 | ) | 406,814,341 | (455,770,350 | ) | ||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||||
| Class A Shares |
(248,430 | ) | (301,288 | ) | (16,527 | ) | (8,759 | ) | ||||||||||||||
| Institutional Shares |
(847,732 | ) | (1,079,344 | ) | (1,295,041 | ) | (601,722 | ) | ||||||||||||||
| Class R6 Shares |
(1,187 | ) | (1,181 | ) | (262,392 | ) | (180,128 | ) | ||||||||||||||
| Class P Shares |
(35,644,919 | ) | (38,674,032 | ) | (114,145,309 | ) | (66,835,908 | ) | ||||||||||||||
| Total distributions to shareholders | (36,742,268 | ) | (40,055,845 | ) | (115,719,269 | ) | (67,626,517 | ) | ||||||||||||||
| From share transactions: | ||||||||||||||||||||||
| Proceeds from sales of shares |
33,220,543 | 24,193,568 | 270,351,404 | 407,850,486 | ||||||||||||||||||
| Reinvestment of distributions |
36,672,631 | 39,967,912 | 115,371,434 | 67,376,255 | ||||||||||||||||||
| Cost of shares redeemed |
(68,180,277 | ) | (67,626,449 | ) | (310,307,610 | ) | (301,692,350 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 1,712,897 | (3,464,969 | ) | 75,415,228 | 173,534,391 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | 11,440,688 | (84,890,458 | ) | 366,510,300 | (349,862,476 | ) | ||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Beginning of year |
402,929,245 | 487,819,703 | 3,279,437,022 | 3,629,299,498 | ||||||||||||||||||
| End of year |
$ | 414,369,933 | $ | 402,929,245 | $ | 3,645,947,322 | $ | 3,279,437,022 | ||||||||||||||
| 22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.24 | $ | 14.71 | $ | 11.90 | $ | 11.63 | $ | 12.48 | ||||||||||||
| Net investment income(a)(b) |
0.22 | 0.30 | 0.25 | 0.22 | 0.23 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.15 | (1.55 | ) | 2.81 | 0.59 | (0.44 | ) | |||||||||||||||
| Total from investment operations |
1.37 | (1.25 | ) | 3.06 | 0.81 | (0.21 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.26 | ) | (0.50 | ) | (0.25 | ) | (0.26 | ) | (0.32 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.88 | ) | (0.72 | ) | — | (0.27 | ) | (0.32 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.01 | ) | — | ||||||||||||||||
| Total distributions |
(1.14 | ) | (1.22 | ) | (0.25 | ) | (0.54 | ) | (0.64 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.47 | $ | 12.24 | $ | 14.71 | $ | 11.90 | $ | 11.63 | ||||||||||||
| Total Return(c) | 12.24 | % | (9.32 | )% | 26.05 | % | 7.17 | % | (1.46 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,456 | $ | 9,109 | $ | 13,638 | $ | 19,695 | $ | 25,244 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.20 | % | 0.17 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.28 | % | 0.24 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.83 | % | 2.24 | % | 1.87 | % | 1.90 | % | 2.00 | % | ||||||||||||
| Portfolio turnover rate(e) |
8 | % | 23 | % | 16 | % | 13 | % | 15 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.21 | $ | 14.68 | $ | 11.88 | $ | 11.60 | $ | 12.46 | ||||||||||||
| Net investment income(a)(b) |
0.22 | 0.30 | 0.25 | 0.21 | 0.23 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.15 | (1.55 | ) | 2.81 | 0.61 | (0.45 | ) | |||||||||||||||
| Total from investment operations |
1.37 | (1.25 | ) | 3.06 | 0.82 | (0.22 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.26 | ) | (0.50 | ) | (0.26 | ) | (0.26 | ) | (0.32 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.88 | ) | (0.72 | ) | — | (0.27 | ) | (0.32 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.01 | ) | — | ||||||||||||||||
| Total distributions |
(1.14 | ) | (1.22 | ) | (0.26 | ) | (0.54 | ) | (0.64 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.44 | $ | 12.21 | $ | 14.68 | $ | 11.88 | $ | 11.60 | ||||||||||||
| Total Return(c) | 12.20 | % | (9.25 | )% | 26.03 | % | 7.28 | % | (1.54 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 14 | $ | 12 | $ | 14 | $ | 11 | $ | 10 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.19 | % | 0.17 | % | 0.13 | % | 0.12 | % | 0.12 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.25 | % | 0.22 | % | 0.23 | % | 0.22 | % | 0.23 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.86 | % | 2.24 | % | 1.86 | % | 1.87 | % | 2.01 | % | ||||||||||||
| Portfolio turnover rate(e) |
8 | % | 23 | % | 16 | % | 13 | % | 15 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.20 | $ | 14.67 | $ | 11.87 | $ | 11.60 | $ | 12.45 | ||||||||||||
| Net investment income(a)(b) |
0.22 | 0.30 | 0.25 | 0.22 | 0.23 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.15 | (1.55 | ) | 2.81 | 0.59 | (0.44 | ) | |||||||||||||||
| Total from investment operations |
1.37 | (1.25 | ) | 3.06 | 0.81 | (0.21 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.26 | ) | (0.50 | ) | (0.26 | ) | (0.26 | ) | (0.32 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.88 | ) | (0.72 | ) | — | (0.27 | ) | (0.32 | ) | |||||||||||||
| Distributions to shareholders from return of capital |
— | — | — | (0.01 | ) | — | ||||||||||||||||
| Total distributions |
(1.14 | ) | (1.22 | ) | (0.26 | ) | (0.54 | ) | (0.64 | ) | ||||||||||||
| Net asset value, end of year |
$ | 12.43 | $ | 12.20 | $ | 14.67 | $ | 11.87 | $ | 11.60 | ||||||||||||
| Total Return(c) | 12.20 | % | (9.26 | )% | 26.05 | % | 7.20 | % | (1.45 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 403,126 | $ | 391,095 | $ | 470,368 | $ | 438,960 | $ | 573,771 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.19 | % | 0.17 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.27 | % | 0.23 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.86 | % | 2.25 | % | 1.91 | % | 1.92 | % | 2.02 | % | ||||||||||||
| Portfolio turnover rate(e) |
8 | % | 23 | % | 16 | % | 13 | % | 15 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | ||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.98 | $ | 22.03 | $ | 17.30 | $ | 15.58 | $ | 16.46 | ||||||||||||
| Net investment income(a)(b) |
0.30 | 0.29 | 0.23 | 0.22 | 0.20 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.99 | (2.94 | ) | 4.71 | 1.74 | (0.96 | ) | |||||||||||||||
| Total from investment operations |
2.29 | (2.65 | ) | 4.94 | 1.96 | (0.76 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.26 | ) | (0.35 | ) | (0.21 | ) | (0.20 | ) | (0.02 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.39 | ) | (0.05 | ) | — | (0.04 | ) | (0.10 | ) | |||||||||||||
| Total distributions |
(0.65 | ) | (0.40 | ) | (0.21 | ) | (0.24 | ) | (0.12 | ) | ||||||||||||
| Net asset value, end of year |
$ | 20.62 | $ | 18.98 | $ | 22.03 | $ | 17.30 | $ | 15.58 | ||||||||||||
| Total Return(c) | 12.51 | % | (12.31 | )% | 28.81 | % | 12.60 | % | (4.61 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 40,174 | $ | 37,591 | $ | 33,151 | $ | 33,800 | $ | 43,565 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.20 | % | 0.18 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.22 | % | 0.20 | % | 0.21 | % | 0.21 | % | 0.22 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.55 | % | 1.40 | % | 1.17 | % | 1.41 | % | 1.28 | % | ||||||||||||
| Portfolio turnover rate(e) |
4 | % | 22 | % | 16 | % | 12 | % | 14 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | ||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.73 | $ | 21.73 | $ | 17.07 | $ | 15.38 | $ | 16.46 | ||||||||||||
| Net investment income(a)(b) |
0.29 | 0.29 | 0.26 | 0.20 | 0.19 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.97 | (2.89 | ) | 4.62 | 1.73 | (0.97 | ) | |||||||||||||||
| Total from investment operations |
2.26 | (2.60 | ) | 4.88 | 1.93 | (0.78 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.35 | ) | (0.22 | ) | (0.20 | ) | (0.20 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.39 | ) | (0.05 | ) | — | (0.04 | ) | (0.10 | ) | |||||||||||||
| Total distributions |
(0.66 | ) | (0.40 | ) | (0.22 | ) | (0.24 | ) | (0.30 | ) | ||||||||||||
| Net asset value, end of year |
$ | 20.33 | $ | 18.73 | $ | 21.73 | $ | 17.07 | $ | 15.38 | ||||||||||||
| Total Return(c) | 12.47 | % | (12.24 | )% | 28.84 | % | 12.58 | % | (4.57 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 8,284 | $ | 8,343 | $ | 9,971 | $ | 11 | $ | 10 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.19 | % | 0.16 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.21 | % | 0.19 | % | 0.20 | % | 0.18 | % | 0.19 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.54 | % | 1.41 | % | 1.36 | % | 1.25 | % | 1.22 | % | ||||||||||||
| Portfolio turnover rate(e) |
4 | % | 22 | % | 16 | % | 12 | % | 14 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | ||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 18.73 | $ | 21.74 | $ | 17.07 | $ | 15.38 | $ | 16.47 | ||||||||||||
| Net investment income(a)(b) |
0.30 | 0.29 | 0.23 | 0.20 | 0.19 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
1.97 | (2.90 | ) | 4.66 | 1.74 | (0.98 | ) | |||||||||||||||
| Total from investment operations |
2.27 | (2.61 | ) | 4.89 | 1.94 | (0.79 | ) | |||||||||||||||
| Distributions to shareholders from net investment income |
(0.27 | ) | (0.35 | ) | (0.22 | ) | (0.21 | ) | (0.20 | ) | ||||||||||||
| Distributions to shareholders from net realized gains |
(0.39 | ) | (0.05 | ) | — | (0.04 | ) | (0.10 | ) | |||||||||||||
| Total distributions |
(0.66 | ) | (0.40 | ) | (0.22 | ) | (0.25 | ) | (0.30 | ) | ||||||||||||
| Net asset value, end of year |
$ | 20.34 | $ | 18.73 | $ | 21.74 | $ | 17.07 | $ | 15.38 | ||||||||||||
| Total Return(c) | 12.53 | % | (12.28 | )% | 28.87 | % | 12.59 | % | (4.60 | )% | ||||||||||||
| Net assets, end of year (in 000’s) |
$ | 3,596,886 | $ | 3,232,977 | $ | 3,585,571 | $ | 2,710,904 | $ | 2,743,392 | ||||||||||||
| Ratio of net expenses to average net assets(d) |
0.19 | % | 0.17 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||
| Ratio of total expenses to average net assets(d) |
0.21 | % | 0.19 | % | 0.20 | % | 0.20 | % | 0.21 | % | ||||||||||||
| Ratio of net investment income to average net assets |
1.56 | % | 1.41 | % | 1.18 | % | 1.30 | % | 1.21 | % | ||||||||||||
| Portfolio turnover rate(e) |
4 | % | 22 | % | 16 | % | 12 | % | 14 | % | ||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests. |
| (e) | The Portfolio’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher. |
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
August 31, 2023
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:
| Portfolio | Share Classes Offered | Diversification/ Non-diversified | ||
| Enhanced Dividend Global Equity |
A, Institutional, R6 and P |
Diversified | ||
|
Tax-Advantaged Global Equity |
A, Institutional, R6 and P |
Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.
The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange traded funds.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Goldman Sachs MLP Energy Infrastructure Fund (the “Underlying MLP Fund”) records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may
31
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.
D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| Portfolio | Income Distributions Declared/Paid |
Capital Gains Distributions Declared/Paid | ||||
| Enhanced Dividend Global Equity |
Quarterly |
Annually | ||||
|
Tax-Advantaged Global Equity |
Annually |
Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ 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).
32
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. With respect to the Portfolios’ investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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. A Portfolio 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 Portfolio and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Portfolio, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally 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
33
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 a Portfolio 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.
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, a Portfolio 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 a Portfolio 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 Portfolio 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 on swap contracts.
Upon the purchase of a call option or a put option by the Portfolio, 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.
iv. Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A total return swap is an agreement that gives the Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.
34
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio’s investments may be determined under the Valuation Procedures. 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 Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of August 31, 2023:
| ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Underlying Funds |
$ | 378,007,350 | $ | — | $ | — | ||||||
| Investment Company |
30,305,125 | — | — | |||||||||
| Exchange-Traded Funds |
497,031 | — | — | |||||||||
| Total | $ | 408,809,506 | $ | — | $ | — | ||||||
| Derivative Type | ||||||||||||
| Assets | ||||||||||||
| Forward Foreign Currency Contracts(a) |
$ | — | $ | 704,524 | $ | — | ||||||
| Futures Contracts(a) |
135,963 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 3,655 | — | |||||||||
| Purchased Option Contracts |
— | 32,882 | — | |||||||||
| Total | $ | 135,963 | $ | 741,061 | $ | — | ||||||
| Derivative Type | ||||||||||||
| Liabilities | ||||||||||||
| Forward Foreign Currency Contracts(a) |
$ | — | $ | (262,164 | ) | $ | — | |||||
| Futures Contracts(a) |
(185 | ) | — | — | ||||||||
| Total | $ | (185 | ) | $ | (262,164 | ) | $ | — | ||||
| TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Underlying Funds |
$ | 3,259,016,841 | $ | — | $ | — | ||||||
| Investment Company |
332,782,918 | — | — | |||||||||
| Exchange-Traded Funds |
4,152,788 | — | — | |||||||||
| Total | $ | 3,595,952,547 | $ | — | $ | — | ||||||
| (a) | Amount shown represents unrealized gain (loss) at fiscal year end. |
35
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO (continued) |
| |||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
| Forward Foreign Currency Contracts(a) |
$ | — | $ | 5,767,375 | $ | — | ||||||
| Futures Contracts(a) |
1,193,223 | — | — | |||||||||
| Interest Rate Swap Contracts(a) |
— | 31,914 | — | |||||||||
| Purchased Option Contracts |
— | 287,596 | — | |||||||||
| Total | $ | 1,193,223 | $ | 6,086,885 | $ | — | ||||||
| Derivative Type | ||||||||||||
| Liabilities | ||||||||||||
| Forward Foreign Currency Contracts(a) |
$ | — | $ | (2,272,293 | ) | $ | — | |||||
| Futures Contracts(a) |
(31,586 | ) | — | — | ||||||||
| Total | $ | (31,586 | ) | $ | (2,272,293 | ) | $ | — | ||||
| (a) | Amount shown represents unrealized gain (loss) at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.
| Enhanced Dividend Global Equity | ||||||||||||
| Risk | Statements of Assets and Liabilities |
Assets | Statements of Assets and Liabilities |
Liabilities | ||||||||
| Interest Rate |
Variation margin on futures contracts and centrally cleared interest rate swaps | $ | 139,618 | (a) | Variation margin on futures contracts and centrally cleared interest rate swaps | $ | — | (a) | ||||
| Currency |
Unrealized gain on forward foreign currency exchange contracts | 704,524 | Unrealized loss on forward foreign currency exchange contracts | (262,164) | (a) | |||||||
| Equity |
Variation margin on OTC swap contracts | 32,882 | (a) | Variation margin on futures contracts | (185) | (a) | ||||||
| Total | $ | 877,024 | $ | (262,349) | ||||||||
36
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Tax-Advantaged Global Equity | ||||||||||||
| Risk | Statements of Assets and Liabilities |
Assets | Statements of Assets and Liabilities |
Liabilities | ||||||||
| Interest Rate |
Variation margin on futures contracts and interest rate swaptions | $ | 1,225,137 | Variation margin on futures contracts and centrally cleared interest rate swaps | $ | — | (a) | |||||
| Currency |
Unrealized gain on forward foreign currency exchange contracts | 5,767,375 | Unrealized loss on forward foreign currency exchange contracts | $ | (2,272,293) | |||||||
| Equity |
Variation margin on purchase options contracts | 287,596 | (a) | Variation margin on futures contracts | (31,586) | (a) | ||||||
| Total | $ | 7,280,108 | $ | (2,303,879) | ||||||||
| (a) | Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of August 31, 2023 is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| Enhanced Dividend Global Equity | ||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
| Interest Rate | Net realized gain (loss) from futures contracts and swaps/Net change in unrealized gain (loss) on swaps | $ | (759,780 | ) | $ | 90,148 | ||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 1,684,705 | (2,189,967 | ) | ||||||
| Equity | Net realized gain (loss) from futures contracts, swaptions, written option, and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options | 446,324 | (118,943 | ) | ||||||
| Total | $ | 1,371,249 | $ | (2,218,762 | ) | |||||
| Tax-Advantaged Global Equity | ||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) |
Net Change in Unrealized Gain (Loss) |
|||||||
| Interest Rate | Net realized gain (loss) from futures contracts, swaptions, written option, and purchased options/Net change in unrealized gain (loss) on futures contracts and swaps | $ | (6,676,995 | ) | $ | 1,677,227 | ||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 14,305,002 | (18,797,546 | ) | ||||||
| Equity | Net realized gain (loss) from futures contracts, written option, and purchased options/Net change in unrealized gain (loss) on futures contracts and purchased options | 162,444 | (867,903 | ) | ||||||
| Total | $ | 7,790,451 | $ | (17,988,222 | ) | |||||
37
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended August 31, 2023, the relevant values for each derivative type was as follows:
| Average number of Contracts or Notional Amounts(1) | ||||||||||||||||||||
| Fund | Futures Contracts |
Forward Contracts |
Swap Agreements |
Purchased Options |
Written Options |
|||||||||||||||
| Enhanced Dividend Global Equity |
151 | 43,915,253 | 213,054 | 614,800 | 804,126 | |||||||||||||||
| Tax-Advantaged Global Equity |
1,232 | 360,496,383 | 1,725,643 | 4,880,515 | 6,400,537 | |||||||||||||||
| (1) | Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that each Portfolio held such derivatives during the fiscal year ended August 31, 2023. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets.
The Portfolios invest in Class R6 Shares of the Goldman Sachs High Yield Floating Rate and Goldman Sachs MLP Energy Infrastructure Fund and Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the above affiliated Underlying Funds in which the Portfolios invest, except those management fees it earns from the Portfolios’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2023, the management fee waived by GSAM for each Portfolio was as follows:
| Fund | Management Fee Waived |
|||
| Enhanced Dividend Global Equity |
$ | 13,956 | ||
|
Tax-Advantaged Global Equity |
121,011 | |||
Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.
B. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended August 31, 2023, Goldman Sachs retained front-end sales charges of $70 for the Enhanced Dividend Global Equity Portfolio.
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Prior to July 1, 2023, the rate for Class A Shares was 0.16%. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2023, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.
38
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These Other Expense limitations will remain in place through at least December 29, 2023, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended August 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Portfolio | Management Fee Waiver |
Other Expense Reimbursement |
Transfer Agency Waivers/ Credits |
Total Expense Reductions |
||||||||||||||
| Enhanced Dividend Global Equity |
$ | 13,956 | $ | 321,704 | $ | 1,062 | $ | 336,722 | ||||||||||
|
Tax-Advantaged Global Equity |
121,011 | 488,678 | — | 609,689 | ||||||||||||||
E. Line of Credit Facility — As of August 31, 2023, the Portfolios participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2023, the Portfolios did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.
F. Other Transactions with Affiliates — For the fiscal year ended August 31, 2023, Goldman Sachs earned $8 and $73, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global EquityPortfolios, respectively. The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended August 31, 2023:
| Enhanced Dividend Global Equity |
| |||||||||||||||||||||||||||||||||||
| Underlying Funds | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change in Unrealized Appreciation/ (Depreciation) |
Ending Value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
Capital Gain Distributions |
|||||||||||||||||||||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund |
$ | 9,923,491 | $ | 1,228,344 | $ | — | $ | — | $ | (1,214 | ) | $ | 11,150,621 | 1,397,321 | $ | 268,711 | $ | — | ||||||||||||||||||
| Goldman Sachs Energy Infrastructure Fund |
662,285 | 44,851 | — | — | 17,779 | 724,915 | 63,645 | 26,527 | 18,323 | |||||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund (Institutional Shares) |
30,671,846 | 87,654,121 | (88,020,842 | ) | — | — | 30,305,125 | 30,305,125 | 1,228,189 | — | ||||||||||||||||||||||||||
| Goldman Sachs Global Infrastructure Fund |
7,331,174 | 185,724 | — | 25 | (662,924 | ) | 6,853,999 | 582,823 | 163,255 | — | ||||||||||||||||||||||||||
| Goldman Sachs Global Real Estate Securities Fund |
6,467,410 | 1,348,442 | — | 45 | (522,801 | ) | 7,293,096 | 802,321 | 84,027 | 86,310 | ||||||||||||||||||||||||||
39
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Enhanced Dividend Global Equity (continued) |
| |||||||||||||||||||||||||||||||||||
| Underlying Funds | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change in Unrealized Appreciation/ (Depreciation) |
Ending Value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
Capital Gain Distributions |
|||||||||||||||||||||||||||
| Goldman Sachs High Yield Floating Rate Fund |
$ | 1,279,665 | $ | 1,563 | $ | (1,275,498 | ) | $ | (68,710 | ) | $ | 62,991 | $ | 11 | 1 | $ | 1,563 | $ | — | |||||||||||||||||
| Goldman Sachs International Equity Dividend and Premium Fund |
68,603,239 | 5,969,178 | (9,003,373 | ) | 79,617 | 8,654,820 | 74,303,481 | 11,024,255 | 1,633,719 | — | ||||||||||||||||||||||||||
| Goldman Sachs International Small Cap Insights Fund |
12,669,574 | 394,802 | (959,240 | ) | (196,450 | ) | 1,162,571 | 13,071,257 | 1,116,247 | 394,803 | — | |||||||||||||||||||||||||
| Goldman Sachs MLP Energy Infrastructure Fund |
7,941,873 | 509,528 | (1,387,367 | ) | 843,852 | (224,606 | ) | 7,683,280 | 246,654 | 436,583 | — | |||||||||||||||||||||||||
| Goldman Sachs Small Cap Equity Insights Fund |
32,472,311 | 271,778 | (3,197,290 | ) | 105,015 | 2,332,523 | 31,984,337 | 1,297,539 | 271,780 | — | ||||||||||||||||||||||||||
| Goldman Sachs US Equity Dividend and Premium Fund |
216,986,076 | 16,541,917 | (24,473,578 | ) | 138,107 | 15,749,831 | 224,942,353 | 14,906,717 | 3,627,833 | 10,798,272 | ||||||||||||||||||||||||||
| Total |
$ | 395,008,944 | $ | 114,150,248 | $ | (128,317,188 | ) | $ | 901,501 | $ | 26,568,970 | $ | 408,312,475 | $ | 8,136,990 | $ | 10,902,905 | |||||||||||||||||||
| Tax-Advantaged Global Equity |
| |||||||||||||||||||||||||||||||||||
| Underlying Funds | Beginning Value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change in Unrealized Appreciation/ (Depreciation) |
Ending Value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
Capital Gain Distributions |
|||||||||||||||||||||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund |
$ | 81,451,417 | $ | 9,877,083 | $ | — | $ | — | $ | (31,673 | ) | $ | 91,296,827 | 11,440,705 | $ | 2,200,100 | $ | — | ||||||||||||||||||
| Goldman Sachs Energy Infrastructure Fund |
5,326,935 | 360,744 | — | — | $ | 143,006 | 5,830,685 | 511,913 | 213,367 | 147,379 | ||||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund (Institutional Shares) |
261,283,135 | 526,520,957 | (455,021,174 | ) | — | $ | — | 332,782,918 | 332,782,918 | 11,422,611 | — | |||||||||||||||||||||||||
| Goldman Sachs Global Infrastructure Fund |
59,997,200 | 1,519,946 | — | 233 | $ | (5,425,304 | ) | 56,092,075 | 4,769,734 | 1,336,013 | — | |||||||||||||||||||||||||
| Goldman Sachs Global Real Estate Securities Fund |
53,616,546 | 9,581,236 | — | 57 | $ | (4,224,026 | ) | 58,973,813 | 6,487,768 | 785,581 | 715,536 | |||||||||||||||||||||||||
| Goldman Sachs High Yield Floating Rate Fund |
10,256,182 | 12,529 | (10,222,785 | ) | (550,946 | ) | $ | 505,116 | 96 | 11 | 12,528 | — | ||||||||||||||||||||||||
| Goldman Sachs International Small Cap Insights Fund |
99,029,462 | 16,083,005 | (9,040,345 | ) | (2,259,188 | ) | $ | 11,153,846 | 114,966,780 | 9,817,829 | 3,329,283 | — | ||||||||||||||||||||||||
| Goldman Sachs International Tax-Managed Equity Fund |
555,030,461 | 65,338,248 | (64,999,999 | ) | (2,589,026 | ) | $ | 88,227,270 | 641,006,954 | 57,181,709 | 21,852,611 | — | ||||||||||||||||||||||||
| Goldman Sachs MLP Energy Infrastructure Fund |
64,980,832 | 4,548,701 | (9,124,429 | ) | 3,322,680 | $ | 1,073,210 | 64,800,994 | 2,080,289 | 3,650,471 | — | |||||||||||||||||||||||||
| Goldman Sachs U.S. Tax-Managed Equity Fund Class R6 |
2,019,002,376 | 14,174,350 | (75,749,999 | ) | 542,051 | $ | 268,079,839 | 2,226,048,617 | 61,972,400 | 14,174,351 | — | |||||||||||||||||||||||||
| Total |
$ | 3,209,974,546 | $ | 648,016,799 | $ | (624,158,731 | ) | $ | (1,534,139 | ) | $ | 359,501,284 | $ | 3,591,799,759 | $ | 58,976,916 | $ | 862,915 | ||||||||||||||||||
40
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
As of August 31, 2023, the Portfolios were beneficial owners of 5% or more of the total outstanding shares of the following Funds:
| Underlying Funds | Enhanced Dividend Global Equity |
Tax-Advantaged Global Equity |
||||||||
| Goldman Sachs Small Cap Equity Insights Fund |
8 | % | — | % | ||||||
| Goldman Sachs Global Infrastructure Fund |
— | 27 | ||||||||
| Goldman Sachs Global Real Estate Securities Fund |
6 | 48 | ||||||||
| Goldman Sachs International Equity Dividend and Premium Fund |
50 | — | ||||||||
| Goldman Sachs U.S. Equity Dividend and Premium Fund |
7 | — | ||||||||
| Goldman Sachs U.S. Tax-Managed Equity Fund |
— | 85 | ||||||||
As of August 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:
| Portfolio | Class R6 | |||||
|
Enhanced Dividend Global Equity |
100 | % | ||||
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2023, were as follows:
| Portfolio | Purchases | Sales | ||||||||
| Enhanced Dividend Global Equity |
$ | 27,825,491 | $ | 44,934,839 | ||||||
|
Tax-Advantaged Global Equity |
137,030,993 | 206,016,461 | ||||||||
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
| Enhanced Dividend Global Equity |
Tax-Advantaged Global Equity |
|||||||
| Distributions paid from: |
||||||||
| Ordinary income |
$ | 11,949,787 | $ | 51,505,175 | ||||
| Net long-term capital gains |
24,792,481 | 64,214,094 | ||||||
| Total taxable distributions |
$ | 36,742,268 | $ | 115,719,269 | ||||
41
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 7. TAX INFORMATION (continued) |
The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
| Enhanced Dividend Global Equity |
Tax-Advantaged Global Equity |
|||||||
| Distributions paid from: |
||||||||
| Ordinary income |
$ | 20,750,864 | $ | 63,731,445 | ||||
| Net long-term capital gains |
19,304,981 | 3,895,072 | ||||||
| Total taxable distributions |
$ | 40,055,845 | $ | 67,626,517 | ||||
As of August 31, 2023, the components of accumulated earnings (losses) on a tax-basis were as follows:
| Enhanced Dividend Global Equity |
Tax-Advantaged Global Equity |
|||||||
| Undistributed ordinary income — net |
$ | — | $ | 8,925,073 | ||||
| Undistributed long-term capital gains |
8,422,591 | — | ||||||
| Total undistributed earnings |
$ | 8,422,591 | $ | 8,925,073 | ||||
| Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral) |
(551,327 | ) | (22,217,269 | ) | ||||
| Unrealized gains — net |
94,547,742 | 1,398,950,701 | ||||||
| Total accumulated earnings — net |
$ | 102,419,006 | $ | 1,385,658,505 | ||||
As of August 31, 2023, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Enhanced Dividend Global Equity |
Tax-Advantaged Global Equity |
|||||||
| Tax cost |
$ | 314,868,844 | $ | 2,201,928,413 | ||||
| Gross unrealized gain |
97,795,721 | 1,408,491,182 | ||||||
| Gross unrealized loss |
(3,247,979 | ) | (9,540,481 | ) | ||||
| Net unrealized gain |
$ | 94,547,742 | $ | 1,398,950,701 | ||||
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment companies.
GSAM has reviewed the Portfolios’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 8. OTHER RISKS |
The Portfolios’ and Underlying Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Portfolios’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying
42
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 8. OTHER RISKS (continued) |
assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.
Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.
Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.
Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of August 31, 2023, the Enhanced Dividend Global Equity Portfolio invested 54.3% and 17.9% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the “U.S. Equity Dividend and Premium Fund”) and the Goldman Sachs International Equity Dividend and Premium Fund (the “International Equity Dividend and Premium Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500® Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500® Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index (“MSCI EAFE Index”) at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.
As of August 31, 2023, the Tax-Advantaged Global Equity Portfolio invested 61.1% and 17.6% of its net assets in the Goldman Sachs U.S. Tax-Managed Equity Fund (the “U.S. Tax-Managed Equity Fund”) and the Goldman Sachs International Tax-Managed Equity Fund (the “International Tax-Managed Equity Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.
43
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 8. OTHER RISKS (continued) |
The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.
Large Shareholder Transactions Risk — A Portfolio or an underlying fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an underlying fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an underlying fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an underlying fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio’s or an underlying 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 Portfolio’s or an underlying fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s or the underlying fund’s expense ratio. Similarly, large Portfolio or underlying fund share purchases may adversely affect a Portfolio’s or an underlying fund’s performance to the extent that the Portfolio or the underlying fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio’s investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio’s investment portfolio may be subject.
Market and Credit Risks — In the normal course of business, a Portfolio and an underlying fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an underlying 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Portfolio and/or an underlying fund and their investments. Additionally, a Portfolio and/or an underlying 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 Portfolio and the underlying fund have unsettled or open transactions defaults.
Tax-Managed Investment Risk — Because the investment advisers of the Goldman Sachs Tax-Advantaged Global Equity Portfolio balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. Even though tax-managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an underlying fund’s NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.
| 9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
44
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 10. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) currently serve as a Trustee of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II. Messrs. Chou and Wirth and Ms. Dowling currently serve as Trustees of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
| 11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
45
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Notes to Financial Statements (continued)
August 31, 2023
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| Enhanced Dividend Global Equity Portfolio | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares | ||||||||||||||||
| Shares sold |
21,808 | $ | 253,847 | 13,495 | $ | 178,671 | ||||||||||
| Reinvestment |
19,989 | 226,667 | 19,885 | 273,296 | ||||||||||||
| Shares redeemed |
(40,884 | ) | (468,940 | ) | (70,321 | ) | (918,052 | ) | ||||||||
| 913 | 11,574 | (36,941 | ) | (466,085 | ) | |||||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
32,705 | 386,316 | 68,751 | 952,092 | ||||||||||||
| Reinvestment |
69,633 | 799,858 | 73,323 | 1,019,403 | ||||||||||||
| Shares redeemed |
(168,784 | ) | (2,036,212 | ) | (324,907 | ) | (4,418,774 | ) | ||||||||
| (66,446 | ) | (850,038 | ) | (182,833 | ) | (2,447,279 | ) | |||||||||
| Class R6 Shares | ||||||||||||||||
| Reinvestment |
104 | 1,187 | 85 | 1,181 | ||||||||||||
| 104 | 1,187 | 85 | 1,181 | |||||||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
2,778,209 | 32,580,380 | 1,731,292 | 23,062,805 | ||||||||||||
| Reinvestment |
3,110,946 | 35,644,919 | 2,795,911 | 38,674,032 | ||||||||||||
| Shares redeemed |
(5,518,639 | ) | (65,675,125 | ) | (4,539,509 | ) | (62,289,623 | ) | ||||||||
| 370,516 | 2,550,175 | (12,306 | ) | (552,786 | ) | |||||||||||
| NET INCREASE (DECREASE) |
305,087 | $ | 1,712,897 | (231,995 | ) | $ | (3,464,969 | ) | ||||||||
46
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
| Tax-Advantaged Global Equity Portfolio | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Class A Shares | ||||||||||||||||
| Shares sold |
901 | $ | 17,479 | 734 | $ | 14,891 | ||||||||||
| Reinvestment |
897 | 16,527 | 396 | 8,759 | ||||||||||||
| Shares redeemed |
(210 | ) | (3,930 | ) | (940 | ) | (19,173 | ) | ||||||||
| 1,588 | 30,076 | 190 | 4,477 | |||||||||||||
| Institutional Shares | ||||||||||||||||
| Shares sold |
46,999 | 891,161 | 561,307 | 11,551,838 | ||||||||||||
| Reinvestment |
69,750 | 1,295,041 | 26,959 | 601,083 | ||||||||||||
| Shares redeemed |
(148,844 | ) | (2,866,723 | ) | (113,232 | ) | (2,299,870 | ) | ||||||||
| (32,095 | ) | (680,521 | ) | 475,034 | 9,853,051 | |||||||||||
| Class R6 Shares | ||||||||||||||||
| Shares sold |
— | — | 34,470 | 764,903 | ||||||||||||
| Reinvestment |
14,334 | 262,392 | 8,189 | 180,128 | ||||||||||||
| Shares redeemed |
(52,432 | ) | (930,710 | ) | (55,972 | ) | (1,214,492 | ) | ||||||||
| (38,098 | ) | (668,318 | ) | (13,313 | ) | (269,461 | ) | |||||||||
| Class P Shares | ||||||||||||||||
| Shares sold |
14,283,357 | 269,442,764 | 19,316,934 | 395,518,854 | ||||||||||||
| Reinvestment |
6,216,591 | 113,797,474 | 3,027,052 | 66,586,285 | ||||||||||||
| Shares redeemed |
(16,243,212 | ) | (306,506,247 | ) | (14,691,275 | ) | (298,158,815 | ) | ||||||||
| 4,256,736 | 76,733,992 | 7,652,711 | 163,946,324 | |||||||||||||
| NET INCREASE |
4,188,131 | $ | 75,415,228 | 8,114,622 | $ | 173,534,391 | ||||||||||
47
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (two of the portfolios constituting Goldman Sachs Trust, hereafter collectively referred to as the “Portfolios”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023, and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
48
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (the “Portfolios”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Portfolios.
The Management Agreement was most recently approved for continuation until June 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2023 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Portfolio, such matters included:
| (a) | the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about: |
| (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| (iii) | trends in employee headcount; |
| (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| (b) | information on the investment performance of the Portfolio and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest; |
| (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Portfolio’s peer group and/or benchmark index had high, medium, or low relevance given the Portfolio’s particular investment strategy; |
| (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio; |
| (e) | fee and expense information for the Portfolio, including: |
| (i) | the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| (ii) | the Portfolio’s expense trends over time; and |
| (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio; |
| (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds; |
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates; |
| (i) | whether the Portfolio’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale; |
| (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services; |
| (k) | a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser; |
| (l) | with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| (m) | portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| (n) | the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Portfolios’ distribution arrangements. They received information regarding the Portfolios’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolios and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolios. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. The information on each Portfolio’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing those Underlying Funds.
The Trustees observed that the Tax-Advantaged Global Equity Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had outperformed the Portfolio’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2023. They considered that the Enhanced Dividend Global Equity Portfolio’s Institutional Shares had placed in the top half of the Portfolio’s peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had outperformed the Portfolio’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2023. The Trustees noted that each Portfolio had certain significant differences from its peer group that caused the peer group to be an imperfect basis for comparison. They also observed that the Portfolios had each experienced certain portfolio management changes in early 2022.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio’s overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio’s net expenses to the peer and category medians. The analyses also compared each Portfolio’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolios.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.
Profitability
The Trustees reviewed each Portfolio’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Portfolio was provided for 2022 and 2021, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios. The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios’ recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Portfolios were not duplicative of the management fees paid at the underlying fund level.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolios and certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs’ retention of certain fees as Portfolio Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) with respect to certain Underlying Funds, the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Portfolios’ and Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Portfolios and Their Shareholders
The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios’ shareholders invested in the Portfolios in part because of the Portfolios’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Portfolio’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2024.
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
|
Portfolio Expenses — Six Month Period Ended August 31, 2023 (Unaudited) |
||
As a shareholder of Class A, Institutional, Class R6 or Class P Shares of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Class R6 and Class P Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365 day year.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees and do not include expenses of Underlying Funds in which the Portfolios invest. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Enhanced Dividend Global Equity Portfolio | Tax-Advantaged Global Equity Portfolio | |||||||||||||||||||||||
| Share Class | Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
||||||||||||||||||
| Class A Shares | ||||||||||||||||||||||||
|
Actual |
$ | 1,000.00 | $ | 1,080.46 | $ | 2.75 | $ | 1,000.00 | $ | 1,083.82 | $ | 2.95 | ||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,022.56 | + | 2.67 | 1,000.00 | 1,022.37 | + | 2.87 | ||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,081.83 | 1.05 | 1,000.00 | 1,085.26 | 1.04 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,024.20 | + | 1.02 | 1,000.00 | 1,024.21 | + | 1.01 | ||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,082.12 | 1.01 | 1,000.00 | 1,085.42 | 0.99 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,024.24 | + | 0.98 | 1,000.00 | 1,024.26 | + | 0.96 | ||||||||||||||||
| Class P Shares | ||||||||||||||||||||||||
|
Actual |
1,000.00 | 1,082.17 | 1.00 | 1,000.00 | 1,085.96 | 0.99 | ||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,024.25 | + | 0.97 | 1,000.00 | 1,024.26 | + | 0.96 | ||||||||||||||||
| + | Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
| * | Expenses are calculated using each Portfolio’s annualized net expense ratio (excluding proxy fee which is not annualized) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Portfolio | Class A Shares | Institutional Shares | Class R6 Shares | Class P Shares | ||||||||||||
| Enhanced Dividend Global Equity |
0.52 | % | 0.20 | % | 0.19 | % | 0.19 | % | ||||||||
| Tax-Advantaged Global Equity |
0.56 | 0.20 | 0.19 | 0.19 | ||||||||||||
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 71 |
Chair of the Board of Trustees | Since 2023 (Trustee since 2015) | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Verizon Communications Inc. | |||||
| Dwight L. Bush Age: 66 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 69 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age: 66 |
Trustee | Since 2022 | Mr. Chou is retired. Formerly, he wasExecutive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Joaquin Delgado Age: 63 |
Trustee | Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019-2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016-July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Stepan Company (a specialty chemical manufacturer) | |||||
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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Eileen H. Dowling Age: 60 |
Trustee | Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017-2021), Multinational Corporations (2019-2021), the Institutional Product Group (2015-2019) and Institutional Marketing (2013-2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee on BlackRock.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| Paul C. Wirth Age: 65 |
Trustee | Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
Interested Trustee*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| James A. McNamara Age: 60 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
56
GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 | Positions Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 60 |
Trustee and President | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 |
Secretary | Since 2012 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of August 31, 2023. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Trust – Global Tax-Aware Equity Portfolios - Tax Information (Unaudited)
For the fiscal year ended August 31, 2023, 37.82% and 30.17% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify for the dividends received deduction available to corporations.
From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios from sources within foreign countries and possessions of the United States was $0.1004 and $0.1527 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios was 25.10% and 44.79%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0135 and $0.0179 per share, respectively.
For the fiscal year ended August 31, 2023, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 62.39% and 92.73%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $24,792,481 and $64,214,094 respectively, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2023.
During the fiscal year ended August 31, 2023, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $3,004,019 and $4,194,570 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
57
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
Money Market
Financial Square FundsSM
| ∎ | Financial Square Treasury Solutions Fund1 |
| ∎ | Financial Square Government Fund1 |
| ∎ | Financial Square Money Market Fund2 |
| ∎ | Financial Square Prime Obligations Fund2 |
| ∎ | Financial Square Treasury Instruments Fund1 |
| ∎ | Financial Square Treasury Obligations Fund1 |
| ∎ | Financial Square Federal Instruments Fund1 |
Investor FundsSM
| ∎ | Investor Money Market Fund3 |
| ∎ | Investor Tax-Exempt Money Market Fund3 |
Fixed Income
Short Duration and Government
| ∎ | Enhanced Income Fund |
| ∎ | Short-Term Conservative Income Fund |
| ∎ | Short Duration Government Fund |
| ∎ | Short Duration Bond Fund |
| ∎ | Government Income Fund |
| ∎ | Inflation Protected Securities Fund |
Multi-Sector
| ∎ | Bond Fund |
| ∎ | Core Fixed Income Fund |
| ∎ | Global Core Fixed Income Fund |
| ∎ | Strategic Income Fund |
| ∎ | Income Fund |
Municipal and Tax-Free
| ∎ | High Yield Municipal Fund |
| ∎ | Dynamic Municipal Income Fund |
| ∎ | Short Duration Tax-Free Fund |
| ∎ | Municipal Income Completion Fund |
Single Sector
| ∎ | Investment Grade Credit Fund |
| ∎ | U.S. Mortgages Fund |
| ∎ | High Yield Fund |
| ∎ | High Yield Floating Rate Fund |
| ∎ | Emerging Markets Debt Fund |
| ∎ | Local Emerging Markets Debt Fund |
Fixed Income Alternatives
| ∎ | Long Short Credit Strategies Fund |
Fundamental Equity
| ∎ | Equity Income Fund |
| ∎ | Small Cap Growth Fund |
| ∎ | Small Cap Value Fund |
| ∎ | Small/Mid Cap Value Fund |
| ∎ | Mid Cap Value Fund |
| ∎ | Large Cap Value Fund |
| ∎ | Focused Value Fund |
| ∎ | Large Cap Core Fund |
| ∎ | Strategic Growth Fund |
| ∎ | Small/Mid Cap Growth Fund |
| ∎ | Flexible Cap Fund |
| ∎ | Concentrated Growth Fund |
| ∎ | Technology Opportunities Fund |
| ∎ | Mid Cap Growth Fund |
| ∎ | Rising Dividend Growth Fund |
| ∎ | U.S. Equity ESG Fund |
| ∎ | Income Builder Fund |
Tax-Advantaged Equity
| ∎ | U.S. Tax-Managed Equity Fund |
| ∎ | International Tax-Managed Equity Fund |
| ∎ | U.S. Equity Dividend and Premium Fund |
| ∎ | International Equity Dividend and Premium Fund |
Equity Insights
| ∎ | Small Cap Equity Insights Fund |
| ∎ | U.S. Equity Insights Fund |
| ∎ | Small Cap Growth Insights Fund |
| ∎ | Large Cap Growth Insights Fund |
| ∎ | Large Cap Value Insights Fund |
| ∎ | Small Cap Value Insights Fund |
| ∎ | International Small Cap Insights Fund |
| ∎ | International Equity Insights Fund |
| ∎ | Emerging Markets Equity Insights Fund |
Fundamental Equity International
| ∎ | International Equity Income Fund |
| ∎ | International Equity ESG Fund |
| ∎ | China Equity Fund |
| ∎ | Emerging Markets Equity Fund |
| ∎ | Emerging Markets Equity ex. China Fund |
| ∎ | ESG Emerging Markets Equity Fund |
Alternative
| ∎ | Clean Energy Income Fund |
| ∎ | Real Estate Securities Fund |
| ∎ | Commodity Strategy Fund |
| ∎ | Global Real Estate Securities Fund |
| ∎ | Absolute Return Tracker Fund |
| ∎ | Managed Futures Strategy Fund |
| ∎ | MLP Energy Infrastructure Fund |
| ∎ | Energy Infrastructure Fund |
| ∎ | Multi-Manager Alternatives Fund |
| ∎ | Global Infrastructure Fund |
Total Portfolio Solutions
| ∎ | Global Managed Beta Fund |
| ∎ | Multi-Manager Non-Core Fixed Income Fund |
| ∎ | Multi-Manager Global Equity Fund |
| ∎ | Multi-Manager International Equity Fund |
| ∎ | Tactical Tilt Overlay Fund |
| ∎ | Balanced Strategy Portfolio |
| ∎ | Multi-Manager U.S. Small Cap Equity Fund |
| ∎ | Multi-Manager Real Assets Strategy Fund |
| ∎ | Growth and Income Strategy Portfolio |
| ∎ | Growth Strategy Portfolio |
| ∎ | Dynamic Global Equity Fund |
| ∎ | Satellite Strategies Portfolio |
| ∎ | Enhanced Dividend Global Equity Portfolio |
| ∎ | Tax-Advantaged Global Equity Portfolio |
| ∎ | Strategic Factor Allocation Fund |
| ∎ | GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
| TRUSTEES Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary*
* Effective October 10, 2023 | |
| GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Portfolios will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.
Portfolio holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Diversification does not protect an investor from market risk and does not ensure a profit.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Portfolio’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Portfolio and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2023 Goldman Sachs. All rights reserved. 339627-OTU-1895316 TAGEDGAR-23
Goldman Sachs Funds Annual Report August 31, 2023 Allocation Funds Global Managed Beta Fund Strategic Factor Allocation Fund Strategic Volatility Premium Fund Tactical Tilt Overlay Fund
Goldman Sachs Allocation Funds
| ∎ |
GLOBAL MANAGED BETA FUND |
| ∎ |
STRATEGIC FACTOR ALLOCATION FUND |
| ∎ |
STRATEGIC VOLATILITY PREMIUM FUND |
| ∎ |
TACTICAL TILT OVERLAY FUND |
| 1 | ||||
| 3 | ||||
| 6 | ||||
| 23 | ||||
| 24 | ||||
| 59 | ||||
| 65 | ||||
| 65 | ||||
| 66 | ||||
| 68 | ||||
| 70 | ||||
| 73 | ||||
| 95 | ||||
| 96 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
MARKET REVIEW
Goldman Sachs Allocation Funds
During the 12-month period ended August 31, 2023 (the “Reporting Period”), the financial markets were influenced most by macroeconomic factors, including inflation data, global central banks’ monetary policy and geopolitics.
In September 2022, when the Reporting Period began, financial markets were under pressure from macroeconomic headwinds, central bank monetary policy tightening and widespread recession concerns. Inflation remained top of mind for investors as central banks in the U.S., Europe, Asia and South America continued to announce plans to raise interest rates to get ahead of rising consumer prices. In the U.S., the Federal Reserve (“Fed”) hiked the federal funds target rate by 75 basis points during September. (A basis point is 1/100th of a percentage point.) In the U.K., the government unveiled a budget intended to support economic growth through personal and corporate tax cuts combined with supply-side reforms. After this expansionary fiscal policy was announced, U.K. bonds sold off sharply, and the yields of 10-year and 30-year U.K. government bonds rose significantly. The sell-off extended beyond the U.K., with both 10-year U.S. Treasury and German government bond yields rising to their highest levels in more than a decade.
