0001752724-21-213792.txt : 20210929 0001752724-21-213792.hdr.sgml : 20210929 20210929105052 ACCESSION NUMBER: 0001752724-21-213792 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210929 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 211289925 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 0000822977 S000009331 Goldman Sachs International Equity ESG Fund C000025547 Institutional GSIEX C000025548 Service GSISX C000025549 Class A GSIFX C000025551 Class C GSICX C000091956 Investor Shares GIRNX C000169233 Class R6 GSIWX C000201741 Class P Shares GTFPX NPORT-P 1 primary_doc.xml NPORT-P false 0000822977 XXXXXXXX S000009331 C000025548 C000025551 C000201741 C000025549 C000169233 C000025547 C000091956 Goldman Sachs Trust 811-05349 0000822977 S2FHCT8U6D2VORP0J605 71 South Wacker Drive Chicago 60606 312-655-4400 Goldman Sachs International Equity ESG Fund S000009331 5A6K8J537RQXSC8G9Y75 2021-10-31 2021-07-31 N 271333343.53 2013089.81 269320253.72 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2463127.56999999 N Experian plc 635400RXXHHYT1JTSZ26 Experian plc N/A 221758.00000000 NS 9763076.93000000 3.625080845256 Long EC CORP JE N 2 N N N Taiwan Semiconductor Manufacturing Co. Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 70395.00000000 NS USD 8210872.80000000 3.048739441830 Long EC CORP TW N 1 N N N Goldman Sachs Financial Square Funds - Government Fund 549300BRJMXN4GUWZ402 Goldman Sachs Financial Square Government Fund - Institutional Shares 38141W273 5716032.95000000 NS USD 5716032.95000000 2.122392531214 Long STIV RF US N 1 N N N Informa plc 5493006VM2LKUPSEDU20 Informa plc N/A 1062428.00000000 NS 7300280.60000000 2.710631858972 Long EC CORP GB N 2 N N N Amadeus IT Group SA 9598004A3FTY3TEHHN09 Amadeus IT Group SA N/A 52106.00000000 NS 3417153.90000000 1.268806876868 Long EC CORP ES N 2 N N N Recruit Holdings Co. Ltd. 353800R2LRSMVVC4I806 Recruit Holdings Co. Ltd. N/A 98100.00000000 NS 5084586.75000000 1.887933298654 Long EC CORP JP N 2 N N N Compass Group plc 2138008M6MH9OZ6U2T68 Compass Group plc N/A 175435.00000000 NS 3706921.02000000 1.376398903832 Long EC CORP GB N 2 N N N Neste OYJ 5493009GY1X8GQ66AM14 Neste OYJ N/A 75838.00000000 NS 4661826.19000000 1.730960121122 Long EC CORP FI N 2 N N N BNP Paribas SA R0MUWSFPU8MPRO8K5P83 BNP Paribas SA N/A 159540.00000000 NS 9728620.91000000 3.612287147224 Long EC CORP FR N 2 N N N Farfetch Ltd. 549300QFQ74Z0F96NS78 Farfetch Ltd., Class A 30744W107 107273.00000000 NS USD 5376522.76000000 1.996330645666 Long EC CORP KY N 1 N N N Hexagon AB 549300WJFW6ILNI4TA80 Hexagon AB, Class B N/A 358878.00000000 NS 5940722.43000000 2.205820894620 Long EC CORP SE N 1 N N N Vinci SA 213800WFQ334R8UXUG83 Vinci SA N/A 70036.00000000 NS 7415030.76000000 2.753239185534 Long EC CORP FR N 2 N N N Schneider Electric SE 969500A1YF1XUYYXS284 Schneider Electric SE N/A 50047.00000000 NS 8382297.62000000 3.112390362113 Long EC CORP FR N 2 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 Iberdrola SA N/A 19698.00000000 NS 237067.27000000 0.088024300707 Long EC CORP ES N 2 N N N Nidec Corp. 353800IF171MZTNL6Y31 Nidec Corp. N/A 70500.00000000 NS 7913167.93000000 2.938200087330 Long EC