In the fourth quarter of 2022, investors witnessed a variety of contradictory macroeconomic developments, highlighted by hawkish central banks, improving inflation indicators, strong consumer activity and signs of a rebound, albeit slow, in economic growth. (Hawkish tends to imply higher interest rates; opposite of dovish.) During October, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. The Fed raised the federal funds target rate by 75 basis points in early November and by 50 basis points in December. Fed policymakers indicated they were determined to continue their fight to tame inflation and that future rate hikes would likely be “appropriate.” Elsewhere, the European Central Bank (“ECB”) and Bank of England (“BoE”) similarly delivered interest rates hikes during the fourth quarter, with policymakers signaling they expected future action to be data dependent. In mid-October, the U.K. government withdrew its controversial budget, which reduced market concerns about U.K. fiscal policy and its inflationary implications. A new U.K. budget was announced in November, which was seen more positively by markets, as it included tax increases and spending cuts that sought to fill a substantial funding gap. As for the emerging markets, they broadly benefited from moderating global inflation and easing oil prices during the fourth quarter overall. China began to relax its zero-COVID policies in December, as the government sought to boost its economy through increased domestic spending and international travel.
The first quarter of 2023 started off strongly, supported by the broad reopening of China’s economy, market speculation around the peaking of inflation in the U.S. and Europe, the slowing pace of central bank rate hikes and receding concerns about recession. However, February saw a major reversal in investor sentiment amid geopolitical tensions, including the ongoing Russia/Ukraine war and strained relationships between Western nations and China. Also, stronger than consensus expected U.S. economic data challenged the path of the Fed’s interest rate policy. At the beginning of the month, the Fed stepped down its pace of interest rate increases to 25 basis points but also indicated “ongoing” interest rate hikes would be appropriate, a modestly hawkish surprise. In March, the markets saw a broad-based drawdown in investor sentiment, as the U.S. banking sector faced its worst crisis since 2008, driven by the collapse of regional bank Silicon Valley Bank. The fallout, which extended to some other U.S. regional banks and to Europe, appeared to increase market concerns that the global economy was in a potentially precarious position. It also led to a meaningful tightening in lending standards. Riskier asset classes sold off, and assets perceived to be safe havens, predominately government bonds, rallied. The turmoil was short-lived, however, as U.S. inflation data came in lower than consensus expected, increasing investor optimism that the Fed’s hiking cycle could be nearing its end. At its March meeting, the Fed implemented a 25 basis point rate hike, while the ECB and BoE each maintained a tightening bias.
The financial markets were volatile but generally performed well during the second quarter of 2023. High inflation rates persisted, while sustained wage growth raised investor concerns that peak terminal policy rates would be higher than previously expected. (The terminal policy rate is the ultimate interest rate level a central bank sets as its target for a cycle of rate hikes or cuts.) Heightened U.S./China geopolitical tensions, speculation about Fed policy, the outlook for corporate earnings and enthusiasm around artificial intelligence (“AI”) were other factors fueling volatility. At its policy meeting near the beginning of May, the Fed again raised the federal funds target rate by 25 basis points but then opted for a hawkish pause in June. In other words, the Fed halted monetary policy action for the first time in more than a year but still maintained higher-for-longer messaging on interest rates. That said, the Fed’s stance led to an upswing in soft economic landing expectations. (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.)
| 1 |
MARKET REVIEW
In July 2023, global equities broadly gained ground, as inflation rates slowed and investors anticipated a slower pace of interest rate hikes by central banks. Global economic data remained resilient. For fixed income, the month offered mixed results. While spread, or non-government, bond sectors delivered strong performance, sovereign government bonds faltered amid continued monetary policy tightening by a number of developed markets’ central banks.
During August 2023, risk sentiment broadly deteriorated, driven in part by investor concerns about weakness in China’s property market and worries about softening economic growth in Europe. Although global equities broadly weakened, mega-cap technology stocks, primarily in the semiconductor and software industries, continued to dominate headlines amid positive sentiment from AI tailwinds. Investors remained wary of inflation, as data indicated it might be stickier than consensus expected. Overall, developed markets’ central banks maintained a tightening bias. U.S. economic data remained rather resilient, and consensus expectations were for interest rates to remain elevated for longer. This pushed up yields, especially among developed markets sovereign bonds. The 10-year U.S. Treasury yield hit 4.36% on August 22nd, its highest level since 2007.
In commodities, West Texas Intermediate (“WTI”) crude oil prices entered the Reporting Period at rather elevated levels due to supply-chain shortages, exacerbated by the Russia/Ukraine war as well as the reemergence of global demand. In March 2023, WTI crude oil prices fell on the back of broad demand fears associated with the failure of U.S. regional banks. However, in line with other risk assets, WTI crude oil prices recovered rather quickly and rallied through the end of the Reporting Period.
| 2 |
PORTFOLIO RESULTS
Goldman Sachs Global Managed Beta Fund
| Investment Objective |
| The Fund seeks to provide long-term capital growth. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Multi-Asset Solutions (“MAS”) Group discusses the Goldman Sachs Global Managed Beta Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Institutional Shares generated an average annual total return of 12.24%. This return compares to the 13.49% average annual total return of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (“ACWI IMI”) (Net, USD, 50% Non-US Developed Hedged to USD) (the “Index”), during the same time period. |
| Q | What key factors affected the Fund’s performance during the Reporting Period? |
| A | The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of underlying asset classes that provide broad beta exposure to the global equity markets. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) The MAS Group determines allocations to the underlying asset classes—and within the underlying asset classes—based on its cycle-aware long-term strategic allocation model, which may include factor-based diversification. The factor-based diversification approach is implemented through a separately managed account composed of individual stock positions. In addition, the MAS Group uses an options-based strategy, which seeks to generate returns in moderately rising or moderately declining global equity markets where the realized volatility may be lower than the volatility implied by options prices. |
During the Reporting Period, the Fund underperformed the Index due in part to its strategic allocation to the macro hedging strategy (through which we seek to diversify the Fund’s overall exposure to global equity asset classes). More specifically, the Fund was hurt within its macro hedging strategy by a modest position in interest rate floor contracts, which detracted from returns as the U.S. Federal Reserve (the “Fed”) continued to raise short-term interest rates. (An interest rate floor is a derivative contract in which the buyer
receives payments at the end of each period in which the interest rate is below the agreed strike price.) In addition, the Fund’s long positions in equity market segments, such as small-cap equities and emerging markets equities, detracted from relative returns during the Reporting Period. Small-cap stocks, which tend to be sensitive to economic growth, were weak during the Reporting Period, as investors favored mega-cap technology stocks based on expectations for the potential of artificial intelligence.
On the positive side, the Fund benefited from its strategic allocation to a volatility selling strategy. (Volatility selling seeks to benefit from changes in the level of market implied volatility (i.e., expectations of future volatility) in equity markets.) Market implied volatility generally eased during the Reporting Period, as equity markets broadly recovered from previous losses.
| Q | How was the Fund positioned at the beginning of the Reporting Period? |
| A | In terms of its strategic allocations at the beginning of the Reporting Period, the Fund had 102.50% of its total net assets invested in equity-related investments, 2.01% in the macro hedging strategy, 7.70% in the volatility selling strategy and 0% in cash and cash equivalents. However, the Fund maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes. |
| Q | How did you tactically manage the Fund’s allocations during the Reporting Period? |
| A | Within the Fund’s strategic allocations during the Reporting Period, we returned the macro hedging strategy to its long-term allocation. The macro hedging strategy appeared more attractive to us as the Fed moved closer to the end of its |
| 3 |
PORTFOLIO RESULTS
current interest rate hiking cycle. In addition, we reduced the Fund’s allocation to emerging markets equities during the Reporting Period, shifting it closer to Index weight.
In January 2023, we reduced the view that the Fund be underweight compared to the Index in international small-cap equities. In May, the Fund partially rotated out of positions in the iShares® MSCI EAFE ETF and the iShares® MSCI EAFE Small-Cap ETF into a position in the iShares® Core MSCI EAFE ETF. Finally, in July, we adjusted the Fund’s U.S. dollar exposure, putting it more in line with that of the Index.
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | During the Reporting Period, equity futures were employed to express our passive investment views with greater versatility. The use of these instruments to gain exposure to U.S. large-cap equities, U.S. small-cap equities and Canadian equities during the Reporting Period added to the Fund’s performance, as these positions delivered returns similar to the asset classes they represented. Equity index options, which the Fund used as part of the volatility selling strategy, had a positive impact on performance. The Fund also employed currency forwards, currency options and interest rate floor contracts to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. Currency forwards had a neutral impact on the Fund’s returns during the Reporting Period, as gains from U.S. dollar strength were mostly offset by losses from Canadian dollar weakness. Currency options detracted overall from the Fund’s returns, as no meaningful equity sell-off materialized during the Reporting Period and the options lost most of their value. However, the currency options within the Fund’s currency tail risk hedging strategy added to performance given the resilience of the equity markets during the Reporting Period. (Tail risk is the chance of a loss occurring due to a rare event, as predicted by a probability distribution. The currency tail risk hedging strategy consists of purchasing out-of-the-money currency options as tail hedges against equity market sell-offs and investing in equity markets to offset the cost of the option premiums. “Out of the money” means the currency option’s strike price was less favorable than the market price of the underlying currency.) Finally, interest rate floor contracts detracted from the Fund’s performance, as the Fed continued to hike short-term interest rates during the Reporting Period. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective December 29, 2022, Alexandra Wilson-Elizondo became a portfolio manager for the Fund, joining Neill Nuttall and Siwen Wu. Mr. Nuttall has been a portfolio manager for the Fund since 2015, and Mr. Wu has been a portfolio manager for the Fund since 2019. By design, all investment decisions for the Portfolios are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned at the end of the Reporting Period? |
| A | In terms of its strategic allocations at the end of the Reporting Period, the Fund had 103.91% of its total net assets invested in equity-related investments, 1.71% in the macro hedging strategy, 6.78% in the volatility selling strategy and 0% in cash and cash equivalents. However, the Fund maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes. |
| Q | What is the Fund’s tactical asset allocation view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we believed the U.S. was in the late stages of the economic cycle. However, ongoing economic resilience and a lack of major macro data surprises supported a balanced outlook, in our view. Overall, we thought robust consumer spending would bolster U.S. macro data in the near term and that progress toward disinflation could further support the U.S. consumer as real wages rise. In our opinion, this constructive backdrop was likely to persist, at least in the near term. Indeed, the strong macro environment was reflected in positive earnings dynamics at the end of the Reporting Period. At the same time, we acknowledged significant divergence amongst global economies. Although the U.S. and Japan continued to show resilience, downside risks grew in Europe and the U.K., in our opinion, while China’s economic growth outlook remained soft. Chinese central bankers eased monetary policy rates to help support the country’s struggling real estate sector, but we believed at the end of the Reporting Period that a meaningful and sustained rebound in emerging markets equities depended on the broad-based measures that Chinese policymakers had so far been reluctant to implement. |
| 4 |
PORTFOLIO RESULTS
Regarding inflation, we believed at the end of the Reporting Period that it was at or near peak levels in most countries, though we expected many central banks, especially those in developed economies, to keep interest rates higher for longer given that inflation remained well above their long-term targets. We also noted some potential medium-term downside risks from continued tight monetary policy.
In terms of positioning, given the balance of risks and opportunities, the Fund’s exposure to equities overall was near neutral relative to the Index at the end of the Reporting Period, with an emphasis on quality and on what we saw as well-capitalized companies. The Fund was tactically underweight relative to its long-term strategic allocation in international small-cap equities. In addition, the Fund maintained a slight overweight versus the Index in emerging markets equities. Within the macro hedging strategy, the Fund continued to build positions in interest rate floor contracts at the end of the Reporting Period, as it appeared to us that risks to economic growth increased and central banks neared the end of their tightening cycles.
| 5 |
Global Managed Beta Fund
as of August 31, 2023
| FUND COMPOSITION * |
| Percentage of Net Assets |
| * | Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The investment in the securities lending reinvestment vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance. |
| 6 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on April 30, 2015 (commencement of operations) in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. For comparative purposes, the performance of the Fund’s benchmark, the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD), is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Global Managed Beta Fund’s Lifetime Performance |
| Performance of a $1,000,000 investment, with distributions reinvested, from April 30, 2015 through August 31, 2023. |
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Since Inception | |||||||||
| Institutional (Commenced April 30, 2015) |
12.24% | 7.84% | 8.00% | |||||||||
|
|
||||||||||||
| * | Because Institutional Shares do not involve a sales charge, such a charge is not applied to its Average Annual Total Return. |
| 7 |
PORTFOLIO RESULTS
Goldman Sachs Strategic Factor Allocation Fund
| Investment Objective |
| The Fund seeks long-term total return. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Factor Allocation Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Institutional and Class P Shares generated average annual total returns of 6.88% and 6.97%, respectively. These returns compare to the 7.32% average annual total return of the Fund’s blended benchmark, the Strategic Factor Allocation Composite Index (the “Index”), which is composed 50% of the S&P 500® Index and 50% of the Bloomberg U.S. Aggregate Bond Index, during the same period. The components of the Fund’s blended benchmark, the S&P 500® Index and the Bloomberg U.S. Aggregate Bond Index, generated average annual total returns of 15.94% and -1.19%, respectively, during the Reporting Period. |
At a meeting of the Board of Trustees of Goldman Sachs Trust held on June 13-14, 2023, the Trustees approved the termination of the Fund’s Class R6 Shares. This termination occurred on July 14, 2023. Effective June 15, 2023, Class R6 Shares of the Fund were no longer sold to new investors or existing shareholders (except through reinvested dividends) or were no longer eligible for exchanges from other Goldman Sachs Funds. In addition, Class R6 Shares of the Fund were closed to all new accounts.
| Q | What key factors affected the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to achieve its investment objective through the implementation of the Goldman Sachs Strategic Factor Allocation process (“Strategic Allocation”), which is derived from the Goldman Sachs Investment Strategy Group’s (“ISG”) market views on a variety of asset classes and instruments. The Strategic Allocation was developed to provide exposure to “factors,” which are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and more consistent returns in various market environments. These factors include, but are not limited to, Equity, Term, Flow |
and Volatility. The QIS Team implements the Strategic Allocation by investing in derivatives and pooled investment vehicles, including, but not limited to, investment companies, including exchange-traded funds (“ETFs”) (the “Underlying Funds”) and exchange-traded notes (“ETNs”). The Underlying Funds may include affiliated investment companies. The Strategic Allocation may also be implemented by investing in any one or a combination of the following asset classes: (i) U.S. and foreign equity securities, including common and preferred stocks; (ii) fixed income instruments, which include, among others, debt issued by governments (including the U.S. and foreign governments), their agencies, instrumentalities, sponsored entities, and political subdivisions, notes, debt participations and non-investment grade securities (commonly known as “junk bonds”); and (iii) foreign exchange contracts.
During the Reporting Period, the Strategic Allocation detracted overall from the Fund’s performance. In relative terms, the Equity and Term factors hampered returns, while the Flow and Volatility factors contributed positively. On an absolute basis, the Equity, Flow and Volatility factors added to performance, while the Term factor detracted from results. The Equity factor seeks to capture the premium associated with equity risk. The Term factor seeks to capture the premium associated with interest rate and inflation risk. The Flow factor seeks to systematically capitalize on flows within and across asset classes. The Volatility factor seeks to capture the “fear premium” associated with equity risk. (The fear premium is the amount investors tend to overpay to preserve capital during periods of financial market volatility.)
| Q | How was the Fund positioned at the beginning of the Reporting Period? |
| A | In terms of its Strategic Allocation at the beginning of the Reporting Period, the Fund maintained equal weightings in the Equity, Flow and Volatility factors. It had a relatively smaller weighting in the Term factor. |
| 8 |
PORTFOLIO RESULTS
In terms of underlying asset classes and instruments, the Fund held positions in U.S. equities, listed U.S. equity index options, U.S. fixed income, exposure to USD short-term interest rates and listed U.S. fixed income options. In terms of currencies, it had long positions versus the U.S. dollar in the Canadian dollar and the New Zealand dollar. It held short positions relative to the U.S. dollar in the Swiss franc, euro, Japanese yen and British pound. The Fund did not hold a position versus the U.S. dollar in the Australian dollar at the beginning of the Reporting Period.
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund uses derivatives for both hedging and non-hedging purposes in the implementation of the Strategic Allocation. During the Reporting Period, the Fund employed equity futures and listed equity index options to implement views on the U.S. equity market. Equity futures and listed equity index options each had a positive impact on the Fund’s performance. Forward foreign currency exchange contracts, which were used to take long and short positions in select developed markets currencies, had a negative impact on the Fund’s returns during the Reporting Period. As market conditions warranted, the Fund utilized Treasury futures and USD short-term interest rate futures to hedge interest rate exposure and to facilitate duration management. (USD short-term interest rate futures are contracts that have underlying assets linked to Secured Overnight Financing Rates, or “SOFR,” measuring the cost of borrowing cash overnight, collateralized by Treasury securities.) During the Reporting Period, the use of Treasury futures had a negative impact on the Fund’s results, while the use of USD short-term interest rate futures had a positive impact on performance. The Fund’s selling of options on U.S. Treasury futures detracted modestly from its performance during the Reporting Period. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund. As of the same date, Oliver Bunn began serving as a portfolio manager for the Fund, joining Patrick Harnett. Mr. Bunn is head of the Goldman Sachs Asset Management’s Quantitative Investment Strategies Alternatives team. Mr. Harnett has been a portfolio manager for the Fund since 2021. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned at the end of the Reporting Period? |
| A | In terms of its Strategic Allocation at the end of the Reporting Period, the Fund had rather equal weightings in the Equity, Term, Flow and Volatility factors. |
In terms of underlying asset classes and instruments, the Fund held positions in U.S. equities, listed U.S. equity index options, U.S. fixed income, exposure to USD short-term interest rates and listed U.S. fixed income options. In terms of currencies, it had long positions versus the U.S. dollar in the Australian dollar and British pound. It held short positions relative to the U.S. dollar in the Canadian dollar, Swiss franc, Japanese yen and New Zealand dollar. The Fund did not hold a position versus the U.S. dollar in the euro at the end of the Reporting Period.
| Q | What was the Fund’s strategy at the end of the Reporting Period? |
| A | Going forward, the QIS Team plans to continue implementing the Goldman Sachs Strategic Factor Allocation process as it seeks long-term total return. |
| 9 |
FUND BASICS
Strategic Factor Allocation Fund
as of August 31, 2023
| HOLDINGS AS OF 8/31/23 + |
| Holding |
% of Net Assets | Line of Business | ||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
59.7% | Investment Companies | ||
| U.S. Treasury Bills 11/02/2023 |
8.3 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 11/30/2023 |
8.2 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 12/28/2023 |
8.2 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 01/25/2024 |
8.2 | U.S. Treasury Obligations | ||
| + | Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedules of Investments. |
| For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance. |
| 10 |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
Performance Summary
August 31, 2023
| The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on May 31, 2016 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Strategic Factor Allocation Composite Index, which is comprised of 50% of the S&P 500® Index and 50% of the Bloomberg U.S. Aggregate Bond Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| Strategic Factor Allocation Fund’s Lifetime Performance |
| Performance of a $1,000,000 investment, including any applicable sales charges, with distributions reinvested, from May 31, 2016 through August 31, 2023. |
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Since Inception | |||||||||
| Institutional (Commenced May 31, 2016) |
6.88% | 5.88% | 6.20% | |||||||||
|
|
||||||||||||
| Class P (Commenced April 17, 2018) |
6.97% | 5.90% | 6.24% | |||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV. Because Institutional and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. Class R6 liquidated on July 14, 2023. |
| 11 |
PORTFOLIO RESULTS
Goldman Sachs Strategic Volatility Premium Fund
|
Investment Objective
The Fund seeks long-term total return.
|
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team (“QIS Team”) discusses the Goldman Sachs Strategic Volatility Premium Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Institutional and Class P Shares generated average annual total returns of 1.38% and 1.39%, respectively. These returns compare to the -0.74% average annual total return of the Fund’s benchmark, the Bloomberg 1-5 Year U.S. Treasury Index, during the Reporting Period. |
| Q | What key factors affected the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to achieve its investment objective through the implementation of a volatility overlay strategy (“Strategic Volatility Premium”), which is a “factor” within the Strategic Factor Allocation process of the Goldman Sachs Investment Strategy Group (“ISG”). The Strategic Allocation was developed to provide exposure to “factors,” which are academically derived drivers of investment returns the Goldman Sachs ISG believes offer the potential for greater and more consistent returns in various market environments. Through the Strategic Volatility Premium, the QIS Team seeks to enhance the returns of a fixed income allocation to U.S. Treasury securities with the implementation of an options-based overlay strategy. The Fund may use futures contracts, primarily futures on indexes, options on indexes and options on futures to more effectively gain targeted exposure to the Strategic Volatility Premium, to equitize cash and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy. |
| During the Reporting Period, the Strategic Volatility Premium generated positive absolute returns and outperformed the Fund’s benchmark. |
| Q | How did the Fund’s options-based overlay strategy affect its performance? |
| A | Consistent with our investment approach, we construct the Fund’s options-based overlay by the Fund selling (i.e., writing) options on securities indices and/or various other reference securities, such as U.S. Treasury futures. To limit the downside risk of these written options, the Fund may utilize long options on instruments corresponding to the instruments underlying the written options as well as take positions in these instruments directly or by acquiring other closely related securities such as futures on these instruments. These positions are intended to reduce the impacts on the Fund if the underlying instrument approaches or falls past the strike price of a written put option or if it increases past the strike price of a written call option. (A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. A call option is an option contract that gives the holder the right, but not the obligation, to buy a specified amount of an underlying asset at a specified price within a specified time.) The options-based overlay strategy is designed to provide the Fund with enhanced returns and additional income. The downside risk may be mitigated by long options positions to the extent of the difference between the strike prices of the purchased options and the strike prices of the written options, as well as hedging positions in the instruments underlying the written options or other closely related securities such as futures on these instruments. |
| As the seller of put options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the strike price of the option and the price of the index at the time of exercise. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of put options. As the buyer of put options, the Fund will pay the “premium” to the |
| 12 |
PORTFOLIO RESULTS
| seller. If the Fund exercises the put option, the seller will pay the Fund the difference between the strike price of the option and the price of the index at the time of exercise. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the buyer of put options. |
| During periods in which the expected volatility of the markets for the instruments underlying the options exceeds subsequent realized volatility, a portfolio of U.S. Treasury securities with an options-based overlay strategy may outperform the same portfolio without such an options overlay strategy. However, a portfolio with an options-based overlay strategy may underperform the same portfolio without these options, for example, if realized volatility in the underlying markets exceeds expected volatility. |
| During the Reporting Period, expected volatility exceeded subsequent realized volatility, and thus the Fund’s options-based overlay strategy contributed positively to performance. |
| Q | How was the Fund positioned at the beginning of the Reporting Period? |
| A | At the start of the Reporting Period, the Fund maintained a long position in bond futures, long and short positions in equity options, and a modest long position in equity index futures to hedge the Fund’s small net equity exposure. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund uses derivatives for both hedging and non-hedging purposes in the implementation of the Strategic Volatility Premium. During the Reporting Period, the Fund employed listed equity index futures and listed equity index options to implement views on the U.S. equity market. The use of listed equity futures had a negative impact on the Fund’s performance, while the use of listed equity index options had a positive impact on results. The Fund also utilized bond futures to express views on the U.S. fixed income market, which had a negative impact on returns during the Reporting Period. |
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | Effective September 22, 2022, James Park no longer served as a portfolio manager for the Fund. As of the same date, Oliver Bunn began serving as a portfolio manager for the Fund, joining Patrick Harnett. Mr. Bunn is head of the Goldman Sachs Asset Management’s Quantitative Investment Strategies Alternatives team. Mr. Harnett has |
| been a portfolio manager for the Fund since 2021. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund. |
| Q | How was the Fund positioned at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund maintained a long position in bond futures, long and short positions in equity options, and a modest long position in equity index futures to hedge the Fund’s small net equity exposure. |
| Q | What was the Fund’s strategy at the end of the Reporting Period? |
| A | Going forward, the QIS Team plans to continue implementing the Strategic Volatility Premium as it seeks long-term total return. |
| 13 |
FUND BASICS
Strategic Volatility Premium Fund
as of August 31, 2023
| HOLDINGS AS OF 8/31/23 + |
| Holding |
% of Net Assets | Line of Business | ||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
53.3% | Investment Companies | ||
| U.S. Treasury Bills 11/02/2023 |
11.1 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 11/30/2023 |
11.1 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 12/28/2023 |
11.1 | U.S. Treasury Obligations | ||
| U.S. Treasury Bills 01/25/2024 |
11.0 | U.S. Treasury Obligations | ||
| + | Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The holdings may not be representative of the Fund’s future investments. Figures in the table above may not sum to 100% due to the exclusion of other assets and liabilities. The holdings may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedules of Investments. |
| For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance. |
| 14 |
GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on March 29, 2021 (commencement of operations) in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg 1-5 Year U.S. Treasury Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Strategic Volatility Premium Fund’s Lifetime Performance |
| Performance of a $1,000,000 investment, with distributions reinvested, from March 29, 2021 through August 31, 2023. |
| Average Annual Total Return through August 31, 2023* | One Year | Since Inception | ||||||||||
| Institutional (Commenced March 29, 2021) |
1.38% | -0.74% | ||||||||||
|
|
||||||||||||
| Class P (Commenced March 29, 2021) |
1.39% | -0.74% | ||||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV. Because Institutional and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
| 15 |
PORTFOLIO RESULTS
Goldman Sachs Tactical Tilt Overlay Fund
| Investment Objective |
| The Fund seeks long-term total return. |
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Multi-Asset Solutions (“MAS”) Group discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Fund”) performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund’s Institutional, Class R6 and Class P Shares generated average annual total returns of 3.82%, 3.74% and 3.75%, respectively. These returns compare to the 4.25% average annual total return of the Fund’s benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”), during the same time period. |
References to the Fund’s benchmark and to other indices, if any, mentioned herein are for informational purposes only, and unless otherwise noted, are not indications of how the Fund is managed. The use of the Index as the Fund’s benchmark does not imply the Fund is being managed like cash and does not imply low risk or low volatility.
| Q | What key factors affected the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. |
During the Reporting Period, the Fund benefited most from its equity-related exposures, especially its effective use of S&P 500® Index put options. (A put option is an option contract that gives the holder the right, but not the obligation, to sell a certain quantity of an underlying security at an agreed-upon price at the time of expiry.) Early in the Reporting Period, because we believed the S&P 500® Index would continue to appreciate, we sold S&P 500® Index put options. As U.S. equities advanced during the first and second quarters of 2023, these put options expired out of the money, and the Fund retained the full premium it had collected from their sale. (“Out of the money” means the put option’s strike price was lower than the market price of the underlying asset.) In addition, the Fund benefited from its long tactical positions in U.S. health care and Eurozone bank
stocks. Other notable positive contributors were the Fund’s long tactical positions in energy master limited partnerships (“MLPs”) and U.S. energy stocks. Conversely, a relative value tilt, wherein the Fund held a long tactical position in the U.S. utilities sector versus a short tactical position in the U.S. consumer and professional (“C&P”) services industry, detracted from the Fund’s performance. The position had been initiated because we believed below-trend U.S. employment growth would disproportionately weigh on the earnings of C&P services companies. However, U.S. employment growth surprised to the upside, resulting in positive earnings revisions for C&P services companies relative to utilities companies. Meanwhile, utilities broadly underperformed C&P services companies due both to increased investor optimism around a potential soft economic landing scenario and to the market’s rotation into sectors that stood to benefit from artificial intelligence (“AI”). (A soft landing, in economics, is a cyclical slowdown in economic growth that avoids recession.) Other equity-related exposures that detracted from performance during the Reporting Period were the Fund’s long tactical exposures to Eurozone oil and gas stocks, Brazilian equities and Chinese Internet stocks.
The Fund’s commodity-related exposures added modestly to performance during the Reporting Period. The most successful was our natural gas view, which we implemented in two ways—first, through a March 2023 and April 2023 natural gas futures calendar spread, and second, by selling a put option on May 2023 natural gas futures. (A calendar spread is a derivatives strategy in which an investor takes a long and a short position on the same asset using derivatives contracts with different expiration dates. The goal is to profit from the difference in price on the underlying asset between the two expiration dates.) In addition, our long tactical exposure to uranium was advantageous, as uranium prices touched a 16-month high in August 2023, driven by higher demand and challenged supply-side dynamics.
| 16 |
PORTFOLIO RESULTS
The Fund’s fixed income exposures detracted from its returns during the Reporting Period. Most of the underperformance was due to the Fund’s large allocation to investment grade fixed income and its modest long position in two-year U.S. Treasury futures. Bonds sold off during the Reporting Period as the Federal Reserve (the “Fed”) continued to tighten monetary policy in an effort to stem inflation.
The impact of the Fund’s currency-related exposures was rather flat during the Reporting Period.
| Q | How was the Fund positioned at the beginning of the Reporting Period? |
| A | At the start of the Reporting Period, the Fund had approximately 17.49% of its total net assets invested in long equity-related investments and approximately 46.07% of its total net assets invested in long fixed income-related investments. In terms of currency-related investments, the Fund had a long position in the Brazilian real versus a short position in the U.S. dollar (representing 1.52% of the Fund’s total net assets) and a long position in the euro versus a short position in the Swiss franc (representing 0.46% of the Fund’s total net assets). In terms of commodity-related investments, the Fund had a long position in uranium (representing approximately 0.80% of the Fund’s total net assets), implemented via a closed-end trust. Additionally, the Fund had a short position in equity-related investments (representing approximately -3.15% of its total net assets) at the beginning of the Reporting Period. The Fund had a short position in fixed income-related investments (representing approximately -1.34% of its total net assets). Specifically, the Fund maintained a swaption tilt, implemented through 30-year payer and receiver swaptions, to express our views of U.S. interest rates. (In a payer swaption, the purchaser has the right but not the obligation to enter into a swap contract wherein they become the fixed-rate payer and the floating-rate receiver. In a receiver swaption, the purchaser has the option to enter into a swap contract wherein they will receive the fixed rate and pay the floating rate.) The Fund had no short positions in currency-related or commodity-related investments at the beginning of the Reporting Period. |
The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced. Given the line-up of positions held, most of them were derivatives-based, so the cash allocation at the end of the Reporting Period was high.
| Q | How did you tactically manage the Fund’s allocations during the Reporting Period? |
| A | During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of tactical changes to the Fund’s exposures. |
In terms of equity-related exposures, during October 2022, we eliminated the Fund’s S&P 500® Energy Index call option spread. (An option spread is an options strategy that involves buying and selling the same number of options on an underlying asset, but at different strike prices and maturities. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at the time of expiry.) The S&P 500® Energy Index had outperformed the broader S&P 500® Index by a significant margin during 2022 year to date. Although the sector remained attractive in our view, we thought prudent risk management favored closing the Fund’s position. Also in October, we removed the Fund’s systematic downside mitigation tilt, as it had served its intended purpose. (The systematic downside mitigation tactical tilt was designed to limit the Fund’s exposure to potential market declines through the shorting of U.S. large-cap stocks that we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) During November, we exited the Fund’s tactical long position in S&P 500® Health Care Index put options. In our view, the position had realized most of its profit potential, and we decided to close it at a gain. Additionally, in November, amid a rally in risk assets, we removed the Fund’s S&P 500® Index calendar put spread (implemented through a long position in December 2022 call options and a short position in March 2023 put options) by eliminating the Fund’s position in long call options but maintaining its position in short put options. In December 2022, we removed the Fund’s tactical long position in U.S. health care equities as valuations rose. We also removed all of the Fund’s remaining short S&P 500® Index put positions. At the end of December, we allowed the Fund’s tactical long position in Chinese Internet equity options to expire. During January 2023, we reestablished an S&P 500® Index options tilt, implemented through a short position in put options and a long position in call options, to give the Fund potential upside participation in potential S&P 500® Index gains while hedging its exposure in case the S&P 500® Index declined. Additionally, we added a tactical long position in STOXX® Europe 600 Energy options, as we believed the European energy sector’s relative underperformance and low valuations were at odds with what we considered solid fundamentals. We also expected the position to benefit from
| 17 |
PORTFOLIO RESULTS
rising European energy prices. In February, we eliminated the Fund’s tactical long position in Eurozone banks. In early March, we removed the Fund’s tactical short position in S&P 500® Index put options, which had been part of the S&P 500® Index options tilt. In April, we implemented a tactical long position in S&P 500® Utilities Index options versus a tactical short position in S&P 500® Commercial and Professional Services Industry Group Index options. In June, we initiated a S&P 500® Index put option spread. Although we maintained a constructive view on equities, we thought there were several potential downside event risks, including upcoming U.S. inflation and employment reports and several developed markets’ central bank policy meetings. In July, we eliminated the Fund’s tactical long position in S&P 500® Utilities Index options versus its tactical short position in S&P 500® Commercial and Professional Services Industry Group Index options. Also in July, we added an out-of-the-money call option on Brazil’s Bovespa Index and an at-the-money call option on Chinese internet stocks. (In this context, “out of the money” describes a call option with a strike price that is higher than the market price of the underlying asset. “At-the-money” is a term used to describe a call option with a strike price that is at or near the market price of the underlying asset.)
Regarding fixed income-related exposures, during September 2022, we exited the Fund’s tactical long position in U.S. bank loans, as we thought interest rates were near their cycle highs and bank loans had outperformed longer duration fixed income investments. (Duration is price sensitivity to changes in interest rates.) In December, we eliminated the Fund’s 30-year U.S. interest rate options tilt because we believed it no longer offered an attractive risk and reward balance. In August 2023, we removed the Fund’s tactical long position in two-year U.S. Treasury securities and reinvested the proceeds in investment grade corporate bonds. We also added tactical long positions in 10-year European interest rate swaps and 10-year U.K. interest rates swaps, as we believed they could add value if interest rates fell.
As for currency-related exposures, we allowed the Fund’s tactical long position in the U.S. dollar versus its tactical short position in the Brazilian real to expire during September 2022. In December, we allowed the Fund’s tactical long position in the euro versus its tactical short position in the Swiss franc to expire.
In terms of commodity-related exposures, the options within the Fund’s West Texas Intermediate (“WTI”) crude oil options spread expired in mid-November 2022. Near the end of that month, we added a natural gas futures calendar spread, seeking to benefit from a narrowing in the difference
between the price of natural gas in the winter versus its price in the spring. In February 2023, we eliminated the natural gas futures calendar spread amid the disappearance of the winter premium as well as relatively mild weather conditions during January. In March, we initiated a tactical short position in a U.S. natural gas put option given that U.S. natural gas prices had fallen significantly and stood near 20-year lows. In April, we added a tactical long position in crude oil, implemented through an investment in S&P GSCI Index commodity swaps, because we expected oil prices to move higher. Finally, toward the end of April, we allowed the Fund’s tactical short position in a U.S. natural gas put option to expire, as natural gas prices were relatively flat.
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund used derivatives and similar instruments as part of its investment strategy to express views implemented in the Fund. Positions were supported predominantly by cash held in the Fund specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced. |
During the Reporting Period, the Fund employed equity futures, equity options and equity index options, bond futures, interest rate swaps, total return swaps, swaptions, options on commodity futures and forward contracts to express active investment views with greater versatility across regional equity markets, global market sectors, commodities markets and currency markets. The Fund’s use of equity futures within the trend-based rotation tilt, through which the Fund gained exposure to momentum-based trends among multiple asset classes/markets, had a neutral impact on performance. To afford greater risk management precision, equity options and options on equity indices were employed to tactically adjust the amount of equity risk and downside risk in the Fund. The use of equity options had a negative impact on the Fund’s performance, while the use of equity index options had a positive impact on returns during the Reporting Period. Bond futures, which the Fund employed to gain exposure to U.S. Treasury securities, detracted from results. Interest rate swaps, used to gain exposure to U.K. and European interest rates, had a neutral impact on performance.
In addition, the Fund used total return swaps within the systematic downside mitigation tactical tilt as well as to take both long and short positions on a basket of large-cap stocks and to gain exposure to European bank stocks, crude oil and C&P services stocks. Overall, the use of total return swaps for these purposes had a positive impact on performance. (As
| 18 |
PORTFOLIO RESULTS
a reminder, the systematic downside mitigation tactical tilt seeks to limit the Fund’s exposure to potential market declines through the shorting of U.S. large-cap stocks we believed might underperform the broader U.S. stock market, while at the same time taking a long position in the broader U.S. stock market.) Swaptions, which were used to express our views on U.S. interest rates, detracted from performance.
The Fund employed options on commodity futures to express our views on natural gas prices, which had a positive impact on results. Forward contracts were used to gain exposure to natural gas, which added to the Fund’s performance. Finally, the use of commodity index swaps to express our views on crude oil prices had a positive impact on the Fund’s returns during the Reporting Period.
| Q | Were there any changes to the Fund’s portfolio management team during the Reporting Period? |
| A | There were no changes to the Fund’s portfolio management team during the Reporting Period. |
| Q | How was the Fund positioned at the end of the Reporting Period? |
| A | At the end of the Reporting Period, the Fund had approximately 2.56% of its total net assets invested in long equity-related investments and approximately 63.34% of its total net assets invested in long fixed income-related investments. The Fund also had long positions in commodity-related investments (representing approximately 3.06% of the Fund’s total net assets). The Fund had no long positions in currency-related investments at the end of the Reporting Period. In addition, the Fund had a position in a trend-based rotation tilt (representing approximately 1.96% of its total net assets). The Fund had no short positions in equity-related, fixed income-related, currency-related or commodity-related investments at the end of the Reporting Period. |
The above sector breakout is inclusive of derivative exposure across all asset classes, but it does not necessarily include the cash held to support those positions. Derivatives positions are mostly supported by cash held in the Fund specifically to cover its exposure and any potential margin calls or future losses experienced. Given the line-up of positions held, most of them were derivatives-based, so the cash allocation at the end of the Reporting Period was high.
| Q | What is the Fund’s tactical asset allocation view and strategy for the months ahead? |
| A | At the end of the Reporting Period, we had a positive view on U.S. equities but were mindful of risks—particularly the potential of a U.S. recession, rising geopolitical tensions, inflationary pressures and hawkish central banks. (Hawkish tends to suggest higher interest rates; opposite of dovish.) At the sector level, we favored energy MLPs, given their ongoing capital discipline and significant cash flow generation at cheap valuations. As for Europe, we expected flat total returns until the end of the 2023 calendar year, as European equities were slightly elevated relative to history at the end of the Reporting Period. Overall, we expected range-bound corporate earnings growth in 2023, below consensus estimates. |
Within fixed income, the U.S. bond market seemed to be pricing in a steep Fed interest rate hiking cycle at the end of the Reporting Period, but we thought the hurdle was high for significant further increases in yields. Meanwhile, we had a neutral view on interest rates in other developed economies. Regarding the emerging markets, we believed ongoing disinflation had opened the door for central bank interest rate cuts. Overall, at the end of the Reporting Period, we broadly favored high quality fixed income. We had a marginal preference for investment grade corporate bonds over high yield corporate bonds and bank loans. Between high yield corporate bonds and bank loans, we favored high yield corporate bonds over bank loans. In our view, investment grade corporate bonds were likely to benefit from a moderate decline in U.S. Treasury yields in the near term, offset by a slight increase in credit spreads (or yield differentials versus duration equivalent U.S. Treasury securities). At the same time, in historical terms, high yield spreads and bank loan discount margins were tight at the end of the Reporting Period. (A discount margin is the average expected return of a floating rate security above a reference rate, such as an index.) Within emerging markets debt, we expected near-term gains to be more limited given that the market appeared to already be pricing in central bank interest rate cuts at the end of the Reporting Period.
With regards to commodities, supply, demand and inventory levels suggested to us that the crude oil market had shifted back into a supply deficit overall. While these stronger fundamentals had been overshadowed by investors’ fears of recession, Saudi Arabia’s decision to reduce monthly production—by one million barrels per day in July and August, which then was extended through the end of 2023—should allow inventories to fall and put upward pressure on prices. As a result, we expect crude oil prices to
| 19 |
PORTFOLIO RESULTS
trade between $70 and $100 a barrel by calendar year end. As for other commodities, we believed at the end of the Reporting Period that prices of base metals would likely require stronger Chinese manufacturing data to find upward momentum, in spite of growing demand from the green energy infrastructure sector. We expected gold to remain mostly driven by the U.S. dollar, real interest rates and emerging markets’ central bank purchases.
| 20 |
Tactical Tilt Overlay Fund
as of August 31, 2023
| FUND COMPOSITION * |
| Percentage of Net Assets |
| * | Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total net assets (excluding investments in the securities lending reinvestment vehicle, if any). The investment in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets as of August 31, 2023 and 1.1% of the Fund’s net assets as of August 31, 2022. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. |
| ~ | “Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company. |
| For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund’s investment strategies, holdings, and performance. |
| 21 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $1,000,000 investment made on July 31, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE® BofAML® Three-Month U.S. Treasury Bill Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
| Tactical Tilt Overlay Fund’s Lifetime Performance |
| Performance of a $1,000,000 investment, with distributions reinvested, from July 31, 2014 through August 31, 2023. |
| Average Annual Total Return through August 31, 2023* | One Year | Five Years | Since Inception | |||||||||
| Institutional (Commenced July 31, 2014) |
3.82% | 3.58% | 2.77% | |||||||||
|
|
||||||||||||
| Class R6 (Commenced December 29, 2017) |
3.74% | 3.57% | 3.25% | |||||||||
|
|
||||||||||||
| Class P (Commenced April 17, 2018) |
3.75% | 3.57% | 3.53% | |||||||||
|
|
||||||||||||
| * | These returns assume reinvestment of all distributions at NAV. Because Institutional, Class R6 and Class P Shares do not involve a sales charge, such a charge is not applied to their Average Annual Total Return. |
| 22 |
FUND BASICS
MSCI All Country World Index Investable Market Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. The index covers approximately 85% of the free float-adjusted market capitalization in each market.
MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI Emerging Markets Index captures large-cap and mid-cap representation across 27 emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.
Nikkei 225 is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.
S&P 500® Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies by market value and covers approximately 80% of available market capitalization. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
S&P GSCI Index is a composite index of commodities that measures the performance of the commodity market. It is composed of up of 24 exchange-traded futures contracts that cover physical commodities spanning five sectors.
S&P 500® Health Care Index comprises those companies included in the S&P 500® Index that are classified as members of the Global Industry Classification Standard, or GICS®, health care sector.
S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified as members of the Global Industry Classification Standard, or GICS®, energy sector.
Strategic Factor Allocation Composite Index is a blend of 50% the S&P 500® Index and 50% the Bloomberg Barclays U.S. Aggregate Bond Index. It is not possible to invest in an unmanaged index.
Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
Bloomberg 1-5 Year U.S. Treasury Index Bloomberg 1-5 Year Corporate Index: Measures the investment grade, fixed-rate, taxable corporate bond market with 1-5 year maturities. Bloomberg 1-5 Year Government/Credit Index: Is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index.
ICE BofA 3-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and Interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
It is not possible to invest directly in an unmanaged index.
| 23 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – 10.0% |
| |||||||
| Aerospace & Defense – 0.1% |
| |||||||
| 995 | Airbus SE | $ | 145,575 | |||||
| 551 | Axon Enterprise, Inc.* | 117,313 | ||||||
| 16,495 | BAE Systems PLC | 209,944 | ||||||
| 1,466 | Boeing Co.* | 328,428 | ||||||
| 482 | Dassault Aviation SA | 94,646 | ||||||
| 1,168 | General Dynamics Corp. | 264,716 | ||||||
| 411 | HEICO Corp. | 69,340 | ||||||
| 413 | HEICO Corp. Class A | 55,933 | ||||||
| 3,066 | Howmet Aerospace, Inc. | 151,675 | ||||||
| 822 | Huntington Ingalls Industries, Inc. | 181,103 | ||||||
| 1,317 | Kongsberg Gruppen ASA | 54,630 | ||||||
| 1,031 | L3Harris Technologies, Inc. | 183,611 | ||||||
| 621 | Lockheed Martin Corp. | 278,425 | ||||||
| 9,088 | Melrose Industries PLC | 58,777 | ||||||
| 205 | MTU Aero Engines AG | 47,851 | ||||||
| 290 | Northrop Grumman Corp. | 125,596 | ||||||
| 212 | Rheinmetall AG | 57,585 | ||||||
| 29,087 | Rolls-Royce Holdings PLC* | 81,598 | ||||||
| 2,462 | RTX Corp. | 211,831 | ||||||
| 993 | Saab AB Class B | 52,345 | ||||||
| 901 | Safran SA | 144,399 | ||||||
| 7,753 | Singapore Technologies Engineering Ltd. | 21,844 | ||||||
| 4,106 | Textron, Inc. | 319,077 | ||||||
| 732 | Thales SA | 106,747 | ||||||
| 221 | TransDigm Group, Inc.* | 199,751 | ||||||
|
|
|
|||||||
| 3,562,740 | ||||||||
|
|
||||||||
| Air Freight & Logistics – 0.1% |
| |||||||
| 2,123 | C.H. Robinson Worldwide, Inc. | 191,983 | ||||||
| 10,499 | DHL Group | 489,600 | ||||||
| 573 | DSV AS | 108,813 | ||||||
| 1,139 | Expeditors International of Washington, Inc. | 132,933 | ||||||
| 1,160 | FedEx Corp. | 302,783 | ||||||
| 1,516 | NIPPON EXPRESS HOLDINGS, Inc. | 78,725 | ||||||
| 716 | United Parcel Service, Inc. Class B | 121,290 | ||||||
| 1,555 | Yamato Holdings Co. Ltd. | 29,209 | ||||||
|
|
|
|||||||
| 1,455,336 | ||||||||
|
|
||||||||
| Automobile Components – 0.0% |
| |||||||
| 3,339 | Aisin Corp. | 111,432 | ||||||
| 255 | Aptiv PLC* | 25,870 | ||||||
| 6,528 | BorgWarner, Inc. | 266,016 | ||||||
| 2,023 | Bridgestone Corp. | 78,545 | ||||||
| 3,120 | Cie Generale des Etablissements Michelin SCA | 97,612 | ||||||
| 534 | Denso Corp. | 36,447 | ||||||
| 697 | Lear Corp. | 100,431 | ||||||
| 7,222 | Sumitomo Electric Industries Ltd. | 88,414 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Automobile Components – (continued) |
| |||||||
| 5,972 | Valeo SE | $ | 116,085 | |||||
|
|
|
|||||||
| 920,852 | ||||||||
|
|
||||||||
| Automobiles – 0.2% |
| |||||||
| 2,435 | Bayerische Motoren Werke AG | 256,111 | ||||||
| 498 | Ferrari NV | 157,897 | ||||||
| 7,160 | Ford Motor Co. | 86,851 | ||||||
| 1,142 | General Motors Co. | 38,268 | ||||||
| 9,879 | Honda Motor Co. Ltd. | 319,253 | ||||||
| 7,352 | Isuzu Motors Ltd. | 94,117 | ||||||
| 15,452 | Mazda Motor Corp. | 160,993 | ||||||
| 3,800 | Mercedes-Benz Group AG | 278,064 | ||||||
| 11,177 | Nissan Motor Co. Ltd. | 47,527 | ||||||
| 1,983 | Renault SA | 80,013 | ||||||
| 16,602 | Stellantis NV | 308,187 | ||||||
| 8,877 | Subaru Corp. | 170,646 | ||||||
| 6,008 | Tesla, Inc.* | 1,550,545 | ||||||
| 13,705 | Toyota Motor Corp. | 236,125 | ||||||
| 39,873 | Volvo Car AB Class B* | 151,383 | ||||||
| 1,521 | Yamaha Motor Co. Ltd. | 39,358 | ||||||
|
|
|
|||||||
| 3,975,338 | ||||||||
|
|
||||||||
| Banks – 0.4% |
| |||||||
| 7,686 | ABN AMRO Bank NV(a) | 113,060 | ||||||
| 13,897 | AIB Group PLC | 63,253 | ||||||
| 12,034 | ANZ Group Holdings Ltd. | 196,480 | ||||||
| 24,111 | Banco Bilbao Vizcaya Argentaria SA | 190,233 | ||||||
| 60,858 | Banco Santander SA | 237,566 | ||||||
| 5,538 | Bank Hapoalim BM | 45,850 | ||||||
| 14,802 | Bank Leumi Le-Israel BM | 114,901 | ||||||
| 18,726 | Bank of America Corp. | 536,874 | ||||||
| 5,985 | Bank of Ireland Group PLC | 59,597 | ||||||
| 1,831 | Bank Of Montreal | 157,692 | ||||||
| 4,114 | Bank of Nova Scotia | 195,226 | ||||||
| 355 | Banque Cantonale Vaudoise | 38,462 | ||||||
| 44,042 | Barclays PLC | 82,035 | ||||||
| 3,274 | BNP Paribas SA | 211,722 | ||||||
| 55,971 | BOC Hong Kong Holdings Ltd. | 155,504 | ||||||
| 15,305 | CaixaBank SA | 61,989 | ||||||
| 3,758 | Canadian Imperial Bank of Commerce | 148,907 | ||||||
| 5,690 | Chiba Bank Ltd. | 40,629 | ||||||
| 7,044 | Citigroup, Inc. | 290,847 | ||||||
| 4,253 | Citizens Financial Group, Inc. | 119,637 | ||||||
| 4,901 | Commerzbank AG | 53,850 | ||||||
| 3,112 | Commonwealth Bank of Australia | 205,009 | ||||||
| 9,101 | Credit Agricole SA | 114,721 | ||||||
| 3,416 | Danske Bank AS | 76,677 | ||||||
| 7,299 | DBS Group Holdings Ltd. | 179,655 | ||||||
| 2,734 | DNB Bank ASA | 54,042 | ||||||
| 3,173 | Erste Group Bank AG | 113,193 | ||||||
|
|
||||||||
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Banks – (continued) |
| |||||||
| 2,692 | Fifth Third Bancorp | $ | 71,473 | |||||
| 1,688 | FinecoBank Banca Fineco SpA | 23,071 | ||||||
| 182 | First Citizens BancShares, Inc. Class A | 247,593 | ||||||
| 6,241 | First Horizon Corp. | 78,324 | ||||||
| 1,949 | Hang Seng Bank Ltd. | 24,838 | ||||||
| 41,427 | HSBC Holdings PLC | 305,616 | ||||||
| 7,599 | Huntington Bancshares, Inc. | 84,273 | ||||||
| 11,228 | ING Groep NV | 159,090 | ||||||
| 48,087 | Intesa Sanpaolo SpA | 128,412 | ||||||
| 10,673 | Israel Discount Bank Ltd. Class A | 53,380 | ||||||
| 8,792 | Japan Post Bank Co. Ltd. | 70,548 | ||||||
| 10,259 | JPMorgan Chase & Co. | 1,501,199 | ||||||
| 1,086 | KBC Group NV | 71,252 | ||||||
| 8,952 | KeyCorp | 101,426 | ||||||
| 188,358 | Lloyds Banking Group PLC | 100,633 | ||||||
| 693 | M&T Bank Corp. | 86,660 | ||||||
| 7,853 | Mediobanca Banca di Credito Finanziario SpA | 102,517 | ||||||
| 31,199 | Mitsubishi UFJ Financial Group, Inc. | 248,896 | ||||||
| 2,319 | Mizrahi Tefahot Bank Ltd. | 76,250 | ||||||
| 10,582 | Mizuho Financial Group, Inc. | 174,381 | ||||||
| 6,802 | National Australia Bank Ltd. | 126,765 | ||||||
| 2,335 | National Bank of Canada | 162,735 | ||||||
| 12,835 | NatWest Group PLC | 37,325 | ||||||
| 11,564 | Nordea Bank Abp | 126,686 | ||||||
| 26,306 | Oversea-Chinese Banking Corp. Ltd. | 244,075 | ||||||
| 1,061 | PNC Financial Services Group, Inc. | 128,094 | ||||||
| 3,854 | Regions Financial Corp. | 70,682 | ||||||
| 13,591 | Resona Holdings, Inc. | 71,999 | ||||||
| 4,048 | Royal Bank of Canada | 364,715 | ||||||
| 5,373 | Shizuoka Financial Group, Inc. | 43,662 | ||||||
| 6,726 | Skandinaviska Enskilda Banken AB Class A | 77,978 | ||||||
| 3,420 | Societe Generale SA | 96,893 | ||||||
| 8,661 | Standard Chartered PLC | 77,929 | ||||||
| 6,587 | Sumitomo Mitsui Financial Group, Inc. | 301,134 | ||||||
| 1,849 | Sumitomo Mitsui Trust Holdings, Inc. | 69,261 | ||||||
| 7,513 | Svenska Handelsbanken AB Class A | 62,689 | ||||||
| 5,691 | Swedbank AB Class A | 100,718 | ||||||
| 5,114 | Toronto-Dominion Bank | 311,942 | ||||||
| 4,887 | Truist Financial Corp. | 149,298 | ||||||
| 3,100 | U.S. Bancorp | 113,243 | ||||||
| 4,970 | UniCredit SpA | 121,085 | ||||||
| 8,335 | United Overseas Bank Ltd. | 175,096 | ||||||
| 735 | Webster Financial Corp. | 31,171 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Banks – (continued) |
| |||||||
| 9,383 | Wells Fargo & Co. | $ | 387,424 | |||||
| 11,499 | Westpac Banking Corp. | 162,681 | ||||||
|
|
|
|||||||
| 11,182,723 | ||||||||
|
|
||||||||
| Beverages – 0.1% |
| |||||||
| 2,009 | Anheuser-Busch InBev SA | 114,035 | ||||||
| 3,518 | Asahi Group Holdings Ltd. | 136,869 | ||||||
| 1,373 | Brown-Forman Corp. Class B | 90,797 | ||||||
| 433 | Carlsberg AS Class B | 62,611 | ||||||
| 6,581 | Coca-Cola Co. | 393,741 | ||||||
| 2,126 | Coca-Cola Europacific Partners PLC | 136,298 | ||||||
| 2,477 | Coca-Cola HBC AG | 71,355 | ||||||
| 646 | Constellation Brands, Inc. Class A | 168,322 | ||||||
| 5,548 | Davide Campari-Milano NV | 72,485 | ||||||
| 3,463 | Diageo PLC | 141,820 | ||||||
| 1,572 | Heineken Holding NV | 125,796 | ||||||
| 639 | Heineken NV | 62,117 | ||||||
| 3,319 | Keurig Dr Pepper, Inc. | 111,684 | ||||||
| 4,412 | Kirin Holdings Co. Ltd. | 61,941 | ||||||
| 6,953 | Molson Coors Beverage Co. Class B | 441,446 | ||||||
| 4,774 | Monster Beverage Corp.* | 274,075 | ||||||
| 5,154 | PepsiCo, Inc. | 917,000 | ||||||
| 446 | Pernod Ricard SA | 87,529 | ||||||
| 186 | Remy Cointreau SA* | 28,773 | ||||||
| 2,191 | Suntory Beverage & Food Ltd. | 70,494 | ||||||
| 5,431 | Treasury Wine Estates Ltd. | 40,900 | ||||||
|
|
|
|||||||
| 3,610,088 | ||||||||
|
|
||||||||
| Biotechnology – 0.2% |
| |||||||
| 6,627 | AbbVie, Inc. | 973,904 | ||||||
| 125 | Alnylam Pharmaceuticals, Inc.* | 24,728 | ||||||
| 956 | Amgen, Inc. | 245,061 | ||||||
| 1,261 | Biogen, Inc.* | 337,141 | ||||||
| 670 | BioMarin Pharmaceutical, Inc.* | 61,225 | ||||||
| 499 | CSL Ltd. | 88,123 | ||||||
| 1,435 | Exact Sciences Corp.* | 120,066 | ||||||
| 307 | Genmab AS* | 117,622 | ||||||
| 6,875 | Gilead Sciences, Inc. | 525,800 | ||||||
| 693 | Horizon Therapeutics PLC* | 78,129 | ||||||
| 6,558 | Incyte Corp.* | 423,188 | ||||||
| 234 | Moderna, Inc.* | 26,458 | ||||||
| 536 | Neurocrine Biosciences, Inc.* | 58,365 | ||||||
| 471 | Regeneron Pharmaceuticals, Inc.* | 389,277 | ||||||
| 952 | Seagen, Inc.* | 196,179 | ||||||
| 5,975 | Swedish Orphan Biovitrum AB* | 115,248 | ||||||
| 578 | United Therapeutics Corp.* | 129,680 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Biotechnology – (continued) |
| |||||||
| 1,224 | Vertex Pharmaceuticals, Inc.* | $ | 426,368 | |||||
|
|
|
|||||||
| 4,336,562 | ||||||||
|
|
||||||||
| Broadline Retail – 0.2% |
| |||||||
| 28,449 | Amazon.com, Inc.* | 3,926,246 | ||||||
| 550 | Canadian Tire Corp. Ltd. Class A | 65,249 | ||||||
| 3,134 | Dollarama, Inc. | 203,204 | ||||||
| 4,836 | eBay, Inc. | 216,556 | ||||||
| 4,207 | Etsy, Inc.* | 309,509 | ||||||
| 135 | MercadoLibre, Inc.* | 185,269 | ||||||
| 3,114 | Next PLC | 275,211 | ||||||
| 1,048 | Pan Pacific International Holdings Corp. | 20,882 | ||||||
| 545 | Prosus NV* | 37,591 | ||||||
| 7,446 | Wesfarmers Ltd. | 259,154 | ||||||
|
|
|
|||||||
| 5,498,871 | ||||||||
|
|
||||||||
| Building Products – 0.1% |
| |||||||
| 1,515 | A.O. Smith Corp. | 109,837 | ||||||
| 1,485 | AGC, Inc. | 52,099 | ||||||
| 357 | Allegion PLC | 40,630 | ||||||
| 1,075 | Assa Abloy AB Class B | 24,194 | ||||||
| 3,816 | Builders FirstSource, Inc.* | 553,473 | ||||||
| 543 | Carlisle Cos., Inc. | 142,820 | ||||||
| 2,904 | Carrier Global Corp. | 166,835 | ||||||
| 4,161 | Cie de Saint-Gobain SA | 270,682 | ||||||
| 191 | Daikin Industries Ltd. | 33,016 | ||||||
| 2,488 | Fortune Brands Innovations, Inc. | 171,722 | ||||||
| 212 | Geberit AG | 109,719 | ||||||
| 2,193 | Johnson Controls International PLC | 129,518 | ||||||
| 365 | Kingspan Group PLC | 30,840 | ||||||
| 709 | Lennox International, Inc. | 267,158 | ||||||
| 5,174 | Masco Corp. | 305,318 | ||||||
| 2,939 | Owens Corning | 422,951 | ||||||
| 676 | ROCKWOOL AS Class B | 172,529 | ||||||
| 776 | Trane Technologies PLC | 159,282 | ||||||
|
|
|
|||||||
| 3,162,623 | ||||||||
|
|
||||||||
| Capital Markets – 0.3% |
| |||||||
| 8,222 | 3i Group PLC | 207,042 | ||||||
| 18,543 | Abrdn PLC | 38,682 | ||||||
| 1,232 | Ameriprise Financial, Inc. | 415,899 | ||||||
| 518 | Amundi SA(a) | 30,834 | ||||||
| 974 | Ares Management Corp. Class A | 100,751 | ||||||
| 700 | ASX Ltd. | 26,051 | ||||||
| 5,619 | Bank of New York Mellon Corp. | 252,124 | ||||||
| 128 | BlackRock, Inc. | 89,669 | ||||||
| 351 | Blackstone, Inc. | 37,336 | ||||||
| 813 | Brookfield Asset Management Ltd. Class A | 28,093 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Capital Markets – (continued) |
| |||||||
| 494 | Brookfield Corp. | $ | 16,861 | |||||
| 376 | Carlyle Group, Inc. | 12,164 | ||||||
| 1,090 | Cboe Global Markets, Inc. | 163,184 | ||||||
| 2,522 | Charles Schwab Corp. | 149,176 | ||||||
| 601 | CME Group, Inc. | 121,811 | ||||||
| 477 | Coinbase Global, Inc. Class A* | 37,969 | ||||||
| 10,185 | Daiwa Securities Group, Inc. | 57,919 | ||||||
| 18,324 | Deutsche Bank AG | 199,343 | ||||||
| 505 | Deutsche Boerse AG | 89,650 | ||||||
| 320 | Euronext NV(a) | 23,101 | ||||||
| 638 | FactSet Research Systems, Inc. | 278,430 | ||||||
| 4,434 | Franklin Resources, Inc. | 118,565 | ||||||
| 18,762 | Hargreaves Lansdown PLC | 180,550 | ||||||
| 2,318 | Hong Kong Exchanges & Clearing Ltd. | 89,841 | ||||||
| 1,077 | IGM Financial, Inc. | 30,703 | ||||||
| 1,096 | Intercontinental Exchange, Inc. | 129,317 | ||||||
| 14,661 | Invesco Ltd. | 233,403 | ||||||
| 1,496 | Japan Exchange Group, Inc. | 26,102 | ||||||
| 372 | KKR & Co., Inc. | 23,365 | ||||||
| 788 | London Stock Exchange Group PLC | 81,522 | ||||||
| 1,205 | LPL Financial Holdings, Inc. | 277,861 | ||||||
| 888 | Macquarie Group Ltd. | 101,525 | ||||||
| 90 | MarketAxess Holdings, Inc. | 21,684 | ||||||
| 1,373 | Moody’s Corp. | 462,426 | ||||||
| 4,469 | Morgan Stanley | 380,535 | ||||||
| 75 | MSCI, Inc. | 40,771 | ||||||
| 1,831 | Nasdaq, Inc. | 96,091 | ||||||
| 10,136 | Nomura Holdings, Inc. | 39,243 | ||||||
| 1,353 | Northern Trust Corp. | 102,923 | ||||||
| 148 | Partners Group Holding AG | 159,530 | ||||||
| 1,351 | Raymond James Financial, Inc. | 141,301 | ||||||
| 4,587 | Robinhood Markets, Inc. Class A* | 49,952 | ||||||
| 322 | S&P Global, Inc. | 125,857 | ||||||
| 1,726 | SBI Holdings, Inc. | 35,229 | ||||||
| 3,794 | Schroders PLC | 19,737 | ||||||
| 1,766 | SEI Investments Co. | 109,598 | ||||||
| 27,688 | Singapore Exchange Ltd. | 197,108 | ||||||
| 4,336 | St. James’s Place PLC | 48,484 | ||||||
| 3,378 | State Street Corp. | 232,204 | ||||||
| 917 | T Rowe Price Group, Inc. | 102,915 | ||||||
| 1,975 | TMX Group Ltd. | 43,704 | ||||||
| 668 | Tradeweb Markets, Inc. Class A | 57,735 | ||||||
| 9,955 | UBS Group AG | 263,675 | ||||||
|
|
|
|||||||
| 6,399,545 | ||||||||
|
|
||||||||
| Chemicals – 0.2% |
| |||||||
| 1,175 | Air Liquide SA | 212,295 | ||||||
|
|
||||||||
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Chemicals – (continued) |
| |||||||
| 604 | Air Products & Chemicals, Inc. | $ | 178,476 | |||||
| 628 | Akzo Nobel NV | 50,983 | ||||||
| 185 | Albemarle Corp. | 36,761 | ||||||
| 922 | Arkema SA | 96,348 | ||||||
| 1,349 | BASF SE | 68,283 | ||||||
| 750 | Celanese Corp. | 94,770 | ||||||
| 1,502 | CF Industries Holdings, Inc. | 115,759 | ||||||
| 2,453 | Clariant AG | 40,808 | ||||||
| 1,226 | Corteva, Inc. | 61,925 | ||||||
| 754 | Covestro AG*(a) | 40,041 | ||||||
| 218 | Croda International PLC | 15,225 | ||||||
| 3,324 | Dow, Inc. | 181,357 | ||||||
| 395 | DSM-Firmenich AG | 36,538 | ||||||
| 1,838 | DuPont de Nemours, Inc. | 141,324 | ||||||
| 229 | Eastman Chemical Co. | 19,467 | ||||||
| 307 | Ecolab, Inc. | 56,430 | ||||||
| 52 | EMS-Chemie Holding AG | 39,024 | ||||||
| 4,347 | Evonik Industries AG | 83,289 | ||||||
| 410 | FMC Corp. | 35,354 | ||||||
| 11 | Givaudan SA | 36,641 | ||||||
| 8,551 | ICL Group Ltd. Class G | 51,099 | ||||||
| 1,156 | Linde PLC | 447,418 | ||||||
| 1,306 | LyondellBasell Industries NV Class A | 128,994 | ||||||
| 30,341 | Mitsubishi Chemical Group Corp. | 181,127 | ||||||
| 5,705 | Mosaic Co. | 221,639 | ||||||
| 2,221 | Nippon Sanso Holdings Corp. | 53,553 | ||||||
| 264 | Nitto Denko Corp. | 18,011 | ||||||
| 898 | Novozymes AS Class B | 38,871 | ||||||
| 2,525 | Nutrien Ltd. | 159,943 | ||||||
| 309 | PPG Industries, Inc. | 43,804 | ||||||
| 831 | RPM International, Inc. | 82,884 | ||||||
| 870 | Sherwin-Williams Co. | 236,396 | ||||||
| 2,686 | Shin-Etsu Chemical Co. Ltd. | 85,613 | ||||||
| 82 | Sika AG | 23,172 | ||||||
| 1,356 | Solvay SA | 157,021 | ||||||
| 8,369 | Sumitomo Chemical Co. Ltd. | 23,168 | ||||||
| 309 | Symrise AG | 32,212 | ||||||
| 6,885 | Toray Industries, Inc. | 37,122 | ||||||
| 1,830 | Tosoh Corp. | 23,680 | ||||||
| 1,490 | Westlake Corp. | 195,160 | ||||||
| 1,133 | Yara International ASA | 41,297 | ||||||
|
|
|
|||||||
| 3,923,282 | ||||||||
|
|
||||||||
| Commerical Services & Supplies – 0.1% |
| |||||||
| 8,800 | Brambles Ltd. | 85,219 | ||||||
| 740 | Cintas Corp. | 373,086 | ||||||
| 4,303 | Copart, Inc.* | 192,904 | ||||||
| 7,952 | Rentokil Initial PLC | 60,542 | ||||||
| 1,120 | Republic Services, Inc. | 161,426 | ||||||
| 8,494 | Rollins, Inc. | 336,108 | ||||||
| 820 | Secom Co. Ltd. | 57,390 | ||||||
| 9,268 | Securitas AB Class B | 75,406 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Commerical Services & Supplies – (continued) |
| |||||||
| 2,998 | Toppan, Inc. | $ | 72,419 | |||||
| 659 | Waste Connections, Inc. | 90,276 | ||||||
| 807 | Waste Management, Inc. | 126,521 | ||||||
|
|
|
|||||||
| 1,631,297 | ||||||||
|
|
||||||||
| Communications Equipment – 0.1% |
| |||||||
| 1,021 | Arista Networks, Inc.* | 199,330 | ||||||
| 14,405 | Cisco Systems, Inc. | 826,127 | ||||||
| 1,010 | F5, Inc.* | 165,296 | ||||||
| 4,405 | Juniper Networks, Inc. | 128,274 | ||||||
| 772 | Motorola Solutions, Inc. | 218,916 | ||||||
| 6,152 | Nokia Oyj | 24,602 | ||||||
| 6,541 | Telefonaktiebolaget LM Ericsson Class B | 33,568 | ||||||
|
|
|
|||||||
| 1,596,113 | ||||||||
|
|
||||||||
| Construction & Engineering – 0.1% |
| |||||||
| 6,479 | ACS Actividades de Construccion y Servicios SA | 227,449 | ||||||
| 2,448 | AECOM | 214,812 | ||||||
| 2,026 | Bouygues SA | 69,958 | ||||||
| 2,251 | Eiffage SA | 222,473 | ||||||
| 2,377 | Ferrovial SE | 75,392 | ||||||
| 3,803 | Kajima Corp. | 63,521 | ||||||
| 10,627 | Obayashi Corp. | 96,246 | ||||||
| 750 | Quanta Services, Inc. | 157,402 | ||||||
| 7,787 | Shimizu Corp. | 52,390 | ||||||
| 2,676 | Taisei Corp. | 90,063 | ||||||
| 2,520 | Vinci SA | 280,698 | ||||||
| 3,004 | WSP Global, Inc. | 420,765 | ||||||
|
|
|
|||||||
| 1,971,169 | ||||||||
|
|
||||||||
| Construction Materials – 0.0% |
| |||||||
| 2,113 | CRH PLC | 121,568 | ||||||
| 1,685 | Heidelberg Materials AG | 135,485 | ||||||
| 3,249 | Holcim AG | 214,857 | ||||||
| 2,914 | James Hardie Industries PLC* | 87,587 | ||||||
| 220 | Martin Marietta Materials, Inc. | 98,210 | ||||||
| 643 | Vulcan Materials Co. | 140,335 | ||||||
|
|
|
|||||||
| 798,042 | ||||||||
|
|
||||||||
| Consumer Finance – 0.1% |
| |||||||
| 10,242 | Ally Financial, Inc. | 283,601 | ||||||
| 1,675 | American Express Co. | 264,633 | ||||||
| 2,876 | Capital One Financial Corp. | 294,474 | ||||||
| 3,741 | Discover Financial Services | 336,952 | ||||||
| 1 | Isracard Ltd. | 3 | ||||||
| 8,032 | Synchrony Financial | 259,273 | ||||||
|
|
|
|||||||
| 1,438,936 | ||||||||
|
|
||||||||
| Consumer Staples Distribution & Retail – 0.3% |
| |||||||
| 3,129 | Aeon Co. Ltd. | 64,846 | ||||||
| 18,207 | Albertsons Cos., Inc. Class A | 407,837 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Consumer Staples Distribution & Retail – (continued) |
| |||||||
| 3,664 | Alimentation Couche-Tard, Inc. | $ | 191,606 | |||||
| 12,508 | Carrefour SA | 239,074 | ||||||
| 23,655 | Coles Group Ltd. | 248,887 | ||||||
| 1,413 | Costco Wholesale Corp. | 776,133 | ||||||
| 1,125 | Dollar General Corp. | 155,812 | ||||||
| 1,919 | Dollar Tree, Inc.* | 234,809 | ||||||
| 11,664 | Empire Co. Ltd. Class A | 303,858 | ||||||
| 9,350 | Endeavour Group Ltd. | 33,254 | ||||||
| 1,837 | George Weston Ltd. | 203,726 | ||||||
| 10,177 | HelloFresh SE* | 327,985 | ||||||
| 84,887 | J Sainsbury PLC | 290,293 | ||||||
| 12,449 | Jeronimo Martins SGPS SA | 317,350 | ||||||
| 925 | Kesko Oyj Class B | 18,056 | ||||||
| 16,534 | Koninklijke Ahold Delhaize NV | 540,827 | ||||||
| 14,129 | Kroger Co. | 655,444 | ||||||
| 3,797 | Loblaw Cos. Ltd. | 329,708 | ||||||
| 2,220 | MatsukiyoCocokara & Co. | 130,715 | ||||||
| 1,273 | Metro, Inc. | 65,610 | ||||||
| 4,224 | Seven & i Holdings Co. Ltd. | 173,316 | ||||||
| 5,668 | Sysco Corp. | 394,776 | ||||||
| 2,489 | Target Corp. | 314,983 | ||||||
| 77,138 | Tesco PLC | 259,514 | ||||||
| 4,090 | Walgreens Boots Alliance, Inc. | 103,518 | ||||||
| 7,667 | Walmart, Inc. | 1,246,731 | ||||||
| 11,432 | Welcia Holdings Co. Ltd. | 210,317 | ||||||
| 12,152 | Woolworths Group Ltd. | 299,460 | ||||||
|
|
|
|||||||
| 8,538,445 | ||||||||
|
|
||||||||
| Containers & Packaging – 0.0% |
| |||||||
| 6,148 | Amcor PLC | 59,881 | ||||||
| 290 | Avery Dennison Corp. | 54,630 | ||||||
| 268 | Ball Corp. | 14,593 | ||||||
| 591 | CCL Industries, Inc. Class B | 26,414 | ||||||
| 3,364 | International Paper Co. | 117,471 | ||||||
| 296 | Packaging Corp. of America | 44,134 | ||||||
| 672 | Sealed Air Corp. | 24,904 | ||||||
| 923 | Smurfit Kappa Group PLC | 38,720 | ||||||
| 5,822 | Westrock Co. | 190,438 | ||||||
|
|
|
|||||||
| 571,185 | ||||||||
|
|
||||||||
| Distributors – 0.0% | ||||||||
| 93 | D’ieteren Group | 15,189 | ||||||
| 2,228 | Genuine Parts Co. | 342,511 | ||||||
| 6,659 | LKQ Corp. | 349,797 | ||||||
| 644 | Pool Corp. | 235,446 | ||||||
|
|
|
|||||||
| 942,943 | ||||||||
|
|
||||||||
| Diversified Consumer Services – 0.0% |
| |||||||
| 9,114 | IDP Education Ltd. | 144,948 | ||||||
| 2,938 | Pearson PLC | 31,139 | ||||||
|
|
|
|||||||
| 176,087 | ||||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Diversified REITs – 0.0% |
| |||||||
| 15 | Daiwa House REIT Investment Corp. | $ | 28,465 | |||||
| 9,861 | GPT Group | 26,700 | ||||||
| 26 | Nomura Real Estate Master Fund, Inc. | 30,566 | ||||||
| 10,336 | Stockland | 28,229 | ||||||
| 966 | WP Carey, Inc. | 62,838 | ||||||
|
|
|
|||||||
| 176,798 | ||||||||
|
|
||||||||
| Diversified Telecommunication Services – 0.1% |
| |||||||
| 23,114 | AT&T, Inc. | 341,856 | ||||||
| 646 | BCE, Inc. | 27,366 | ||||||
| 7,991 | BT Group PLC | 11,690 | ||||||
| 427 | Cellnex Telecom SA*(a) | 16,331 | ||||||
| 15,925 | Deutsche Telekom AG | 340,851 | ||||||
| 1,015 | Elisa Oyj | 49,827 | ||||||
| 37,703 | HKT Trust & HKT Ltd. | 40,179 | ||||||
| 4,199 | Infrastrutture Wireless Italiane SpA(a) | 51,951 | ||||||
| 24,369 | Koninklijke KPN NV | 85,277 | ||||||
| 11,999 | Liberty Global PLC Class C* | 238,060 | ||||||
| 262,250 | Nippon Telegraph & Telephone Corp. | 302,803 | ||||||
| 7,333 | Orange SA | 82,325 | ||||||
| 1,596 | Quebecor, Inc. Class B | 36,486 | ||||||
| 20,647 | Singapore Telecommunications Ltd. | 36,212 | ||||||
| 25,800 | Spark New Zealand Ltd. | 78,053 | ||||||
| 134 | Swisscom AG | 81,591 | ||||||
| 64,042 | Telefonica Deutschland Holding AG | 121,754 | ||||||
| 59,624 | Telefonica SA | 247,062 | ||||||
| 3,393 | Telenor ASA | 36,327 | ||||||
| 32,052 | Telia Co. AB | 64,707 | ||||||
| 25,333 | Telstra Group Ltd. | 65,717 | ||||||
| 1,933 | TELUS Corp. | 33,948 | ||||||
| 9,751 | Verizon Communications, Inc. | 341,090 | ||||||
|
|
|
|||||||
| 2,731,463 | ||||||||
|
|
||||||||
| Electric Utilities – 0.1% |
| |||||||
| 174 | Acciona SA | 24,868 | ||||||
| 1,235 | Alliant Energy Corp. | 61,960 | ||||||
| 982 | American Electric Power Co., Inc. | 76,989 | ||||||
| 264 | BKW AG | 45,361 | ||||||
| 4,683 | Chubu Electric Power Co., Inc. | 62,418 | ||||||
| 3,877 | CK Infrastructure Holdings Ltd. | 19,597 | ||||||
| 8,127 | CLP Holdings Ltd. | 63,728 | ||||||
| 966 | Constellation Energy Corp. | 100,619 | ||||||
| 1,110 | Duke Energy Corp. | 98,568 | ||||||
| 1,262 | Edison International | 86,889 | ||||||
| 4,466 | EDP - Energias de Portugal SA | 20,348 | ||||||
|
|
||||||||
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Electric Utilities – (continued) |
| |||||||
| 216 | Elia Group SA | $ | 24,904 | |||||
| 688 | Emera, Inc. | 25,790 | ||||||
| 2,462 | Endesa SA | 51,131 | ||||||
| 23,872 | Enel SpA | 160,296 | ||||||
| 689 | Entergy Corp. | 65,627 | ||||||
| 1,289 | Evergy, Inc. | 70,856 | ||||||
| 943 | Eversource Energy | 60,182 | ||||||
| 1,954 | Exelon Corp. | 78,395 | ||||||
| 1,919 | FirstEnergy Corp. | 69,218 | ||||||
| 859 | Fortis, Inc. | 33,687 | ||||||
| 2,391 | Hydro One Ltd.(a) | 62,146 | ||||||
| 14,379 | Iberdrola SA | 170,574 | ||||||
| 5,127 | Kansai Electric Power Co., Inc. | 72,741 | ||||||
| 1,713 | NextEra Energy, Inc. | 114,428 | ||||||
| 363 | NRG Energy, Inc. | 13,631 | ||||||
| 5,232 | Origin Energy Ltd. | 29,422 | ||||||
| 10,321 | PG&E Corp.* | 168,232 | ||||||
| 7,944 | Power Assets Holdings Ltd. | 39,105 | ||||||
| 2,923 | PPL Corp. | 72,841 | ||||||
| 3,207 | Redeia Corp. SA | 52,079 | ||||||
| 1,497 | Southern Co. | 101,392 | ||||||
| 3,352 | SSE PLC | 68,881 | ||||||
| 5,040 | Terna - Rete Elettrica Nazionale | 41,563 | ||||||
| 1,217 | Xcel Energy, Inc. | 69,527 | ||||||
|
|
|
|||||||
| 2,377,993 | ||||||||
|
|
||||||||
| Electrical Equipment – 0.1% |
| |||||||
| 2,605 | ABB Ltd. | 99,064 | ||||||
| 1,190 | AMETEK, Inc. | 189,817 | ||||||
| 1,239 | Eaton Corp. PLC | 285,428 | ||||||
| 1,065 | Emerson Electric Co. | 104,636 | ||||||
| 381 | Hubbell, Inc. | 124,225 | ||||||
| 852 | Legrand SA | 83,939 | ||||||
| 5,742 | Mitsubishi Electric Corp. | 74,807 | ||||||
| 2,300 | Prysmian SpA | 93,970 | ||||||
| 494 | Rockwell Automation, Inc. | 154,167 | ||||||
| 1,034 | Schneider Electric SE | 177,236 | ||||||
| 6,122 | Sensata Technologies Holding PLC | 230,310 | ||||||
| 12,368 | Siemens Energy AG* | 176,020 | ||||||
|
|
|
|||||||
| 1,793,619 | ||||||||
|
|
||||||||
| Electronic Equipment, Instruments & Components – 0.1% |
| |||||||
| 1,711 | Amphenol Corp. Class A | 151,218 | ||||||
| 2,295 | Arrow Electronics, Inc.* | 306,222 | ||||||
| 496 | Azbil Corp. | 16,523 | ||||||
| 537 | CDW Corp. | 113,388 | ||||||
| 1,727 | Cognex Corp. | 81,307 | ||||||
| 2,961 | Corning, Inc. | 97,180 | ||||||
| 832 | Halma PLC | 22,554 | ||||||
| 640 | Hamamatsu Photonics KK | 29,612 | ||||||
| 1,560 | Hexagon AB Class B | 13,928 | ||||||
| 200 | Hirose Electric Co. Ltd. | 24,215 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Electronic Equipment, Instruments & Components – (continued) |
| |||||||
| 2,147 | Jabil, Inc. | $ | 245,660 | |||||
| 233 | Keyence Corp. | 96,735 | ||||||
| 1,440 | Keysight Technologies, Inc.* | 191,952 | ||||||
| 801 | Kyocera Corp. | 41,083 | ||||||
| 526 | Murata Manufacturing Co. Ltd. | 29,426 | ||||||
| 626 | Omron Corp. | 30,206 | ||||||
| 780 | TE Connectivity Ltd. | 103,264 | ||||||
| 248 | Teledyne Technologies, Inc.* | 103,738 | ||||||
| 899 | Trimble, Inc.* | 49,256 | ||||||
| 1,037 | Yokogawa Electric Corp. | 20,534 | ||||||
| 391 | Zebra Technologies Corp. Class A* | 107,529 | ||||||
|
|
|
|||||||
| 1,875,530 | ||||||||
|
|
||||||||
| Energy Equipment & Services – 0.0% |
| |||||||
| 3,554 | Baker Hughes Co. | 128,619 | ||||||
| 2,273 | Halliburton Co. | 87,783 | ||||||
| 3,579 | Schlumberger NV | 211,018 | ||||||
| 4,196 | Tenaris SA | 67,010 | ||||||
|
|
|
|||||||
| 494,430 | ||||||||
|
|
||||||||
| Entertainment – 0.1% | ||||||||
| 1,144 | Activision Blizzard, Inc. | 105,237 | ||||||
| 27,581 | Bollore SE | 163,151 | ||||||
| 4,581 | Capcom Co. Ltd. | 193,241 | ||||||
| 1,888 | Electronic Arts, Inc. | 226,522 | ||||||
| 1,313 | Liberty Media Corp.-Liberty Formula One Class C* | 90,321 | ||||||
| 1,028 | Live Nation Entertainment, Inc.* | 86,897 | ||||||
| 971 | Netflix, Inc.* | 421,103 | ||||||
| 2,411 | Nintendo Co. Ltd. | 103,376 | ||||||
| 745 | ROBLOX Corp. Class A* | 21,076 | ||||||
| 277 | Roku, Inc.* | 22,492 | ||||||
| 1,496 | Square Enix Holdings Co. Ltd. | 56,786 | ||||||
| 719 | Take-Two Interactive Software, Inc.* | 102,242 | ||||||
| 815 | Toho Co. Ltd. | 31,064 | ||||||
| 1,222 | Universal Music Group NV | 30,297 | ||||||
| 2,597 | Walt Disney Co.* | 217,317 | ||||||
| 24,600 | Warner Bros Discovery, Inc.* | 323,244 | ||||||
|
|
|
|||||||
| 2,194,366 | ||||||||
|
|
||||||||
| Financial Services – 0.3% |
| |||||||
| 1,894 | Apollo Global Management, Inc. | 165,422 | ||||||
| 4,103 | Berkshire Hathaway, Inc. Class B* | 1,477,901 | ||||||
| 222 | Block, Inc.* | 12,798 | ||||||
| 1,670 | Edenred | 106,418 | ||||||
| 1,352 | Element Fleet Management Corp. | 20,782 | ||||||
| 15,744 | Equitable Holdings, Inc. | 453,427 | ||||||
| 2,828 | Eurazeo SE | 166,632 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Financial Services – (continued) |
| |||||||
| 2,823 | EXOR NV | $ | 249,827 | |||||
| 318 | Fidelity National Information Services, Inc. | 17,763 | ||||||
| 1,922 | Fiserv, Inc.* | 233,312 | ||||||
| 663 | FleetCor Technologies, Inc.* | 180,157 | ||||||
| 270 | Global Payments, Inc. | 34,206 | ||||||
| 342 | Groupe Bruxelles Lambert NV | 27,539 | ||||||
| 3,004 | Industrivarden AB Class A | 78,251 | ||||||
| 3,384 | Industrivarden AB Class C | 87,987 | ||||||
| 9,968 | Investor AB Class B | 191,862 | ||||||
| 593 | Jack Henry & Associates, Inc. | 92,971 | ||||||
| 766 | L E Lundbergforetagen AB Class B | 31,131 | ||||||
| 2,728 | Mastercard, Inc. Class A | 1,125,682 | ||||||
| 15,118 | Mitsubishi HC Capital, Inc. | 98,219 | ||||||
| 4,094 | ORIX Corp. | 76,331 | ||||||
| 545 | PayPal Holdings, Inc.* | 34,068 | ||||||
| 2,692 | Toast, Inc. Class A* | 59,682 | ||||||
| 4,759 | Visa, Inc. Class A | 1,169,191 | ||||||
| 4,258 | Washington H Soul Pattinson & Co. Ltd. | 90,712 | ||||||
| 1,249 | Wendel SE | 114,123 | ||||||
| 4,345 | Wise PLC Class A* | 35,171 | ||||||
|
|
|
|||||||
| 6,431,565 | ||||||||
|
|
||||||||
| Food Products – 0.2% | ||||||||
| 3,853 | Ajinomoto Co., Inc. | 163,224 | ||||||
| 4,216 | Archer-Daniels-Midland Co. | 334,329 | ||||||
| 3,575 | Associated British Foods PLC | 90,054 | ||||||
| 24 | Barry Callebaut AG | 41,821 | ||||||
| 351 | Bunge Ltd. | 40,126 | ||||||
| 1,923 | Campbell Soup Co. | 80,189 | ||||||
| 4 | Chocoladefabriken Lindt & Spruengli AG | 47,811 | ||||||
| 3,366 | Conagra Brands, Inc. | 100,576 | ||||||
| 1,828 | Danone SA | 106,559 | ||||||
| 1,005 | Darling Ingredients, Inc.* | 62,069 | ||||||
| 2,938 | General Mills, Inc. | 198,785 | ||||||
| 1,246 | Hershey Co. | 267,716 | ||||||
| 2,064 | Hormel Foods Corp. | 79,650 | ||||||
| 1,290 | J M Smucker Co. | 186,985 | ||||||
| 3,735 | JDE Peet’s NV | 104,005 | ||||||
| 1,709 | Kellogg Co. | 104,283 | ||||||
| 253 | Kerry Group PLC Class A | 23,605 | ||||||
| 531 | Kikkoman Corp. | 30,674 | ||||||
| 6,058 | Kraft Heinz Co. | 200,459 | ||||||
| 1,855 | Lamb Weston Holdings, Inc. | 180,695 | ||||||
| 957 | McCormick & Co., Inc. | 78,551 | ||||||
| 1,292 | MEIJI Holdings Co. Ltd. | 32,397 | ||||||
| 4,360 | Mondelez International, Inc. Class A | 310,694 | ||||||
| 5,662 | Nestle SA | 680,795 | ||||||
| 703 | Nissin Foods Holdings Co. Ltd. | 61,395 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Food Products – (continued) |
| |||||||
| 5,489 | Orkla ASA | $ | 41,905 | |||||
| 2,991 | Saputo, Inc. | 64,659 | ||||||
| 3,643 | Tyson Foods, Inc. Class A | 194,063 | ||||||
| 355,310 | WH Group Ltd.(a) | 182,983 | ||||||
| 59,843 | Wilmar International Ltd. | 167,279 | ||||||
| 986 | Yakult Honsha Co. Ltd. | 51,660 | ||||||
|
|
|
|||||||
| 4,309,996 | ||||||||
|
|
||||||||
| Gas Utilities – 0.0% | ||||||||
| 673 | AltaGas Ltd. | 13,159 | ||||||
| 5,034 | APA Group | 29,243 | ||||||
| 651 | Atmos Energy Corp. | 75,483 | ||||||
| 2,429 | Enagas SA | 41,451 | ||||||
| 22,723 | Hong Kong & China Gas Co. Ltd. | 16,701 | ||||||
| 4,932 | Naturgy Energy Group SA | 142,850 | ||||||
| 1,474 | Osaka Gas Co. Ltd. | 23,532 | ||||||
| 8,515 | Snam SpA | 43,940 | ||||||
| 7,773 | Tokyo Gas Co. Ltd. | 179,872 | ||||||
|
|
|
|||||||
| 566,231 | ||||||||
|
|
||||||||
| Ground Transportation – 0.1% |
| |||||||
| 13,874 | Aurizon Holdings Ltd. | 32,700 | ||||||
| 614 | Canadian National Railway Co. | 69,161 | ||||||
| 815 | Canadian Pacific Kansas City Ltd. | 64,696 | ||||||
| 449 | Central Japan Railway Co. | 57,570 | ||||||
| 2,708 | CSX Corp. | 81,782 | ||||||
| 1,222 | East Japan Railway Co. | 69,091 | ||||||
| 1,964 | Hankyu Hanshin Holdings, Inc. | 70,491 | ||||||
| 203 | JB Hunt Transport Services, Inc. | 38,140 | ||||||
| 1,593 | Keisei Electric Railway Co. Ltd. | 60,999 | ||||||
| 2,734 | Kintetsu Group Holdings Co. Ltd. | 86,538 | ||||||
| 3,995 | Knight-Swift Transportation Holdings, Inc. | 219,006 | ||||||
| 7,486 | MTR Corp. Ltd. | 31,235 | ||||||
| 382 | Norfolk Southern Corp. | 78,314 | ||||||
| 408 | Old Dominion Freight Line, Inc. | 174,367 | ||||||
| 182 | TFI International, Inc. | 24,800 | ||||||
| 2,306 | Tobu Railway Co. Ltd. | 63,217 | ||||||
| 3,455 | Tokyu Corp. | 43,660 | ||||||
| 4,127 | Uber Technologies, Inc.* | 194,918 | ||||||
| 622 | U-Haul Holding Co. | 33,115 | ||||||
| 533 | Union Pacific Corp. | 117,564 | ||||||
| 680 | West Japan Railway Co. | 29,440 | ||||||
|
|
|
|||||||
| 1,640,804 | ||||||||
|
|
||||||||
| Health Care Equipment & Supplies – 0.2% |
| |||||||
| 3,607 | Abbott Laboratories | 371,160 | ||||||
|
|
||||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Health Care Equipment & Supplies – (continued) |
| |||||||
| 456 | Alcon, Inc. | $ | 38,057 | |||||
| 412 | Align Technology, Inc.* | 152,498 | ||||||
| 1,170 | Asahi Intecc Co. Ltd. | 23,734 | ||||||
| 1,106 | Baxter International, Inc. | 44,904 | ||||||
| 506 | Becton Dickinson & Co. | 141,402 | ||||||
| 1,057 | BioMerieux | 109,167 | ||||||
| 5,204 | Boston Scientific Corp.* | 280,704 | ||||||
| 405 | Carl Zeiss Meditec AG | 40,170 | ||||||
| 1,290 | Cochlear Ltd. | 226,426 | ||||||
| 904 | Coloplast AS Class B | 102,962 | ||||||
| 265 | Cooper Cos., Inc. | 98,047 | ||||||
| 2,221 | Demant AS* | 90,670 | ||||||
| 1,268 | DENTSPLY SIRONA, Inc. | 47,030 | ||||||
| 1,017 | Dexcom, Inc.* | 102,697 | ||||||
| 3,017 | Edwards Lifesciences Corp.* | 230,710 | ||||||
| 626 | EssilorLuxottica SA | 117,661 | ||||||
| 9,950 | Fisher & Paykel Healthcare Corp. Ltd. | 134,382 | ||||||
| 1,068 | GE HealthCare Technologies, Inc. | 75,241 | ||||||
| 1,296 | Hologic, Inc.* | 96,863 | ||||||
| 2,216 | Hoya Corp. | 245,867 | ||||||
| 1,018 | IDEXX Laboratories, Inc.* | 520,615 | ||||||
| 141 | Insulet Corp.* | 27,031 | ||||||
| 845 | Intuitive Surgical, Inc.* | 264,215 | ||||||
| 1,577 | Medtronic PLC | 128,525 | ||||||
| 6,374 | Olympus Corp. | 86,090 | ||||||
| 679 | ResMed, Inc. | 108,362 | ||||||
| 461 | Siemens Healthineers AG(a) | 23,079 | ||||||
| 10,605 | Smith & Nephew PLC | 143,115 | ||||||
| 307 | Sonova Holding AG | 81,119 | ||||||
| 230 | STERIS PLC | 52,806 | ||||||
| 1,190 | Straumann Holding AG | 179,915 | ||||||
| 961 | Stryker Corp. | 272,491 | ||||||
| 1,698 | Sysmex Corp. | 90,097 | ||||||
| 157 | Teleflex, Inc. | 33,400 | ||||||
| 705 | Terumo Corp. | 21,331 | ||||||
| 1,405 | Zimmer Biomet Holdings, Inc. | 167,364 | ||||||
|
|
|
|||||||
| 4,969,907 | ||||||||
|
|
||||||||
| Health Care Providers & Services – 0.2% |
| |||||||
| 2,050 | Cardinal Health, Inc. | 179,027 | ||||||
| 1,689 | Cencora, Inc. | 297,230 | ||||||
| 4,848 | Centene Corp.* | 298,879 | ||||||
| 1,735 | Cigna Group | 479,311 | ||||||
| 6,316 | CVS Health Corp. | 411,614 | ||||||
| 1,633 | DaVita, Inc.* | 167,252 | ||||||
| 1,206 | EBOS Group Ltd. | 27,289 | ||||||
| 889 | Elevance Health, Inc. | 392,947 | ||||||
| 4,752 | Fresenius Medical Care AG & Co. KGaA | 228,797 | ||||||
| 5,486 | Fresenius SE & Co. KGaA | 175,877 | ||||||
| 817 | HCA Healthcare, Inc. | 226,554 | ||||||
| 3,162 | Henry Schein, Inc.* | 242,019 | ||||||
| 542 | Humana, Inc. | 250,203 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Health Care Providers & Services – (continued) |
| |||||||
| 1,128 | Laboratory Corp. of America Holdings | $ | 234,737 | |||||
| 1,166 | McKesson Corp. | 480,765 | ||||||
| 489 | Molina Healthcare, Inc.* | 151,649 | ||||||
| 1,559 | Quest Diagnostics, Inc. | 205,008 | ||||||
| 4,558 | Sonic Healthcare Ltd. | 94,734 | ||||||
| 3,000 | UnitedHealth Group, Inc. | 1,429,740 | ||||||
| 723 | Universal Health Services, Inc. Class B | 97,388 | ||||||
|
|
|
|||||||
| 6,071,020 | ||||||||
|
|
||||||||
| Health Care REITs – 0.0% |
| |||||||
| 2,187 | Healthcare Realty Trust, Inc. | 38,316 | ||||||
| 1,735 | Healthpeak Properties, Inc. | 35,706 | ||||||
| 852 | Ventas, Inc. | 37,216 | ||||||
| 625 | Welltower, Inc. | 51,800 | ||||||
|
|
|
|||||||
| 163,038 | ||||||||
|
|
||||||||
| Health Care Technology* – 0.0% |
| |||||||
| 580 | Contra Abiomed, Inc.(b) | 592 | ||||||
| 313 | Veeva Systems, Inc. Class A | 65,323 | ||||||
|
|
|
|||||||
| 65,915 | ||||||||
|
|
||||||||
| Hotel & Resort REITs – 0.0% |
| |||||||
| 12,269 | Host Hotels & Resorts, Inc. | 193,728 | ||||||
|
|
||||||||
| Hotels, Restaurants & Leisure – 0.2% |
| |||||||
| 1,459 | Accor SA | 52,179 | ||||||
| 764 | Airbnb, Inc. Class A* | 100,504 | ||||||
| 1,025 | Amadeus IT Group SA | 70,329 | ||||||
| 1,733 | Aramark | 64,433 | ||||||
| 1,836 | Aristocrat Leisure Ltd. | 48,467 | ||||||
| 193 | Booking Holdings, Inc.* | 599,271 | ||||||
| 2,991 | Caesars Entertainment, Inc.* | 165,283 | ||||||
| 7,080 | Carnival Corp.* | 112,006 | ||||||
| 75 | Chipotle Mexican Grill, Inc.* | 144,498 | ||||||
| 7,342 | Compass Group PLC | 185,141 | ||||||
| 1,302 | Darden Restaurants, Inc. | 202,474 | ||||||
| 969 | Domino’s Pizza, Inc. | 375,390 | ||||||
| 801 | DoorDash, Inc. Class A* | 67,388 | ||||||
| 3,786 | DraftKings, Inc. Class A* | 112,255 | ||||||
| 935 | Entain PLC | 13,676 | ||||||
| 493 | Evolution AB | 53,321 | ||||||
| 2,005 | Expedia Group, Inc.* | 217,322 | ||||||
| 313 | Flutter Entertainment PLC* | 56,924 | ||||||
| 4,171 | Galaxy Entertainment Group Ltd.* | 27,569 | ||||||
| 103,247 | Genting Singapore Ltd. | 66,801 | ||||||
| 846 | Hilton Worldwide Holdings, Inc. | 125,758 | ||||||