CORP JP N 2 N N N Shiseido Co. Ltd. 5299008QCD0YDT5OF506 Shiseido Co. Ltd. N/A 62100.00000000 NS 4150498.35000000 1.541101455486 Long EC CORP JP N 2 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 Iberdrola SA N/A 808831.00000000 NS 9734356.29000000 3.614416723415 Long EC CORP ES N 2 N N N Hoya Corp. 353800X4VR3BHEUCJB42 Hoya Corp. N/A 65200.00000000 NS 9204260.12000000 3.417589279998 Long EC CORP JP N 2 N N N DS Smith plc 39RSBE4RCI4M15BLWH36 DS Smith plc N/A 1405270.00000000 NS 8255096.66000000 3.065159989260 Long EC CORP GB N 2 N N N Rentokil Initial plc 549300VN4WV7Z6T14K68 Rentokil Initial plc N/A 1095058.00000000 NS 8626303.57000000 3.202991030510 Long EC CORP GB N 2 N N N DBS Group Holdings Ltd. 5493007FKT78NKPM5V55 DBS Group Holdings Ltd. N/A 246580.00000000 NS 5517561.20000000 2.048698946250 Long EC CORP SG N 2 N N N Reckitt Benckiser Group plc 5493003JFSMOJG48V108 Reckitt Benckiser Group plc N/A 85364.00000000 NS 6530316.54000000 2.424740230190 Long EC CORP GB N 2 N N N Koninklijke DSM NV 724500SNT1MK246AHP04 Koninklijke DSM NV N/A 41848.00000000 NS 8435786.66000000 3.132251118688 Long EC CORP NL N 2 N N N Novo Nordisk A/S 549300DAQ1CVT6CXN342 Novo Nordisk A/S, Class B N/A 96819.00000000 NS 8962666.25000000 3.327884229352 Long EC CORP DK N 2 N N N Banco Bilbao Vizcaya Argentaria SA K8MS7FD7N5Z2WQ51AZ71 Banco Bilbao Vizcaya Argentaria SA N/A 1383577.00000000 NS 8856947.88000000 3.288630453024 Long EC CORP ES N 2 N N N Infineon Technologies AG TSI2PJM6EPETEQ4X1U25 Infineon Technologies AG N/A 176741.00000000 NS 6754011.48000000 2.507799315762 Long EC CORP DE N 2 N N N Takeda Pharmaceutical Co. Ltd. 549300ZLMVP4X0OGR454 Takeda Pharmaceutical Co. Ltd. N/A 154773.00000000 NS 5151855.88000000 1.912910673757 Long EC CORP JP N 2 N N N Zurich Insurance Group AG 529900QVNRBND50TXP03 Zurich Insurance Group AG N/A 28705.00000000 NS 11573132.57000000 4.297163844956 Long EC CORP CH N 2 N N N Aalberts NV 549300EMP9DT6Q35HZ31 Aalberts NV N/A 117420.00000000 NS 7158292.81000000 2.657911059835 Long EC CORP NL N 2 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 AstraZeneca plc N/A 90305.00000000 NS 10376936.77000000 3.853010171596 Long EC CORP GB N 2 N N N ORIX Corp. 35380016EMHNBOVYE123 ORIX Corp. N/A 463400.00000000 NS 8107373.40000000 3.010309580514 Long EC CORP JP N 2 N N N Nestle SA KY37LUS27QQX7BB93L28 Nestle SA (Registered) N/A 105786.00000000 NS 13395647.16000000 4.973872917083 Long EC CORP CH N 2 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA N/A 175217.00000000 NS 11427064.89000000 4.242928161608 Long EC CORP ES N 2 N N N Keyence Corp. 529900M7PQBS7A89DZ11 Keyence Corp. N/A 15800.00000000 NS 8800647.26000000 3.267725742286 Long EC CORP JP N 2 N N N InterContinental Hotels Group plc 2138007ZFQYRUSLU3J98 InterContinental Hotels Group plc N/A 55655.00000000 NS 3675657.04000000 1.364790426724 Long EC CORP GB N 2 N N N Ferguson plc 213800DU1LGY3R2S2X42 Ferguson plc N/A 57683.00000000 NS 8086527.47000000 3.002569379132 Long EC CORP JE N 2 N N N 2021-08-30 Goldman Sachs Trust Peter Fortner Peter Fortner Assistant Treasurer XXXX NPORT-EX 2 d140180dex11.htm 7.31 PART F FOR VALIDATION PURPOSES ONLY - [140180.TX]

GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.2%
 

China – 91.5%

  128,850      Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services)   $    1,176,543
  330,100      Alibaba Group Holding Ltd. (Retailing)*   8,061,951
  20,982      Alibaba Group Holding Ltd. ADR (Retailing)*   4,095,477
  520,000      Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*   810,476
  20,000      ANTA Sports Products Ltd. (Consumer Durables & Apparel)   435,427
  495,956      Bank of Ningbo Co. Ltd. Class A (Banks)   2,492,138
  331,296      Baoshan Iron & Steel Co. Ltd. Class A (Materials)   406,180
  26,260      Bilibili, Inc. Class Z (Media & Entertainment)*   2,248,341
  4,619,000      China Construction Bank Corp. Class H (Banks)   3,217,336
  403,000      China Feihe Ltd. (Food Products)(a)   774,772
  533,000      China Mengniu Dairy Co. Ltd. (Food Products)*   2,893,878
  131,500      China Merchants Bank Co. Ltd. Class A (Banks)   949,212
  535,500      China Merchants Bank Co. Ltd. Class H (Banks)   4,073,848
  321,800      China Vanke Co. Ltd. Class A (Real Estate)   1,031,005
  425,000      China Vanke Co. Ltd. Class H (Real Estate)   1,107,149
  312,500      CITIC Securities Co. Ltd. Class H (Diversified Financials)   695,931
  62,498      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   5,363,577
  73,380      East Money Information Co. Ltd. Class A (Diversified Financials)   353,902
  64,900      Ecovacs Robotics Co. Ltd. Class A (Consumer Durables & Apparel)   1,722,142
  95,800      ENN Energy Holdings Ltd. (Utilities)   1,999,183
  806,266      Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment)   940,460
  24,346      Full Truck Alliance Co. Ltd. ADR (Transportation)*(b)   230,557
  124,800      Ganfeng Lithium Co. Ltd. Class H (Materials)(a)   2,686,137
  93,400      GDS Holdings Ltd. Class A (Software & Services)*   692,518
  556,000      Geely Automobile Holdings Ltd. (Automobiles & Components)   1,865,040
  92,900      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   560,240

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  29,000      Hangzhou Tigermed Consulting Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)   $      563,194
  163,510      Hongfa Technology Co. Ltd. Class A (Capital Goods)   1,666,816
  332,247      Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks)   303,161
  151,434      Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)   1,279,578
  508,000      Jiumaojiu International Holdings Ltd. (Consumer Services)(a)   1,516,037
  132,028      Juewei Food Co. Ltd. Class A (Food Products)   1,398,893
  442,000      Kingdee International Software Group Co. Ltd. (Software & Services)*   1,380,448
  18,640      Kweichow Moutai Co. Ltd. Class A (Food Products)   4,854,965
  228,674      Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)   1,314,214
  181,100      Meituan Class B (Retailing)*(a)   5,011,295
  60,600      Midea Group Co. Ltd. Class A (Consumer Durables & Apparel)   597,773
  626,000      Minth Group Ltd. (Automobiles & Components)   2,647,376
  401,500      Nayuki Holdings Ltd. (Consumer Services)*   583,820
  135,300      NetEase, Inc. (Media & Entertainment)   2,691,147
  6,957      NetEase, Inc. ADR (Media & Entertainment)   711,075
  543,160      Ping An Bank Co. Ltd. Class A (Banks)   1,489,188
  260,000      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   2,275,220
  283,401      Sany Heavy Industry Co. Ltd. Class A (Capital Goods)   1,093,689
  96,500      SF Holding Co. Ltd. Class A (Transportation)   885,928
  244,778      Shenzhen Inovance Technology Co. Ltd.
Class A (Capital Goods)
  2,960,974
  35,900      Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services)   2,178,039
  104,174      Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment)   418,473
  116,912      Sungrow Power Supply Co. Ltd. Class A (Capital Goods)   3,052,357