| 817 | Hyatt Hotels Corp. Class A | 91,839 | ||||||
| 999 | InterContinental Hotels Group PLC | 75,140 | ||||||
| 6,142 | La Francaise des Jeux SAEM(a) | 222,092 | ||||||
| 2,153 | Las Vegas Sands Corp. | 118,113 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Hotels, Restaurants & Leisure – (continued) |
| |||||||
| 80,601 | Lottery Corp. Ltd. | $ | 262,177 | |||||
| 847 | Marriott International, Inc. Class A | 172,373 | ||||||
| 1,811 | McDonald’s Corp. | 509,163 | ||||||
| 1,764 | McDonald’s Holdings Co. Japan Ltd. | 70,199 | ||||||
| 5,696 | MGM Resorts International* | 250,510 | ||||||
| 3,008 | Oriental Land Co. Ltd. | 108,352 | ||||||
| 562 | Restaurant Brands International, Inc. | 39,035 | ||||||
| 1,433 | Royal Caribbean Cruises Ltd.* | 141,781 | ||||||
| 6,879 | Sands China Ltd.* | 23,269 | ||||||
| 490 | Sodexo SA | 52,567 | ||||||
| 2,809 | Starbucks Corp. | 273,709 | ||||||
| 237 | Vail Resorts, Inc. | 53,638 | ||||||
| 1,438 | Whitbread PLC | 62,544 | ||||||
| 1,102 | Wynn Resorts Ltd. | 111,721 | ||||||
| 3,847 | Yum! Brands, Inc. | 497,725 | ||||||
| 4,247 | Zensho Holdings Co. Ltd. | 200,214 | ||||||
|
|
|
|||||||
| 6,197,150 | ||||||||
|
|
||||||||
| Household Durables – 0.1% |
| |||||||
| 23,110 | Barratt Developments PLC | 132,477 | ||||||
| 2,162 | Berkeley Group Holdings PLC | 111,075 | ||||||
| 2,070 | D.R. Horton, Inc. | 246,371 | ||||||
| 782 | Garmin Ltd. | 82,908 | ||||||
| 1,618 | Iida Group Holdings Co. Ltd. | 26,498 | ||||||
| 3,296 | Lennar Corp. Class A | 392,521 | ||||||
| 2,111 | Mohawk Industries, Inc.* | 214,034 | ||||||
| 35 | NVR, Inc.* | 223,206 | ||||||
| 15,020 | Panasonic Holdings Corp. | 172,881 | ||||||
| 4,937 | Persimmon PLC | 66,557 | ||||||
| 3,283 | PulteGroup, Inc. | 269,403 | ||||||
| 1,379 | SEB SA | 151,367 | ||||||
| 3,473 | Sekisui Chemical Co. Ltd. | 53,267 | ||||||
| 3,862 | Sekisui House Ltd. | 78,705 | ||||||
| 1,287 | Sony Group Corp. | 107,069 | ||||||
| 14,283 | Taylor Wimpey PLC | 20,642 | ||||||
| 688 | Whirlpool Corp. | 96,292 | ||||||
|
|
|
|||||||
| 2,445,273 | ||||||||
|
|
||||||||
| Household Products – 0.1% |
| |||||||
| 1,679 | Church & Dwight Co., Inc. | 162,477 | ||||||
| 1,589 | Clorox Co. | 248,599 | ||||||
| 6,427 | Colgate-Palmolive Co. | 472,191 | ||||||
| 2,726 | Essity AB Class B | 63,642 | ||||||
| 749 | Henkel AG & Co. KGaA | 51,762 | ||||||
| 1,445 | Kimberly-Clark Corp. | 186,159 | ||||||
| 6,214 | Procter & Gamble Co. | 959,069 | ||||||
| 1,266 | Reckitt Benckiser Group PLC | 91,362 | ||||||
| 1,146 | Unicharm Corp. | 45,718 | ||||||
|
|
|
|||||||
| 2,280,979 | ||||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Independent Power and Renewable Electricity Producers – 0.0% |
| |||||||
| 1,443 | AES Corp. | $ | 25,873 | |||||
| 700 | Corp. ACCIONA Energias Renovables SA | 20,801 | ||||||
| 3,095 | Northland Power, Inc. | 58,524 | ||||||
| 920 | RWE AG | 37,882 | ||||||
| 16,354 | Vistra Corp. | 513,843 | ||||||
|
|
|
|||||||
| 656,923 | ||||||||
|
|
||||||||
| Industrial Conglomerates – 0.1% |
| |||||||
| 990 | 3M Co. | 105,603 | ||||||
| 40,616 | CK Hutchison Holdings Ltd. | 221,357 | ||||||
| 3,276 | DCC PLC | 179,253 | ||||||
| 4,232 | General Electric Co. | 484,395 | ||||||
| 195 | Hikari Tsushin, Inc. | 32,441 | ||||||
| 3,116 | Hitachi Ltd. | 207,096 | ||||||
| 1,116 | Honeywell International, Inc. | 209,741 | ||||||
| 7,347 | Jardine Cycle & Carriage Ltd. | 181,535 | ||||||
| 4,910 | Jardine Matheson Holdings Ltd. | 233,437 | ||||||
| 14,893 | Keppel Corp. Ltd. | 76,404 | ||||||
| 1,938 | Siemens AG | 291,147 | ||||||
| 3,492 | Smiths Group PLC | 72,424 | ||||||
|
|
|
|||||||
| 2,294,833 | ||||||||
|
|
||||||||
| Industrial REITs – 0.0% |
| |||||||
| 21 | GLP J-REIT | 19,804 | ||||||
| 1,410 | Goodman Group | 21,245 | ||||||
| 13 | Nippon Prologis REIT, Inc. | 26,145 | ||||||
| 635 | Prologis, Inc. | 78,867 | ||||||
|
|
|
|||||||
| 146,061 | ||||||||
|
|
||||||||
| Insurance – 0.4% | ||||||||
| 6,908 | Admiral Group PLC | 217,630 | ||||||
| 3,630 | Aflac, Inc. | 270,689 | ||||||
| 3,527 | Ageas SA | 140,270 | ||||||
| 11,216 | AIA Group Ltd. | 101,485 | ||||||
| 1,398 | Allianz SE | 339,825 | ||||||
| 463 | Allstate Corp. | 49,916 | ||||||
| 916 | American Financial Group, Inc. | 106,183 | ||||||
| 5,048 | American International Group, Inc. | 295,409 | ||||||
| 1,369 | Aon PLC Class A | 456,411 | ||||||
| 3,046 | Arch Capital Group Ltd.* | 234,116 | ||||||
| 1,091 | Arthur J Gallagher & Co. | 251,454 | ||||||
| 1,055 | ASR Nederland NV | 46,129 | ||||||
| 13,311 | Assicurazioni Generali SpA | 275,711 | ||||||
| 525 | Assurant, Inc. | 73,148 | ||||||
| 6,106 | Aviva PLC | 28,971 | ||||||
| 7,453 | AXA SA | 223,925 | ||||||
| 842 | Baloise Holding AG | 131,538 | ||||||
| 1,462 | Brown & Brown, Inc. | 108,334 | ||||||
| 1,326 | Chubb Ltd. | 266,354 | ||||||
| 429 | Cincinnati Financial Corp. | 45,384 | ||||||
| 2,532 | Dai-ichi Life Holdings, Inc. | 47,059 | ||||||
|
|
||||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Insurance – (continued) |
| |||||||
| 440 | Erie Indemnity Co. Class A | $ | 122,641 | |||||
| 612 | Everest Group Ltd. | 220,736 | ||||||
| 239 | Fairfax Financial Holdings Ltd. | 197,092 | ||||||
| 3,596 | Fidelity National Financial, Inc. | 148,874 | ||||||
| 4,181 | Gjensidige Forsikring ASA | 64,921 | ||||||
| 1,121 | Globe Life, Inc. | 125,070 | ||||||
| 4,402 | Great-West Lifeco, Inc. | 126,502 | ||||||
| 548 | Hannover Rueck SE | 116,548 | ||||||
| 2,640 | Hartford Financial Services Group, Inc. | 189,605 | ||||||
| 454 | Helvetia Holding AG | 69,042 | ||||||
| 2,804 | iA Financial Corp., Inc. | 175,914 | ||||||
| 18,573 | Insurance Australia Group Ltd. | 69,705 | ||||||
| 739 | Intact Financial Corp. | 104,188 | ||||||
| 16,408 | Japan Post Holdings Co. Ltd. | 125,794 | ||||||
| 5,082 | Japan Post Insurance Co. Ltd. | 81,805 | ||||||
| 44,106 | Legal & General Group PLC | 121,860 | ||||||
| 3,782 | Loews Corp. | 234,824 | ||||||
| 10,513 | Manulife Financial Corp. | 194,357 | ||||||
| 116 | Markel Group, Inc.* | 171,555 | ||||||
| 1,749 | Marsh & McLennan Cos., Inc. | 341,037 | ||||||
| 17,262 | Medibank Pvt Ltd. | 40,837 | ||||||
| 3,382 | MetLife, Inc. | 214,216 | ||||||
| 2,143 | MS&AD Insurance Group Holdings, Inc. | 76,959 | ||||||
| 467 | Muenchener Rueckversicherungs- Gesellschaft AG | 181,270 | ||||||
| 3,288 | NN Group NV | 126,573 | ||||||
| 5,366 | Phoenix Group Holdings PLC | 35,348 | ||||||
| 16,796 | Poste Italiane SpA(a) | 186,451 | ||||||
| 8,066 | Power Corp. of Canada | 220,275 | ||||||
| 3,216 | Principal Financial Group, Inc. | 249,915 | ||||||
| 1,774 | Progressive Corp. | 236,776 | ||||||
| 1,501 | Prudential Financial, Inc. | 142,100 | ||||||
| 2,441 | Prudential PLC | 29,729 | ||||||
| 8,390 | QBE Insurance Group Ltd. | 80,929 | ||||||
| 1,360 | Sampo Oyj Class A | 59,696 | ||||||
| 1,102 | Sompo Holdings, Inc. | 47,956 | ||||||
| 2,152 | Sun Life Financial, Inc. | 104,972 | ||||||
| 19,612 | Suncorp Group Ltd. | 172,019 | ||||||
| 237 | Swiss Life Holding AG | 148,425 | ||||||
| 554 | Swiss Re AG | 53,798 | ||||||
| 3,106 | T&D Holdings, Inc. | 49,228 | ||||||
| 1,337 | Talanx AG | 89,877 | ||||||
| 4,749 | Tokio Marine Holdings, Inc. | 104,803 | ||||||
| 952 | Travelers Cos., Inc. | 153,491 | ||||||
| 2,563 | Tryg AS | 48,900 | ||||||
| 1,527 | W R Berkley Corp. | 94,460 | ||||||
| 505 | Willis Towers Watson PLC | 104,414 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Insurance – (continued) |
| |||||||
| 358 | Zurich Insurance Group AG | $ | 167,864 | |||||
|
|
|
|||||||
| 9,933,292 | ||||||||
|
|
||||||||
| Interactive Media & Services – 0.3% |
| |||||||
| 18,355 | Alphabet, Inc. Class C* | 2,521,059 | ||||||
| 19,073 | Alphabet, Inc. Class A* | 2,597,171 | ||||||
| 40,317 | Auto Trader Group PLC(a) | 309,169 | ||||||
| 4,269 | Match Group, Inc.* | 200,088 | ||||||
| 7,877 | Meta Platforms, Inc. Class A* | 2,330,726 | ||||||
| 11,880 | Pinterest, Inc. Class A* | 326,581 | ||||||
| 1,110 | REA Group Ltd. | 118,346 | ||||||
| 184 | Scout24 SE(a) | 12,675 | ||||||
| 5,944 | Snap, Inc. Class A* | 61,520 | ||||||
|
|
|
|||||||
| 8,477,335 | ||||||||
|
|
||||||||
| IT Services – 0.2% | ||||||||
| 2,441 | Accenture PLC Class A | 790,323 | ||||||
| 2,649 | Akamai Technologies, Inc.* | 278,383 | ||||||
| 507 | Bechtle AG | 24,648 | ||||||
| 933 | Capgemini SE | 174,118 | ||||||
| 1,896 | CGI, Inc.* | 197,711 | ||||||
| 456 | Cloudflare, Inc. Class A* | 29,654 | ||||||
| 5,890 | Cognizant Technology Solutions Corp. Class A | 421,783 | ||||||
| 749 | EPAM Systems, Inc.* | 193,984 | ||||||
| 682 | Fujitsu Ltd. | 85,244 | ||||||
| 1,166 | Gartner, Inc.* | 407,727 | ||||||
| 4,165 | GoDaddy, Inc. Class A* | 302,004 | ||||||
| 4,161 | International Business Machines Corp. | 610,960 | ||||||
| 725 | Itochu Techno-Solutions Corp. | 21,526 | ||||||
| 97 | MongoDB, Inc.* | 36,986 | ||||||
| 2,626 | NEC Corp. | 138,419 | ||||||
| 315 | Okta, Inc.* | 26,306 | ||||||
| 990 | Otsuka Corp. | 44,122 | ||||||
| 1,214 | SCSK Corp. | 21,044 | ||||||
| 631 | Shopify, Inc. Class A* | 41,978 | ||||||
| 277 | Snowflake, Inc. Class A* | 43,447 | ||||||
| 1,185 | TIS, Inc. | 27,938 | ||||||
| 368 | Twilio, Inc. Class A* | 23,445 | ||||||
| 2,036 | VeriSign, Inc.* | 423,060 | ||||||
| 1,090 | Wix.com Ltd.* | 107,659 | ||||||
|
|
|
|||||||
| 4,472,469 | ||||||||
|
|
||||||||
| Leisure Products – 0.0% |
| |||||||
| 3,303 | Bandai Namco Holdings, Inc. | 76,621 | ||||||
| 410 | Hasbro, Inc. | 29,520 | ||||||
| 170 | Shimano, Inc. | 24,937 | ||||||
|
|
|
|||||||
| 131,078 | ||||||||
|
|
||||||||
| Life Sciences Tools & Services – 0.1% |
| |||||||
| 1,029 | Agilent Technologies, Inc. | 124,581 | ||||||
| 6,527 | Avantor, Inc.* | 141,309 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Life Sciences Tools & Services – (continued) |
| |||||||
| 53 | Bio-Rad Laboratories, Inc. Class A* | $ | 21,211 | |||||
| 380 | Bio-Techne Corp. | 29,792 | ||||||
| 416 | Charles River Laboratories International, Inc.* | 86,037 | ||||||
| 1,433 | Danaher Corp. | 379,745 | ||||||
| 692 | Eurofins Scientific SE | 42,594 | ||||||
| 79 | Illumina, Inc.* | 13,052 | ||||||
| 647 | IQVIA Holdings, Inc.* | 144,042 | ||||||
| 52 | Lonza Group AG | 28,683 | ||||||
| 308 | Mettler-Toledo International, Inc.* | 373,752 | ||||||
| 1,504 | QIAGEN NV* | 68,624 | ||||||
| 394 | Revvity, Inc. | 46,110 | ||||||
| 222 | Sartorius Stedim Biotech | 62,962 | ||||||
| 806 | Thermo Fisher Scientific, Inc. | 449,022 | ||||||
| 844 | Waters Corp.* | 236,995 | ||||||
| 261 | West Pharmaceutical Services, Inc. | 106,201 | ||||||
|
|
|
|||||||
| 2,354,712 | ||||||||
|
|
||||||||
| Machinery – 0.2% | ||||||||
| 1,239 | Alfa Laval AB | 43,501 | ||||||
| 1,314 | Alstom SA | 36,235 | ||||||
| 5,204 | Atlas Copco AB Class A | 68,803 | ||||||
| 2,470 | Atlas Copco AB Class B | 28,436 | ||||||
| 1,330 | Caterpillar, Inc. | 373,903 | ||||||
| 10,418 | CNH Industrial NV | 143,642 | ||||||
| 676 | Cummins, Inc. | 155,507 | ||||||
| 2,211 | Daimler Truck Holding AG | 77,798 | ||||||
| 555 | Deere & Co. | 228,072 | ||||||
| 659 | Dover Corp. | 97,730 | ||||||
| 1,651 | Epiroc AB Class A | 31,675 | ||||||
| 1,494 | Epiroc AB Class B | 24,455 | ||||||
| 1,547 | Fortive Corp. | 121,981 | ||||||
| 1,223 | GEA Group AG | 48,227 | ||||||
| 1,848 | Graco, Inc. | 145,881 | ||||||
| 1,192 | Hoshizaki Corp. | 45,747 | ||||||
| 306 | IDEX Corp. | 69,278 | ||||||
| 1,534 | Illinois Tool Works, Inc. | 379,435 | ||||||
| 1,806 | Ingersoll Rand, Inc. | 125,716 | ||||||
| 1,492 | Knorr-Bremse AG | 101,904 | ||||||
| 2,298 | Komatsu Ltd. | 65,397 | ||||||
| 444 | Kone Oyj Class B | 20,197 | ||||||
| 1,258 | Kubota Corp. | 20,246 | ||||||
| 4,985 | Metso Oyj | 57,255 | ||||||
| 4,603 | MISUMI Group, Inc. | 80,183 | ||||||
| 1,496 | Mitsubishi Heavy Industries Ltd. | 84,722 | ||||||
| 4,535 | NGK Insulators Ltd. | 60,162 | ||||||
| 396 | Nordson Corp. | 96,679 | ||||||
| 2,358 | Otis Worldwide Corp. | 201,727 | ||||||
| 3,196 | PACCAR, Inc. | 262,999 | ||||||
| 584 | Parker-Hannifin Corp. | 243,470 | ||||||
| 1,297 | Pentair PLC | 91,127 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Machinery – (continued) |
| |||||||
| 268 | Rational AG | $ | 204,149 | |||||
| 1,797 | Sandvik AB | 33,985 | ||||||
| 325 | Schindler Holding AG | 70,383 | ||||||
| 805,016 | Seatrium Ltd.* | 86,294 | ||||||
| 1,366 | Snap-on, Inc. | 366,908 | ||||||
| 119 | Spirax-Sarco Engineering PLC | 15,249 | ||||||
| 10,758 | Techtronic Industries Co. Ltd. | 106,103 | ||||||
| 2,248 | Toro Co. | 230,015 | ||||||
| 626 | Toyota Industries Corp. | 44,201 | ||||||
| 172 | VAT Group AG(a) | 68,739 | ||||||
| 5,649 | Volvo AB Class B | 113,848 | ||||||
| 2,433 | Volvo AB Class A | 49,764 | ||||||
| 2,010 | Westinghouse Air Brake Technologies Corp. | 226,165 | ||||||
| 1,076 | Xylem, Inc. | 111,409 | ||||||
| 676 | Yaskawa Electric Corp. | 26,504 | ||||||
|
|
|
|||||||
| 5,385,806 | ||||||||
|
|
||||||||
| Marine Transportation – 0.1% |
| |||||||
| 119 | AP Moller - Maersk AS Class B | 216,028 | ||||||
| 123 | AP Moller - Maersk AS Class A | 219,811 | ||||||
| 2,507 | Kawasaki Kisen Kaisha Ltd. | 84,012 | ||||||
| 1,000 | Kuehne & Nagel International AG | 300,445 | ||||||
| 5,310 | Mitsui OSK Lines Ltd. | 147,039 | ||||||
| 6,555 | Nippon Yusen KK | 174,392 | ||||||
| 44,150 | SITC International Holdings Co. Ltd. | 82,344 | ||||||
|
|
|
|||||||
| 1,224,071 | ||||||||
|
|
||||||||
| Media – 0.1% | ||||||||
| 340 | Charter Communications, Inc. Class A* | 148,961 | ||||||
| 13,878 | Comcast Corp. Class A | 648,935 | ||||||
| 13,388 | CyberAgent, Inc. | 85,189 | ||||||
| 2,322 | Dentsu Group, Inc. | 69,349 | ||||||
| 8,117 | Fox Corp. Class A | 268,348 | ||||||
| 8,586 | Fox Corp. Class B | 262,045 | ||||||
| 7,044 | Hakuhodo DY Holdings, Inc. | 66,829 | ||||||
| 10,087 | Informa PLC | 93,199 | ||||||
| 4,700 | Interpublic Group of Cos., Inc. | 153,267 | ||||||
| 376 | Liberty Broadband Corp. Class C* | 35,179 | ||||||
| 13,382 | Liberty Media Corp.-Liberty SiriusXM Class C* | 327,056 | ||||||
| 11,049 | News Corp. Class A | 237,443 | ||||||
| 2,289 | Omnicom Group, Inc. | 185,432 | ||||||
| 1,524 | Paramount Global Class B | 22,997 | ||||||
| 1,842 | Publicis Groupe SA | 143,727 | ||||||
| 26,368 | Sirius XM Holdings, Inc. | 116,019 | ||||||
| 349 | Trade Desk, Inc. Class A* | 27,930 | ||||||
| 4,356 | Vivendi SE | 39,674 | ||||||
|
|
||||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Media – (continued) | ||||||||
| 5,555 | WPP PLC | $ | 53,847 | |||||
|
|
|
|||||||
| 2,985,426 | ||||||||
|
|
||||||||
| Metals & Mining – 0.2% |
| |||||||
| 1,837 | Antofagasta PLC | 33,643 | ||||||
| 7,927 | ArcelorMittal SA | 210,578 | ||||||
| 10,001 | BHP Group Ltd. | 287,510 | ||||||
| 19,219 | BlueScope Steel Ltd. | 259,832 | ||||||
| 13,559 | Cleveland-Cliffs, Inc.* | 207,317 | ||||||
| 1,595 | First Quantum Minerals Ltd. | 42,850 | ||||||
| 11,709 | Fortescue Metals Group Ltd. | 161,202 | ||||||
| 2,919 | Freeport-McMoRan, Inc. | 116,497 | ||||||
| 41,127 | Glencore PLC | 219,009 | ||||||
| 4,426 | IGO Ltd. | 39,499 | ||||||
| 11,204 | JFE Holdings, Inc. | 177,002 | ||||||
| 1,122 | Mineral Resources Ltd. | 51,502 | ||||||
| 3,469 | Newcrest Mining Ltd. | 57,817 | ||||||
| 332 | Newmont Corp. | 13,087 | ||||||
| 7,758 | Nippon Steel Corp. | 183,464 | ||||||
| 6,451 | Norsk Hydro ASA | 35,693 | ||||||
| 8,806 | Northern Star Resources Ltd. | 67,473 | ||||||
| 2,290 | Nucor Corp. | 394,109 | ||||||
| 51,290 | Pilbara Minerals Ltd. | 153,768 | ||||||
| 774 | Reliance Steel & Aluminum Co. | 220,559 | ||||||
| 2,354 | Rio Tinto Ltd. | 170,492 | ||||||
| 2,812 | Rio Tinto PLC | 173,176 | ||||||
| 55,641 | South32 Ltd. | 121,325 | ||||||
| 2,404 | Steel Dynamics, Inc. | 256,242 | ||||||
| 1,873 | Teck Resources Ltd. Class B | 77,459 | ||||||
| 4,662 | voestalpine AG | 136,220 | ||||||
|
|
|
|||||||
| 3,867,325 | ||||||||
|
|
||||||||
| Mortgage Real Estate Investment Trusts (REITs) – 0.0% |
| |||||||
| 4,795 | Annaly Capital Management, Inc. | 97,195 | ||||||
|
|
||||||||
| Multi-Utilities – 0.1% | ||||||||
| 879 | Ameren Corp. | 69,678 | ||||||
| 1,051 | Canadian Utilities Ltd. Class A | 24,906 | ||||||
| 2,563 | CenterPoint Energy, Inc. | 71,482 | ||||||
| 120,242 | Centrica PLC | 230,788 | ||||||
| 890 | CMS Energy Corp. | 50,009 | ||||||
| 982 | Consolidated Edison, Inc. | 87,359 | ||||||
| 1,390 | Dominion Energy, Inc. | 67,471 | ||||||
| 697 | DTE Energy Co. | 72,056 | ||||||
| 16,681 | E.ON SE | 205,338 | ||||||
| 8,580 | Engie SA | 138,174 | ||||||
| 5,697 | National Grid PLC | 71,112 | ||||||
| 2,108 | NiSource, Inc. | 56,410 | ||||||
| 1,180 | Public Service Enterprise Group, Inc. | 72,074 | ||||||
| 19,959 | Sembcorp Industries Ltd. | 78,976 | ||||||
| 1,212 | Sempra | 85,107 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Multi-Utilities – (continued) |
| |||||||
| 2,959 | Veolia Environnement SA | $ | 92,312 | |||||
| 818 | WEC Energy Group, Inc. | 68,810 | ||||||
|
|
|
|||||||
| 1,542,062 | ||||||||
|
|
||||||||
| Office REITs – 0.0% |
| |||||||
| 582 | Alexandria Real Estate Equities, Inc. | 67,710 | ||||||
| 1,975 | Boston Properties, Inc. | 131,871 | ||||||
| 6,711 | Dexus | 33,535 | ||||||
| 6 | Japan Real Estate Investment Corp. | 24,935 | ||||||
| 6 | Nippon Building Fund, Inc. | 25,339 | ||||||
|
|
|
|||||||
| 283,390 | ||||||||
|
|
||||||||
| Oil, Gas & Consumable Fuels – 0.4% |
| |||||||
| 1,678 | Aker BP ASA | 45,638 | ||||||
| 3,744 | Ampol Ltd. | 85,285 | ||||||
| 2,465 | APA Corp. | 108,066 | ||||||
| 6,150 | ARC Resources Ltd. | 93,807 | ||||||
| 60,668 | BP PLC | 374,885 | ||||||
| 1,322 | Cameco Corp. | 48,919 | ||||||
| 2,926 | Canadian Natural Resources Ltd. | 189,306 | ||||||
| 11,409 | Cenovus Energy, Inc. | 227,471 | ||||||
| 936 | Cheniere Energy, Inc. | 152,755 | ||||||
| 2,782 | Chesapeake Energy Corp. | 245,400 | ||||||
| 4,974 | Chevron Corp. | 801,311 | ||||||
| 3,217 | ConocoPhillips | 382,919 | ||||||
| 2,857 | Coterra Energy, Inc. | 80,539 | ||||||
| 1,718 | Devon Energy Corp. | 87,773 | ||||||
| 630 | Diamondback Energy, Inc. | 95,621 | ||||||
| 1,896 | Enbridge, Inc. | 66,568 | ||||||
| 8,131 | ENEOS Holdings, Inc. | 30,533 | ||||||
| 15,158 | Eni SpA | 234,373 | ||||||
| 2,543 | EOG Resources, Inc. | 327,081 | ||||||
| 3,401 | EQT Corp. | 146,991 | ||||||
| 6,187 | Equinor ASA | 190,010 | ||||||
| 11,707 | Exxon Mobil Corp. | 1,301,701 | ||||||
| 3,987 | Galp Energia SGPS SA | 55,029 | ||||||
| 701 | Hess Corp. | 108,304 | ||||||
| 1,598 | HF Sinclair Corp. | 88,034 | ||||||
| 3,549 | Imperial Oil Ltd. | 201,535 | ||||||
| 15,883 | Inpex Corp. | 222,423 | ||||||
| 10,803 | Kinder Morgan, Inc. Class A | 186,028 | ||||||
| 4,644 | Marathon Oil Corp. | 122,369 | ||||||
| 2,818 | Marathon Petroleum Corp. | 402,326 | ||||||
| 4,774 | Occidental Petroleum Corp. | 299,759 | ||||||
| 2,636 | OMV AG | 122,068 | ||||||
| 1,413 | ONEOK, Inc. | 92,128 | ||||||
| 2,841 | Ovintiv, Inc. | 133,413 | ||||||
| 1,692 | Pembina Pipeline Corp. | 52,593 | ||||||
| 2,091 | Phillips 66 | 238,709 | ||||||
| 391 | Pioneer Natural Resources Co. | 93,031 | ||||||
| 10,327 | Repsol SA | 159,615 | ||||||
| 26,297 | Santos Ltd. | 130,118 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Oil, Gas & Consumable Fuels – (continued) |
| |||||||
| 20,750 | Shell PLC | $ | 634,437 | |||||
| 3,088 | Suncor Energy, Inc. | 104,602 | ||||||
| 1,136 | Targa Resources Corp. | 97,980 | ||||||
| 738 | TC Energy Corp. | 26,654 | ||||||
| 25 | Texas Pacific Land Corp. | 47,119 | ||||||
| 5,654 | TotalEnergies SE | 354,669 | ||||||
| 1,233 | Tourmaline Oil Corp. | 63,229 | ||||||
| 2,062 | Valero Energy Corp. | 267,854 | ||||||
| 2,371 | Williams Cos., Inc. | 81,871 | ||||||
| 4,406 | Woodside Energy Group Ltd. | 105,181 | ||||||
|
|
|
|||||||
| 9,808,030 | ||||||||
|
|
||||||||
| Paper & Forest Products – 0.0% |
| |||||||
| 475 | Holmen AB Class B | 18,004 | ||||||
| 7,003 | Mondi PLC | 116,326 | ||||||
| 5,690 | Oji Holdings Corp. | 23,274 | ||||||
| 1,073 | Svenska Cellulosa AB SCA Class B | 14,284 | ||||||
| 1,846 | UPM-Kymmene Oyj | 63,175 | ||||||
| 1,476 | West Fraser Timber Co. Ltd. | 111,574 | ||||||
|
|
|
|||||||
| 346,637 | ||||||||
|
|
||||||||
| Passenger Airlines – 0.0% |
| |||||||
| 1,794 | Air Canada* | 30,298 | ||||||
| 4,143 | ANA Holdings, Inc.* | 93,529 | ||||||
| 1,911 | Delta Air Lines, Inc. | 81,944 | ||||||
| 20,262 | Deutsche Lufthansa AG* | 180,947 | ||||||
| 6,289 | Japan Airlines Co. Ltd. | 129,514 | ||||||
| 12,643 | Qantas Airways Ltd.* | 48,165 | ||||||
| 35,612 | Singapore Airlines Ltd. | 180,949 | ||||||
|
|
|
|||||||
| 745,346 | ||||||||
|
|
||||||||
| Personal Products – 0.1% |
| |||||||
| 905 | Beiersdorf AG | 118,496 | ||||||
| 1,685 | Estee Lauder Cos., Inc. Class A | 270,493 | ||||||
| 27,566 | Haleon PLC | 112,870 | ||||||
| 965 | Kao Corp. | 37,276 | ||||||
| 7,283 | Kenvue, Inc. | 167,873 | ||||||
| 590 | Kobayashi Pharmaceutical Co. Ltd. | 29,131 | ||||||
| 1,997 | Kose Corp. | 165,621 | ||||||
| 1,303 | L’Oreal SA | 572,319 | ||||||
| 6,760 | Shiseido Co. Ltd. | 274,316 | ||||||
| 5,119 | Unilever PLC | 261,423 | ||||||
|
|
|
|||||||
| 2,009,818 | ||||||||
|
|
||||||||
| Pharmaceuticals – 0.5% |
| |||||||
| 9,414 | Astellas Pharma, Inc. | 142,437 | ||||||
| 3,327 | AstraZeneca PLC | 446,891 | ||||||
| 2,193 | Bayer AG | 119,985 | ||||||
| 8,828 | Bristol-Myers Squibb Co. | 544,246 | ||||||
| 2,849 | Chugai Pharmaceutical Co. Ltd. | 86,843 | ||||||
| 2,565 | Daiichi Sankyo Co. Ltd. | 75,549 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Pharmaceuticals – (continued) |
| |||||||
| 2,139 | Eisai Co. Ltd. | $ | 135,219 | |||||
| 2,574 | Eli Lilly & Co. | 1,426,511 | ||||||
| 10,909 | GSK PLC | 191,081 | ||||||
| 6,304 | Hikma Pharmaceuticals PLC | 174,136 | ||||||
| 4,397 | Ipsen SA | 569,606 | ||||||
| 2,659 | Jazz Pharmaceuticals PLC* | 381,194 | ||||||
| 7,456 | Johnson & Johnson | 1,205,486 | ||||||
| 1,005 | Kyowa Kirin Co. Ltd. | 18,373 | ||||||
| 8,327 | Merck & Co., Inc. | 907,477 | ||||||
| 378 | Merck KGaA | 67,861 | ||||||
| 4,736 | Novartis AG | 476,639 | ||||||
| 5,696 | Novo Nordisk AS Class B | 1,050,648 | ||||||
| 3,015 | Ono Pharmaceutical Co. Ltd. | 56,959 | ||||||
| 6,067 | Orion Oyj Class B | 247,961 | ||||||
| 2,096 | Otsuka Holdings Co. Ltd. | 79,631 | ||||||
| 13,429 | Pfizer, Inc. | 475,118 | ||||||
| 1,763 | Recordati Industria Chimica e Farmaceutica SpA | 88,376 | ||||||
| 2,405 | Roche Holding AG | 709,346 | ||||||
| 6,021 | Royalty Pharma PLC Class A | 179,546 | ||||||
| 3,557 | Sanofi | 378,835 | ||||||
| 7,974 | Takeda Pharmaceutical Co. Ltd. | 246,437 | ||||||
| 31,113 | Teva Pharmaceutical Industries Ltd.* | 303,663 | ||||||
| 1,681 | UCB SA | 150,781 | ||||||
| 42,860 | Viatris, Inc. | 460,745 | ||||||
| 1,730 | Zoetis, Inc. | 329,582 | ||||||
|
|
|
|||||||
| 11,727,162 | ||||||||
|
|
||||||||
| Professional Services – 0.1% |
| |||||||
| 441 | Adecco Group AG | 18,970 | ||||||
| 475 | Automatic Data Processing, Inc. | 120,940 | ||||||
| 3,825 | BayCurrent Consulting, Inc. | 131,475 | ||||||
| 1,337 | Booz Allen Hamilton Holding Corp. | 151,495 | ||||||
| 362 | Broadridge Financial Solutions, Inc. | 67,408 | ||||||
| 1,794 | Bureau Veritas SA | 48,058 | ||||||
| 1,749 | Computershare Ltd. | 28,433 | ||||||
| 1,042 | CoStar Group, Inc.* | 85,434 | ||||||
| 72 | Equifax, Inc. | 14,882 | ||||||
| 2,872 | Experian PLC | 100,301 | ||||||
| 642 | Intertek Group PLC | 33,621 | ||||||
| 406 | Jacobs Solutions, Inc. | 54,737 | ||||||
| 2,349 | Leidos Holdings, Inc. | 229,051 | ||||||
| 1,332 | Paychex, Inc. | 162,810 | ||||||
| 68 | Paycom Software, Inc. | 20,049 | ||||||
| 13,381 | Persol Holdings Co. Ltd. | 228,700 | ||||||
| 3,956 | Randstad NV | 232,158 | ||||||
| 9,247 | Recruit Holdings Co. Ltd. | 329,401 | ||||||
| 8,334 | RELX PLC | 271,645 | ||||||
| 4,681 | Robert Half, Inc. | 346,207 | ||||||
| 3,266 | SGS SA | 296,627 | ||||||
|
|
||||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Professional Services – (continued) |
| |||||||
| 3,721 | SS&C Technologies Holdings, | |||||||
| Inc. | $ | 213,660 | ||||||
| 235 | Teleperformance SE | 32,470 | ||||||
| 350 | Thomson Reuters Corp. | 45,068 | ||||||
| 575 | Verisk Analytics, Inc. | 139,277 | ||||||
| 2,085 | Wolters Kluwer NV | 251,222 | ||||||
|
|
|
|||||||
| 3,654,099 | ||||||||
|
|
||||||||
| Real Estate Management & Development – 0.1% |
| |||||||
| 1,379 | CBRE Group, Inc. Class A* | 117,284 | ||||||
| 4,947 | City Developments Ltd. | 24,440 | ||||||
| 6,574 | CK Asset Holdings Ltd. | 36,274 | ||||||
| 972 | Daito Trust Construction Co. Ltd. | 107,196 | ||||||
| 1,594 | Daiwa House Industry Co. Ltd. | 44,275 | ||||||
| 398 | FirstService Corp. | 60,186 | ||||||
| 4,334 | Henderson Land Development Co. Ltd. | 11,902 | ||||||
| 25,143 | Hongkong Land Holdings Ltd. | 89,196 | ||||||
| 9,613 | Hulic Co. Ltd. | 86,266 | ||||||
| 2,490 | Mitsubishi Estate Co. Ltd. | 31,715 | ||||||
| 1,295 | Mitsui Fudosan Co. Ltd. | 28,352 | ||||||
| 103,077 | New World Development Co. Ltd. | 218,871 | ||||||
| 799 | Nomura Real Estate Holdings, Inc. | 20,106 | ||||||
| 49,852 | Sino Land Co. Ltd. | 57,104 | ||||||
| 6,090 | Sun Hung Kai Properties Ltd. | 68,553 | ||||||
| 8,133 | Swire Pacific Ltd. Class A | 67,060 | ||||||
| 474 | Swiss Prime Site AG | 45,515 | ||||||
| 21,012 | UOL Group Ltd. | 103,157 | ||||||
| 7,440 | Wharf Real Estate Investment Co. Ltd. | 31,007 | ||||||
| 1,801 | Zillow Group, Inc. Class C* | 93,940 | ||||||
|
|
|
|||||||
| 1,342,399 | ||||||||
|
|
||||||||
| Residential REITs – 0.0% |
| |||||||
| 1,748 | American Homes 4 Rent Class A | 62,998 | ||||||
| 321 | AvalonBay Communities, Inc. | 59,006 | ||||||
| 961 | Camden Property Trust | 103,423 | ||||||
| 401 | Canadian Apartment Properties REIT | 14,385 | ||||||
| 705 | Equity LifeStyle Properties, Inc. | 47,207 | ||||||
| 841 | Equity Residential | 54,522 | ||||||
| 227 | Essex Property Trust, Inc. | 54,114 | ||||||
| 1,436 | Invitation Homes, Inc. | 48,953 | ||||||
| 335 | Mid-America Apartment Communities, Inc. | 48,652 | ||||||
| 764 | Sun Communities, Inc. | 93,529 | ||||||
| 1,241 | UDR, Inc. | 49,516 | ||||||
|
|
|
|||||||
| 636,305 | ||||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Retail REITs – 0.0% | ||||||||
| 16,556 | CapitaLand Integrated | |||||||
| Commercial Trust | $ | 23,387 | ||||||
| 46 | Japan Metropolitan Fund | |||||||
| Invest | 30,889 | |||||||
| 2,838 | Kimco Realty Corp. | 53,752 | ||||||
| 2,526 | Klepierre SA | 66,721 | ||||||
| 3,020 | Link REIT | 14,973 | ||||||
| 1,481 | Realty Income Corp. | 82,995 | ||||||
| 808 | Regency Centers Corp. | 50,258 | ||||||
| 16,689 | Scentre Group | 29,582 | ||||||
| 1,024 | Simon Property Group, Inc. | 116,214 | ||||||
| 268 | Unibail-Rodamco-Westfield* | 14,304 | ||||||
| 24,768 | Vicinity Ltd. | 29,876 | ||||||
|
|
|
|||||||
| 512,951 | ||||||||
|
|
||||||||
| Semiconductors & Semiconductor Equipment – 0.5% |
| |||||||
| 2,781 | Advanced Micro Devices, Inc.* | 294,007 | ||||||
| 2,006 | Advantest Corp. | 251,092 | ||||||
| 1,773 | Analog Devices, Inc. | 322,296 | ||||||
| 4,411 | Applied Materials, Inc. | 673,824 | ||||||
| 149 | ASM International NV | 71,724 | ||||||
| 902 | ASML Holding NV | 593,090 | ||||||
| 495 | BE Semiconductor Industries NV | 56,819 | ||||||
| 1,328 | Broadcom, Inc. | 1,225,598 | ||||||
| 280 | Disco Corp. | 55,340 | ||||||
| 743 | Enphase Energy, Inc.* | 94,012 | ||||||
| 231 | Entegris, Inc. | 23,393 | ||||||
| 487 | First Solar, Inc.* | 92,101 | ||||||
| 2,170 | Infineon Technologies AG | 77,546 | ||||||
| 4,532 | Intel Corp. | 159,254 | ||||||
| 785 | KLA Corp. | 393,968 | ||||||
| 677 | Lam Research Corp. | 475,525 | ||||||
| 3,979 | Lattice Semiconductor Corp.* | 386,998 | ||||||
| 1,348 | Marvell Technology, Inc. | 78,521 | ||||||
| 4,515 | Microchip Technology, Inc. | 369,508 | ||||||
| 1,988 | Micron Technology, Inc. | 139,041 | ||||||
| 352 | Monolithic Power Systems, Inc. | 183,466 | ||||||
| 8,115 | NVIDIA Corp. | 4,005,158 | ||||||
| 1,235 | NXP Semiconductors NV | 254,064 | ||||||
| 5,347 | ON Semiconductor Corp.* | 526,466 | ||||||
| 3,290 | Qorvo, Inc.* | 353,313 | ||||||
| 4,626 | QUALCOMM, Inc. | 529,816 | ||||||
| 7,939 | Renesas Electronics Corp.* | 132,261 | ||||||
| 3,677 | Skyworks Solutions, Inc. | 399,837 | ||||||
| 129 | SolarEdge Technologies, Inc.* | 20,972 | ||||||
| 1,657 | STMicroelectronics NV | 78,202 | ||||||
| 3,036 | SUMCO Corp. | 40,548 | ||||||
| 2,163 | Teradyne, Inc. | 233,323 | ||||||
| 3,481 | Texas Instruments, Inc. | 585,017 | ||||||
| 1,292 | Tokyo Electron Ltd. | 191,895 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Semiconductors & Semiconductor Equipment – (continued) |
| |||||||
| 405 | Wolfspeed, Inc.* | $ | 19,367 | |||||
|
|
|
|||||||
| 13,387,362 | ||||||||
|
|
||||||||
| Software – 0.8% | ||||||||
| 1,823 | Adobe, Inc.* | 1,019,677 | ||||||
| 282 | ANSYS, Inc.* | 89,921 | ||||||
| 916 | Aspen Technology, Inc.* | 177,704 | ||||||
| 1,815 | Atlassian Corp. Class A* | 370,369 | ||||||
| 1,232 | Autodesk, Inc.* | 273,430 | ||||||
| 1,872 | Bentley Systems, Inc. Class B | 93,431 | ||||||
| 217 | Bills Holdings, Inc.* | 25,020 | ||||||
| 1,115 | Black Knight, Inc.* | 84,472 | ||||||
| 2,856 | Cadence Design Systems, Inc.* | 686,697 | ||||||
| 504 | Check Point Software Technologies Ltd.* | 67,833 | ||||||
| 754 | Confluent, Inc. Class A* | 24,950 | ||||||
| 264 | Constellation Software, Inc. | 542,275 | ||||||
| 287 | Crowdstrike Holdings, Inc. Class A* | 46,790 | ||||||
| 1,730 | Dassault Systemes SE | 68,561 | ||||||
| 1,557 | Datadog, Inc. Class A* | 150,219 | ||||||
| 7,167 | DocuSign, Inc.* | 360,500 | ||||||
| 18,839 | Dropbox, Inc. Class A* | 523,536 | ||||||
| 1,448 | Dynatrace, Inc.* | 69,794 | ||||||
| 542 | Fair Isaac Corp.* | 490,288 | ||||||
| 6,284 | Fortinet, Inc.* | 378,360 | ||||||
| 10,260 | Gen Digital, Inc. | 207,765 | ||||||
| 651 | HubSpot, Inc.* | 355,784 | ||||||
| 984 | Intuit, Inc. | 533,141 | ||||||
| 1,866 | Manhattan Associates, Inc.* | 378,089 | ||||||
| 25,106 | Microsoft Corp. | 8,228,743 | ||||||
| 392 | Monday.com Ltd.* | 69,556 | ||||||
| 3,542 | Nemetschek SE | 244,630 | ||||||
| 797 | Open Text Corp. | 32,117 | ||||||
| 4,749 | Oracle Corp. | 542,063 | ||||||
| 9,079 | Palantir Technologies, Inc. Class A* | 136,003 | ||||||
| 1,143 | Palo Alto Networks, Inc.* | 278,092 | ||||||
| 1,040 | PTC, Inc.* | 153,057 | ||||||
| 451 | Roper Technologies, Inc. | 225,076 | ||||||
| 22,719 | Sage Group PLC | 279,185 | ||||||
| 2,965 | Salesforce, Inc.* | 656,629 | ||||||
| 2,379 | SAP SE | 331,881 | ||||||
| 603 | ServiceNow, Inc.* | 355,064 | ||||||
| 1,556 | Splunk, Inc.* | 188,681 | ||||||
| 577 | Synopsys, Inc.* | 264,780 | ||||||
| 2,009 | Trend Micro, Inc. | 85,265 | ||||||
| 135 | Tyler Technologies, Inc.* | 53,788 | ||||||
| 1,472 | UiPath, Inc. Class A* | 23,272 | ||||||
| 623 | Unity Software, Inc.* | 23,095 | ||||||
| 1,670 | VMware, Inc. Class A* | 281,863 | ||||||
| 1,138 | WiseTech Global Ltd. | 51,049 | ||||||
| 376 | Workday, Inc. Class A* | 91,932 | ||||||
| 1,556 | Xero Ltd.* | 125,948 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Software – (continued) |
| |||||||
| 4,024 | Zoom Video Communications, Inc. Class A* | $ | 285,825 | |||||
| 192 | Zscaler, Inc.* | 29,962 | ||||||
|
|
|
|||||||
| 20,056,162 | ||||||||
|
|
||||||||
| Specialized REITs – 0.0% |
| |||||||
| 333 | American Tower Corp. | 60,380 | ||||||
| 489 | Crown Castle, Inc. | 49,144 | ||||||
| 166 | Digital Realty Trust, Inc. | 21,866 | ||||||
| 155 | Equinix, Inc. | 121,114 | ||||||
| 191 | Extra Space Storage, Inc. | 24,578 | ||||||
| 1,550 | Gaming & Leisure Properties, Inc. | 73,470 | ||||||
| 2,073 | Iron Mountain, Inc. | 131,718 | ||||||
| 209 | Public Storage | 57,763 | ||||||
| 147 | SBA Communications Corp. | 33,006 | ||||||
| 2,933 | VICI Properties, Inc. | 90,454 | ||||||
| 1,404 | Weyerhaeuser Co. | 45,981 | ||||||
|
|
|
|||||||
| 709,474 | ||||||||
|
|
||||||||
| Specialty Retail – 0.3% |
| |||||||
| 291 | AutoZone, Inc.* | 736,617 | ||||||
| 10,822 | Bath & Body Works, Inc. | 399,007 | ||||||
| 7,379 | Best Buy Co., Inc. | 564,125 | ||||||
| 1,465 | Burlington Stores, Inc.* | 237,711 | ||||||
| 2,144 | CarMax, Inc.* | 175,122 | ||||||
| 7,917 | Chewy, Inc. Class A* | 189,850 | ||||||
| 2,195 | Dick’s Sporting Goods, Inc. | 255,366 | ||||||
| 2,232 | Dufry AG* | 99,173 | ||||||
| 354 | Fast Retailing Co. Ltd. | 81,212 | ||||||
| 17,080 | H & M Hennes & Mauritz AB Class B | 260,777 | ||||||
| 3,999 | Home Depot, Inc. | 1,320,870 | ||||||
| 6,684 | Industria de Diseno Textil SA | 256,073 | ||||||
| 152,942 | JD Sports Fashion PLC | 280,725 | ||||||
| 25,178 | Kingfisher PLC | 74,615 | ||||||
| 3,804 | Lowe’s Cos., Inc. | 876,746 | ||||||
| 396 | Nitori Holdings Co. Ltd. | 45,076 | ||||||
| 686 | O’Reilly Automotive, Inc.* | 644,634 | ||||||
| 1,465 | Ross Stores, Inc. | 178,452 | ||||||
| 6,502 | TJX Cos., Inc. | 601,305 | ||||||
| 1,747 | Tractor Supply Co. | 381,719 | ||||||
| 1,202 | Ulta Beauty, Inc.* | 498,866 | ||||||
| 1,631 | USS Co. Ltd. | 28,481 | ||||||
| 6,308 | Zalando SE*(a) | 196,087 | ||||||
| 15,067 | ZOZO, Inc. | 300,903 | ||||||
|
|
|
|||||||
| 8,683,512 | ||||||||
|
|
||||||||
| Technology Hardware, Storage & Peripherals – 0.5% |
| |||||||
| 57,260 | Apple, Inc. | 10,757,436 | ||||||
| 4,598 | Brother Industries Ltd. | 77,815 | ||||||
| 3,765 | Canon, Inc. | 92,672 | ||||||
| 2,380 | Dell Technologies, Inc. Class C | 133,851 | ||||||
|
|
||||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Technology Hardware, Storage & Peripherals – (continued) |
| |||||||
| 496 | FUJIFILM Holdings Corp. | $ | 29,312 | |||||
| 19,762 | Hewlett Packard Enterprise Co. | 335,756 | ||||||
| 7,174 | HP, Inc. | 213,139 | ||||||
| 1,860 | Logitech International SA | 128,679 | ||||||
| 2,638 | NetApp, Inc. | 202,335 | ||||||
| 10,223 | Ricoh Co. Ltd. | 83,281 | ||||||
| 627 | Seagate Technology Holdings PLC | 44,385 | ||||||
| 3,609 | Seiko Epson Corp. | 56,511 | ||||||
| 522 | Super Micro Computer, Inc.* | 143,592 | ||||||
| 814 | Western Digital Corp.* | 36,630 | ||||||
|
|
|
|||||||
| 12,335,394 | ||||||||
|
|
||||||||
| Textiles, Apparel & Luxury Goods – 0.2% |
| |||||||
| 1,253 | Adidas AG | 250,061 | ||||||
| 10,719 | Burberry Group PLC | 295,948 | ||||||
| 579 | Cie Financiere Richemont SA Class A | 82,126 | ||||||
| 770 | Deckers Outdoor Corp.* | 407,399 | ||||||
| 212 | Hermes International SCA | 436,017 | ||||||
| 231 | Kering SA | 123,523 | ||||||
| 1,158 | Lululemon Athletica, Inc.* | 441,499 | ||||||
| 741 | LVMH Moet Hennessy Louis Vuitton SE | 626,632 | ||||||
| 3,316 | Moncler SpA | 224,674 | ||||||
| 4,490 | NIKE, Inc. Class B | 456,678 | ||||||
| 2,360 | Pandora AS | 244,398 | ||||||
| 3,423 | Puma SE | 229,405 | ||||||
| 2,227 | Swatch Group AG | 194,851 | ||||||
| 2,803 | VF Corp. | 55,387 | ||||||
|
|
|
|||||||
| 4,068,598 | ||||||||
|
|
||||||||
| Tobacco – 0.1% | ||||||||
| 5,839 | Altria Group, Inc. | 258,201 | ||||||
| 7,089 | British American Tobacco PLC | 234,818 | ||||||
| 4,561 | Imperial Brands PLC | 103,268 | ||||||
| 5,352 | Japan Tobacco, Inc. | 117,189 | ||||||
| 4,686 | Philip Morris International, Inc. | 450,137 | ||||||
|
|
|
|||||||
| 1,163,613 | ||||||||
|
|
||||||||
| Trading Companies & Distributors – 0.1% |
| |||||||
| 1,537 | AerCap Holdings NV* | 94,556 | ||||||
| 551 | Ashtead Group PLC | 38,437 | ||||||
| 1,021 | Brenntag SE | 82,583 | ||||||
| 3,885 | Bunzl PLC | 139,118 | ||||||
| 7,976 | Fastenal Co. | 459,258 | ||||||
| 2,000 | Ferguson PLC | 323,120 | ||||||
| 96 | IMCD NV | 13,222 | ||||||
| 5,486 | ITOCHU Corp. | 205,886 | ||||||
| 23,125 | Marubeni Corp. | 377,830 | ||||||
| 5,678 | Mitsubishi Corp. | 280,067 | ||||||
| 6,990 | Mitsui & Co. Ltd. | 260,345 | ||||||
|
|
||||||||
|
Shares |
Description | Value | ||||||
| Common Stocks – (continued) |
| |||||||
| Trading Companies & Distributors – (continued) |
| |||||||
| 17,897 | MonotaRO Co. Ltd. | $ | 211,368 | |||||
| 1,749 | Reece Ltd. | 23,008 | ||||||
| 6,369 | Sumitomo Corp. | 130,987 | ||||||
| 542 | Toromont Industries Ltd. | 44,461 | ||||||
| 614 | Toyota Tsusho Corp. | 36,551 | ||||||
| 245 | United Rentals, Inc. | 116,752 | ||||||
| 556 | Watsco, Inc. | 202,690 | ||||||
| 848 | WW Grainger, Inc. | 605,591 | ||||||
|
|
|
|||||||
| 3,645,830 | ||||||||
|
|
||||||||
| Transportation Infrastructure – 0.0% |
| |||||||
| 322 | Aena SME SA(a) | 50,617 | ||||||
| 3,912 | Getlink SE | 65,477 | ||||||
| 9,362 | Transurban Group | 80,155 | ||||||
|
|
|
|||||||
| 196,249 | ||||||||
|
|
||||||||
| Water Utilities – 0.0% | ||||||||
| 521 | American Water Works Co., Inc. | 72,284 | ||||||
| 1,536 | Essential Utilities, Inc. | 56,678 | ||||||
| 1,516 | Severn Trent PLC | 46,038 | ||||||
| 3,834 | United Utilities Group PLC | 45,911 | ||||||
|
|
|
|||||||
| 220,911 | ||||||||
|
|
||||||||
| Wireless Telecommunication Services – 0.0% |
| |||||||
| 6,282 | KDDI Corp. | 186,748 | ||||||
| 799 | Rogers Communications, Inc. Class B | 32,505 | ||||||
| 9,217 | SoftBank Corp. | 105,707 | ||||||
| 2,381 | SoftBank Group Corp. | 106,708 | ||||||
| 3,653 | Tele2 AB Class B | 25,808 | ||||||
| 1,228 | T-Mobile U.S., Inc.* | 167,315 | ||||||
| 248,392 | Vodafone Group PLC | 230,272 | ||||||
|
|
|
|||||||
| 855,063 | ||||||||
|
|
||||||||
| TOTAL COMMON STOCKS (Cost $180,634,320) |
$ | 252,628,875 | ||||||
|
|
||||||||
| Shares | Dividend Rate |
Value | ||||||
| Preferred Stocks – 0.0% |
| |||||||
| Auto Manufacturers – 0.0% |
| |||||||
| Bayerische Motoren Werke AG |
| |||||||
| 2,057 | 9.611% | $ | 197,640 | |||||
| Volkswagen AG |
||||||||
| 246 | 24.524 | 30,106 | ||||||
|
|
|
|||||||
| 227,746 | ||||||||
|
|
||||||||
| Household Products – 0.0% |
| |||||||
| Henkel AG & Co. KGaA |
| |||||||
| 1,199 | 2.622 | 91,880 | ||||||
|
|
||||||||
| TOTAL PREFERRED STOCKS (Cost $336,512) |
$ | 319,626 | ||||||
|
|
||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
| Units | Expiration Date |
Value | ||||||
| Rights* – 0.0% | ||||||||
| Swedish Orphan Biovitrum AB |
| |||||||
| 2,602 | 09/14/23 | $ | 2,350 | |||||
| Constellation Software, Inc. |
| |||||||
| 264 | 09/29/23 | 147 | ||||||
|
|
||||||||
| TOTAL RIGHTS (Cost $117) |
$ | 2,497 | ||||||
|
|
||||||||
| Warrants*(b) – 0.0% | ||||||||
| Constellation Software, Inc. |
| |||||||
| 264 | 03/31/40 | $ | — | |||||
| (Cost $—) |
||||||||
|
|
||||||||
| Shares | Description | Value | ||||||
| Exchange Traded Funds – 77.8% |
| |||||||
| 1,023,459 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF(c) | $ | 30,171,571 | |||||
| 7,485,553 | Goldman Sachs MarketBeta International Equity ETF(c) | 380,586,474 | ||||||
| 6,802,540 | Goldman Sachs MarketBeta U.S. Equity ETF(c) | 419,580,667 | ||||||
| 2,042,139 | iShares Core MSCI EAFE ETF | 136,639,520 | ||||||
| 6,041,395 | iShares Core MSCI Emerging Markets ETF | 296,390,839 | ||||||
| 511 | iShares MSCI Canada ETF | 17,727 | ||||||
| 2,622 | iShares MSCI EAFE ETF | 187,552 | ||||||
| 2,027,228 | iShares MSCI EAFE Small-Cap ETF | 119,971,353 | ||||||
| 1,431,332 | Vanguard S&P 500 ETF | 592,328,122 | ||||||
|
|
||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,651,389,202) |
$ | 1,975,873,825 | ||||||
|
|
||||||||
| Shares | Dividend Rate |
Value | ||||||
| Investment Company(c) – 8.0% | ||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 201,923,035 | 5.234% | $ | 201,923,035 | |||||
| (Cost $201,923,035) |
||||||||
|
|
||||||||
| Securities Lending Reinvestment Vehicle(c) – 0.0% |
| |||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||
| 12,600 | 5.234% | $ | 12,600 | |||||
| (Cost $ 12,600) | ||||||||
|
|
||||||||
| TOTAL INVESTMENTS – 95.8% (Cost $2,034,295,786) |
$ | 2,430,760,458 | ||||||
|
|
||||||||
| OTHER ASSETS IN EXCESS OF |
107,313,074 | |||||||
|
|
||||||||
| NET ASSETS – 100.0% | $ | 2,538,073,532 | ||||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| * | Non-income producing security. | |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. | |
| (c) | Represents an affiliated fund. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2023, 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 |
CAD | 8,600,000 | USD | 6,366,539 | 09/20/23 | $ | 105 | |||||||||||
| CHF | 230,000 | USD | 259,040 | 09/20/23 | 1,894 | |||||||||||||
| NOK | 300,000 | USD | 28,028 | 09/20/23 | 208 | |||||||||||||
| USD | 31,360,491 | AUD | 46,660,000 | 09/20/23 | 1,104,840 | |||||||||||||
| USD | 900,409 | CHF | 790,000 | 09/20/23 | 4,158 | |||||||||||||
| USD | 1,793,601 | DKK | 12,250,000 | 09/20/23 | 9,223 | |||||||||||||
| USD | 2,770,176 | EUR | 2,540,000 | 09/20/23 | 13,291 | |||||||||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Gain |
||||||||||||||||
|
|
||||||||||||||||||||
| MS & Co. Int. PLC (continued) |
USD | 776,098 | GBP | 610,000 | 09/20/23 | $ | 3,277 | |||||||||||||
| USD | 11,005,921 | HKD | 86,020,000 | 09/20/23 | 26,168 | |||||||||||||||
| USD | 1,968,154 | ILS | 7,160,000 | 09/20/23 | 83,969 | |||||||||||||||
| USD | 99,746,865 | JPY | 13,767,000,000 | 09/20/23 | 4,822,843 | |||||||||||||||
| USD | 169,647 | NOK | 1,800,000 | 09/20/23 | 232 | |||||||||||||||
| USD | 893,739 | NZD | 1,470,000 | 09/20/23 | 17,139 | |||||||||||||||
| USD | 13,871,240 | SEK | 149,550,000 | 09/20/23 | 198,401 | |||||||||||||||
| USD | 5,298,891 | SGD | 7,100,000 | 09/20/23 | 40,568 | |||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 6,326,316 | ||||||||||||||||||
|
|
||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
|
||||||||||||||||||||
| MS & Co. Int. PLC |
AUD | 3,690,000 | USD | 2,484,536 | 09/20/23 | $ | (91,836 | ) | ||||||||||||
| CAD | 26,920,000 | USD | 20,208,693 | 09/20/23 | (279,617 | ) | ||||||||||||||
| CHF | 3,410,000 | USD | 3,935,962 | 09/20/23 | (67,333 | ) | ||||||||||||||
| DKK | 9,700,000 | USD | 1,435,514 | 09/20/23 | (22,578 | ) | ||||||||||||||
| EUR | 10,050,000 | USD | 11,091,379 | 09/20/23 | (183,229 | ) | ||||||||||||||
| GBP | 5,395,000 | USD | 6,904,327 | 09/20/23 | (69,296 | ) | ||||||||||||||
| HKD | 15,110,000 | USD | 1,934,212 | 09/20/23 | (5,543 | ) | ||||||||||||||
| ILS | 920,000 | USD | 250,180 | 09/20/23 | (8,079 | ) | ||||||||||||||
| JPY | 1,488,000,000 | USD | 10,568,243 | 09/20/23 | (308,423 | ) | ||||||||||||||
| NOK | 2,500,000 | USD | 247,326 | 09/20/23 | (12,027 | ) | ||||||||||||||
| NZD | 210,000 | USD | 129,847 | 09/20/23 | (4,618 | ) | ||||||||||||||
| SEK | 15,075,000 | USD | 1,441,473 | 09/20/23 | (63,219 | ) | ||||||||||||||
| SGD | 420,000 | USD | 315,514 | 09/20/23 | (4,460 | ) | ||||||||||||||
| USD | 4,677,496 | AUD | 7,230,000 | 09/20/23 | (10,638 | ) | ||||||||||||||
| USD | 47,640,388 | CHF | 42,590,000 | 09/20/23 | (677,774 | ) | ||||||||||||||
| USD | 14,146,183 | DKK | 97,550,000 | 09/20/23 | (63,294 | ) | ||||||||||||||
| USD | 155,985,616 | EUR | 144,530,000 | 09/20/23 | (885,523 | ) | ||||||||||||||
| USD | 70,558,604 | GBP | 56,340,000 | 09/20/23 | (819,641 | ) | ||||||||||||||
| USD | 1,036,163 | HKD | 8,120,000 | 09/20/23 | (289 | ) | ||||||||||||||
| USD | 136,795 | ILS | 520,000 | 09/20/23 | (46 | ) | ||||||||||||||
| USD | 15,940,815 | JPY | 2,316,000,000 | 09/20/23 | (28,099 | ) | ||||||||||||||
| USD | 2,995,852 | NOK | 32,700,000 | 09/20/23 | (81,861 | ) | ||||||||||||||
| USD | 95,271 | NZD | 160,000 | 09/20/23 | (141 | ) | ||||||||||||||
| USD | 1,535,489 | SEK | 16,800,000 | 09/20/23 | (476 | ) | ||||||||||||||
| USD | 599,514 | SGD | 810,000 | 09/20/23 | (379 | ) | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | (3,688,419 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||
|
|
||||||||||||
| Long position contracts: |
||||||||||||
| E-Mini Russell 2000 Index |
2,135 | 09/15/23 | $ | 202,995,800 | $ | 138,224 | ||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FUTURES CONTRACTS (continued)
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| S&P 500 E-Mini Index |
626 | 09/15/23 | $ | 141,350,800 | $ | 5,068,338 | ||||||||||
| S&P Toronto Stock Exchange 60 Index |
355 | 09/14/23 | 63,901,051 | 786,885 | ||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 5,993,447 | ||||||||||||||
|
|
||||||||||||||||
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2023, the Fund had the following purchased options:
OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY
| Description | Counterparty | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Call CHF/Put NOK |
MS & Co. Int. PLC | 12.548 | % | 11/22/2023 | 11,050,000 | $ | 11,050,000 | $ | 119,788 | $ | 206,828 | $ | (87,040 | ) | ||||||||||||||||
| Call CHF/Put SEK |
MS & Co. Int. PLC | 13.122 | 10/16/2023 | 25,640,000 | 25,640,000 | 39,272 | 484,833 | (445,561 | ) | |||||||||||||||||||||
| Call JPY/Put KRW |
MS & Co. Int. PLC | 11.390 | 11/20/2023 | 1,012,141,000 | 1,012,141,000 | 459 | 130,775 | (130,316 | ) | |||||||||||||||||||||
| Call USD/Put CAD |
MS & Co. Int. PLC | 1.456 | 11/17/2023 | 23,392,000 | 23,392,000 | 4,398 | 249,359 | (244,961 | ) | |||||||||||||||||||||
| Call USD/Put KRW |
MS & Co. Int. PLC | 1,508.000 | 11/21/2023 | 8,474,000 | 8,474,000 | 2,313 | 126,686 | (124,373 | ) | |||||||||||||||||||||
| Call USD/Put MXN |
MS & Co. Int. PLC | 23.942 | 11/20/2023 | 15,110,000 | 15,110,000 | 801 | 244,873 | (244,072 | ) | |||||||||||||||||||||
| Call USD/Put NOK |
MS & Co. Int. PLC | 11.785 | 11/20/2023 | 7,004,000 | 7,004,000 | 16,859 | 122,920 | (106,061 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 1,102,811,000 | $ | 1,102,811,000 | $ | 183,890 | $ | 1,566,274 | $ | (1,382,384 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Put AUD/Call JPY |
MS & Co. Int. PLC | 77.470 | 10/16/2023 | 27,634,000 | 27,634,000 | 251 | 398,359 | (398,108 | ) | |||||||||||||||||||||
| Put CAD/Call JPY |
MS & Co. Int. PLC | 89.940 | 11/20/2023 | 15,915,000 | 15,915,000 | 1,720 | 173,511 | (171,791 | ) | |||||||||||||||||||||
| Put NZD/Call USD |
MS & Co. Int. PLC | 0.546 | 11/23/2023 | 34,709,000 | 34,709,000 | 34,791 | 392,457 | (357,666 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| 78,258,000 | $ | 78,258,000 | $ | 36,762 | $ | 964,327 | $ | (927,565 | ) | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Total purchased option contracts | 1,181,069,000 | $ | 1,181,069,000 | $ | 220,652 | $ | 2,530,601 | $ | (2,309,949 | ) | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| Euro Stoxx 50 Index |
$ | 4,350.000 | 09/15/2023 | (3 | ) | $ | (1,305,000 | ) | $ | (1,002 | ) | $ | (749 | ) | $ | (253 | ) | |||||||||||||
| Euro Stoxx 50 Index |
4,400.000 | 09/15/2023 | (31 | ) | (13,640,000 | ) | (5,143 | ) | (14,067 | ) | 8,924 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,450.000 | 09/15/2023 | (21 | ) | (9,345,000 | ) | (1,617 | ) | (9,067 | ) | 7,450 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,500.000 | 09/15/2023 | (7 | ) | (3,150,000 | ) | (266 | ) | (1,983 | ) | 1,717 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,525.000 | 09/15/2023 | (67 | ) | (30,317,500 | ) | (1,889 | ) | (23,830 | ) | 21,941 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,550.000 | 09/15/2023 | (39 | ) | (17,745,000 | ) | (803 | ) | (14,661 | ) | 13,858 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,600.000 | 09/15/2023 | (27 | ) | (12,420,000 | ) | (351 | ) | (7,838 | ) | 7,487 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,400.000 | 10/20/2023 | (38 | ) | (16,720,000 | ) | (21,262 | ) | (19,417 | ) | (1,845 | ) | ||||||||||||||||||
| Euro Stoxx 50 Index |
4,425.000 | 10/20/2023 | (41 | ) | (18,142,500 | ) | (18,717 | ) | (15,530 | ) | (3,187 | ) | ||||||||||||||||||
| Euro Stoxx 50 Index |
4,500.000 | 10/20/2023 | (23 | ) | (10,350,000 | ) | (5,412 | ) | (13,277 | ) | 7,865 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,575.000 | 10/20/2023 | (37 | ) | (16,927,500 | ) | (4,173 | ) | (11,886 | ) | 7,713 | |||||||||||||||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Euro Stoxx 50 Index |
$ | 4,650.000 | 10/20/2023 | (13 | ) | $ | (6,045,000 | ) | $ | (705 | ) | $ | (5,813 | ) | $ | 5,108 | ||||||||||||||
| Euro Stoxx 50 Index |
4,450.000 | 11/17/2023 | (7 | ) | (3,115,000 | ) | (4,387 | ) | (4,098 | ) | (289 | ) | ||||||||||||||||||
| FTSE 100 Index |
7,450.000 | 09/15/2023 | (7 | ) | (5,215,000 | ) | (6,473 | ) | (5,140 | ) | (1,333 | ) | ||||||||||||||||||
| FTSE 100 Index |
7,575.000 | 09/15/2023 | (9 | ) | (6,817,500 | ) | (2,793 | ) | (7,088 | ) | 4,295 | |||||||||||||||||||
| FTSE 100 Index |
7,650.000 | 09/15/2023 | (4 | ) | (3,060,000 | ) | (583 | ) | (4,210 | ) | 3,627 | |||||||||||||||||||
| FTSE 100 Index |
7,700.000 | 09/15/2023 | (6 | ) | (4,620,000 | ) | (532 | ) | (3,276 | ) | 2,744 | |||||||||||||||||||
| FTSE 100 Index |
7,775.000 | 09/15/2023 | (3 | ) | (2,332,500 | ) | (133 | ) | (713 | ) | 580 | |||||||||||||||||||
| FTSE 100 Index |
7,800.000 | 09/15/2023 | (8 | ) | (6,240,000 | ) | (304 | ) | (5,791 | ) | 5,487 | |||||||||||||||||||
| FTSE 100 Index |
7,850.000 | 09/15/2023 | (6 | ) | (4,710,000 | ) | (152 | ) | (2,838 | ) | 2,686 | |||||||||||||||||||
| FTSE 100 Index |
7,525.000 | 10/20/2023 | (15 | ) | (11,287,500 | ) | (17,387 | ) | (11,275 | ) | (6,112 | ) | ||||||||||||||||||
| FTSE 100 Index |
7,775.000 | 10/20/2023 | (5 | ) | (3,887,500 | ) | (1,457 | ) | (3,749 | ) | 2,292 | |||||||||||||||||||
| FTSE 100 Index |
7,850.000 | 10/20/2023 | (6 | ) | (4,710,000 | ) | (1,178 | ) | (3,458 | ) | 2,280 | |||||||||||||||||||
| FTSE 100 Index |
7,875.000 | 10/20/2023 | (1 | ) | (787,500 | ) | (171 | ) | (956 | ) | 785 | |||||||||||||||||||
| FTSE 100 Index |
7,925.000 | 10/20/2023 | (3 | ) | (2,377,500 | ) | (399 | ) | (2,194 | ) | 1,795 | |||||||||||||||||||
| Nikkei 225 Index |
33,375.000 | 09/08/2023 | (5 | ) | (16,687,500 | ) | (1,512 | ) | (15,664 | ) | 14,152 | |||||||||||||||||||
| Nikkei 225 Index |
33,875.000 | 09/08/2023 | (4 | ) | (13,550,000 | ) | (275 | ) | (6,174 | ) | 5,899 | |||||||||||||||||||
| Nikkei 225 Index |
34,250.000 | 09/08/2023 | (3 | ) | (10,275,000 | ) | (62 | ) | (5,823 | ) | 5,761 | |||||||||||||||||||
| Nikkei 225 Index |
34,875.000 | 09/08/2023 | (9 | ) | (31,387,500 | ) | (62 | ) | (16,989 | ) | 16,927 | |||||||||||||||||||
| Nikkei 225 Index |
35,250.000 | 09/08/2023 | (2 | ) | (7,050,000 | ) | (14 | ) | (3,131 | ) | 3,117 | |||||||||||||||||||
| Nikkei 225 Index |
35,500.000 | 09/08/2023 | (1 | ) | (3,550,000 | ) | (7 | ) | (4,083 | ) | 4,076 | |||||||||||||||||||
| Nikkei 225 Index |
32,875.000 | 10/13/2023 | (5 | ) | (16,437,500 | ) | (15,293 | ) | (8,024 | ) | (7,269 | ) | ||||||||||||||||||
| Nikkei 225 Index |
33,000.000 | 10/13/2023 | (3 | ) | (9,900,000 | ) | (8,454 | ) | (4,805 | ) | (3,649 | ) | ||||||||||||||||||
| Nikkei 225 Index |
33,500.000 | 10/13/2023 | (1 | ) | (3,350,000 | ) | (1,753 | ) | (4,064 | ) | 2,311 | |||||||||||||||||||
| Nikkei 225 Index |
33,625.000 | 10/13/2023 | (5 | ) | (16,812,500 | ) | (7,389 | ) | (13,223 | ) | 5,834 | |||||||||||||||||||
| Nikkei 225 Index |
34,000.000 | 10/13/2023 | (3 | ) | (10,200,000 | ) | (3,093 | ) | (9,166 | ) | 6,073 | |||||||||||||||||||
| Nikkei 225 Index |
34,125.000 | 10/13/2023 | (4 | ) | (13,650,000 | ) | (3,574 | ) | (6,589 | ) | 3,015 | |||||||||||||||||||
| Nikkei 225 Index |
34,375.000 | 10/13/2023 | (2 | ) | (6,875,000 | ) | (1,361 | ) | (5,436 | ) | 4,075 | |||||||||||||||||||
| Nikkei 225 Index |
33,125.000 | 11/10/2023 | (1 | ) | (3,312,500 | ) | (3,952 | ) | (2,254 | ) | (1,698 | ) | ||||||||||||||||||
| Nikkei 225 Index |
33,250.000 | 11/10/2023 | (2 | ) | (6,650,000 | ) | (7,284 | ) | (4,569 | ) | (2,715 | ) | ||||||||||||||||||
| S&P 500 Index |
4,600.000 | 09/06/2023 | (28 | ) | (12,880,000 | ) | (2,800 | ) | (48,456 | ) | 45,656 | |||||||||||||||||||
| S&P 500 Index |
4,550.000 | 09/13/2023 | (25 | ) | (11,375,000 | ) | (48,375 | ) | (61,251 | ) | 12,876 | |||||||||||||||||||
| S&P 500 Index |
4,500.000 | 09/20/2023 | (25 | ) | (11,250,000 | ) | (145,125 | ) | (93,145 | ) | (51,980 | ) | ||||||||||||||||||
| S&P 500 Index |
4,600.000 | 09/27/2023 | (28 | ) | (12,880,000 | ) | (58,100 | ) | (72,907 | ) | 14,807 | |||||||||||||||||||
| S&P 500 Index |
4,515.000 | 09/29/2023 | (2 | ) | (903,000 | ) | (12,610 | ) | (8,598 | ) | (4,012 | ) | ||||||||||||||||||
| S&P 500 Index |
4,580.000 | 09/29/2023 | (4 | ) | (1,832,000 | ) | (12,260 | ) | (12,900 | ) | 640 | |||||||||||||||||||
| S&P 500 Index |
4,605.000 | 09/29/2023 | (22 | ) | (10,131,000 | ) | (56,450 | ) | (56,450 | ) | — | |||||||||||||||||||
| S&P 500 Index |
4,610.000 | 09/29/2023 | (22 | ) | (10,142,000 | ) | (53,286 | ) | (53,286 | ) | — | |||||||||||||||||||
| S&P 500 Index |
4,615.000 | 09/29/2023 | (22 | ) | (10,153,000 | ) | (49,914 | ) | (49,914 | ) | — | |||||||||||||||||||
| S&P 500 Index |
4,620.000 | 09/29/2023 | (22 | ) | (10,164,000 | ) | (46,656 | ) | (46,656 | ) | — | |||||||||||||||||||
| S&P 500 Index |
4,625.000 | 09/29/2023 | (22 | ) | (10,175,000 | ) | (43,369 | ) | (43,369 | ) | — | |||||||||||||||||||
| S&P 500 Index |
4,630.000 | 09/29/2023 | (3 | ) | (1,389,000 | ) | (4,605 | ) | (12,928 | ) | 8,323 | |||||||||||||||||||
| S&P 500 Index |
4,650.000 | 09/29/2023 | (7 | ) | (3,255,000 | ) | (7,910 | ) | (19,013 | ) | 11,103 | |||||||||||||||||||
| S&P 500 Index |
4,740.000 | 09/29/2023 | (20 | ) | (9,480,000 | ) | (5,350 | ) | (51,233 | ) | 45,883 | |||||||||||||||||||
| S&P 500 Index |
4,570.000 | 10/31/2023 | (6 | ) | (2,742,000 | ) | (43,560 | ) | (32,528 | ) | (11,032 | ) | ||||||||||||||||||
| S&P 500 Index |
4,635.000 | 10/31/2023 | (4 | ) | (1,854,000 | ) | (17,260 | ) | (16,837 | ) | (423 | ) | ||||||||||||||||||
| S&P 500 Index |
4,660.000 | 10/31/2023 | (8 | ) | (3,728,000 | ) | (27,560 | ) | (32,114 | ) | 4,554 | |||||||||||||||||||
| S&P 500 Index |
4,705.000 | 10/31/2023 | (2 | ) | (941,000 | ) | (4,430 | ) | (7,338 | ) | 2,908 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| (749 | ) | $ | (510,229,000 | ) | $ | (790,994 | ) | $ | (1,021,821 | ) | $ | 230,827 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||||
| Euro Stoxx 50 Index |
4,100.000 | 09/15/2023 | (31 | ) | (12,710,000 | ) | (2,118 | ) | (19,189 | ) | 17,071 | |||||||||||||||||||
| Euro Stoxx 50 Index |
4,125.000 | 09/15/2023 | (4 | ) | (1,650,000 | ) | (338 | ) | (1,921 | ) | 1,583 | |||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Euro Stoxx 50 Index |
$ 4,200.000 | 09/15/2023 | (28) | $ | (11,760,000 | ) | $ | (4,767 | ) | $ | (15,433 | ) | $ | 10,666 | ||||||||||
| Euro Stoxx 50 Index |
4,250.000 | 09/15/2023 | (19) | (8,075,000 | ) | (5,336 | ) | (9,730 | ) | 4,394 | ||||||||||||||
| Euro Stoxx 50 Index |
4,275.000 | 09/15/2023 | (35) | (14,962,500 | ) | (12,600 | ) | (17,867 | ) | 5,267 | ||||||||||||||
| Euro Stoxx 50 Index |
4,300.000 | 09/15/2023 | (46) | (19,780,000 | ) | (21,099 | ) | (30,468 | ) | 9,369 | ||||||||||||||
| Euro Stoxx 50 Index |
4,375.000 | 09/15/2023 | (24) | (10,500,000 | ) | (21,835 | ) | (12,699 | ) | (9,136 | ) | |||||||||||||
| Euro Stoxx 50 Index |
4,100.000 | 10/20/2023 | (41) | (16,810,000 | ) | (13,249 | ) | (34,274 | ) | 21,025 | ||||||||||||||
| Euro Stoxx 50 Index |
4,125.000 | 10/20/2023 | (38) | (15,675,000 | ) | (13,845 | ) | (21,747 | ) | 7,902 | ||||||||||||||
| Euro Stoxx 50 Index |
4,175.000 | 10/20/2023 | (23) | (9,602,500 | ) | (10,674 | ) | (15,829 | ) | 5,155 | ||||||||||||||
| Euro Stoxx 50 Index |
4,275.000 | 10/20/2023 | (37) | (15,817,500 | ) | (27,924 | ) | (34,811 | ) | 6,887 | ||||||||||||||
| Euro Stoxx 50 Index |
4,350.000 | 10/20/2023 | (13) | (5,655,000 | ) | (14,125 | ) | (9,471 | ) | (4,654 | ) | |||||||||||||
| Euro Stoxx 50 Index |
4,100.000 | 11/17/2023 | (7) | (2,870,000 | ) | (3,643 | ) | (5,050 | ) | 1,407 | ||||||||||||||
| FTSE 100 Index |
7,025.000 | 09/15/2023 | (7) | (4,917,500 | ) | (399 | ) | (6,553 | ) | 6,154 | ||||||||||||||
| FTSE 100 Index |
7,150.000 | 09/15/2023 | (1) | (715,000 | ) | (101 | ) | (973 | ) | 872 | ||||||||||||||
| FTSE 100 Index |
7,225.000 | 09/15/2023 | (9) | (6,502,500 | ) | (1,368 | ) | (7,097 | ) | 5,729 | ||||||||||||||
| FTSE 100 Index |
7,275.000 | 09/15/2023 | (4) | (2,910,000 | ) | (861 | ) | (3,101 | ) | 2,240 | ||||||||||||||
| FTSE 100 Index |
7,300.000 | 09/15/2023 | (2) | (1,460,000 | ) | (507 | ) | (1,415 | ) | 908 | ||||||||||||||
| FTSE 100 Index |
7,325.000 | 09/15/2023 | (5) | (3,662,500 | ) | (1,520 | ) | (3,642 | ) | 2,122 | ||||||||||||||
| FTSE 100 Index |
7,450.000 | 09/15/2023 | (7) | (5,215,000 | ) | (5,365 | ) | (5,976 | ) | 611 | ||||||||||||||
| FTSE 100 Index |
7,475.000 | 09/15/2023 | (2) | (1,495,000 | ) | (1,837 | ) | (2,397 | ) | 560 | ||||||||||||||
| FTSE 100 Index |
7,525.000 | 09/15/2023 | (5) | (3,762,500 | ) | (6,429 | ) | (4,246 | ) | (2,183 | ) | |||||||||||||
| FTSE 100 Index |
7,100.000 | 10/20/2023 | (9) | (6,390,000 | ) | (3,591 | ) | (10,749 | ) | 7,158 | ||||||||||||||
| FTSE 100 Index |
7,150.000 | 10/20/2023 | (8) | (5,720,000 | ) | (3,699 | ) | (6,497 | ) | 2,798 | ||||||||||||||
| FTSE 100 Index |
7,300.000 | 10/20/2023 | (5) | (3,650,000 | ) | (3,895 | ) | (5,162 | ) | 1,267 | ||||||||||||||
| FTSE 100 Index |
7,425.000 | 10/20/2023 | (1) | (742,500 | ) | (1,254 | ) | (1,143 | ) | (111 | ) | |||||||||||||
| FTSE 100 Index |
7,450.000 | 10/20/2023 | (6) | (4,470,000 | ) | (8,285 | ) | (9,173 | ) | 888 | ||||||||||||||
| FTSE 100 Index |
7,500.000 | 10/20/2023 | (3) | (2,250,000 | ) | (4,998 | ) | (3,486 | ) | (1,512 | ) | |||||||||||||
| FTSE 100 Index |
7,100.000 | 11/17/2023 | (1) | (710,000 | ) | (760 | ) | (607 | ) | (153 | ) | |||||||||||||
| Nikkei 225 Index |
30,875.000 | 09/08/2023 | (4) | (12,350,000 | ) | (330 | ) | (11,507 | ) | 11,177 | ||||||||||||||
| Nikkei 225 Index |
31,625.000 | 09/08/2023 | (1) | (3,162,500 | ) | (268 | ) | (2,026 | ) | 1,758 | ||||||||||||||
| Nikkei 225 Index |
31,875.000 | 09/08/2023 | (4) | (12,750,000 | ) | (1,650 | ) | (14,949 | ) | 13,299 | ||||||||||||||
| Nikkei 225 Index |
32,000.000 | 09/08/2023 | (7) | (22,400,000 | ) | (3,753 | ) | (25,647 | ) | 21,894 | ||||||||||||||
| Nikkei 225 Index |
32,125.000 | 09/08/2023 | (1) | (3,212,500 | ) | (722 | ) | (3,801 | ) | 3,079 | ||||||||||||||
| Nikkei 225 Index |
32,250.000 | 09/08/2023 | (5) | (16,125,000 | ) | (4,468 | ) | (33,250 | ) | 28,782 | ||||||||||||||
| Nikkei 225 Index |
32,375.000 | 09/08/2023 | (2) | (6,475,000 | ) | (2,268 | ) | (14,908 | ) | 12,640 | ||||||||||||||
| Nikkei 225 Index |
30,500.000 | 10/13/2023 | (6) | (18,300,000 | ) | (6,392 | ) | (24,731 | ) | 18,339 | ||||||||||||||
| Nikkei 225 Index |
30,875.000 | 10/13/2023 | (3) | (9,262,500 | ) | (4,330 | ) | (10,641 | ) | 6,311 | ||||||||||||||
| Nikkei 225 Index |
31,125.000 | 10/13/2023 | (5) | (15,562,500 | ) | (8,935 | ) | (17,175 | ) | 8,240 | ||||||||||||||
| Nikkei 225 Index |
31,375.000 | 10/13/2023 | (7) | (21,962,500 | ) | (15,155 | ) | (35,307 | ) | 20,152 | ||||||||||||||
| Nikkei 225 Index |
31,500.000 | 10/13/2023 | (2) | (6,300,000 | ) | (4,742 | ) | (10,242 | ) | 5,500 | ||||||||||||||
| Nikkei 225 Index |
30,375.000 | 11/10/2023 | (1) | (3,037,500 | ) | (2,062 | ) | (5,195 | ) | 3,133 | ||||||||||||||
| Nikkei 225 Index |
30,625.000 | 11/10/2023 | (2) | (6,125,000 | ) | (4,811 | ) | (8,664 | ) | 3,853 | ||||||||||||||
| S&P 500 Index |
4,440.000 | 09/06/2023 | (28) | (12,432,000 | ) | (8,680 | ) | (113,062 | ) | 104,382 | ||||||||||||||
| S&P 500 Index |
4,375.000 | 09/13/2023 | (28) | (12,250,000 | ) | (14,280 | ) | (96,371 | ) | 82,091 | ||||||||||||||
| S&P 500 Index |
4,310.000 | 09/20/2023 | (28) | (12,068,000 | ) | (18,760 | ) | (75,130 | ) | 56,370 | ||||||||||||||
| S&P 500 Index |
4,440.000 | 09/27/2023 | (28) | (12,432,000 | ) | (77,980 | ) | (82,582 | ) | 4,602 | ||||||||||||||
| S&P 500 Index |
4,300.000 | 09/29/2023 | (2) | (860,000 | ) | (2,360 | ) | (7,358 | ) | 4,998 | ||||||||||||||
| S&P 500 Index |
4,355.000 | 09/29/2023 | (4) | (1,742,000 | ) | (6,720 | ) | (20,117 | ) | 13,397 | ||||||||||||||
| S&P 500 Index |
4,360.000 | 09/29/2023 | (3) | (1,308,000 | ) | (5,205 | ) | (16,738 | ) | 11,533 | ||||||||||||||
| S&P 500 Index |
4,385.000 | 09/29/2023 | (1) | (438,500 | ) | (2,050 | ) | (7,269 | ) | 5,219 | ||||||||||||||
| S&P 500 Index |
4,420.000 | 09/29/2023 | (6) | (2,652,000 | ) | (15,720 | ) | (36,636 | ) | 20,916 | ||||||||||||||
| S&P 500 Index |
4,450.000 | 09/29/2023 | (22) | (9,790,000 | ) | (67,895 | ) | (67,895 | ) | — | ||||||||||||||
| S&P 500 Index |
4,455.000 | 09/29/2023 | (22) | (9,801,000 | ) | (70,407 | ) | (70,407 | ) | — | ||||||||||||||
| S&P 500 Index |
4,460.000 | 09/29/2023 | (22) | (9,812,000 | ) | (73,056 | ) | (73,056 | ) | — | ||||||||||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| S&P 500 Index |
$ 4,465.000 | 09/29/2023 | (22) | $ | (9,823,000 | ) | $ | (75,545 | ) | $ | (75,545 | ) | $ | — | ||||||||||
| S&P 500 Index |
4,470.000 | 09/29/2023 | (22) | (9,834,000 | ) | (78,409 | ) | (78,409 | ) | — | ||||||||||||||
| S&P 500 Index |
4,490.000 | 09/29/2023 | (4) | (1,796,000 | ) | (17,500 | ) | (24,197 | ) | 6,697 | ||||||||||||||
| S&P 500 Index |
4,500.000 | 09/29/2023 | (6) | (2,700,000 | ) | (28,200 | ) | (36,643 | ) | 8,443 | ||||||||||||||
| S&P 500 Index |
4,510.000 | 09/29/2023 | (7) | (3,157,000 | ) | (35,595 | ) | (53,494 | ) | 17,899 | ||||||||||||||
| S&P 500 Index |
4,285.000 | 10/31/2023 | (6) | (2,571,000 | ) | (16,650 | ) | (33,222 | ) | 16,572 | ||||||||||||||
| S&P 500 Index |
4,340.000 | 10/31/2023 | (4) | (1,736,000 | ) | (13,960 | ) | (27,397 | ) | 13,437 | ||||||||||||||
| S&P 500 Index |
4,410.000 | 10/31/2023 | (2) | (882,000 | ) | (9,500 | ) | (15,758 | ) | 6,258 | ||||||||||||||
| S&P 500 Index |
4,415.000 | 10/31/2023 | (8) | (3,532,000 | ) | (38,840 | ) | (40,404 | ) | 1,564 | ||||||||||||||
|
|
||||||||||||||||||||||||
| (746) | $ | (479,081,500 | ) | $ | (933,620 | ) | $ | (1,570,439 | ) | $ | 636,819 | |||||||||||||
|
|
||||||||||||||||||||||||
| Total written option contracts | (1,495) | $ | (989,310,500 | ) | $ | (1,724,614 | ) | $ | (2,592,260 | ) | $ | 867,646 | ||||||||||||
|
|
||||||||||||||||||||||||
EXCHANGE TRADED OPTIONS ON FUTURES
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
|
|
||||||||||||||||||||||||
| Purchased option contracts |
||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||
| 3 Month SOFR |
$96.625 | 06/13/2025 | 983 | $ | 2,457,500 | $ | 1,462,212 | $ | 1,903,452 | $ | (441,239 | ) | ||||||||||||
| 3 Month SOFR |
97.250 | 03/14/2025 | 1,843 | 4,607,500 | 1,439,844 | 3,360,173 | (1,920,329 | ) | ||||||||||||||||
| 3 Month SOFR |
95.250 | 09/13/2024 | 385 | 962,500 | 623,219 | 1,547,892 | (924,673 | ) | ||||||||||||||||
| 3 Month SOFR |
95.125 | 06/14/2024 | 428 | 1,070,000 | 454,750 | 1,518,638 | (1,063,888 | ) | ||||||||||||||||
| 3 Month SOFR |
97.750 | 06/14/2024 | 2,036 | 5,090,000 | 279,950 | 2,716,180 | (2,436,230 | ) | ||||||||||||||||
| 3 Month SOFR |
97.250 | 12/13/2024 | 2,052 | 5,130,000 | 1,167,075 | 3,290,395 | (2,123,320 | ) | ||||||||||||||||
| 3 Month SOFR |
97.250 | 09/13/2024 | 1,214 | 3,035,000 | 440,075 | 1,623,613 | (1,183,539 | ) | ||||||||||||||||
| 3 Month SOFR |
97.250 | 06/14/2024 | 807 | 2,017,500 | 166,444 | 779,129 | (612,685 | ) | ||||||||||||||||
| 3 Month SOFR |
95.000 | 03/15/2024 | 777 | 1,942,500 | 451,631 | 2,288,516 | (1,836,885 | ) | ||||||||||||||||
| 3 Month SOFR |
97.750 | 03/15/2024 | 2,323 | 5,807,500 | 174,225 | 2,749,256 | (2,575,031 | ) | ||||||||||||||||
| 3 Month SOFR |
97.500 | 12/15/2023 | 1,534 | 3,835,000 | 57,525 | 1,910,371 | (1,852,846 | ) | ||||||||||||||||
| 3 Month SOFR |
96.500 | 03/14/2025 | 966 | 2,415,000 | 1,285,987 | 1,863,201 | (577,214 | ) | ||||||||||||||||
| 3 Month SOFR |
96.250 | 12/13/2024 | 915 | 2,287,500 | 1,080,844 | 1,714,070 | (633,226 | ) | ||||||||||||||||
| 3 Month SOFR |
96.000 | 09/13/2024 | 907 | 2,267,500 | 850,313 | 1,617,407 | (767,094 | ) | ||||||||||||||||
| 3 Month SOFR |
97.250 | 09/15/2023 | 637 | 1,592,500 | 3,981 | 878,149 | (874,168 | ) | ||||||||||||||||
| 3 Month SOFR |
96.625 | 09/12/2025 | 921 | 2,302,500 | 1,519,650 | 1,888,445 | (368,795 | ) | ||||||||||||||||
| 3 Month SOFR |
97.250 | 06/13/2025 | 2,670 | 6,675,000 | 2,569,875 | 2,854,785 | (284,910 | ) | ||||||||||||||||
| 3 Month SOFR |
97.000 | 03/14/2025 | 2,074 | 5,185,000 | 1,944,375 | 2,263,037 | (318,662 | ) | ||||||||||||||||
| 3 Month SOFR |
97.500 | 09/12/2025 | 3,092 | 7,730,000 | 2,763,475 | 3,074,948 | (311,473 | ) | ||||||||||||||||
| 3 Month SOFR |
97.500 | 12/12/2025 | 2,880 | 7,200,000 | 2,772,000 | 3,083,882 | (311,882 | ) | ||||||||||||||||
| 3 Month SOFR |
98.500 | 06/14/2024 | 4,062 | 10,155,000 | 304,650 | 475,649 | (170,999 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||
| TOTAL |
33,506 | $ | 83,765,000 | $ | 21,812,100 | $ | 43,401,188 | $ | (21,589,088 | ) | ||||||||||||||
|
|
||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Schedule of Investments (continued)
August 31, 2023 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| DKK | —Denmark Krone | |
| EUR | —Euro | |
| GBP | —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 | |
| MSCI | —Morgan Stanley Capital International | |
| PLC | —Public Limited Company | |
| REIT | —Real Estate Investment Trust | |
|
| ||
|
| ||
| Abbreviations: | ||
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
| SOFR | —Secured Overnight Funding Rate | |
|
| ||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
| Schedule of Investments
August 31, 2023 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value |
|||||||||||||
| U.S. Treasury Obligations(a)(b) – 32.9% |
| |||||||||||||||
| U.S. Treasury Bills |
| |||||||||||||||
| $ | 187,500,000 | 0.000 | % | 11/02/23 | $ 185,795,225 | |||||||||||
| 187,500,000 | 0.000 | 11/30/23 | 185,012,766 | |||||||||||||
| 187,500,000 | 0.000 | 12/28/23 | 184,249,039 | |||||||||||||
| 187,500,000 | 0.000 | 01/25/24 | 183,486,673 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $740,490,297) |
$ 738,543,703 | |||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(c) – 59.7% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 1,340,575,888 |
|
5.234% | $1,340,575,888 | |||||||||||||
| (Cost $1,340,575,888) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 92.6% (Cost $2,081,066,185) |
$2,079,119,591 | |||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
165,410,628 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $2,244,530,219 | |||||||||||||||
|
|
||||||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | All or a portion of security is segregated as collateral for options. | |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (c) | Represents an affiliated fund. | |
| ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 31, 2023, 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 |
CAD | 4,690,000 | USD | 3,463,757 | 09/20/23 | $ | 8,285 | |||||||||||||
| CHF | 52,520,000 | USD | 59,576,450 | 09/20/23 | 7,252 | |||||||||||||||
| GBP | 34,830,000 | USD | 43,415,938 | 09/20/23 | 710,869 | |||||||||||||||
| NZD | 134,490,000 | USD | 80,039,371 | 09/20/23 | 160,628 | |||||||||||||||
| USD | 15,944,663 | AUD | 23,660,000 | 09/20/23 | 602,857 | |||||||||||||||
| USD | 96,370,311 | CAD | 128,680,000 | 09/20/23 | 1,107,551 | |||||||||||||||
| USD | 18,764,744 | GBP | 14,750,000 | 09/20/23 | 77,681 | |||||||||||||||
| USD | 31,872,011 | JPY | 4,495,630,000 | 09/20/23 | 874,460 | |||||||||||||||
| USD | 130,933,842 | NZD | 216,400,000 | 09/20/23 | 1,888,710 | |||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 5,438,293 | ||||||||||||||||||
|
|
||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||
|
|
||||||||||||||||||
| MS & Co. Int. PLC |
AUD | 38,140,000 | USD | 25,465,201 | 09/20/23 | $ | (734,157 | ) | ||||||||||
| CAD | 30,450,000 | USD | 23,104,970 | 09/20/23 | (562,609 | ) | ||||||||||||
| CHF | 31,860,000 | USD | 36,859,126 | 09/20/23 | (714,100 | ) | ||||||||||||
| EUR | 30,950,000 | USD | 33,940,791 | 09/20/23 | (348,030 | ) | ||||||||||||
| JPY | 5,509,270,000 | USD | 39,880,073 | 09/20/23 | (1,893,434 | ) | ||||||||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
| Schedule of Investments (continued)
August 31, 2023 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)
| Counterparty | Currency Purchased |
Currency Sold |
Settlement Date |
Unrealized Loss |
||||||||||||||||
|
|
||||||||||||||||||||
| MS & Co. Int. PLC (continued) |
NZD | 67,370,000 | USD | 41,819,934 | 09/20/23 | $ | (1,645,393 | ) | ||||||||||||
| USD | 3,635,724 | AUD | 5,620,000 | 09/20/23 | (8,441 | ) | ||||||||||||||
| USD | 129,054,333 | CHF | 114,620,000 | 09/20/23 | (981,538 | ) | ||||||||||||||
| USD | 33,306,952 | EUR | 30,950,000 | 09/20/23 | (285,809 | ) | ||||||||||||||
| USD | 8,256,953 | GBP | 6,520,000 | 09/20/23 | (3,362 | ) | ||||||||||||||
| USD | 15,587,896 | JPY | 2,265,660,000 | 09/20/23 | (33,921 | ) | ||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | (7,210,794 | ) | |||||||||||||||||
|
|
||||||||||||||||||||
FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
9,426 | 12/19/23 | $ | 1,046,580,563 | $ | 10,433,234 | ||||||||||
| S&P 500 E-Mini Index |
5,966 | 09/15/23 | 1,347,122,800 | 4,159,177 | ||||||||||||
|
|
||||||||||||||||
| Total | $ | 14,592,411 | ||||||||||||||
|
|
||||||||||||||||
| Short position contracts: |
||||||||||||||||
| 20 Year U.S. Treasury Bonds |
(1,740) | 12/19/23 | (211,736,250 | ) | (2,858,115 | ) | ||||||||||
| 3 Month SOFR |
(593) | 12/17/24 | (141,556,513 | ) | (43,640 | ) | ||||||||||
|
|
||||||||||||||||
| Total | $ | (2,901,755 | ) | |||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 11,690,656 | ||||||||||||||
|
|
||||||||||||||||
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2023, the Fund had the following purchased options:
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Purchased option contracts |
|
|||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||
| S&P 500 Index |
$ | 3,450.000 | 09/01/2023 | 461 | $ | 159,045,000 | $ | 1,153 | $ | 51,056 | $ | (49,903 | ) | |||||||||||||||
| S&P 500 Index |
3,975.000 | 09/01/2023 | 392 | 155,820,000 | 2,940 | 10,094 | (7,154 | ) | ||||||||||||||||||||
| S&P 500 Index |
4,370.000 | 09/01/2023 | 1 | 437,000 | 18 | 811 | (793 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/05/2023 | 464 | 148,480,000 | 1,160 | 38,622 | (37,462 | ) | ||||||||||||||||||||
| S&P 500 Index |
4,435.000 | 09/05/2023 | 1 | 443,500 | 155 | 981 | (826 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/06/2023 | 462 | 147,840,000 | 1,155 | 41,969 | (40,814 | ) | ||||||||||||||||||||
| S&P 500 Index |
4,470.000 | 09/06/2023 | 1 | 447,000 | 720 | 951 | (231 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/07/2023 | 464 | 148,480,000 | 1,160 | 31,994 | (30,834 | ) | ||||||||||||||||||||
| S&P 500 Index |
4,480.000 | 09/07/2023 | 1 | 448,000 | 1,061 | 1,061 | — | |||||||||||||||||||||
| S&P 500 Index |
3,450.000 | 09/08/2023 | 465 | 160,425,000 | 5,812 | 69,444 | (63,632 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/11/2023 | 466 | 158,440,000 | 6,990 | 38,839 | (31,849 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/13/2023 | 464 | 157,760,000 | 11,600 | 49,441 | (37,841 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,300.000 | 09/15/2023 | 468 | 154,440,000 | 10,530 | 47,151 | (36,621 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,340.000 | 09/15/2023 | 472 | 157,648,000 | 11,800 | 49,885 | (38,085 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,430.000 | 09/15/2023 | 464 | 159,152,000 | 13,920 | 49,068 | (35,148 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/18/2023 | 473 | 151,360,000 | 9,460 | 46,173 | (36,713 | ) | ||||||||||||||||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| S&P 500 Index |
$ | 3,200.000 | 09/19/2023 | 475 | $ | 152,000,000 | $ | 9,500 | $ | 37,668 | $ | (28,168 | ) | |||||||||||||||
| S&P 500 Index |
3,200.000 | 09/20/2023 | 471 | 150,720,000 | 11,775 | 37,892 | (26,117 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/21/2023 | 467 | 158,780,000 | 21,015 | 46,167 | (25,152 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,300.000 | 09/22/2023 | 467 | 154,110,000 | 17,512 | 42,380 | (24,868 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,600.000 | 09/27/2023 | 461 | 165,960,000 | 43,795 | 51,408 | (7,613 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,225.000 | 09/29/2023 | 471 | 151,897,500 | 21,195 | 47,453 | (26,258 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,440.000 | 09/29/2023 | 467 | 160,648,000 | 36,192 | 47,189 | (10,997 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,550.000 | 09/29/2023 | 457 | 162,235,000 | 43,415 | 52,504 | (9,089 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,625.000 | 09/29/2023 | 453 | 164,212,500 | 52,435 | 52,435 | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total purchased option contracts |
|
9,708 | $ | 3,281,228,500 | $ | 336,468 | $ | 942,636 | $ | (606,168 | ) | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||
| Puts | ||||||||||||||||||||||||||||
| S&P 500 Index |
4,160.000 | 09/01/2023 | (1,917 | ) | (797,472,000 | ) | (19,170 | ) | (246,584 | ) | 227,414 | |||||||||||||||||
| S&P 500 Index |
4,215.000 | 09/05/2023 | (1,903 | ) | (802,114,500 | ) | (52,333 | ) | (186,494 | ) | 134,161 | |||||||||||||||||
| S&P 500 Index |
4,280.000 | 09/06/2023 | (1,878 | ) | (803,784,000 | ) | (89,205 | ) | (259,164 | ) | 169,959 | |||||||||||||||||
| S&P 500 Index |
4,305.000 | 09/07/2023 | (1,862 | ) | (801,591,000 | ) | (139,650 | ) | (275,576 | ) | 135,926 | |||||||||||||||||
| S&P 500 Index |
4,335.000 | 09/08/2023 | (1,838 | ) | (796,773,000 | ) | (253,644 | ) | (253,644 | ) | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total written option contracts | (9,398 | ) | $ | (4,001,734,500 | ) | $ | (554,002 | ) | $ | (1,221,462 | ) | $ | 667,460 | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | 310 | $ | (720,506,000 | ) | $ | (217,534 | ) | $ | (278,826 | ) | $ | 61,292 | ||||||||||||||||
|
|
||||||||||||||||||||||||||||
EXCHANGE TRADED OPTIONS ON FUTURES
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Written option contracts | ||||||||||||||||||||||||||||
| Puts | ||||||||||||||||||||||||||||
| 20 Year U.S. Treasury Bonds |
$ | 116.000 | 09/22/2023 | (1,160 | ) | $ | (1,160,000 | ) | $ | (145,000 | ) | $ | (590,170 | ) | $ | 445,170 | ||||||||||||
| 20 Year U.S. Treasury Bonds |
119.000 | 09/22/2023 | (1,180 | ) | (1,180,000 | ) | (590,000 | ) | (1,046,453 | ) | 456,453 | |||||||||||||||||
| 20 Year U.S. Treasury Bonds |
118.000 | 10/27/2023 | (1,197 | ) | (1,197,000 | ) | (1,136,342 | ) | (1,136,342 | ) | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | (3,537 | ) | $ | (3,537,000 | ) | $ | (1,871,342 | ) | $ | (2,772,965 | ) | $ | 901,623 | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
| ||