 

 

 

GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  69,500      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   $    2,110,126
  187,600      Tencent Holdings Ltd. (Media & Entertainment)   11,313,808
  1,011,000      Topsports International Holdings Ltd. (Retailing)(a)   1,410,897
  194,000      Tsingtao Brewery Co. Ltd. Class H (Food Products)   1,533,327
  311,452      Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment)   663,196
  97,100      Wanhua Chemical Group Co. Ltd. Class A (Materials)   1,717,257
  958,000      Weimob, Inc. (Software & Services)*(a)   1,299,739
  34,632      Will Semiconductor Co. Ltd. Shanghai Class A (Semiconductors & Semiconductor Equipment)   1,626,499
  109,128      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)   2,418,856
  265,000      Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)   4,047,678
  43,523      XPeng, Inc. ADR (Automobiles & Components)*   1,763,987
  45,400      XPeng, Inc. Class A (Automobiles & Components)*   871,645
  234,978      Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy)   1,378,069
  90,507      Yatsen Holding Ltd. ADR (Household & Personal Products)*(b)   610,017
  728,170      Yunnan Aluminium Co. Ltd. Class A (Materials)*   1,610,984
  79,820      Yunnan Energy New Material Co. Ltd. (Materials)   3,080,118
  9,762      Zai Lab Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)*   1,411,683
  334,419      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   1,110,557
    

 

     131,735,523

 

 

 

Hong Kong – 5.4%

  134,600      AIA Group Ltd. (Insurance)   1,610,592
  124,500      ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)   1,605,266
  25,901      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   1,655,325

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hong Kong – (continued)

  1,637,500      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   $    1,391,052
  92,500      Techtronic Industries Co. Ltd. (Capital Goods)   1,649,487
    

 

     7,911,722

 

 

 

Taiwan – 1.3%

  58,000      MediaTek, Inc. (Semiconductors & Semiconductor Equipment)   1,896,475

 

 

 

TOTAL COMMON STOCKS

(Cost $129,814,425)

  $141,543,720

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(c) – 1.5%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  2,089,381      0.026%   $    2,089,381
  (Cost $2,089,381)  

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $131,903,806)
  $143,633,101

 

 

    
  Securities Lending Reinvestment Vehicle(c) – 0.6%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

     819,660      0.026%   $       819,660
  (Cost $819,660)  

 

 

 
TOTAL INVESTMENTS – 100.3%
(Cost $132,723,466)
  $144,452,761

 

 

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (0.3)%

  (474,227)

 

 

  NET ASSETS – 100.0%   $143,978,534

 

 

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

 

 

Investment Abbreviation:
ADR  

— American Depositary Receipt

 

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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.8%
 

Argentina – 1.7%

  41,201      MercadoLibre, Inc. (Retailing)*   $     64,632,009

 

 

 