| Currency Abbreviations: | ||
| AUD | —Australian Dollar | |
| CAD | —Canadian Dollar | |
| CHF | —Swiss Franc | |
| EUR | —Euro | |
| GBP | —British Pound | |
| JPY | —Japanese Yen | |
| NZD | —New Zealand Dollar | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Abbreviation: | ||
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND
| Schedule of Investments
August 31, 2023 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| U.S. Treasury Obligations(a)(b) – 44.3% |
| |||||||||||||||
| U.S. Treasury Bills |
| |||||||||||||||
| $ | 50,000,000 | 0.000 | % | 11/02/23 | $ 49,545,393 | |||||||||||
| 50,000,000 | 0.000 | 11/30/23 | 49,336,737 | |||||||||||||
| 50,000,000 | 0.000 | 12/28/23 | 49,133,077 | |||||||||||||
| 50,000,000 | 0.000 | 01/25/24 | 48,929,780 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $197,464,079) |
$196,944,987 | |||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Company(c) – 53.3% |
| |||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 236,564,769 |
|
5.234% | $236,564,769 | |||||||||||||
| (Cost $236,564,769) |
| |||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS – 97.6% (Cost $434,028,848) |
$433,509,756 | |||||||||||||||
|
|
||||||||||||||||
| OTHER ASSETS IN EXCESS OF |
10,456,784 | |||||||||||||||
|
|
||||||||||||||||
| NET ASSETS – 100.0% | $443,966,540 | |||||||||||||||
|
|
||||||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | All or a portion of security is segregated as collateral for options. | |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (c) | Represents an affiliated fund. | |
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 2 Year U.S. Treasury Notes |
1,338 | 12/29/23 | $ | 272,690,673 | $ | 607,632 | ||||||||||
| 5 Year U.S. Treasury Notes |
1,604 | 12/29/23 | 171,502,687 | 910,771 | ||||||||||||
| S&P 500 E-Mini Index |
9 | 09/15/23 | 2,032,200 | 34,785 | ||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 1,553,188 | ||||||||||||||
|
|
||||||||||||||||
PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 31, 2023, the Fund had the following purchased options:
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Purchased option contracts |
|
|||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||
| S&P 500 Index |
$ | 3,450.000 | 09/01/2023 | 98 | $ | 33,810,000 | $ | 245 | $ | 10,854 | $ | (10,609 | ) | |||||||||||||||
| S&P 500 Index |
3,200.000 | 09/05/2023 | 98 | 31,360,000 | 245 | 8,157 | (7,912 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/06/2023 | 98 | 31,360,000 | 245 | 8,903 | (8,658 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/07/2023 | 98 | 31,360,000 | 245 | 6,757 | (6,512 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,450.000 | 09/08/2023 | 99 | 34,155,000 | 1,237 | 14,784 | (13,547 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/11/2023 | 99 | 33,660,000 | 1,485 | 8,251 | (6,766 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/13/2023 | 99 | 33,660,000 | 2,475 | 10,549 | (8,074 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,300.000 | 09/15/2023 | 100 | 33,000,000 | 2,250 | 10,075 | (7,825 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,340.000 | 09/15/2023 | 100 | 33,400,000 | 2,500 | 10,569 | (8,069 | ) | ||||||||||||||||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND
| ADDITIONAL INVESTMENT INFORMATION (continued) |
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| S&P 500 Index |
$ | 3,430.000 | 09/15/2023 | 99 | $ | 33,957,000 | $ | 2,969 | $ | 10,469 | $ | (7,500 | ) | |||||||||||||||
| S&P 500 Index |
3,200.000 | 09/18/2023 | 101 | 32,320,000 | 2,020 | 9,859 | (7,839 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/19/2023 | 101 | 32,320,000 | 2,020 | 8,009 | (5,989 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,200.000 | 09/20/2023 | 101 | 32,320,000 | 2,525 | 8,126 | (5,601 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,400.000 | 09/21/2023 | 101 | 34,340,000 | 4,545 | 9,985 | (5,440 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,300.000 | 09/22/2023 | 100 | 33,000,000 | 3,750 | 9,075 | (5,325 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,600.000 | 09/27/2023 | 100 | 36,000,000 | 9,501 | 11,152 | (1,651 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,225.000 | 09/29/2023 | 101 | 32,572,500 | 4,545 | 10,176 | (5,631 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,440.000 | 09/29/2023 | 101 | 34,744,000 | 7,828 | 10,206 | (2,378 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,550.000 | 09/29/2023 | 98 | 34,790,000 | 9,310 | 11,259 | (1,949 | ) | ||||||||||||||||||||
| S&P 500 Index |
3,625.000 | 09/29/2023 | 97 | 35,162,500 | 11,228 | 11,228 | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total purchased option contracts | 1,989 | $ | 667,291,000 | $ | 71,168 | $ | 198,443 | $ | (127,275 | ) | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Written option contracts |
||||||||||||||||||||||||||||
| Puts |
||||||||||||||||||||||||||||
| S&P 500 Index |
4,160.000 | 09/01/2023 | (407 | ) | (169,312,000 | ) | (4,070 | ) | (52,352 | ) | 48,282 | |||||||||||||||||
| S&P 500 Index |
4,215.000 | 09/05/2023 | (405 | ) | (170,707,500 | ) | (11,137 | ) | (39,690 | ) | 28,553 | |||||||||||||||||
| S&P 500 Index |
4,280.000 | 09/06/2023 | (401 | ) | (171,628,000 | ) | (19,048 | ) | (55,338 | ) | 36,290 | |||||||||||||||||
| S&P 500 Index |
4,305.000 | 09/07/2023 | (396 | ) | (170,478,000 | ) | (29,700 | ) | (58,608 | ) | 28,908 | |||||||||||||||||
| S&P 500 Index |
4,335.000 | 09/08/2023 | (393 | ) | (170,365,500 | ) | (54,234 | ) | (54,234 | ) | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Total written option contracts | (2,002 | ) | $ | (852,491,000 | ) | $ | (118,189 | ) | $ | (260,222 | ) | $ | 142,033 | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| TOTAL | (13 | ) | $ | (185,200,000 | ) | $ | (47,021 | ) | $ | (61,779 | ) | $ | 14,758 | |||||||||||||||
|
|
||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Schedule of Investments
August 31, 2023 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Agency Debentures – 7.6% |
| |||||||||||||||
| Sovereign – 7.6% |
| |||||||||||||||
| Federal Farm Credit Banks Funding Corp. |
| |||||||||||||||
| $ | 11,650,000 | 5.070 | %(a) | 01/11/24 | $ | 11,623,205 | ||||||||||
| 12,964,000 | 5.500 | (a) | 08/07/24 | 12,937,424 | ||||||||||||
| (Fed Funds Rate + 0.155%) |
| |||||||||||||||
| 512,000 | 5.485 | (b) | 06/27/25 | 512,123 | ||||||||||||
| (Federal Reserve Bank Prime Loan Rate - 3.010%) |
| |||||||||||||||
| 166,000 | 5.490 | (b) | 08/07/25 | 165,963 | ||||||||||||
| (Secured Overnight Financing Rate + 0.125%) |
| |||||||||||||||
| 883,000 | 5.425 | (b) | 02/04/25 | 883,026 | ||||||||||||
| (Secured Overnight Financing Rate + 0.145%) |
| |||||||||||||||
| 627,000 | 5.445 | (b) | 04/28/25 | 627,069 | ||||||||||||
| (Secured Overnight Financing Rate + 0.200%) |
| |||||||||||||||
| 140,000 | 5.500 | (b) | 12/05/24 | 140,113 | ||||||||||||
| Federal Home Loan Banks |
| |||||||||||||||
| 2,700,000 | 4.670 | 11/17/23 | 2,694,087 | |||||||||||||
| 2,000,000 | 4.700 | 11/24/23 | 1,995,220 | |||||||||||||
| 2,300,000 | 4.680 | 11/29/23 | 2,294,480 | |||||||||||||
| 72,150,000 | 5.000 | (a) | 02/21/24 | 71,929,009 | ||||||||||||
| 29,425,000 | 5.165 | (a) | 03/08/24 | 29,365,562 | ||||||||||||
| 30,270,000 | 5.500 | (a) | 04/01/24 | 30,253,351 | ||||||||||||
| 25,560,000 | 5.340 | (a) | 04/23/24 | 25,487,665 | ||||||||||||
| 14,910,000 | 5.540 | (a) | 04/24/24 | 14,892,108 | ||||||||||||
| 14,830,000 | 5.330 | (a) | 04/26/24 | 14,802,713 | ||||||||||||
| 14,860,000 | 5.370 | (a) | 05/21/24 | 14,815,123 | ||||||||||||
| 14,875,000 | 5.300 | (a) | 05/22/24 | 14,828,144 | ||||||||||||
| 27,925,000 | 5.360 | (a) | 06/11/24 | 27,112,662 | ||||||||||||
| 17,455,000 | 5.375 | (a) | 06/11/24 | 17,384,133 | ||||||||||||
| 8,250,000 | 5.490 | (a) | 07/15/24 | 8,230,943 | ||||||||||||
| 8,280,000 | 5.520 | (a) | 07/15/24 | 8,260,625 | ||||||||||||
| (Secured Overnight Financing Rate + 0.115%) |
| |||||||||||||||
| 280,000 | 5.415 | (b) | 11/06/24 | 280,017 | ||||||||||||
| (Secured Overnight Financing Rate + 0.120%) |
| |||||||||||||||
| 555,000 | 5.420 | (b) | 01/03/25 | 555,061 | ||||||||||||
| (Secured Overnight Financing Rate + 0.125%) |
| |||||||||||||||
| 555,000 | 5.425 | (b) | 02/03/25 | 555,017 | ||||||||||||
| (Secured Overnight Financing Rate + 0.135%) |
| |||||||||||||||
| 555,000 | 5.435 | (b) | 05/02/25 | 554,933 | ||||||||||||
| (Secured Overnight Financing Rate + 0.150%) |
| |||||||||||||||
| 1,535,000 | 5.450 | (b) | 05/28/25 | 1,535,123 | ||||||||||||
| (Secured Overnight Financing Rate + 0.155%) |
| |||||||||||||||
| 915,000 | 5.455 | (b) | 07/08/25 | 915,027 | ||||||||||||
| (Secured Overnight Financing Rate + 0.155%) |
| |||||||||||||||
| 365,000 | 5.455 | (b) | 08/21/25 | 364,960 | ||||||||||||
| (Secured Overnight Financing Rate + 0.155%) |
| |||||||||||||||
| 245,000 | 5.455 | (b) | 08/22/25 | 244,907 | ||||||||||||
| (Secured Overnight Financing Rate + 0.160%) |
| |||||||||||||||
| 355,000 | 5.460 | (b) | 08/08/25 | 355,014 | ||||||||||||
| Federal Home Loan Mortgage Corp.(a) |
| |||||||||||||||
| 14,908,000 | 5.400 | 06/11/24 | 14,867,152 | |||||||||||||
| 14,908,000 | 5.380 | 06/12/24 | 14,862,083 | |||||||||||||
| Federal National Mortgage Association(a) |
| |||||||||||||||
| 10,437,000 | 5.505 | 07/26/24 | 10,416,857 | |||||||||||||
|
|
||||||||||||||||
| TOTAL AGENCY DEBENTURES (Cost $358,299,462) |
$ | 356,740,899 | ||||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Corporate Obligations – 1.0% |
| |||||||||||||||
| Banks – 1.0% |
| |||||||||||||||
| Euroclear Bank SA/NV(c) |
| |||||||||||||||
| $ | 34,752,000 | 0.000 | % | 02/02/24 | $ | 33,940,480 | ||||||||||
| Mizuho Bank Ltd.(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.340%) |
| |||||||||||||||
| 7,102,000 | 5.640 | 11/17/23 | 7,104,372 | |||||||||||||
| (Secured Overnight Financing Rate + 0.600%) |
| |||||||||||||||
| 4,667,000 | 5.900 | 02/26/24 | 4,671,595 | |||||||||||||
|
|
||||||||||||||||
| TOTAL CORPORATE OBLIGATIONS (Cost $45,665,224) |
$ | 45,716,447 | ||||||||||||||
|
|
||||||||||||||||
| U.S. Treasury Obligations(b) – 1.3% |
| |||||||||||||||
| U.S. Treasury Floating Rate Notes |
| |||||||||||||||
| (3 mo. Treasury money market yield + 0.035%) |
| |||||||||||||||
| $ | 28,421,800 | 5.448 | %(d) | 10/31/23 | $ | 28,422,674 | ||||||||||
| (3 mo. Treasury money market yield + 0.140%) |
| |||||||||||||||
| 33,738,000 | 5.553 | 10/31/24 | 33,766,364 | |||||||||||||
| (3 mo. Treasury money market yield + 0.169%) |
| |||||||||||||||
| 890,500 | 5.582 | 04/30/25 | 890,754 | |||||||||||||
|
|
||||||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $63,011,708) |
$ | 63,079,792 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Description | Value | ||||||||||||||
| Exchange Traded Funds – 1.6% |
| |||||||||||||||
| 253,828 | Alerian MLP ETF(e) | $ | 10,439,946 | |||||||||||||
| 38,425 | |
Invesco DB Commodity Index Tracking Fund |
944,871 | |||||||||||||
| 11,620 | |
iShares Core S&P 500 ETF |
5,260,258 | |||||||||||||
| 102,259 | iShares Gold Trust | 3,758,018 | ||||||||||||||
| 24,984 | |
iShares iBoxx High Yield Corporate Bond ETF |
1,880,795 | |||||||||||||
| 3,557,899 | |
Sprott Physical Uranium Trust |
52,267,832 | |||||||||||||
|
|
||||||||||||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $67,750,286) |
$ | 74,551,720 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||||||
| Investment Companies(f) – 32.2% |
| |||||||||||||||
| Goldman Sachs Energy Infrastructure Fund – Class R6 |
| |||||||||||||||
| 6,171,616 | 2.038% | $ | 70,294,705 | |||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||||||
| 1,437,534,239 | 5.234 | 1,437,534,239 | ||||||||||||||
|
|
||||||||||||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Shares | Dividend Rate |
Value | ||||||||||
| Investment Companies(f) – (continued) |
| |||||||||||
| Goldman Sachs MLP Energy Infrastructure Fund - Class R6 |
| |||||||||||
| 75,525 | 4.783% | $ | 2,352,619 | |||||||||
|
|
||||||||||||
| TOTAL INVESTMENT COMPANIES (Cost $1,470,999,791) |
$ | 1,510,181,563 | ||||||||||
|
|
||||||||||||
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 43.7% (Cost $2,005,726,471) |
$ | 2,050,270,421 | ||||||||||
|
|
||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – 53.7% |
| |||||||||||||||
| Certificates of Deposit – 16.9% |
| |||||||||||||||
| Banco Santander SA(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.490%) |
| |||||||||||||||
| $ | 5,950,000 | 5.790 | % | 02/09/24 | $ | 5,950,562 | ||||||||||
| (Secured Overnight Financing Rate + 0.710%) |
| |||||||||||||||
| 23,667,000 | 6.010 | 04/19/24 | 23,686,188 | |||||||||||||
| Bank of America NA |
| |||||||||||||||
| 7,592,000 | 5.440 | 02/08/24 | 7,575,905 | |||||||||||||
| 1,147,000 | 5.960 | 08/15/24 | 1,147,615 | |||||||||||||
| Bank of Montreal |
| |||||||||||||||
| 4,500,000 | 5.000 | 10/06/23 | 4,497,127 | |||||||||||||
| Bank of Nova Scotia(b)(g) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.390%) |
| |||||||||||||||
| 2,358,000 | 5.690 | 02/13/24 | 2,358,317 | |||||||||||||
| (Secured Overnight Financing Rate + 0.740%) |
| |||||||||||||||
| 3,738,000 | 6.040 | 12/06/23 | 3,743,176 | |||||||||||||
| Barclays Bank PLC(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.460%) |
| |||||||||||||||
| 16,028,000 | 5.760 | (g) | 11/03/23 | 16,034,475 | ||||||||||||
| (Secured Overnight Financing Rate + 0.500%) |
| |||||||||||||||
| 10,843,000 | 5.800 | 02/16/24 | 10,848,848 | |||||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 4,300,000 | 6.000 | 10/04/23 | 4,302,038 | |||||||||||||
| Barton Capital SA (b)(g) (Secured Overnight Financing Rate + 0.360%) |
| |||||||||||||||
| 9,289,000 | 5.660 | 10/31/23 | 9,292,079 | |||||||||||||
| Bayerische Landesbank |
| |||||||||||||||
| 400,000 | 5.300 | 01/25/24 | 399,181 | |||||||||||||
| 11,758,000 | 5.820 | 03/08/24 | 11,751,917 | |||||||||||||
| (Secured Overnight Financing Rate + 0.635%) |
| |||||||||||||||
| 3,180,000 | 5.935 | (b) | 01/11/24 | 3,182,707 | ||||||||||||
| BNP Paribas SA (b) (Secured Overnight Financing Rate + 0.270%) |
| |||||||||||||||
| 22,235,000 | 5.570 | 03/08/24 | 22,222,212 | |||||||||||||
| BPCE SA (b)(g) (Secured Overnight Financing Rate + 0.370%) |
| |||||||||||||||
| 14,000,000 | 5.670 | 11/01/23 | 14,003,346 | |||||||||||||
| Brighthouse Financial Short Term Funding LLC(b)(g) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.730%) |
| |||||||||||||||
| 13,464,900 | 6.030 | 12/22/23 | 13,481,927 | |||||||||||||
| (Secured Overnight Financing Rate + 0.750%) |
| |||||||||||||||
| 14,774,000 | 6.050 | 09/05/23 | 14,775,206 | |||||||||||||
| Canadian Imperial Bank of Commerce |
| |||||||||||||||
| 5,055,000 | 5.540 | 10/20/23 | 5,054,501 | |||||||||||||
| CDP Financial, Inc.(b)(g) (Secured Overnight Financing Rate + 0.800%) |
| |||||||||||||||
| 7,466,000 | 6.100 | 11/01/23 | 7,473,374 | |||||||||||||
|
|
||||||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Certificates of Deposit – (continued) |
| |||||||||||||||
| Citibank NA |
|
|||||||||||||||
| $ | 17,900,000 | 5.780 | % | 03/07/24 | $ | 17,890,858 | ||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 4,209,000 | 6.000 | (b) | 12/13/23 | 4,214,042 | ||||||||||||
| Citigroup Global Markets, Inc.(b)(g) (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 3,368,000 | 5.950 | 09/21/23 | 3,369,060 | |||||||||||||
| Collateralized Commercial Paper FLEX Co. LLC(g) |
| |||||||||||||||
| 5,270,000 | 5.870 | (a) | 02/26/24 | 5,269,955 | ||||||||||||
| 26,693,000 | 5.880 | 02/27/24 | 26,694,296 | |||||||||||||
| 14,917,000 | 5.920 | (a) | 02/28/24 | 14,920,359 | ||||||||||||
| Collateralized Commercial Paper V Co. LLC(a)(b) (Secured Overnight Financing Rate + 0.470%) |
| |||||||||||||||
| 7,579,000 | 5.770 | 02/14/24 | 7,580,656 | |||||||||||||
| Commonwealth Bank of Australia(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.400%) |
| |||||||||||||||
| 173,000 | 5.700 | 01/29/24 | 173,057 | |||||||||||||
| (Secured Overnight Financing Rate + 0.500%) |
| |||||||||||||||
| 13,726,000 | 5.800 | 04/26/24 | 13,728,808 | |||||||||||||
| Cooperatieve Rabobank UA |
| |||||||||||||||
| 6,000,000 | 5.750 | 03/07/24 | 5,998,751 | |||||||||||||
| 16,400,000 | 5.750 | 06/17/24 | 16,374,525 | |||||||||||||
| 8,006,000 | 5.960 | 07/24/24 | 8,006,985 | |||||||||||||
| Credit Agricole CIB |
| |||||||||||||||
| 8,768,000 | 5.530 | 11/03/23 | 8,766,284 | |||||||||||||
| 7,884,000 | 5.510 | 11/21/23 | 7,880,688 | |||||||||||||
| Credit Industriel et Commercial(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.380%) |
| |||||||||||||||
| 4,477,000 | 5.680 | 11/16/23 | 4,478,703 | |||||||||||||
| (Secured Overnight Financing Rate + 0.440%) |
| |||||||||||||||
| 7,629,000 | 5.740 | 01/31/24 | 7,634,179 | |||||||||||||
| (Secured Overnight Financing Rate + 0.450%) |
| |||||||||||||||
| 11,255,000 | 5.750 | 01/09/24 | 11,262,223 | |||||||||||||
| DNB Bank ASA(b)(g) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.340%) |
| |||||||||||||||
| 3,500,000 | 5.640 | 11/10/23 | 3,501,374 | |||||||||||||
| (Secured Overnight Financing Rate + 0.400%) |
| |||||||||||||||
| 9,379,000 | 5.700 | 01/17/24 | 9,383,888 | |||||||||||||
| HSBC Bank USA NA(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.590%) |
| |||||||||||||||
| 8,795,000 | 5.890 | 10/04/23 | 8,797,590 | |||||||||||||
| (Secured Overnight Financing Rate + 0.660%) |
| |||||||||||||||
| 6,019,000 | 5.960 | 01/03/24 | 6,024,605 | |||||||||||||
| JP Morgan Securities LLC(a)(g) |
| |||||||||||||||
| 29,389,000 | 5.330 | 01/24/24 | 29,331,638 | |||||||||||||
| (Secured Overnight Financing Rate + 0.660%) |
| |||||||||||||||
| 6,371,000 | 5.960 | (b) | 08/02/24 | 6,373,269 | ||||||||||||
| Landesbank Baden-Wuerttemberg |
| |||||||||||||||
| 19,085,000 | 5.220 | 01/17/24 | 19,040,236 | |||||||||||||
| Lloyds Bank Corporate Markets PLC |
| |||||||||||||||
| 4,894,000 | 5.530 | 02/14/24 | 4,886,220 | |||||||||||||
| (Secured Overnight Financing Rate + 0.670%) |
| |||||||||||||||
| 10,871,000 | 5.970 | (b) | 08/14/24 | 10,880,228 | ||||||||||||
| Macquarie Bank Ltd.(b)(g) (Secured Overnight Financing Rate + 0.520%) |
| |||||||||||||||
| 12,627,000 | 5.820 | 02/15/24 | 12,634,349 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Schedule of Investments (continued)
August 31, 2023 |
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Certificates of Deposit – (continued) |
| |||||||||||||||
| Matchpoint Finance PLC(b)(g) |
||||||||||||||||
| (Secured Overnight Financing Rate + 0.430%) |
| |||||||||||||||
| $ | 14,034,000 | 5.730 | % | 11/27/23 | $ | 14,038,892 | ||||||||||
| (Secured Overnight Financing Rate + 0.460%) |
| |||||||||||||||
| 11,428,000 | 5.760 | 12/04/23 | 11,432,808 | |||||||||||||
| Mizuho Bank Ltd.(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.450%) |
| |||||||||||||||
| 5,878,000 | 5.750 | 01/24/24 | 5,880,680 | |||||||||||||
| (Secured Overnight Financing Rate + 0.520%) |
| |||||||||||||||
| 4,007,000 | 5.820 | 10/02/23 | 4,008,306 | |||||||||||||
| MUFG Bank Ltd. |
| |||||||||||||||
| 9,937,000 | 5.700 | 11/30/23 | 9,939,561 | |||||||||||||
| National Bank of Kuwait SAKP |
| |||||||||||||||
| 10,657,000 | 5.780 | 11/08/23 | 10,659,124 | |||||||||||||
| Natixis SA |
| |||||||||||||||
| 1,218,000 | 4.290 | 09/08/23 | 1,217,668 | |||||||||||||
| Nordea Bank Abp(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.250%) |
| |||||||||||||||
| 1,376,000 | 5.550 | (g) | 03/01/24 | 1,375,429 | ||||||||||||
| (Secured Overnight Financing Rate + 0.450%) |
| |||||||||||||||
| 3,148,000 | 5.750 | (g) | 01/18/24 | 3,149,760 | ||||||||||||
| (Secured Overnight Financing Rate + 0.530%) |
| |||||||||||||||
| 5,058,000 | 5.830 | 04/26/24 | 5,061,040 | |||||||||||||
| (Secured Overnight Financing Rate + 0.570%) |
| |||||||||||||||
| 7,077,000 | 5.870 | 08/14/24 | 7,079,956 | |||||||||||||
| (Secured Overnight Financing Rate + 0.610%) |
| |||||||||||||||
| 33,000 | 5.910 | 01/04/24 | 33,038 | |||||||||||||
| Old Line Funding LLC(b)(g) (Secured Overnight Financing Rate + 0.380%) |
| |||||||||||||||
| 13,326,000 | 5.680 | 11/25/23 | 13,329,411 | |||||||||||||
| Ridgefield Funding Co. LLC(b)(g) (Secured Overnight Financing Rate + 0.350%) |
| |||||||||||||||
| 14,917,000 | 5.650 | 09/13/23 | 14,917,727 | |||||||||||||
| Royal Bank of Canada |
| |||||||||||||||
| 3,510,000 | 4.290 | 09/13/23 | 3,508,467 | |||||||||||||
| (Secured Overnight Financing Rate + 0.640%) |
| |||||||||||||||
| 1,000,000 | 5.940 | (b)(g) | 07/08/24 | 1,000,658 | ||||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 3,794,000 | 6.000 | (b) | 03/27/24 | 3,800,731 | ||||||||||||
| Sheffield Receivables Co. LLC(b)(g) (Secured Overnight Financing Rate + 0.300%) |
| |||||||||||||||
| 272,000 | 5.600 | 10/25/23 | 272,060 | |||||||||||||
| Skandinaviska Enskilda Banken AB(b)(g) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.580%) |
| |||||||||||||||
| 16,910,000 | 5.880 | 08/02/24 | 16,902,272 | |||||||||||||
| (Secured Overnight Financing Rate + 0.650%) |
| |||||||||||||||
| 28,761,000 | 5.950 | 05/31/24 | 28,790,670 | |||||||||||||
| Standard Chartered Bank(b) (Secured Overnight Financing Rate + 0.640%) |
| |||||||||||||||
| 8,765,000 | 5.940 | 02/20/24 | 8,774,157 | |||||||||||||
| Standard Chartered Bank PLC |
| |||||||||||||||
| 1,500,000 | 5.230 | 10/05/23 | 1,499,606 | |||||||||||||
| 10,476,000 | 6.070 | 07/23/24 | 10,481,664 | |||||||||||||
| Starbird Funding Corp.(b)(g) (Secured Overnight Financing Rate + 0.500%) |
| |||||||||||||||
| 24,463,000 | 5.800 | 10/04/23 | 24,470,779 | |||||||||||||
|
|
||||||||||||||||
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Certificates of Deposit – (continued) |
| |||||||||||||||
| Sumitomo Mitsui Banking Corp.(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.300%) |
| |||||||||||||||
| $ | 6,685,000 | 5.600 | % | 03/07/24 | $ | 6,682,178 | ||||||||||
| (Secured Overnight Financing Rate + 0.700%) |
| |||||||||||||||
| 9,371,000 | 6.000 | 08/14/24 | 9,373,323 | |||||||||||||
| (Secured Overnight Financing Rate + 0.920%) |
| |||||||||||||||
| 20,910,000 | 6.220 | 11/30/23 | 20,947,585 | |||||||||||||
| Svenska Handelsbanken AB(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.400%) |
| |||||||||||||||
| 13,946,000 | 5.700 | 10/13/23 | 13,950,064 | |||||||||||||
| (Secured Overnight Financing Rate + 0.570%) |
| |||||||||||||||
| 7,335,000 | 5.870 | 01/09/24 | 7,343,110 | |||||||||||||
| Swedbank AB |
| |||||||||||||||
| 5,600,000 | 5.940 | 07/26/24 | 5,599,770 | |||||||||||||
| 9,045,000 | 5.930 | 08/15/24 | 9,047,367 | |||||||||||||
| Thunder Bay Funding LLC(a)(b)(g) (Secured Overnight Financing Rate + 0.410%) |
| |||||||||||||||
| 4,250,000 | 5.710 | 11/06/23 | 4,251,326 | |||||||||||||
| Toronto-Dominion Bank |
| |||||||||||||||
| 1,468,000 | 4.770 | 01/17/24 | 1,468,673 | |||||||||||||
| 22,440,000 | 5.250 | (a) | 01/25/24 | 22,385,672 | ||||||||||||
| (Secured Overnight Financing Rate + 0.480%) |
| |||||||||||||||
| 7,529,000 | 5.780 | (b)(g) | 05/09/24 | 7,527,575 | ||||||||||||
| Wells Fargo Bank NA(b) |
| |||||||||||||||
| (Secured Overnight Financing Rate + 0.500%) |
| |||||||||||||||
| 10,575,000 | 5.800 | 05/14/24 | 10,576,415 | |||||||||||||
| (Secured Overnight Financing Rate + 0.610%) |
| |||||||||||||||
| 14,493,000 | 5.910 | 04/19/24 | 14,509,473 | |||||||||||||
|
|
|
|||||||||||||||
| 792,164,522 | ||||||||||||||||
|
|
||||||||||||||||
| Commercial Paper – 36.8% |
|
|||||||||||||||
| 3M Co.(c)(g) |
| |||||||||||||||
| 15,931,000 | 0.000 | 09/07/23 | 15,914,644 | |||||||||||||
| Albion Capital Corp. SA/Albion Capital LLC(c) |
| |||||||||||||||
| 12,139,000 | 0.000 | 10/20/23 | 12,045,041 | |||||||||||||
| Alimentation Couche-Tard, Inc.(c)(g) |
| |||||||||||||||
| 19,449,000 | 0.000 | 10/02/23 | 19,351,824 | |||||||||||||
| Antalis SA(c)(g) |
| |||||||||||||||
| 15,875,000 | 0.000 | 10/13/23 | 15,772,663 | |||||||||||||
| 7,852,000 | 0.000 | 11/01/23 | 7,778,070 | |||||||||||||
| 19,512,000 | 0.000 | 11/02/23 | 19,325,187 | |||||||||||||
| AT&T, Inc.(c)(g) |
| |||||||||||||||
| 2,500,000 | 0.000 | 01/23/24 | 2,442,675 | |||||||||||||
| 17,909,000 | 0.000 | 02/26/24 | 17,397,155 | |||||||||||||
| 6,518,000 | 0.000 | 03/25/24 | 6,302,499 | |||||||||||||
| Atlantic Asset Securitization LLC(c)(g) |
| |||||||||||||||
| 7,262,000 | 0.000 | 11/02/23 | 7,192,421 | |||||||||||||
| 8,651,000 | 0.000 | 11/22/23 | 8,541,141 | |||||||||||||
| BASF SE(c)(g) |
| |||||||||||||||
| 6,865,000 | 0.000 | 12/18/23 | 6,749,369 | |||||||||||||
| Bayer Corp.(c)(g) |
| |||||||||||||||
| 12,650,000 | 0.000 | 07/08/24 | 12,001,080 | |||||||||||||
| 15,950,000 | 0.000 | 07/09/24 | 15,129,313 | |||||||||||||
| 2,100,000 | 0.000 | 08/12/24 | 1,980,716 | |||||||||||||
| Cabot Trail Funding LLC(c)(g) |
| |||||||||||||||
| 26,764,000 | 0.000 | 02/09/24 | 26,085,211 | |||||||||||||
| 8,672,000 | 0.000 | 02/22/24 | 8,434,285 | |||||||||||||
|
|
||||||||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper – (continued) |
| |||||||||||||||
| Caisse des Depots et Consignations(c)(g) |
| |||||||||||||||
| $ | 37,996,000 | 0.000 | % | 10/02/23 | $ | 37,815,511 | ||||||||||
| Canadian National Railway Co.(c)(g) |
||||||||||||||||
| 2,597,000 | 0.000 | 09/01/23 | 2,596,609 | |||||||||||||
| 2,000,000 | 0.000 | 12/14/23 | 1,967,333 | |||||||||||||
| CDP Financial, Inc.(c)(g) |
|
|||||||||||||||
| 15,000,000 | 0.000 | 11/27/23 | 14,800,643 | |||||||||||||
| 14,613,000 | 0.000 | 01/16/24 | 14,304,685 | |||||||||||||
| Chariot Funding LLC(c)(g) |
|
|||||||||||||||
| 17,600,000 | 0.000 | 10/18/23 | 17,473,139 | |||||||||||||
| 8,900,000 | 0.000 | 11/01/23 | 8,816,418 | |||||||||||||
| Charta LLC(c)(g) |
|
|||||||||||||||
| 15,001,000 | 0.000 | 10/17/23 | 14,895,282 | |||||||||||||
| Cigna Group(c)(g) |
|
|||||||||||||||
| 25,000,000 | 0.000 | 11/17/23 | 24,697,100 | |||||||||||||
| Coca-Cola Co.(c)(g) |
|
|||||||||||||||
| 1,592,000 | 0.000 | 05/22/24 | 1,529,609 | |||||||||||||
| Credit Industriel et Commercial(b)(c)(g) (Secured Overnight Financing Rate + 0.330%) |
| |||||||||||||||
| 5,000,000 | 5.630 | 10/31/23 | 5,001,329 | |||||||||||||
| Deaconess Hospital Obligated Group(c) |
||||||||||||||||
| 31,310,000 | 0.000 | 09/06/23 | 31,281,946 | |||||||||||||
| Dexia Credit Local SA(c)(g) |
||||||||||||||||
| 44,507,000 | 0.000 | 11/15/23 | 43,995,204 | |||||||||||||
| DNB Bank ASA(c) |
|
|||||||||||||||
| 2,968,000 | 0.000 | 11/16/23 | 2,967,388 | |||||||||||||
| 12,731,000 | 0.000 | (g) | 07/31/24 | 12,071,365 | ||||||||||||
| Equitable Short Term Funding LLC(c)(g) |
| |||||||||||||||
| 13,500,000 | 0.000 | 07/09/24 | 12,848,217 | |||||||||||||
| Estee Lauder Cos., Inc.(c)(g) |
||||||||||||||||
| 29,700,000 | 0.000 | 10/13/23 | 29,509,287 | |||||||||||||
| Fairway Finance Co. LLC(c)(g) |
||||||||||||||||
| 6,620,000 | 0.000 | 01/22/24 | 6,471,897 | |||||||||||||
| 12,047,000 | 0.000 | 02/21/24 | 11,718,541 | |||||||||||||
| Federation des Caisses Desjardins du Quebec(c)(g) |
| |||||||||||||||
| 3,663,000 | 0.000 | 02/14/24 | 3,568,421 | |||||||||||||
| General Dynamics Corp.(c)(g) |
||||||||||||||||
| 15,200,000 | 0.000 | 09/27/23 | 15,138,816 | |||||||||||||
| GlaxoSmithKline LLC(c)(g) |
||||||||||||||||
| 14,500,000 | 0.000 | 11/20/23 | 14,322,585 | |||||||||||||
| Glencore Funding LLC(c)(g) |
||||||||||||||||
| 15,326,000 | 0.000 | 11/10/23 | 15,153,650 | |||||||||||||
| 17,001,000 | 0.000 | 02/01/24 | 16,581,586 | |||||||||||||
| Gotham Funding Corp.(c)(g) |
||||||||||||||||
| 5,125,000 | 0.000 | 10/23/23 | 5,083,954 | |||||||||||||
| 4,419,000 | 0.000 | 12/01/23 | 4,356,832 | |||||||||||||
| GTA Funding LLC(c)(g) |
|
|||||||||||||||
| 9,470,000 | 0.000 | 01/12/24 | 9,273,343 | |||||||||||||
| HSBC USA, Inc.(c)(g) |
|
|||||||||||||||
| 11,009,000 | 0.000 | 03/01/24 | 10,681,564 | |||||||||||||
| 4,203,000 | 0.000 | 05/20/24 | 4,020,089 | |||||||||||||
| 3,509,000 | 0.000 | 05/24/24 | 3,353,786 | |||||||||||||
| 3,402,000 | 0.000 | 06/27/24 | 3,231,276 | |||||||||||||
| ING U.S. Funding LLC(c) |
|
|||||||||||||||
| 4,289,000 | 0.000 | 04/01/24 | 4,145,765 | |||||||||||||
| Keurig Dr Pepper, Inc.(c)(g) |
||||||||||||||||
| 9,226,000 | 0.000 | 10/02/23 | 9,180,559 | |||||||||||||
| 10,907,000 | 0.000 | 10/03/23 | 10,853,677 | |||||||||||||
|
|
||||||||||||||||
| Principal |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper – (continued) |
| |||||||||||||||
| Kreditanstalt fuer Wiederaufbau(c)(g) |
||||||||||||||||
| $ | 31,028,000 | 0.000 | % | 02/01/24 | $ | 30,297,316 | ||||||||||
| 20,461,000 | 0.000 | 02/02/24 | 19,975,856 | |||||||||||||
| 35,858,000 | 0.000 | 02/22/24 | 34,893,544 | |||||||||||||
| La Fayette Asset Securitization LLC(c)(g) |
| |||||||||||||||
| 26,345,000 | 0.000 | 11/06/23 | 26,078,468 | |||||||||||||
| 10,058,000 | 0.000 | 11/28/23 | 9,921,537 | |||||||||||||
| Liberty Street Funding LLC(c)(g) |
||||||||||||||||
| 21,169,000 | 0.000 | 11/10/23 | 20,940,335 | |||||||||||||
| 4,636,000 | 0.000 | 01/05/24 | 4,544,757 | |||||||||||||
| Lime Funding LLC(c)(g) |
|
|||||||||||||||
| 8,136,000 | 0.000 | 11/20/23 | 8,035,775 | |||||||||||||
| LMA-Americas LLC(c)(g) |
|
|||||||||||||||
| 12,447,000 | 0.000 | 10/13/23 | 12,365,795 | |||||||||||||
| 4,208,000 | 0.000 | 10/18/23 | 4,177,310 | |||||||||||||
| 14,435,000 | 0.000 | 11/03/23 | 14,293,986 | |||||||||||||
| 12,000,000 | 0.000 | 11/14/23 | 11,862,250 | |||||||||||||
| 15,477,000 | 0.000 | 11/21/23 | 15,282,438 | |||||||||||||
| L’Oreal SA(c)(g) |
|
|||||||||||||||
| 7,767,000 | 0.000 | 10/13/23 | 7,717,766 | |||||||||||||
| LVMH Moet Hennessy Louis Vuitton SE(c)(g) |
| |||||||||||||||
| 13,500,000 | 0.000 | 01/03/24 | 13,246,828 | |||||||||||||
| 3,000,000 | 0.000 | 03/25/24 | 2,905,418 | |||||||||||||
| 1,563,000 | 0.000 | 04/12/24 | 1,509,370 | |||||||||||||
| 7,706,000 | 0.000 | 05/20/24 | 7,396,481 | |||||||||||||
| LVMH Moet Hennessy Louis Vuitton, Inc.(c)(g) |
| |||||||||||||||
| 4,777,000 | 0.000 | 06/06/24 | 4,572,874 | |||||||||||||
| Macquarie Bank Ltd.(c)(g) |
|
|||||||||||||||
| 6,112,000 | 0.000 | 01/25/24 | 5,971,490 | |||||||||||||
| 5,000,000 | 0.000 | 01/30/24 | 4,881,144 | |||||||||||||
| Matchpoint Finance PLC(c)(g) |
||||||||||||||||
| 4,532,000 | 0.000 | 11/08/23 | 4,484,581 | |||||||||||||
| McCormick & Co., Inc.(c)(g) |
||||||||||||||||
| 6,513,000 | 0.000 | 09/12/23 | 6,501,162 | |||||||||||||
| Mercy Health(c) |
|
|||||||||||||||
| 13,900,000 | 0.000 | 09/01/23 | 13,897,940 | |||||||||||||
| MetLife Short Term Funding LLC(c)(g) |
||||||||||||||||
| 13,338,000 | 0.000 | 09/01/23 | 13,336,028 | |||||||||||||
| 1,000,000 | 0.000 | 01/04/24 | 980,792 | |||||||||||||
| Mont Blanc Capital Corp.(c)(g) |
||||||||||||||||
| 7,221,000 | 0.000 | 11/10/23 | 7,143,441 | |||||||||||||
| 3,876,000 | 0.000 | 11/14/23 | 3,831,951 | |||||||||||||
| 2,174,000 | 0.000 | 11/15/23 | 2,148,955 | |||||||||||||
| Nestle Finance International Ltd.(c)(g) |
||||||||||||||||
| 20,917,000 | 0.000 | 09/01/23 | 20,913,978 | |||||||||||||
| NextEra Energy Capital Holdings, Inc.(c)(g) |
| |||||||||||||||
| 11,334,000 | 0.000 | 09/07/23 | 11,321,637 | |||||||||||||
| Novartis Finance Corp.(c)(g) |
||||||||||||||||
| 45,678,000 | 0.000 | 11/07/23 | 45,216,744 | |||||||||||||
| NRW Bank(c)(g) |
|
|||||||||||||||
| 49,481,000 | 0.000 | 02/28/24 | 48,109,479 | |||||||||||||
| Nutrien Ltd.(c)(g) |
|
|||||||||||||||
| 10,000,000 | 0.000 | 09/07/23 | 9,989,306 | |||||||||||||
| 21,254,000 | 0.000 | 09/25/23 | 21,171,892 | |||||||||||||
| Oesterreichische Kontrollbank AG(c) |
||||||||||||||||
| 34,401,000 | 0.000 | 09/11/23 | 34,345,048 | |||||||||||||
| Parker-Hannifin Corp.(c)(g) |
||||||||||||||||
| 6,800,000 | 0.000 | 10/03/23 | 6,765,430 | |||||||||||||
|
|
||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Schedule of Investments (continued)
August 31, 2023 |
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper – (continued) |
| |||||||||||||||
| $ | 11,000,000 | 0.000 | % | 10/10/23 | $ | 10,931,763 | ||||||||||
| 19,000,000 | 0.000 | 10/13/23 | 18,872,934 | |||||||||||||
| 15,000,000 | 0.000 | 11/22/23 | 14,796,788 | |||||||||||||
| PepsiCo, Inc.(c)(g) |
| |||||||||||||||
| 3,900,000 | 0.000 | 03/15/24 | 3,785,737 | |||||||||||||
| Philip Morris International, Inc.(c)(g) |
| |||||||||||||||
| 19,550,000 | 0.000 | 10/16/23 | 19,415,330 | |||||||||||||
| 14,149,000 | 0.000 | 10/24/23 | 14,034,478 | |||||||||||||
| Podium Funding Trust(c) |
| |||||||||||||||
| 29,515,000 | 0.000 | 12/15/23 | 29,035,196 | |||||||||||||
| Procter & Gamble Co.(c)(g) |
| |||||||||||||||
| 6,283,000 | 0.000 | 09/14/23 | 6,270,158 | |||||||||||||
| Pure Grove Funding(c)(g) |
| |||||||||||||||
| 13,245,000 | 0.000 | 11/29/23 | 13,063,212 | |||||||||||||
| 13,033,000 | 0.000 | 12/05/23 | 12,841,884 | |||||||||||||
| 21,739,000 | 0.000 | 01/05/24 | 21,311,988 | |||||||||||||
| 10,851,000 | 0.000 | 01/18/24 | 10,615,196 | |||||||||||||
| 13,136,000 | 0.000 | 01/24/24 | 12,837,774 | |||||||||||||
| 5,240,000 | 0.000 | 02/05/24 | 5,110,844 | |||||||||||||
| Salisbury Receivables Co. LLC(c)(g) |
| |||||||||||||||
| 10,829,000 | 0.000 | 10/26/23 | 10,738,003 | |||||||||||||
| 28,943,000 | 0.000 | 01/26/24 | 28,265,329 | |||||||||||||
| Sanofi(c)(g) |
| |||||||||||||||
| 30,752,000 | 0.000 | 10/13/23 | 30,556,625 | |||||||||||||
| 15,698,000 | 0.000 | 02/02/24 | 15,329,777 | |||||||||||||
| Societe Generale SA(c)(g) |
| |||||||||||||||
| 15,305,000 | 0.000 | 02/09/24 | 14,921,587 | |||||||||||||
| 9,696,000 | 0.000 | (c)(g) | 09/26/23 | 9,657,247 | ||||||||||||
| Starbird Funding Corp.(c)(g) |
| |||||||||||||||
| 2,879,000 | 0.000 | 02/13/24 | 2,805,653 | |||||||||||||
| Suncor Energy, Inc.(c)(g) |
| |||||||||||||||
| 19,875,000 | 0.000 | 10/25/23 | 19,706,234 | |||||||||||||
| 5,000,000 | 0.000 | 11/21/23 | 4,935,755 | |||||||||||||
| Svenska Handelsbanken AB(c)(g) |
| |||||||||||||||
| 8,000,000 | 0.000 | 04/08/24 | 7,722,571 | |||||||||||||
| TELUS Corp.(c)(g) |
| |||||||||||||||
| 15,299,000 | 0.000 | 10/17/23 | 15,188,026 | |||||||||||||
| 8,000,000 | 0.000 | 10/20/23 | 7,938,256 | |||||||||||||
| 3,052,000 | 0.000 | 12/07/23 | 3,004,784 | |||||||||||||
| 4,207,000 | 0.000 | 12/08/23 | 4,141,229 | |||||||||||||
| 4,638,000 | 0.000 | 12/20/23 | 4,556,416 | |||||||||||||
| Thomson Reuters Corp.(c)(g) |
| |||||||||||||||
| 13,492,000 | 0.000 | 09/20/23 | 13,450,092 | |||||||||||||
| Thunder Bay Funding LLC(c)(g) |
| |||||||||||||||
| 8,725,000 | 0.000 | 10/23/23 | 8,655,790 | |||||||||||||
| TotalEnergies Capital SA(c)(g) |
| |||||||||||||||
| 16,154,000 | 0.000 | 11/27/23 | 15,935,357 | |||||||||||||
| Toyota Industries Commercial Finance, Inc.(c)(g) |
| |||||||||||||||
| 24,454,000 | 0.000 | 04/22/24 | 23,577,630 | |||||||||||||
| Toyota Motor Credit Corp.(c) |
| |||||||||||||||
| 19,565,000 | 0.000 | 11/03/23 | 19,378,115 | |||||||||||||
| Transcanada Pipelines Ltd.(c)(g) |
| |||||||||||||||
| 20,500,000 | 0.000 | 09/12/23 | 20,462,560 | |||||||||||||
| 10,000,000 | 0.000 | 11/16/23 | 9,879,752 | |||||||||||||
| UBS AG(c)(g) |
| |||||||||||||||
| 11,462,000 | 0.000 | 12/06/23 | 11,291,553 | |||||||||||||
| Principal Amount |
Interest Rate |
Maturity Date |
Value | |||||||||||||
| Short-term Investments – (continued) |
| |||||||||||||||
| Commercial Paper – (continued) |
| |||||||||||||||
| $ | 14,441,000 | 0.000 | % | 03/04/24 | $ | 14,017,876 | ||||||||||
| Versailles Commercial Paper LLC(c) |
| |||||||||||||||
| 17,762,000 | 0.000 | 10/04/23 | 17,671,800 | |||||||||||||
| 20,101,000 | 0.000 | 01/04/24 | 19,706,880 | |||||||||||||
| Victory Receivables Corp.(c)(g) |
| |||||||||||||||
| 22,309,000 | 0.000 | 10/01/23 | 22,098,760 | |||||||||||||
| 3,828,000 | 0.000 | 10/13/23 | 3,803,296 | |||||||||||||
| 2,616,000 | 0.000 | 02/02/24 | 2,552,734 | |||||||||||||
| Walt Disney Co.(c)(g) |
| |||||||||||||||
| 14,280,000 | 0.000 | 03/26/24 | 13,821,510 | |||||||||||||
|
|
|
|||||||||||||||
| 1,725,874,281 | ||||||||||||||||
|
|
||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,518,592,478) |
$ | 2,518,038,803 | ||||||||||||||
|
|
||||||||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 97.4% (Cost $4,524,318,949) |
$ | 4,568,309,224 | ||||||||||||||
|
|
||||||||||||||||
| Shares | Dividend Rate |
Value | ||||||||||
| Securities Lending Reinvestment Vehicle(f) – 0.1% |
| |||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
| |||||||||||
| 4,647,500 | 5.234% | $ | 4,647,500 | |||||||||
| (Cost $4,647,500) |
| |||||||||||
|
|
||||||||||||
| TOTAL INVESTMENTS – 97.5% (Cost $4,528,966,449) |
$ | 4,572,956,724 | ||||||||||
|
|
||||||||||||
| OTHER ASSETS IN EXCESS OF |
117,454,031 | |||||||||||
|
|
||||||||||||
| NET ASSETS – 100.0% | $ | 4,690,410,755 | ||||||||||
|
|
||||||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2023. | |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
| (d) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. | |
| (e) | All or a portion of security is on loan. | |
| (f) | Represents an affiliated fund. | |
| (g) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| Long position contracts: |
||||||||||||||||
| 10 Year U.S. Treasury Notes |
8,141 | 12/19/23 | $ | 903,905,406 | $ | 8,406,587 | ||||||||||
| 2 Year U.S. Treasury Notes |
5,722 | 12/29/23 | 1,166,170,425 | 2,043,104 | ||||||||||||
| 5 Year U.S. Treasury Notes |
5,476 | 12/29/23 | 585,504,187 | 4,304,120 | ||||||||||||
| E-Mini Russell 2000 Index |
56 | 09/15/23 | 5,324,480 | (313,717 | ) | |||||||||||
| Nasdaq 100 E-Mini Index |
17 | 09/15/23 | 5,283,090 | (109,359 | ) | |||||||||||
| Stoxx Europe 600 Index |
168 | 09/15/23 | 4,183,555 | (34,866 | ) | |||||||||||
| Topix Index |
59 | 09/07/23 | 9,450,462 | 1,024 | ||||||||||||
|
|
||||||||||||||||
| TOTAL FUTURES CONTRACTS | $ | 14,296,893 | ||||||||||||||
|
|
||||||||||||||||
SWAP CONTRACTS — At August 31, 2023, the Fund had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
| Payments Made by the Fund(a) | Payments Received by Fund(a) |
Termination Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation)* |
||||||||||||||||
|
|
||||||||||||||||||||
| 12M EURO |
2.904% | 08/31/33 | EUR | 81,090 | $ | 420,369 | ||||||||||||||
| 12M GBP |
4.325 | 09/19/33 | GBP | 69,400 | — | |||||||||||||||
|
|
||||||||||||||||||||
| TOTAL | $ | 420,369 | ||||||||||||||||||
|
|
||||||||||||||||||||
| (a) | Payments made annually. |
| (b) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2023. |
| * | There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value. |
OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS#
| Reference Obligation/Index | Financing Rate Paid/(Received) by the Fund(a) |
Counterparty | Termination Date |
Notional Amount (000s) |
Unrealized Application/ (Depreciation)* |
|||||||
|
|
||||||||||||
| SPGCCLP Index |
0.001 % | Citibank NA | 01/31/24 | $88,770 | $ | 2,616,745 | ||||||
|
|
||||||||||||
| # | On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). |
| * | There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value. |
| (a) | Payments made quarterly. |
PURCHASED OPTIONS CONTRACTS — At August 31, 2023, the Fund had the following purchased options:
OVER-THE-COUNTER OPTIONS ON EQUITIES
| Description | Counterparty | Excercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
| Purchased option contracts |
|
|||||||||||||||||||||||||||||
| Calls |
||||||||||||||||||||||||||||||
| KWEB Index |
MS & Co. Int. PLC | $ 31.863 | 12/29/2023 | 1,867,675 | $ | 5,950,972,853 | $ | 2,928,754 | $ | 6,723,070 | $ | (3,794,316 | ) | |||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Schedule of Investments (continued)
August 31, 2023 |
| ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER-THE-COUNTER OPTIONS ON EQUITIES (continued)
| Description | Counterparty | Excercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid by Fund |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
|
|
||||||||||||||||||||||||||
| BVSP Index |
JPMorgan Securities, Inc. | $131,082.340 | 12/13/2023 | 5,750 | $ | 75,372,345,500 | $ | 963,386 | $ | 4,352,144 | $ | (3,388,758 | ) | |||||||||||||
|
|
||||||||||||||||||||||||||
| Total purchased option contracts | 1,873,425 | $ | 81,323,318,353 | $ | 3,892,140 | $ | 11,075,214 | $ | (7,183,074 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||||
| TOTAL | 1,873,425 | $ | 81,323,318,353 | $ | 3,892,140 | $ | 11,075,214 | $ | (7,183,074 | ) | ||||||||||||||||
|
|
||||||||||||||||||||||||||
|
| ||
| Currency Abbreviations: | ||
| EUR | —Euro | |
| GBP | —British Pound | |
| USD | —U.S. Dollar | |
|
| ||
|
| ||
| Investment Abbreviations: | ||
| ETF | —Exchange Traded Fund | |
| LLC | —Limited Liability Company | |
| MLP | —Master Limited Partnership | |
| PLC | —Public Limited Company | |
|
| ||
|
| ||
| Abbreviations: | ||
| EURO | —Euro Offered Rate | |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC | |
|
| ||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ALLOCATION FUNDS
| Global Managed |
Strategic Factor Allocation Fund |
|||||||||||
| Assets: | ||||||||||||
| Investments in unaffiliated issuers, at value (cost $1,122,885,040 and $740,490,297, respectively)(a) |
$ | 1,398,486,111 | $ | 738,543,703 | ||||||||
| Investments in affiliated issuers, at value (cost $911,398,146 and $1,340,575,888, respectively) |
1,032,261,747 | 1,340,575,888 | ||||||||||
| Investments in affiliated securities lending reinvestment vehicle , at value which equals cost |
12,600 | — | ||||||||||
| Purchased options, at value (premium paid $45,931,789 and $942,636, respectively) |
22,032,752 | 336,468 | ||||||||||
| Cash |
33,755,550 | 72,248,190 | ||||||||||
| Foreign currencies, at value (cost $7,976,473 and $1,177, respectively) |
8,054,212 | 1,148 | ||||||||||
| Unrealized gain on forward foreign currency exchange contracts |
6,326,316 | 5,438,293 | ||||||||||
| Receivables: |
||||||||||||
| Fund shares sold |
289,313,686 | 1,005,036 | ||||||||||
| Collateral on certain derivative contracts(b) |
53,339,461 | 107,338,781 | ||||||||||
| Dividends |
1,139,712 | 5,887,951 | ||||||||||
| Investments sold |
666,885 | — | ||||||||||
| Foreign tax reclaims |
222,838 | — | ||||||||||
| Reimbursement from investment adviser |
22,765 | — | ||||||||||
| Securities lending income |
5,479 | — | ||||||||||
| Due from broker |
— | 253,644 | ||||||||||
| Other assets |
22,624 | 41,291 | ||||||||||
|
| ||||||||||||
| Total assets |
2,845,662,738 | 2,271,670,393 | ||||||||||
|
| ||||||||||||
| Liabilities: | ||||||||||||
| Unrealized loss on forward foreign currency exchange contracts |
3,688,419 | 7,210,794 | ||||||||||
| Written option contracts, at value (premium received $2,592,260 and $3,994,427, respectively) |
1,724,614 | 2,425,344 | ||||||||||
| Variation margin on futures contracts |
1,522,260 | 9,519,566 | ||||||||||
| Payables: |
||||||||||||
| Investments purchased |
242,980,664 | 5,941,447 | ||||||||||
| Fund shares redeemed |
56,530,000 | 499,590 | ||||||||||
| Management fees |
478,347 | 1,222,162 | ||||||||||
| Due to broker |
228,879 | — | ||||||||||
| Transfer Agency fees |
37,683 | 56,777 | ||||||||||
| Payable upon return of securities loaned |
12,600 | — | ||||||||||
| Investments purchased on an extended-settlement basis |
117 | — | ||||||||||
| Accrued expenses |
385,623 | 264,494 | ||||||||||
|
| ||||||||||||
| Total liabilities |
307,589,206 | 27,140,174 | ||||||||||
|
| ||||||||||||
| Net Assets: | ||||||||||||
| Paid-in capital |
2,180,125,850 | 2,315,594,870 | ||||||||||
| Total distributable earnings (loss) |
357,947,682 | (71,064,651 | ) | |||||||||
|
| ||||||||||||
| NET ASSETS |
$ | 2,538,073,532 | $ | 2,244,530,219 | ||||||||
| Net Assets: |
||||||||||||
| Institutional |
$ | 2,538,073,532 | $ | 14,710,214 | ||||||||
| Class P |
— | 2,229,820,005 | ||||||||||
| Total Net Assets |
$ | 2,538,073,532 | $ | 2,244,530,219 | ||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||
| Institutional |
186,324,935 | 1,337,675 | ||||||||||
| Class P |
— | 205,309,688 | ||||||||||
| Net asset value, offering and redemption price per share: |
||||||||||||
| Institutional |
$13.62 | $11.00 | ||||||||||
| Class P |
— | 10.86 | ||||||||||
| (a) | Includes loaned securities having market value of $12,342 and $0, for the Global Managed Beta and Strategic Factor Allocation Funds respectively. |
| (b) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Forwards | Options | |||||||||||||||||||
| Global Managed Beta |
$ | 19,640,007 | $ | 7,070,000 | $ | 26,999,454 | ||||||||||||||||
| Strategic Factor Allocation |
98,998,781 | 8,340,000 | — | |||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ALLOCATION FUNDS
| Statements of Assets and Liabilities (continued)
August 31, 2023 |
| Strategic Volatility Premium Fund |
Tactical Tilt Overlay Fund(a) |
|||||||||||
| Assets: | ||||||||||||
| Investments in affiliated issuers, at value (cost $236,564,769 and $1,470,999,791, respectively) |
$236,564,769 | $1,510,181,563 | ||||||||||
| Investments in unaffiliated issuers, at value (cost $197,464,079 and $3,053,319,158, respectively)(b) |
196,944,987 | 3,058,127,661 | ||||||||||
| Investments in affiliated securities lending reinvestment vehicle , at value which equals cost |
— | 4,647,500 | ||||||||||
| Purchased options, at value (premium paid $198,443 and $11,075,214, respectively) |
71,168 | 3,892,140 | ||||||||||
| Cash |
6,608,791 | 89,977,244 | ||||||||||
| Foreign currencies, at value (cost $0 and $7,397,977, respectively) |
— | 7,235,455 | ||||||||||
| Unrealized gain on swap contracts |
— | 2,616,745 | ||||||||||
| Variation margin on futures contracts |
— | 2,622,293 | ||||||||||
| Receivables: |
||||||||||||
| Collateral on certain derivative contracts(c) |
4,214,870 | 51,492,450 | ||||||||||
| Interest and dividends |
1,034,499 | 18,624,198 | ||||||||||
| Fund shares sold |
435,400 | 2,548,085 | ||||||||||
| Due from broker |
101,583 | 9,737 | ||||||||||
| Investments sold |
— | 25,380,645 | ||||||||||
| Reimbursement from investment adviser |
— | 4,724 | ||||||||||
| Securities lending income |
— | 18,308 | ||||||||||
| Other assets |
23,340 | 61,082 | ||||||||||
|
| ||||||||||||
| Total assets |
445,999,407 | 4,777,439,830 | ||||||||||
|
| ||||||||||||
| Liabilities: | ||||||||||||
| Written option contracts, at value (premium received $260,222 and $0, respectively) |
118,189 | — | ||||||||||
| Variation margin on futures contracts |
12,034 | — | ||||||||||
| Variation margin on swaps contracts |
— | 5,832,022 | ||||||||||
| Payables: |
||||||||||||
| Investments purchased |
1,045,727 | 55,292,612 | ||||||||||
| Fund shares redeemed |
606,919 | 16,672,399 | ||||||||||
| Management fees |
118,231 | 2,647,480 | ||||||||||
| Transfer Agency fees |
11,250 | 120,126 | ||||||||||
| Due to broker |
— | 1,470,000 | ||||||||||
| Payable upon return of securities loaned |
— | 4,647,500 | ||||||||||
| Accrued expenses |
120,517 | 346,936 | ||||||||||
|
| ||||||||||||
| Total liabilities |
2,032,867 | 87,029,075 | ||||||||||
|
| ||||||||||||
| Net Assets: | ||||||||||||
| Paid-in capital |
462,585,153 | 4,660,809,468 | ||||||||||
| Total distributable earnings (loss) |
(18,618,613 | ) | 29,601,287 | |||||||||
|
| ||||||||||||
| NET ASSETS |
$443,966,540 | $4,690,410,755 | ||||||||||
| Net Assets: |
||||||||||||
| Institutional |
$ 327,273 | $ 26,750,427 | ||||||||||
| Class R6 |
— | 583,578,009 | ||||||||||
| Class P |
443,639,267 | 4,080,082,319 | ||||||||||
| Total Net Assets |
$443,966,540 | $4,690,410,755 | ||||||||||
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |
||||||||||||
| Institutional |
33,724 | 2,475,182 | ||||||||||
| Class R6 |
— | 55,769,845 | ||||||||||
| Class P |
45,706,638 | 390,001,260 | ||||||||||
| Net asset value, offering and redemption price per share: |
||||||||||||
| Institutional |
$9.70 | $10.81 | ||||||||||
| Class R6 |
— | 10.46 | ||||||||||
| Class P |
9.71 | 10.46 | ||||||||||
| (a) | Consolidated Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity—TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated. |
| (b) | Includes loaned securities having a market value of $0 and $4,024,082, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds respectively. |
| (c) | Segregated for initial margin and/or collateral as follows: |
| Fund | Futures | Swaps | ||||||||||||
| Strategic Volatility Premium |
$ | 4,214,870 | $ | — | ||||||||||
| Tactical Tilt Overlay |
24,309,386 | 27,183,064 | ||||||||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ALLOCATION FUNDS
| Statements of Operations
For the Fiscal Year Ended August 31, 2023 |
| Global Managed Beta Fund |
Strategic Factor Allocation Fund |
||||||||||||||
| Investment Income: | |||||||||||||||
| Dividends — affiliated issuers |
$ |
21,291,217 |
$ | 62,390,436 | |||||||||||
| Dividends — unaffiliated issuers (net of tax withholding of $251,269 and $0, respectively) |
21,191,620 | — | |||||||||||||
| Interest |
670,790 | 14,012,910 | |||||||||||||
| Securities lending income, net of rebates received or paid to borrowers |
96,686 | — | |||||||||||||
|
| |||||||||||||||
| Total investment income |
43,250,313 | 76,403,346 | |||||||||||||
|
| |||||||||||||||
| Expenses: | |||||||||||||||
| Management fees |
5,868,163 | 15,626,028 | |||||||||||||
| Custody, accounting and administrative services |
397,408 | 215,882 | |||||||||||||
| Transfer Agency fees(a),(b) |
391,211 | 630,006 | |||||||||||||
| Professional fees |
149,232 | 126,700 | |||||||||||||
| Registration fees |
79,100 | 71,324 | |||||||||||||
| Printing and mailing costs |
37,604 | 51,388 | |||||||||||||
| Trustee fees |
25,744 | 25,796 | |||||||||||||
| Prime broker fees |
10,059 | 38,440 | |||||||||||||
| Shareholder meeting expense |
427 | 2,826 | |||||||||||||
| Other |
80,743 | 62,935 | |||||||||||||
|
| |||||||||||||||
| Total expenses |
7,039,691 | 16,851,325 | |||||||||||||
|
| |||||||||||||||
| Less — expense reductions |
(1,158,777 | ) | (2,342,273 | ) | |||||||||||
|
| |||||||||||||||
| Net expenses |
5,880,914 | 14,509,052 | |||||||||||||
|
| |||||||||||||||
| NET INVESTMENT INCOME |
37,369,399 | 61,894,294 | |||||||||||||
|
| |||||||||||||||
| Realized and unrealized gain (loss): | |||||||||||||||
| Net realized gain (loss) from: |
|||||||||||||||
| Investments — unaffiliated issuers |
20,055,432 | 8,480 | |||||||||||||
| Investments — affiliated issuers |
(626,281 | ) | — | ||||||||||||
| Purchased options |
(22,265,107 | ) | (12,918,290 | ) | |||||||||||
| Futures contracts |
15,469,660 | 31,913,219 | |||||||||||||
| Written options |
8,823,420 | 48,834,262 | |||||||||||||
| Forward foreign currency exchange contracts |
18,431,134 | (5,547,719 | ) | ||||||||||||
| Foreign currency transactions |
112,700 | 860,835 | |||||||||||||
| Net change in unrealized gain (loss) on: |
|||||||||||||||
| Investments — affiliated issuers |
79,684,834 | — | |||||||||||||
| Investments — unaffiliated issuers |
96,875,836 | (1,946,594 | ) | ||||||||||||
| Purchased options |
(4,484,418 | ) | (117,714 | ) | |||||||||||
| Futures contracts |
7,874,138 | 16,214,704 | |||||||||||||
| Written options |
4,833,744 | 2,660,111 | |||||||||||||
| Forward foreign currency exchange contracts |
(18,336,397 | ) | (4,165,664 | ) | |||||||||||
| Foreign currency translation |
297,430 | (46 | ) | ||||||||||||
|
| |||||||||||||||
| Net realized and unrealized gain |
206,746,125 | 75,795,584 | |||||||||||||
|
| |||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 244,115,524 | $ | 137,689,878 | |||||||||||
|
| |||||||||||||||
| (a) | At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated. |
| (b) | Class specific Transfer Agency fees were as follows: |
| Fund |
Institutional | Class R6 | Class P | |||||||||||||||||||
| Global Managed Beta |
$ | 391,211 | $ | — | $ | — | ||||||||||||||||
| Strategic Factor Allocation |
5,468 | 3 | 624,535 | |||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ALLOCATION FUNDS
| Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2023 |
| Strategic Volatility Premium Fund |
Tactical Tilt Overlay Fund(a) |
||||||||||||||
| Investment Income: | |||||||||||||||
| Dividends — affiliated issuers |
$ | 14,174,317 | $ | 70,184,849 | |||||||||||
| Dividends — unaffiliated issuers |
— | 804,879 | |||||||||||||
| Interest |
3,025,339 | 131,915,751 | |||||||||||||
| Securities lending income, net of rebates received or paid to borrowers |
— | 247,792 | |||||||||||||
|
| |||||||||||||||
| Total investment income |
17,199,656 | 203,153,271 | |||||||||||||
|
| |||||||||||||||
| Expenses: | |||||||||||||||
| Management fees |
2,385,665 | 35,148,857 | |||||||||||||
| Transfer Agency fees(b) |
143,170 | 1,394,249 | |||||||||||||
| Professional fees |
126,554 | 179,855 | |||||||||||||
| Custody, accounting and administrative services |
71,479 | 378,222 | |||||||||||||
| Registration fees |
31,246 | 108,789 | |||||||||||||
| Printing and mailing costs |
28,543 | 58,225 | |||||||||||||
| Trustee fees |
23,551 | 29,603 | |||||||||||||
| Shareholder meeting expense |
864 | 6,321 | |||||||||||||
| Prime broker fees |
— | 316 | |||||||||||||
| Other |
7,626 | 90,335 | |||||||||||||
|
| |||||||||||||||
| Total expenses |
2,818,698 | 37,394,772 | |||||||||||||
|
| |||||||||||||||
| Less — expense reductions |
(1,021,274 | ) | (4,705,168 | ) | |||||||||||
|
| |||||||||||||||
| Net expenses |
1,797,424 | 32,689,604 | |||||||||||||
|
| |||||||||||||||
| NET INVESTMENT INCOME |
15,402,232 | 170,463,667 | |||||||||||||
|
| |||||||||||||||
| Realized and unrealized gain (loss): | |||||||||||||||
| Capital gain distributions from Affiliated Underlying Funds |
— | 2,004,284 | |||||||||||||
| Net realized gain (loss) from: |
|||||||||||||||
| Investments — unaffiliated issuers |
— | 77,167,376 | |||||||||||||
| Investments — affiliated issuers |
— | (993,194 | ) | ||||||||||||
| Purchased options |
(3,215,841 | ) | 4,176,926 | ||||||||||||
| Futures contracts |
(24,330,170 | ) | (122,028,342 | ) | |||||||||||
| Written options |
15,238,906 | 58,220,331 | |||||||||||||
| Swap contracts |
— | 42,156,353 | |||||||||||||
| Foreign currency transactions |
— | 191,071 | |||||||||||||
| Net change in unrealized gain (loss) on: |
|||||||||||||||
| Investments — affiliated issuers |
— | 3,396,185 | |||||||||||||
| Investments — unaffiliated issuers |
(519,092 | ) | (52,761,837 | ) | |||||||||||
| Purchased options |
(6,595 | ) | (22,796,587 | ) | |||||||||||
| Futures contracts |
2,748,895 | 19,997,992 | |||||||||||||
| Written options |
(13,702 | ) | (5,896,044 | ) | |||||||||||
| Swap contracts |
— | (5,877,389 | ) | ||||||||||||
| Foreign currency translation |
— | 68,055 | |||||||||||||
|
| |||||||||||||||
| Net realized and unrealized loss |
(10,097,599 | ) | (2,974,820 | ) | |||||||||||
|
| |||||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 5,304,633 | $ | 167,488,847 | |||||||||||
|
| |||||||||||||||
| (a) | Statement of Operations for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity - TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated. |
| (b) | Class specific Transfer Agency fees were as follows: |
| Fund |
Institutional | Class R6 | Class P | |||||||||||||||||||
| Strategic Volatility Premium |
$ | 123 | $ | — | $ | 143,047 | ||||||||||||||||
| Tactical Tilt Overlay |
9,838 | 171,956 | 1,212,455 | |||||||||||||||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ALLOCATION FUNDS
| Statements of Changes in Net Assets
|
| Global Managed Beta Fund | Strategic Factor Allocation Fund | |||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||
|
|
From operations: | |||||||||||||||||||
| Net investment income (loss) |
$ | 37,369,399 | $ | 38,000,230 | $ | 61,894,294 | $ | (7,164,343 | ) | |||||||||||
| Net realized gain (loss) |
40,000,958 | 30,535,877 | 63,150,787 | (95,634,358 | ) | |||||||||||||||
| Net change in unrealized gain (loss) |
166,745,167 | (379,306,652 | ) | 12,644,797 | (41,088,721 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
244,115,524 | (310,770,545 | ) | 137,689,878 | (143,887,422 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Institutional Shares |
(99,998,153 | ) | (184,192,220 | ) | (275,278 | ) | (485,488 | ) | ||||||||||||
| Class R6 Shares(a) |
— | — | (249 | ) | (1,686 | ) | ||||||||||||||
| Class P Shares |
— | — | (39,916,205 | ) | (302,965,029 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(99,998,153 | ) | (184,192,220 | ) | (40,191,732 | ) | (303,452,203 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
1,025,111,264 | 538,309,195 | 798,949,747 | 527,591,055 | ||||||||||||||||
| Reinvestment of distributions |
99,961,817 | 184,192,220 | 40,191,732 | 303,452,203 | ||||||||||||||||
| Cost of shares redeemed |
(393,640,885 | ) | (827,610,016 | ) | (800,472,621 | ) | (627,152,661 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
731,432,196 | (105,108,601 | ) | 38,668,858 | 203,890,597 | |||||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
875,549,567 | (600,071,366 | ) | 136,167,004 | (243,449,028 | ) | ||||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
1,662,523,965 | 2,262,595,331 | 2,108,363,215 | 2,351,812,243 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 2,538,073,532 | $ | 1,662,523,965 | $ | 2,244,530,219 | $ | 2,108,363,215 | ||||||||||||
|
| ||||||||||||||||||||
| (a) | At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated. |
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ALLOCATION FUNDS
| Statements of Changes in Net Assets (continued)
|
| Strategic Volatility Premium Fund | Tactical Tilt Overlay Fund(a) | |||||||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||
|
|
From operations: | |||||||||||||||||||
| Net investment income |
$ | 15,402,232 | $ | 224,412 | $ | 170,463,667 | $ | 15,435,896 | ||||||||||||
| Net realized gain (loss) |
(12,307,105 | ) | (18,754,222 | ) | 60,894,805 | 39,517,947 | ||||||||||||||
| Net change in unrealized gain (loss) |
2,209,506 | (1,743,768 | ) | (63,869,625 | ) | (31,483,197 | ) | |||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations |
5,304,633 | (20,273,578 | ) | 167,488,847 | 23,470,646 | |||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| From distributable earnings: |
||||||||||||||||||||
| Institutional Shares |
(2,343 | ) | (1,365 | ) | (188,140 | ) | (225,531 | ) | ||||||||||||
| Class R6 Shares |
— | — | (4,706,050 | ) | (24,009,953 | ) | ||||||||||||||
| Class P Shares |
(3,702,660 | ) | (1,774,163 | ) | (35,188,129 | ) | (70,771,569 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Total distributions to shareholders |
(3,705,003 | ) | (1,775,528 | ) | (40,082,319 | ) | (95,007,053 | ) | ||||||||||||
|
| ||||||||||||||||||||
| From share transactions: | ||||||||||||||||||||
| Proceeds from sales of shares |
193,782,450 | 405,331,474 | 783,089,810 | 1,559,262,518 | ||||||||||||||||
| Reinvestment of distributions |
3,705,003 | 1,775,528 | 40,080,055 | 95,007,053 | ||||||||||||||||
| Cost of shares redeemed |
(267,189,113 | ) | (295,908,477 | ) | (807,449,960 | ) | (1,132,927,933 | ) | ||||||||||||
|
| ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(69,701,660 | ) | 111,198,525 | 15,719,905 | 521,341,638 | |||||||||||||||
|
| ||||||||||||||||||||
| TOTAL INCREASE (DECREASE) |
(68,102,030 | ) | 89,149,419 | 143,126,433 | 449,805,231 | |||||||||||||||
|
| ||||||||||||||||||||
| Net assets: | ||||||||||||||||||||
| Beginning of year |
512,068,570 | 422,919,151 | 4,547,284,322 | 4,097,479,091 | ||||||||||||||||
|
| ||||||||||||||||||||
| End of year |
$ | 443,966,540 | $ | 512,068,570 | $ | 4,690,410,755 | $ | 4,547,284,322 | ||||||||||||
|
| ||||||||||||||||||||
| (a) | Statements of Changes in Net Assets for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity — TIFF, Ltd. Accordingly, all interfund balances and transactions have been eliminated. |
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS GLOBAL MANAGED BETA FUND
| Goldman Sachs Global Managed Beta Fund | ||||||||||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 12.86 | $ | 16.71 | $ | 13.26 | $ | 11.86 | $ | 12.23 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income(a) |
0.25 | 0.28 | 0.21 | 0.22 | 0.29 | |||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.23 | (2.69 | ) | 3.89 | 1.67 | (0.25 | ) | |||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
1.48 | (2.41 | ) | 4.10 | 1.89 | 0.04 | ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.72 | ) | (0.33 | ) | (0.18 | ) | (0.38 | ) | (0.29 | ) | ||||||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (1.11 | ) | (0.47 | ) | (0.11 | ) | (0.12 | ) | |||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total distributions |
(0.72 | ) | (1.44 | ) | (0.65 | ) | (0.49 | ) | (0.41 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 13.62 | $ | 12.86 | $ | 16.71 | $ | 13.26 | $ | 11.86 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(b) |
12.24 | % | (15.81 | )% | 31.87 | % | 16.13 | % | 0.78 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,538,074 | $ | 1,662,524 | $ | 2,262,595 | $ | 1,593,288 | $ | 1,151,378 | ||||||||||||||||||||
| Ratio of net expenses to average net assets(c) |
0.30 | % | 0.30 | % | 0.20 | % | 0.05 | % | 0.05 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets(c) |
0.36 | % | 0.36 | % | 0.35 | % | 0.37 | % | 0.37 | % | ||||||||||||||||||||
| Ratio of net investment income to average net assets |
1.91 | % | 1.94 | % | 1.40 | % | 1.79 | % | 2.49 | % | ||||||||||||||||||||
| Portfolio turnover rate(d) |
23 | % | 26 | % | 29 | % | 45 | % | 56 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Factor Allocation Fund | ||||||||||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.50 | $ | 12.76 | $ | 11.98 | $ | 11.06 | $ | 11.26 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.31 | (0.01 | ) | (0.08 | ) | 0.03 | 0.11 | |||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | (0.67 | ) | 1.77 | 1.18 | 0.30 | ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
0.70 | (0.68 | ) | 1.69 | 1.21 | 0.41 | ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.18 | ) | — | — | (0.15 | ) | — | |||||||||||||||||||||||
| Distributions to shareholders from net realized gains |
(0.02 | ) | (1.58 | ) | (0.91 | ) | (0.14 | ) | (0.61 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total distributions |
(0.20 | ) | (1.58 | ) | (0.91 | ) | (0.29 | ) | (0.61 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 11.00 | $ | 10.50 | $ | 12.76 | $ | 11.98 | $ | 11.06 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(b) |
6.88 | % | (6.47 | )% | 15.01 | % | 11.11 | % | 4.15 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 14,710 | $ | 12,455 | $ | 3,960 | $ | 3,013 | $ | 5,424 | ||||||||||||||||||||
| Ratio of net expenses to average net assets |
0.70 | % | 0.69 | % | 0.69 | % | 0.69 | % | 0.72 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets |
0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
2.94 | % | (0.10 | )% | (0.67 | )% | 0.26 | % | 1.05 | % | ||||||||||||||||||||
| Portfolio turnover rate(c) |
— | %(d) | — | %(d) | — | %(d) | — | %(d) | 962 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| (d) | There were no long-term transactions for the years ended August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, respectively. |
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Strategic Factor Allocation Fund | ||||||||||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.38 | $ | 12.62 | $ | 11.86 | $ | 10.96 | $ | 11.26 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.31 | (0.04 | ) | (0.08 | ) | 0.02 | 0.11 | |||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.37 | (0.62 | ) | 1.75 | 1.18 | 0.29 | ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
0.68 | (0.66 | ) | 1.67 | 1.20 | 0.40 | ||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.18 | ) | — | — | (0.16 | ) | (0.09 | ) | ||||||||||||||||||||||
| Distributions to shareholders from net realized gains |
(0.02 | ) | (1.58 | ) | (0.91 | ) | (0.14 | ) | (0.61 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total distributions |
(0.20 | ) | (1.58 | ) | (0.91 | ) | (0.30 | ) | (0.70 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.86 | $ | 10.38 | $ | 12.62 | $ | 11.86 | $ | 10.96 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(b) |
6.97 | % | (6.47 | )% | 15.09 | % | 11.03 | % | 4.16 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 2,229,820 | $ | 2,095,895 | $ | 2,347,839 | $ | 1,616,030 | $ | 1,565,955 | ||||||||||||||||||||
| Ratio of net expenses to average net assets |
0.69 | % | 0.67 | % | 0.68 | % | 0.68 | % | 0.71 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets |
0.80 | % | 0.80 | % | 0.81 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
2.95 | % | (0.31 | )% | (0.66 | )% | 0.15 | % | 1.07 | % | ||||||||||||||||||||
| Portfolio turnover rate(c) |
— | %(d) | — | %(d) | — | %(d) | — | %(d) | 962 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| (d) | There were no long-term transactions for the years ended August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, respectively. |
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Strategic Volatility Premium Fund | ||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||
|
Year Ended August 31, |
Period Ended August 31, 2021(a) |
|||||||||||||||||||
|
2023 |
2022 |
|||||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.66 | $ | 10.10 | $ | 10.00 | ||||||||||||||
|
| ||||||||||||||||||||
| Net investment income (loss)(b) |
0.31 | — | (c) | (0.02 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) |
(0.20 | ) | (0.40 | ) | 0.12 | |||||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.11 | (0.40 | ) | 0.10 | ||||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.07 | ) | — | — | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.04 | ) | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.07 | ) | (0.04 | ) | — | |||||||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 9.70 | $ | 9.66 | $ | 10.10 | ||||||||||||||
|
| ||||||||||||||||||||
| Total return(d) |
1.38 | % | (4.09 | )% | 1.00 | % | ||||||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 327 | $ | 306 | $ | 350 | ||||||||||||||
| Ratio of net expenses to average net assets |
0.39 | % | 0.38 | % | 0.38 | %(e) | ||||||||||||||
| Ratio of total expenses to average net assets |
0.60 | % | 0.62 | % | 0.91 | %(e) | ||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.25 | % | (0.02 | )% | (0.36 | )%(e) | ||||||||||||||
| Portfolio turnover rate(f) |
— | %(g) | — | %(g) | |
— |
%(g) |
|||||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on March 29, 2021. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (e) | Annualized. |
| (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| (g) | There were no long-term transactions for the year ended August 31, 2023, August 31, 2022 and period ended August 31, 2021. |
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND
| Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Period |
| Goldman Sachs Strategic Volatility Premium Fund | ||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||
|
Year Ended August 31, |
Period Ended August 31, 2021(a) |
|||||||||||||||||||
|
2023 |
2022 |
|||||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Net asset value, beginning of period |
$ | 9.66 | $ | 10.10 | $ | 10.00 | ||||||||||||||
|
| ||||||||||||||||||||
| Net investment income (loss)(b) |
0.31 | — | (c) | (0.01 | ) | |||||||||||||||
| Net realized and unrealized gain (loss) |
(0.19 | ) | (0.40 | ) | 0.11 | |||||||||||||||
|
| ||||||||||||||||||||
| Total from investment operations |
0.12 | (0.40 | ) | 0.10 | ||||||||||||||||
|
| ||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.07 | ) | — | — | ||||||||||||||||
| Distributions to shareholders from net realized gains |
— | (0.04 | ) | — | ||||||||||||||||
|
| ||||||||||||||||||||
| Total distributions |
(0.07 | ) | (0.04 | ) | — | |||||||||||||||
|
| ||||||||||||||||||||
| Net asset value, end of period |
$ | 9.71 | $ | 9.66 | $ | 10.10 | ||||||||||||||
|
| ||||||||||||||||||||
| Total return(d) |
1.39 | % | (4.09 | )% | 1.00 | % | ||||||||||||||
|
| ||||||||||||||||||||
| Net assets, end of period (in 000s) |
$ | 443,639 | $ | 511,763 | $ | 422,570 | ||||||||||||||
| Ratio of net expenses to average net assets |
0.38 | % | 0.37 | % | 0.37 | %(e) | ||||||||||||||
| Ratio of total expenses to average net assets |
0.59 | % | 0.60 | % | 0.79 | %(e) | ||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.23 | % | 0.05 | % | (0.35 | )%(e) | ||||||||||||||
| Portfolio turnover rate(f) |
— | %(g) | — | %(g) | — | %(g) | ||||||||||||||
|
| ||||||||||||||||||||
| (a) | Commenced operations on March 29, 2021. |
| (b) | Calculated based on the average shares outstanding methodology. |
| (c) | Amount is less than ($0.005) per share. |
| (d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| (e) | Annualized. |
| (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| (g) | There were no long-term transactions for the year ended August 31, 2023, August 31, 2022 and period ended August 31, 2021. |
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Tactical Tilt Overlay Fund | ||||||||||||||||||||||||||||||
| Institutional Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.51 | $ | 10.66 | $ | 10.20 | $ | 9.94 | $ | 9.87 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.39 | 0.05 | (0.02 | ) | 0.11 | 0.22 | ||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
— | (b) | 0.01 | 0.95 | 0.26 | (0.15 | ) | |||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
0.39 | 0.06 | 0.93 | 0.37 | 0.07 | |||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.09 | ) | (0.21 | ) | (0.47 | ) | (0.11 | ) | — | |||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.81 | $ | 10.51 | $ | 10.66 | $ | 10.20 | $ | 9.94 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(c) |
3.82 | % | 0.49 | % | 9.43 | % | 3.72 | % | 0.71 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 26,750 | $ | 21,588 | $ | 6,105 | $ | 1,681 | $ | 25,673 | ||||||||||||||||||||
| Ratio of net expenses to average net assets(d) |
0.71 | % | 0.68 | % | 0.69 | % | 0.73 | % | 0.74 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets(d) |
0.77 | % | 0.77 | % | 0.78 | % | 0.78 | % | 0.79 | % | ||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.69 | % | 0.47 | % | (0.15 | )% | 1.08 | % | 2.17 | % | ||||||||||||||||||||
| Portfolio turnover rate(e) |
150 | % | 61 | % | 60 | % | 70 | % | 46 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Tactical Tilt Overlay Fund | ||||||||||||||||||||||||||||||
| Class R6 Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.17 | $ | 10.33 | $ | 9.91 | $ | 9.67 | $ | 9.87 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.38 | 0.02 | (0.01 | ) | 0.07 | 0.26 | ||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
— | (b) | 0.03 | 0.92 | 0.28 | (0.20 | ) | |||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
0.38 | 0.05 | 0.91 | 0.35 | 0.06 | |||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.09 | ) | (0.21 | ) | (0.49 | ) | (0.11 | ) | (0.26 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.46 | $ | 10.17 | $ | 10.33 | $ | 9.91 | $ | 9.67 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(c) |
3.74 | % | 0.49 | % | 9.48 | % | 3.80 | % | 0.58 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 583,578 | $ | 573,866 | $ | 1,054,147 | $ | 736,643 | $ | 714,633 | ||||||||||||||||||||
| Ratio of net expenses to average net assets(d) |
0.70 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.73 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets(d) |
0.76 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.68 | % | 0.23 | % | (0.09 | )% | 0.73 | % | 2.65 | % | ||||||||||||||||||||
| Portfolio turnover rate(e) |
150 | % | 61 | % | 60 | % | 70 | % | 46 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS TACTICAL TILT OVERLAY FUND
| Consolidated Financial Highlights (continued)
Selected Share Data for a Share Outstanding Throughout Each Year |
| Goldman Sachs Tactical Tilt Overlay Fund | ||||||||||||||||||||||||||||||
| Class P Shares | ||||||||||||||||||||||||||||||
| Year Ended August 31, | ||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||
| Net asset value, beginning of year |
$ | 10.17 | $ | 10.33 | $ | 9.91 | $ | 9.66 | $ | 9.87 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.38 | 0.04 | (0.01 | ) | 0.08 | 0.20 | ||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
— | (b) | 0.01 | 0.92 | 0.28 | (0.15 | ) | |||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total from investment operations |
0.38 | 0.05 | 0.91 | 0.36 | 0.05 | |||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Distributions to shareholders from net investment income |
(0.09 | ) | (0.21 | ) | (0.49 | ) | (0.11 | ) | (0.26 | ) | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net asset value, end of year |
$ | 10.46 | $ | 10.17 | $ | 10.33 | $ | 9.91 | $ | 9.66 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Total return(c) |
3.75 | % | 0.49 | % | 9.47 | % | 3.79 | % | 0.59 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| Net assets, end of year (in 000s) |
$ | 4,080,082 | $ | 3,951,830 | $ | 3,037,227 | $ | 2,291,061 | $ | 3,190,855 | ||||||||||||||||||||
| Ratio of net expenses to average net assets(d) |
0.70 | % | 0.67 | % | 0.69 | % | 0.72 | % | 0.72 | % | ||||||||||||||||||||
| Ratio of total expenses to average net assets(d) |
0.76 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||
| Ratio of net investment income (loss) to average net assets |
3.67 | % | 0.37 | % | (0.08 | )% | 0.78 | % | 2.07 | % | ||||||||||||||||||||
| Portfolio turnover rate(e) |
150 | % | 61 | % | 60 | % | 70 | % | 46 | % | ||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| (d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ALLOCATION FUNDS
| 1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| Fund | Share Classes Offered | Diversified/ Non-diversified | ||
| Global Managed Beta | Institutional |
Diversified | ||
| Strategic Factor Allocation | Institutional and P |
Diversified | ||
| Strategic Volatility Premium | Institutional and P |
Diversified | ||
| Tactical Tilt Overlay | Institutional, R6 and P |
Diversified | ||
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds pursuant to management agreements (the “Agreement”) with the Trust. At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Basis of Consolidation for Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity – TTIF, LLC. (the “Subsidiary”), a Cayman Islands exempted company is currently a wholly-owned subsidiary of the Tactical Tilt Overlay Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of August 31, 2023, the Fund’s net assets were $4,690,410,755, of which, $549,915,721, or 11.7%, represented the Subsidiary’s net assets.
B. Investment Valuation — Each Fund’s valuation policy is to value investments at fair value.
C. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. For the Global Managed Beta Fund, these reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statement of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from a Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.
| 73 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.
D. Class Allocations and Expenses for Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Transfer Agency fees.
E. Expenses for Global Managed Beta Fund — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
F. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Tactical Tilt Overlay Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
G. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations and Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 74 |
GOLDMAN SACHS ALLOCATION FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. 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
| 75 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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.
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A 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 Statements of Assets and Liabilities and Consolidated Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules and Consolidated Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally 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 a 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.
| 76 |
GOLDMAN SACHS ALLOCATION FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (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, a 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 a 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 a 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 on swap contracts.
Upon the purchase of a call option or a put option by a 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.
iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A total return swap is an agreement that gives a Fund the right to receive the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of investments or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. 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.
| 77 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of August 31, 2023:
| GLOBAL MANAGED BETA | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Common Stock and/or Other Equity Investments(a) |
||||||||||||
| Africa |
$ | 141,781 | $ | — | $ | — | ||||||
| Asia |
618,910 | 21,258,970 | — | |||||||||
| Australia and Oceania |
25,870 | 5,836,543 | — | |||||||||
| Europe |
5,518,467 | 46,730,433 | — | |||||||||
| North America |
172,114,900 | 382,409 | 592 | |||||||||
| Preferred Stocks |
— | 319,626 | — | |||||||||
| Securities Lending Reinvestment Vehicle |
12,600 | — | — | |||||||||
| Rights |
— | 2,497 | — | |||||||||
| Exchange Traded Funds |
1,975,873,825 | — | — | |||||||||
| Investment Company |
201,923,035 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 2,356,229,388 | $ | 74,530,478 | $ | 592 | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(b) |
$ | — | $ | 6,326,316 | $ | — | ||||||
| Futures Contracts(b) |
5,993,447 | — | — | |||||||||
| Purchased Option Contracts |
21,812,100 | 220,652 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 27,805,547 | $ | 6,546,968 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(b) |
$ | — | $ | (3,688,419 | ) | $ | — | |||||
| Written Option Contracts |
(1,724,614 | ) | — | — | ||||||||
|
|
||||||||||||
| Total |
$ | (1,724,614 | ) | $ | (3,688,419 | ) | $ | — | ||||
|
|
||||||||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. |
| (b) | Amount shown represents unrealized gain (loss) at period end. |
| STRATEGIC FACTOR ALLOCATION | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Obligations |
$ | 738,543,703 | $ | — | $ | — | ||||||
| Investment Company |
1,340,575,888 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 2,079,119,591 | $ | — | $ | — | ||||||
|
|
||||||||||||
| 78 |
GOLDMAN SACHS ALLOCATION FUNDS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| STRATEGIC FACTOR ALLOCATION (continued) | ||||||||||||
| Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | 5,438,293 | $ | — | ||||||
| Futures Contracts(a) |
14,592,411 | — | — | |||||||||
| Purchased Option Contracts |
336,468 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 14,928,879 | $ | 5,438,293 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Forward Foreign Currency Exchange Contracts(a) |
$ | — | $ | (7,210,794 | ) | $ | — | |||||
| Futures Contracts(a) |
(2,901,755 | ) | — | — | ||||||||
| Written Option Contracts |
(2,425,344 | ) | — | — | ||||||||
|
|
||||||||||||
| Total |
$ | (5,327,099 | ) | $ | (7,210,794 | ) | $ | — | ||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
| STRATEGIC VOLATILITY PREMIUM | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| U.S. Treasury Obligations |
$ | 196,944,987 | $ | — | $ | — | ||||||
| Investment Company |
236,564,769 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 433,509,756 | $ | — | $ | — | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Futures Contracts(a) |
$ | 1,553,188 | $ | — | $ | — | ||||||
| Purchased Option Contracts |
71,168 | — | — | |||||||||
|
|
||||||||||||
| Total |
$ | 1,624,356 | $ | — | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Written Option Contracts |
$ | (118,189 | ) | $ | — | $ | — | |||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
| 79 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| TACTICAL TILT OVERLAY | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Fixed Income |
||||||||||||
| Agency Debentures |
$ | — | $ | 356,740,899 | $ | — | ||||||
| U.S. Treasury Obligations |
63,079,792 | — | — | |||||||||
| Corporate Obligations |
— | 45,716,447 | — | |||||||||
| Securities Lending Reinvestment Vehicle |
4,647,500 | — | — | |||||||||
| Exchange Traded Funds |
74,551,720 | — | — | |||||||||
| Investment Companies |
1,510,181,563 | — | — | |||||||||
| Short-term Investments |
— | 2,518,038,803 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 1,652,460,575 | $ | 2,920,496,149 | $ | — | ||||||
|
|
||||||||||||
| Derivative Type | ||||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Futures Contracts(a) |
$ | 14,754,835 | $ | — | $ | — | ||||||
| Interest Rate Swap Contracts(a) |
— | 420,369 | — | |||||||||
| Total Return Swap Contracts(a) |
— | 2,616,745 | — | |||||||||
| Purchased Option Contracts |
— | 3,892,140 | — | |||||||||
|
|
||||||||||||
| Total |
$ | 14,754,835 | $ | 6,929,254 | $ | — | ||||||
|
|
||||||||||||
| Liabilities |
||||||||||||
| Futures Contracts(a) |
$ | (457,942 | ) | $ | — | $ | — | |||||
|
|
||||||||||||
| (a) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules and Consolidated Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| Global Managed Beta | ||||||||||||
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | $ | 6,546,968 | Payable for unrealized loss on forward foreign currency exchange contracts | $ | (3,688,419 | ) | |||||
| Equity | Variation margin on futures contracts | 5,993,447 | (a) | Variation margin on futures contracts; Written options, at value | (1,724,614 | )(a) | ||||||
| Interest rate | Purchased options, at value | 21,812,100 | — | — | ||||||||
| Total |
$ | 34,352,515 | $ | (5,413,033 | ) | |||||||
| 80 |
GOLDMAN SACHS ALLOCATION FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Strategic Factor Allocation | ||||||||||||
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $ | 5,438,293 | Payable for unrealized loss on forward foreign currency exchange contracts | $ | (7,210,794 | ) | |||||
| Equity | Variation margin on futures contracts; Purchased options, at value | 4,495,645 | (a) | Written options, at value | (554,002 | ) | ||||||
| Interest rate | Variation margin on futures contracts | 10,433,234 | (a) | Variation margin on futures contracts; Written options, at value | (4,773,097 | )(a) | ||||||
| Total |
$ | 20,367,172 | $ | (12,537,893 | ) | |||||||
| Strategic Volatility Premium | ||||||||||||
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
| Equity | Variation margin on futures contracts; Purchased options, at value | $ | 105,953 | (a) | Written options, at value | $ | (118,189 | ) | ||||
| Interest rate | Variation margin on futures contracts | 1,518,403 | (a) | — | — | |||||||
| Total |
$ | 1,624,356 | $ | (118,189 | ) | |||||||
| Tactical Tilt Overlay | ||||||||||||
| Risk | Consolidated Statement of Assets and Liabilities | Assets | Consolidated Statement of Assets and Liabilities | Liabilities | ||||||||
| Commodity | Unrealized gain from swap contracts | $ | 2,616,745 | $ | — | |||||||
| Equity | Unrealized gain from swap contracts, variation margin on futures contracts and purchased options, at value | 3,893,164 | (a) | Variation margin on futures contracts | (457,942 | )(a) | ||||||
| Interest rate | Unrealized gain from swap contracts and variation margin on futures contracts | 15,174,180 | (a) | — | — | |||||||
| Total |
$ | 21,684,089 | $ | (457,942 | ) | |||||||
| (a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules and Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements and Consolidated Statement of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These
| 81 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 4. INVESTMENTS IN DERIVATIVES (continued) |
gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements and Consolidated Statement of Operations:
| Global Managed Beta | ||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased and written options | $ | 26,913,508 | $ | (21,908,151 | ) | ||||||
| Equity | Net realized gain (loss) from futures contracts, purchased and written options/ Net change in unrealized gain (loss) on futures contracts and written options | 15,469,660 | 8,755,446 | |||||||||
| Interest rate | Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options | (21,924,061 | ) | 3,039,771 | ||||||||
| Total |
$ | 20,459,107 | $ | (10,112,934 | ) | |||||||
| Strategic Factor Allocation | ||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $ | (5,547,719 | ) | $ | (4,165,664 | ) | |||||
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | 163,881,748 | 2,585,648 | |||||||||
| Interest rate | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options | (96,052,557 | ) | 16,171,453 | ||||||||
| Total |
$ | 62,281,472 | $ | 14,591,437 | ||||||||
| Strategic Volatility Premium | ||||||||||||
| Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | $ | 11,230,802 | $ | 167,233 | |||||||
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (23,537,907 | ) | 2,561,365 | ||||||||
| Total |
$ | (12,307,105 | ) | $ | 2,728,598 | |||||||
| 82 |
GOLDMAN SACHS ALLOCATION FUNDS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
| Tactical Tilt Overlay | ||||||||||||
| Risk | Consolidated Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||||
| Commodity | Net realized gain (loss) from futures contracts, written options and swap contracts/Net change in unrealized gain (loss) on written options and swap contracts | $ | 31,935,761 | $ | (4,230,915 | ) | ||||||
| Currency | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | (1,922,457 | ) | (1,543,123 | ) | |||||||
| Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options | 91,791,933 | (32,137,463 | ) | ||||||||
| Interest rate | Net realized gain (loss) from futures contract, purchased options and written options /Net change in unrealized gain (loss) on futures contracts, purchased options and written options | (139,279,969 | ) | 23,339,473 | ||||||||
| Total |
$ | (17,474,732 | ) | $ | (14,572,028 | ) | ||||||
For the fiscal year ended August 31, 2023, the relevant values for each derivative type were as follows:
| Average Number of Contracts, Notional Amounts, or Shares/Units(a) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Fund |
Futures Contracts |
Forward Contracts |
Swap Agreements |
Purchased Options |
Purchased Swaptions |
Written Options |
Written Swaptions |
|||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Global Managed Beta |
2,681 | $ | 410,546,993 | $ | — | 225,430,019 | $ | — | 14,038,018 | $ | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Strategic Factor Allocation |
16,069 | 567,412,203 | — | 940,258 | — | 4,184,533 | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Strategic Volatility Premium |
2,957 | — | — | 251,075 | — | 246,875 | — | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Tactical Tilt Overlay |
18,690 | — | 382,636,391 | 55,157,162 | 84,010,000 | 56,744,598 | 168,020,000 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| (a) | Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended August 31, 2023. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages each Fund, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds’ average daily net assets.
| 83 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2023, contractual and effective net management fees with GSAM were at the following rates:
| Contractual Management Rate
|
||||||||||||||||||||||||||||
| Fund | First $2 billion |
Next $3 billion |
Next $3 billion |
Over $8 billion |
Effective Rate | Effective Net Management Rate*^ |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Global Managed Beta |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.24% | |||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Strategic Factor Allocation |
0.75 | 0.68 | 0.64 | 0.62 | 0.74 | 0.63 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Strategic Volatility Premium |
0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.29 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Tactical Tilt Overlay |
0.75 | 0.68 | 0.64 | 0.62 | 0.71 | 0.62(a) | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| * | GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2023. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. |
| ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. |
| (a) | Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund’s average daily net assets. This arrangement will remain in effect at least through December 29, 2023. For the fiscal year ended August 31, 2023, GSAM waived $477,133 of the Strategic Volatility Premium Fund’s management fee.
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”). The Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and the Goldman Sachs MarketBeta US Equity ETF, and the Tactical Tilt Overlay Fund invested in Goldman Sachs High Yield Floating Rate Fund and invests in Goldman Sachs Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2023, GSAM waived $1,158,777, $2,342,273, $544,141 and $2,135,936 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds’ management fees, respectively.
GSAM also provides management services to the Tactical Tilt Overlay Fund’s Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Tactical Tilt Overlay Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended August 31, 2023, GSAM waived $2,201,631 of the Tactical Tilt Overlay Fund’s management fee.
B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, 0.02% of the average daily net assets of Institutional Shares for the Global Managed Beta Fund, 0.03% of the average daily net assets of Class R6 Shares for the Tactical Tilt Overlay Fund and 0.03% of the average daily net assets of Class P Shares for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund.
| 84 |
GOLDMAN SACHS ALLOCATION FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Funds. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2023 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended August 31, 2023, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| Fund | Management Fee Waiver |
Other Expense Reimbursements |
Total Expense Reductions |
|||||||||
|
|
||||||||||||
| Global Managed Beta |
$ | 1,158,777 | $ | — | $ | 1,158,777 | ||||||
|
|
||||||||||||
| Strategic Factor Allocation |
2,342,273 | — | 2,342,273 | |||||||||
|
|
||||||||||||
| Strategic Volatility Premium |
1,021,274 | — | 1,021,274 | |||||||||
|
|
||||||||||||
| Tactical Tilt Overlay |
4,638,124 | 67,044 | 4,705,168 | |||||||||
|
|
||||||||||||
D. Line of Credit Facility — As of August 31, 2023, the Funds participated in a $1,110,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2023, the Funds did not have any borrowings under the facility. Prior to April 19, 2023, the facility was $1,250,000,000.
E. Other Transactions with Affiliates — For the fiscal year ended August 31, 2023, Goldman Sachs earned $83,745 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Tactical Tilt Overlay Fund.
As of August 31, 2023, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:
| Fund | Institutional | |||
|
|
||||
| Strategic Volatility Premium |
15% | |||
|
|
||||
| 85 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS ( continued) |
The table below shows the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended August 31, 2023:
| Global Managed Beta | ||||||||||||||||||||||
| Underlying Fund | Market Value as of 8/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change In Gain/(Loss) |
Market Value as of 8/31/23 |
Shares as of 8/31/23 |
Dividend Income |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF |
$ | 21,768,087 | $ | 8,090,887 | $ | — | $ | — | $ | 312,597 | $ | 30,171,571 | 1,023,459 | $ | 635,672 | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund - Institutional Shares |
175,934,056 | 947,361,215 | (921,372,236 | ) | — | — | 201,923,035 | 201,923,035 | 7,700,527 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs Market Beta International Equity ETF |
214,490,911 | 143,825,945 | (13,111,440 | ) | 27,220 | 35,353,838 | 380,586,474 | 7,485,553 | 8,144,301 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs MarketBeta U.S. Equity ETF |
292,505,095 | 136,002,483 | (52,291,809 | ) | (653,501 | ) | 44,018,399 | 419,580,667 | 6,802,540 | 4,810,717 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Total |
$ | 704,698,149 | $ | 1,235,280,530 | $ | (986,775,485 | ) | $ | (626,281 | ) | $ | 79,684,834 | $ | 1,032,261,747 | $ | 21,291,217 | ||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Strategic Factor Allocation | ||||||||||||||||||||||
| Underlying Fund | Market Value as of 8/31/22 |
Purchases at Cost |
Proceeds from Sales |
Market Value as of 8/31/23 |
Shares as of 8/31/23 |
Dividend Income |
||||||||||||||||||
|
|
||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
$ | 1,564,632,614 | $ | 4,844,803,311 | $ | (5,068,860,037 | ) | $ | 1,340,575,888 | 1,340,575,888 | $ | 62,390,436 | ||||||||||||
|
|
||||||||||||||||||||||||
| Strategic Volatility Premium | ||||||||||||||||||||||
| Underlying Fund | Market Value as of 8/31/22 |
Purchases at Cost |
Proceeds from Sales |
Market Value as of 8/31/23 |
Shares as of 8/31/23 |
Dividend Income |
||||||||||||||||||
|
|
||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
$ | 343,787,202 | $ | 1,041,448,978 | $ | (1,148,671,411 | ) | $ | 236,564,769 | 236,564,769 | $ | 14,174,317 | ||||||||||||
|
|
||||||||||||||||||||||||
| Tactical Tilt Overlay | ||||||||||||||||||||||
| Underlying Fund | Market Value as of 8/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change In Unrealized Gain/(Loss) |
Market Value as of 8/31/23 |
Shares as of 8/31/23 |
Dividend Income |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs Energy Infrastructure Fund — Class R6 |
$ | 72,443,922 | $ | 3,956,953 | $ | (9,000,000 | ) | $ | 2,316,636 | $ | 577,194 | $ | 70,294,705 | 6,171,616 | $ | 4,905,975 | ||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs Financial Square Government Fund — Institutional Shares |
1,918,580,927 | 3,995,658,148 | (4,476,704,836 | ) | — | — | 1,437,534,239 | 1,437,534,239 | 65,146,258 | |||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs High Yield Floating Rate Fund — Class R6 |
109,638,212 | 132,616 | (109,279,989 | ) | (3,309,830 | ) | 2,818,991 | — | — | 132,616 | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| 86 |
GOLDMAN SACHS ALLOCATION FUNDS
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| Tactical Tilt Overlay (continued) |
| |||||||||||||||||||||||||||||||
| Underlying Fund | Market Value as of 8/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain/(Loss) |
Change In Unrealized Gain/(Loss) |
Market Value as of 8/31/23 |
Shares as of 8/31/23 |
Dividend Income |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Goldman Sachs MLP Energy Infrastructure Fund — Class R6 |
$ | — | $ | 2,352,619 | $ | — | $ | — | $ | — | $ | 2,352,619 | 75,525 | $ | — | |||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| Total |
$ | 2,100,663,061 | $ | 4,002,100,336 | $ | (4,594,984,825 | ) | $ | (993,194 | ) | $ | 3,396,185 | $ | 1,510,181,563 | $ | 70,184,849 | ||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases of U.S. Government and Agency Obligations |
Purchases | Sales and Maturities of U.S. Government and Agency Obligations |
Sales and Maturities |
||||||||||||
|
|
||||||||||||||||
| Global Managed Beta |
$ | — | $ | 1,065,523,815 | $ | — | $ | 396,062,313 | ||||||||
|
|
||||||||||||||||
| Tactical Tilt Overlay |
449,939,701 | 329,524,687 | 172,080,610 | 716,647,859 | ||||||||||||
|
|
||||||||||||||||
For the fiscal year ended August 31, 2023, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Factor Allocation and Strategic Volatility Premium Funds.
| 7. SECURITIES LENDING |
The Global Managed Beta Fund and Tactical Tilt Overlay Fund may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement and/or Consolidated Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any
| 87 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 7. SECURITIES LENDING (continued) |
shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statement and Consolidated Statement of Assets and Liabilities, where applicable.
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements and Consolidated Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2023.
| Fund | Beginning Value as of August 31, 2022 |
Purchases at cost |
Proceeds from Sales |
Ending Value as of August 31, 2023 |
||||||||||||
|
|
||||||||||||||||
| Global Managed Beta |
$70,746,676 | $841,651,184 | $(912,385,260 | ) | $ 12,600 | |||||||||||
|
|
||||||||||||||||
| Tactical Tilt Overlay |
49,625,697 | 453,289,335 | (498,267,532 | ) | 4,647,500 | |||||||||||
|
|
||||||||||||||||
| 8. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 was as follows:
| Global Managed Beta |
Strategic Factor Allocation |
Strategic Volatility Premium |
Tactical Tilt Overlay |
|||||||||||||
|
|
||||||||||||||||
| Distributions paid from: |
||||||||||||||||
| Ordinary income |
$99,998,153 | $40,191,732 | $3,705,003 | $40,082,319 | ||||||||||||
|
|
||||||||||||||||
The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:
| Global Managed Beta |
Strategic Factor Allocation |
Strategic Volatility Premium |
Tactical Tilt Overlay |
|||||||||||||
|
|
||||||||||||||||
| Distributions paid from: |
||||||||||||||||
| Ordinary income |
$120,695,128 | $114,127,787 | $ 563,374 | $95,007,053 | ||||||||||||
| Net long-term capital gains |
63,497,092 | 189,324,416 | 1,212,154 | — | ||||||||||||
|
|
||||||||||||||||
| Total taxable distributions |
$184,192,220 | $303,452,203 | $1,775,528 | $95,007,053 | ||||||||||||
|
|
||||||||||||||||
| 88 |
GOLDMAN SACHS ALLOCATION FUNDS
| 8. TAX INFORMATION (continued) |
As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
| Global Managed Beta |
Strategic Allocation |
Strategic Volatility Premium |
Tactical Tilt Overlay |
|||||||||||||
|
|
||||||||||||||||
| Undistributed ordinary income — net |
$ | 24,698,122 | $ | 50,012,095 | $ | 11,976,976 | $ | 181,328,624 | ||||||||
|
|
||||||||||||||||
| Capital loss carryforwards(1) : |
||||||||||||||||
| Perpetual Short-Term |
(7,260,344 | ) | (43,749,409 | ) | (12,030,598 | ) | (149,420,055 | ) | ||||||||
| Perpetual Long-Term |
(14,149,747 | ) | (65,636,837 | ) | (18,045,899 | ) | (29,869,323 | ) | ||||||||
|
|
||||||||||||||||
| Total capital loss carryforwards |
(21,410,091 | ) | (109,386,246 | ) | (30,076,497 | ) | (179,289,378 | ) | ||||||||
|
|
||||||||||||||||
| Timing differences (Post October Capital Loss Deferral/Late¬Year |
||||||||||||||||
| Ordinary Loss Deferral and Straddle Loss Deferral) |
$ | (34,134,855 | ) | $ | (9,743,878 | ) | $ | — | $ | (6,974,640 | ) | |||||
| Unrealized gains (loss) — net |
388,794,506 | (1,946,622 | ) | (519,092 | ) | 34,536,681 | ||||||||||
|
|
||||||||||||||||
| Total accumulated earnings (loss) net |
$ | 357,947,682 | $ | (71,064,651 | ) | $ | (18,618,613 | ) | $ | 29,601,287 | ||||||
|
|
||||||||||||||||
(1) The Tactical Tilt Overlay Fund utilized $408,590 of capital losses in the current fiscal year.
As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| Global Managed Beta |
Strategic Factor Allocation |
Strategic Volatility Premium |
Tactical Tilt Overlay |
|||||||||||||
|
|
||||||||||||||||
| Tax Cost |
$ | 2,073,572,551 | $ | 2,092,889,890 | $ | 435,795,237 | $ | 4,559,485,124 | ||||||||
|
|
||||||||||||||||
| Gross unrealized gain |
402,151,534 | — | — | 196,317,496 | ||||||||||||
| Gross unrealized loss |
(13,357,028 | ) | (1,946,622 | ) | (519,092 | ) | (161,780,815 | ) | ||||||||
|
|
||||||||||||||||
| Net unrealized gain (loss) |
$ | 388,794,506 | $ | (1,946,622 | ) | $ | (519,092 | ) | $ | 34,536,681 | ||||||
|
|
||||||||||||||||
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, partnership investments, passive foreign investment company investments, and underlying fund investments.
The Tactical Tilt Overlay Fund reclassed $(6,948,417) from distributable earnings to paid in capital for the year ending August 31, 2023. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Tactical Tilt Overlay Fund and result primarily from eliminating entries related to the Subsidiary.
GSAM has reviewed each Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in each Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
| 9. OTHER RISKS | ||
The Funds’ risks include, but are not limited to, the following:
Asset Allocation Risk — The Funds’ allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.
| 89 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 9. OTHER RISKS (continued) |
Credit/Default Risk — An issuer or guarantor of a security held by a Fund or a bank or other financial institution that has entered into a repurchase agreement with a Fund may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.
Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively, referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to a Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.
Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Investments in ETFs — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.
Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.
| 90 |
GOLDMAN SACHS ALLOCATION FUNDS
| 9. OTHER RISKS (continued) |
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a 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.
Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.
Tax Risk — The Tactical Tilt Overlay Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in
| 91 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 9. OTHER RISKS (continued) |
commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current-year distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund’s business of investing in stock, securities, or currencies.
The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund’s income from such investments was not “qualifying income,” in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Tactical Tilt Overlay Fund shareholders.
| 10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 11. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II, in July 2023, the Board voted to nominate Cheryl K. Beebe, John G. Chou, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees (except Messrs. Chou and Wirth and Ms. Dowling) currently serve as a Trustee of each of the Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Goldman Sachs Trust II. Messrs. Chou and Wirth and Ms. Dowling currently serve as Trustees of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
| 12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
| 92 |
GOLDMAN SACHS ALLOCATION FUNDS
| 13. SUMMARY OF SHARE TRANSACTIONS | ||
Share activity is as follows:
| Global Managed Beta Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
78,875,852 | $ | 1,025,111,264 | 38,515,995 | $ | 538,309,195 | ||||||||||
| Reinvestment of distributions |
8,323,215 | 99,961,817 | 11,856,265 | 184,192,220 | ||||||||||||
| Shares redeemed |
(30,131,088 | ) | (393,640,885 | ) | (56,511,209 | ) | (827,610,016 | ) | ||||||||
|
|
||||||||||||||||
| 57,067,979 | 731,432,196 | (6,138,949 | ) | (105,108,601 | ) | |||||||||||
|
|
||||||||||||||||
| Strategic Factor Allocation Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
321,256 | $ | 3,353,859 | 1,000,972 | $ | 11,079,050 | ||||||||||
| Reinvestment of distributions |
27,194 | 275,278 | 42,401 | 485,488 | ||||||||||||
| Shares redeemed |
(196,484 | ) | (2,032,399 | ) | (168,005 | ) | (1,840,322 | ) | ||||||||
|
|
||||||||||||||||
| 151,966 | 1,596,738 | 875,368 | 9,724,216 | |||||||||||||
|
|
||||||||||||||||
| Class R6 Shares(a) |
||||||||||||||||
| Reinvestment of distributions |
25 | 249 | 149 | 1,686 | ||||||||||||
| Shares redeemed |
(1,244 | ) | (13,478 | ) | — | — | ||||||||||
|
|
||||||||||||||||
| (1,219 | ) | (13,229 | ) | 149 | 1,686 | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
77,593,313 | 795,595,888 | 45,788,073 | 516,512,005 | ||||||||||||
| Reinvestment of distributions |
3,995,736 | 39,916,205 | 26,787,359 | 302,965,029 | ||||||||||||
| Shares redeemed |
(78,264,954 | ) | (798,426,744 | ) | (56,643,865 | ) | (625,312,339 | ) | ||||||||
|
|
||||||||||||||||
| 3,324,095 | 37,085,349 | 15,931,567 | 194,164,695 | |||||||||||||
|
|
||||||||||||||||
| NET INCREASE |
3,474,842 | $ | 38,668,858 | 16,807,084 | $ | 203,890,597 | ||||||||||
|
|
||||||||||||||||
| (a) | At the close of business on July 14, 2023, Class R6 Shares of the Strategic Factor Allocation Fund were liquidated. |
| 93 |
GOLDMAN SACHS ALLOCATION FUNDS
| Notes to Financial Statements (continued)
August 31, 2023 |
| 13. SUMMARY OF SHARE TRANSACTIONS (continued) | ||
| Strategic Volatility Premium Fund | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
13,266 | $ | 127,237 | 18,657 | $ | 186,077 | ||||||||||
| Reinvestment of distributions |
245 | 2,343 | 136 | 1,365 | ||||||||||||
| Shares redeemed |
(11,483 | ) | (110,191 | ) | (21,718 | ) | (217,081 | ) | ||||||||
|
|
||||||||||||||||
| 2,028 | 19,389 | (2,925 | ) | (29,639 | ) | |||||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
20,118,341 | 193,655,213 | 41,107,256 | 405,145,397 | ||||||||||||
| Reinvestment of distributions |
386,903 | 3,702,660 | 176,886 | 1,774,163 | ||||||||||||
| Shares redeemed |
(27,792,106 | ) | (267,078,922 | ) | (30,146,098 | ) | (295,691,396 | ) | ||||||||
|
|
||||||||||||||||
| (7,286,862 | ) | (69,721,049 | ) | 11,138,044 | 111,228,164 | |||||||||||
|
|
||||||||||||||||
| NET INCREASE (DECREASE) |
(7,284,834 | ) | $ | (69,701,660 | ) | 11,135,119 | $ | 111,198,525 | ||||||||
|
|
||||||||||||||||
| Tactical Tilt Overlay Fund |
||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Institutional Shares |
||||||||||||||||
| Shares sold |
1,135,526 | $ | 12,100,469 | 1,782,056 | $ | 18,966,440 | ||||||||||
| Reinvestment of distributions |
17,716 | 188,140 | 21,277 | 225,531 | ||||||||||||
| Shares redeemed |
(733,042 | ) | (7,837,585 | ) | (320,989 | ) | (3,385,774 | ) | ||||||||
|
|
||||||||||||||||
| 420,200 | 4,451,024 | 1,482,344 | 15,806,197 | |||||||||||||
|
|
||||||||||||||||
| Class R6 Shares |
||||||||||||||||
| Shares sold |
10,251,194 | 106,266,000 | 20,556,236 | 212,873,814 | ||||||||||||
| Reinvestment of distributions |
457,566 | 4,703,786 | 2,340,151 | 24,009,953 | ||||||||||||
| Shares redeemed |
(11,347,385 | ) | (116,175,121 | ) | (68,573,658 | ) | (707,568,184 | ) | ||||||||
|
|
||||||||||||||||
| (638,625 | ) | (5,205,335 | ) | (45,677,271 | ) | (470,684,417 | ) | |||||||||
|
|
||||||||||||||||
| Class P Shares |
||||||||||||||||
| Shares sold |
64,343,749 | 664,723,341 | 128,768,013 | 1,327,422,264 | ||||||||||||
| Reinvestment of distributions |
3,422,970 | 35,188,129 | 6,897,814 | 70,771,569 | ||||||||||||
| Shares redeemed |
(66,277,795 | ) | (683,437,254 | ) | (41,268,081 | ) | (421,973,975 | ) | ||||||||
|
|
||||||||||||||||
| 1,488,924 | 16,474,216 | 94,397,746 | 976,219,858 | |||||||||||||
|
|
||||||||||||||||
| NET INCREASE |
1,270,499 | $ | 15,719,905 | 50,202,819 | $ | 521,341,638 | ||||||||||
|
|
||||||||||||||||
| 94 |
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
| Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, and Goldman Sachs Strategic Volatility Premium Fund (1) |
| Goldman Sachs Tactical Tilt Overlay Fund and its subsidiary (2) |
| (1) Statements of assets and liabilities, including the schedules of investments as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, and the financial highlights for each of the periods indicated therein. |
| (2) Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of August 31, 2023, the related consolidated statement of operations for the year ended August 31, 2023, the consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2023, and the consolidated financial highlights for each of the periods indicated therein. |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
| 95 |
Fund Expenses — Six Month Period Ended August 31, 2023 (Unaudited)
As a shareholder of Institutional, Class R6 and Class P Shares of a Fund you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Institutional, Class R6 and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365-day year.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Global Managed Beta Fund | Strategic Factor Allocation Fund | Strategic Volatility Premium Fund | Tactical Tilt Overlay Fund | |||||||||||||||||||||||||||||||||||||||||||||
| Share Class | Beginning Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Value 3/1/23 |
Ending 8/31/23 |
Expenses Paid for the 6 months ended 8/31/23* |
Beginning Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses 8/31/23* |
Beginning Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses 6 months ended |
||||||||||||||||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
$1,000.00 | $1,091.30 | $1.61 | $1,000.00 | $1,078.50 | $3.71 | $1,000.00 | $1,021.00 | $2.04 | $1,000.00 | $1,014.10 | $3.65 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
1,000.00 | 1,023.70 | + | 1.56 | 1,000.00 | 1,021.60 | + | 3.61 | 1,000.00 | 1,023.20 | + | 2.04 | 1,000.00 | 1,021.60 | + | 3.67 | ||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | — | — | — | — | — | — | 1,000.00 | 1,013.60 | 3.60 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | — | — | — | — | — | — | — | 1,000.00 | 1,021.60 | + | 3.62 | |||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
— | — | — | 1,000.00 | 1,079.50 | 3.66 | 1,000.00 | 1,021.00 | 1.98 | 1,000.00 | 1,013.60 | 3.60 | ||||||||||||||||||||||||||||||||||||
|
Hypothetical 5% return |
— | — | — | 1,000.00 | 1,021.70 | + | 3.56 | 1,000.00 | 1,023.20 | + | 1.99 | 1,000.00 | 1,021.60 | + | 3.62 | |||||||||||||||||||||||||||||||||
| * | Expenses are calculated using each Fund’s annualized net expense ratio (excluding proxy fees which are not annualized) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
| Fund |
Institutional | Class R6 | Class P | |||||||||||
| Global Managed Beta |
0.31 | % | — | % | — | % | ||||||||
| Strategic Factor Allocation |
0.71 | — | 0.70 | |||||||||||
| Strategic Volatility Premium |
0.40 | — | 0.39 | |||||||||||
| Tactical Tilt Overlay |
0.72 | 0.71 | 0.71 | |||||||||||
| + | Hypothetical expenses are based on the Fund’s actual annualized net expense ratio (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses. |
96
GOLDMAN SACHS ALLOCATION FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13-14, 2023 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which the Tactical Tilt Overlay Fund invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about: |
| (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| (iii) | trends in employee headcount; |
| (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| (b) | information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund and the Underlying Funds invest; |
| (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| (e) | fee and expense information for the Fund, including: |
| (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| (ii) | the Fund’s expense trends over time; and |
| (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| (i) | whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale; |
| 97 |
GOLDMAN SACHS ALLOCATION FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, portfolio trading, distribution and other services; |
| (k) | a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser; |
| (l) | information regarding commissions paid by the Fund and/or the Underlying Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution, as applicable; |
| (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| (n) | the nature and quality of the services provided to the Fund and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds, the Underlying Funds, and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds, the Underlying Funds, and the Investment Adviser and its affiliates.
| 98 |
GOLDMAN SACHS ALLOCATION FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Investment Performance
The Trustees also considered the investment performance of the Funds and the Underlying Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2022, and (in the case of the Strategic Volatility Premium Fund) updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2023. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ and the Underlying Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. For the Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, they noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.
The Trustees observed that the Tactical Tilt Overlay Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods ended December 31, 2022, and had outperformed the Fund’s benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2023. They also considered that the Tactical Tilt Overlay Fund had experienced a benchmark index change in 2021. They noted that the Global Managed Beta Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods, and in the fourth quartile for the one-year period ended December 31, 2022, and had outperformed the Fund’s benchmark index for the five-year period and underperformed for the one- and three-year periods ended March 31, 2023. The Trustees considered that the Strategic Factor Allocation Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods ended December 31, 2022, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five-year period ended March 31, 2023. They noted that the Strategic Factor Allocation Fund had experienced certain portfolio management changes in 2022. The Trustees observed that the Strategic Volatility Premium Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2023. They noted that the Strategic Volatility Premium Fund had experienced certain portfolio management changes in 2022.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and (in the case of the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund) breakpoints, to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Funds and the Underlying Funds. With respect to the Tactical Tilt Overlay Fund, the Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund’s wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
| 99 |
GOLDMAN SACHS ALLOCATION FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2022 and 2021, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. For the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund, the Trustees also considered the breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of each Fund:
| Average Daily Net Assets | Strategic Factor
Allocation Fund |
Strategic Volatility
Premium Fund |
Tactical Tilt
Overlay Fund | |||
| First $2 billion |
0.75% | 0.50% | 0.75% | |||
| Next $3 billion |
0.68 | 0.45 | 0.68 | |||
| Next $3 billion |
0.64 | 0.43 | 0.64 | |||
| Over $8 billion |
0.62 | 0.42 | 0.62 | |||
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Tactical Tilt Overlay Fund, which had asset levels above at least the first breakpoint during the prior fiscal year. The Trustees also considered the services provided to the Tactical Tilt Overlay Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.
With respect to Global Managed Beta Fund, the Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds and certain Underlying Funds; (c) in the case of the Global Managed Beta Fund and Tactical Tilt Overlay Fund, research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds and certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds or
| 100 |
GOLDMAN SACHS ALLOCATION FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) in the case of the Tactical Tilt Overlay Fund and Global Managed Beta Fund, fees earned by the Investment Adviser for managing the fund in which each Fund’s and certain Underlying Funds’ securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds and the Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ and the Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds and/or the Underlying Funds (as applicable) receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds and the Underlying Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ and the Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2024.
| 101 |
GOLDMAN SACHS ALLOCATION FUNDS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
| Gregory G. Weaver Age: 71 |
Chair of the Board of Trustees | Since 2015 | Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Verizon Communications Inc. | |||||
| Dwight L. Bush Age: 66 |
Trustee | Since 2020 | The Honorable Dwight Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017-Present) Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021-Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, he served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | MoneyLion, Inc. (an operator of a data-driven, digital financial platform) | |||||
| Kathryn A. Cassidy Age: 69 |
Trustee | Since 2015 | Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Vertical Aerospace Ltd. (an aerospace and technology company) | |||||
| John G. Chou Age: 66 |
Trustee | Mr. Chou is retired. Formerly, he was Executive Vice President and Special Advisor to the Chairman and CEO (2021-2022); Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017) of Cencora, Inc. (a pharmaceutical and healthcare company). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. | 103 | None | ||||||
| Joaquin Delgado Age: 63 |
Trustee | Since 2020 | Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011–Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019–2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016–July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012–July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019– January 2020).
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | Stepan Company (a specialty chemical manufacturer) | |||||
| Eileen H. Dowling Age: 60 |
Trustee | Since 2021 | Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm). As Managing Director, she held senior management positions, including Global Head of Global Consultant Relations (2017–2021), Multinational Corporations (2019–2021), the Institutional Product Group (2015–2019) and Institutional Marketing (2013–2016). Ms. Dowling was a member of the Global Operating Committee and Product Executive Committee of BlackRock.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | |||||
| 102 |
GOLDMAN SACHS ALLOCATION FUNDS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||||
| Paul C. Wirth Age: 65 |
Since 2022 | Mr. Wirth is retired. He is Executive Advisor, My Next Season LLC (a career transition advisory firm) (2023-Present). Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.
Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. |
103 | None | ||||||||
| Interested Trustee* | ||||||||||||
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||||
| James A. McNamara Age: 60 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
| 2 | Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c)the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
| 103 |
GOLDMAN SACHS ALLOCATION FUNDS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
| Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
| James A. McNamara 200 West Street New York, NY 10282 Age: 60 |
President and Trustee | Since 2007 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998).
President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 |
Secretary | Since 2012 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384. |
| 1 | Information is provided as of August 31, 2023. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| Goldman Sachs Trust – Allocation Funds - Tax Information (Unaudited)
For the year ended August 31, 2023, 10.68% and 11.59% of the dividends paid from net investment company taxable income by the Global Managed Beta and Tactical Tilt Overlay Funds qualify for the dividends received deduction available to corporations.
From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the Global Managed Beta Fund from sources within foreign countries and possessions of the United States was $0.0921 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Global Managed Beta Fund was 12.58%. The total amount of taxes paid by the Global Managed Beta Fund to such countries was $0.0102.
For the year ended August 31, 2023, the Global Managed Beta and Tactical Tilt Overlay Funds designate 27.20% and 19.49%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
During the year ended August 31, 2023, the Strategic Factor Allocation fund designates $3,531,294 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
|
| 104 |
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
| Money Market Financial Square FundsSM ∎ Financial Square Treasury Solutions Fund1 ∎ Financial Square Government Fund1 ∎ Financial Square Money Market Fund2 ∎ Financial Square Prime Obligations Fund2 ∎ Financial Square Treasury Instruments Fund1 ∎ Financial Square Treasury Obligations Fund1 ∎ Financial Square Federal Instruments Fund1 Investor FundsSM ∎ Investor Money Market Fund3 ∎ Investor Tax-Exempt Money Market Fund3
Fixed Income Short Duration and Government ∎ Enhanced Income Fund ∎ Short-Term Conservative Income Fund ∎ Short Duration Government Fund ∎ Short Duration Bond Fund ∎ Government Income Fund ∎ Inflation Protected Securities Fund Multi-Sector ∎ Bond Fund ∎ Core Fixed Income Fund ∎ Global Core Fixed Income Fund ∎ Strategic Income Fund ∎ Income Fund |
Municipal and Tax-Free ∎ High Yield Municipal Fund ∎ Dynamic Municipal Income Fund ∎ Short Duration Tax-Free Fund ∎ Municipal Income Completion Fund
Single Sector ∎ Investment Grade Credit Fund ∎ U.S. Mortgages Fund ∎ High Yield Fund ∎ High Yield Floating Rate Fund ∎ Emerging Markets Debt Fund ∎ Local Emerging Markets Debt Fund Fixed Income Alternatives ∎ Long Short Credit Strategies Fund
Fundamental Equity ∎ Equity Income Fund ∎ Small Cap Growth Fund ∎ Small Cap Value Fund ∎ Small/Mid Cap Value Fund ∎ Mid Cap Value Fund ∎ Large Cap Value Fund ∎ Focused Value Fund ∎ Large Cap Core Fund ∎ Strategic Growth Fund ∎ Small/Mid Cap Growth Fund ∎ Flexible Cap Fund ∎ Concentrated Growth Fund ∎ Technology Opportunities Fund ∎ Mid Cap Growth Fund ∎ Rising Dividend Growth Fund ∎ U.S. Equity ESG Fund ∎ Income Builder Fund
Tax-Advantaged Equity ∎ U.S. Tax-Managed Equity Fund ∎ International Tax-Managed Equity Fund ∎ U.S. Equity Dividend and Premium Fund ∎ International Equity Dividend and Premium Fund |
Equity Insights ∎ Small Cap Equity Insights Fund ∎ U.S. Equity Insights Fund ∎ Small Cap Growth Insights Fund ∎ Large Cap Growth Insights Fund ∎ Large Cap Value Insights Fund ∎ Small Cap Value Insights Fund ∎ International Small Cap Insights Fund ∎ International Equity Insights Fund ∎ Emerging Markets Equity Insights Fund
Fundamental Equity International ∎ International Equity Income Fund ∎ International Equity ESG Fund ∎ China Equity Fund ∎ Emerging Markets Equity Fund ∎ Emerging Markets Equity ex. China Fund ∎ ESG Emerging Markets Equity Fund
Alternative ∎ Clean Energy Income Fund ∎ Real Estate Securities Fund ∎ Commodity Strategy Fund ∎ Global Real Estate Securities Fund ∎ Absolute Return Tracker Fund ∎ Managed Futures Strategy Fund ∎ MLP Energy Infrastructure Fund ∎ Energy Infrastructure Fund ∎ Multi-Manager Alternatives Fund ∎ Global Infrastructure Fund |
Total Portfolio Solutions ∎ Global Managed Beta Fund ∎ Multi-Manager Non-Core Fixed Income Fund ∎ Multi-Manager Global Equity Fund ∎ Multi-Manager International Equity Fund ∎ Tactical Tilt Overlay Fund ∎ Balanced Strategy Portfolio ∎ Multi-Manager U.S. Small Cap Equity Fund ∎ Multi-Manager Real Assets Strategy Fund ∎ Growth and Income Strategy Portfolio ∎ Growth Strategy Portfolio ∎ Dynamic Global Equity Fund ∎ Satellite Strategies Portfolio ∎ Enhanced Dividend Global Equity Portfolio ∎ Tax-Advantaged Global Equity Portfolio ∎ Strategic Factor Allocation Fund ∎ Strategic Volatility Premium Fund ∎ GQG Partners International Opportunities Fund |
| 1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 2 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| 3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
| Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC. |
| * | This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds. |
TRUSTEES Gregory G. Weaver, Chair Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling James A. McNamara Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary* *Effective October 10, 2023 GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that a Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov. The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s®, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2023 Goldman Sachs. All rights reserved. 339811-OTU-1891472 ALLOCATEAR-23
| ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(e) Not applicable.
(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.
| 2023 | 2022 | Description of Services Rendered | ||||||||||
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| Audit Fees: |
||||||||||||
| • PricewaterhouseCoopers LLP (“PwC”) |
$ | 3,823,618 | $ | 3,874,745 | Financial Statement audits. | |||||||
| Audit-Related Fees: |
||||||||||||
| • PwC |
$ | 516,600 | $ | 438,000 | Other attest services. | |||||||
| Tax Fees: |
||||||||||||
| • PwC |
0 | $ | 0 | |||||||||
$438,000
$3,874,745
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
| 2023 | 2022 | Description of Services Rendered | ||||||||||
|
|
|
|
|
| ||||||||
| Audit-Related Fees: |
||||||||||||
| • PwC |
$ | 2,075,449 | $ | 1,906,448 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser. | |||||||
| * | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2023 and August 31, 2022 were approximately $516,600 and $438,000, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2022 and December 31, 2021 were approximately $17.1 million and $14.4 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2022 and 2021 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
Item 4(i) – Not applicable.
Item 4(j) – Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
| Not applicable. |
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
| Not applicable. |
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. |
| ITEM 13. | EXHIBITS. |
| (a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022. | |||
| (a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
| (a)(3) | Not applicable to open-end investment companies. | |||
| (a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
| (b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Goldman Sachs Trust | ||
| By: | /s/ James A. McNamara | |
|
| ||
|
James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs Trust | ||
| Date: | November 3, 2023 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James A. McNamara | |
|
| ||
|
James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs Trust | ||
| Date: | November 3, 2023 | |
| By: | /s/ Joseph F. DiMaria | |
|
| ||
|
Joseph F. DiMaria | ||
| Principal Financial Officer | ||
| Goldman Sachs Trust | ||
| Date: | November 3, 2023 | |