Brazil – 5.0%

  6,669,961      Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)*   11,205,714
  4,317,057      Atacadao SA (Food & Staples Retailing)   15,740,587
  2,726,200      B3 SA - Brasil Bolsa Balcao (Diversified Financials)   7,982,441
  343,814      Banco Bradesco SA ADR (Banks)*   1,605,611
  4,937,854      Banco Bradesco SA (Preference) (Banks)*,(a)   22,991,016
  1,028,548      Blau Farmaceutica SA (Pharmaceuticals, Biotechnology & Life Sciences)*   10,170,445
  5,684,624      Boa Vista Servicos SA (Commercial & Professional Services)   12,650,083
  6,214,560      Caixa Seguridade Participacoes S/A (Insurance)*   13,077,632
  1,500,546      Clear Sale SA (Software & Services)*   8,211,119
  4,535,100      Locaweb Servicos de Internet SA (Software & Services)*(b)   21,690,461
  222,603      Pagseguro Digital Ltd. Class A (Software & Services)*   12,341,110
  2,853,199      Qualicorp Consultoria e Corretora de Seguros SA (Health Care Equipment & Services)   14,106,442
  1,772,486      Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(b)   23,482,270
  667,454      VTEX Class A (Media & Entertainment)*   16,352,623
    

 

     191,607,554

 

 

 

China – 30.5%

  1,037,555      Alibaba Group Holding Ltd. ADR (Retailing)*   202,520,360
  7,350,000      Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*   11,455,767
  1,887,000      ANTA Sports Products Ltd. (Consumer Durables & Apparel)   41,082,576
  334,710      Bilibili, Inc. ADR (Media & Entertainment)*   28,644,482
  9,050,000      China Feihe Ltd. (Food Products)(b)   17,398,721
  5,261,000      China Mengniu Dairy Co. Ltd. (Food Products)*   28,564,147
  9,875,500      China Merchants Bank Co. Ltd. Class H (Banks)   75,128,449
  416,932      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   35,781,096
  192,234      Daqo New Energy Corp. ADR (Semiconductors & Semiconductor Equipment)*   11,389,864

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  2,618,300      ENN Energy Holdings Ltd. (Utilities)   $     54,639,477
  670,869      Full Truck Alliance Co. Ltd. ADR (Transportation)*(c)   6,353,129
  3,243,559      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   19,560,521
  4,727,000      Jiumaojiu International Holdings Ltd. (Consumer Services)(b)   14,106,907
  223,081      Kweichow Moutai Co. Ltd. Class A (Food Products)   58,103,566
  3,298,082      Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)   18,954,427
  2,370,600      Meituan Class B (Retailing)*(b)   65,597,884
  4,548,000      Minth Group Ltd. (Automobiles & Components)   19,233,655
  5,887,500      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   51,537,738
  869,514      Qingdao Haier Biomedical Co. Ltd. Class A (Health Care Equipment & Services)   14,048,140
  1,247,123      SF Holding Co. Ltd. Class A (Transportation)   11,449,338
  351,497      Silergy Corp. (Semiconductors & Semiconductor Equipment)   47,692,785
  1,416,500      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   43,007,095
  3,301,500      Tencent Holdings Ltd. (Media & Entertainment)   199,107,348
  12,802,000      Topsports International Holdings Ltd. (Retailing)(b)   17,865,783
  1,315,494      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(b)   29,158,329
  12,054,339      Yunnan Aluminium Co. Ltd. Class A (Materials)*   26,668,698
  549,100      Zepp Health Corp. ADR (Technology Hardware & Equipment)*(c)   6,116,974
  4,752,352      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   15,781,870
    

 

     1,170,949,126

 

 

 

Egypt – 0.3%

  3,686,621      Commercial International Bank Egypt SAE (Banks)*   13,413,461

 

 

 

Greece – 0.9%

  1,188,993      Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials)   5,628,214
  958,948      JUMBO SA (Retailing)   15,234,756
  1,273,447      Sarantis SA (Household & Personal Products)   13,293,513
    

 

     34,156,483

 

 

 

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hong Kong – 3.7%

  4,237,000      AIA Group Ltd. (Insurance)   $     50,698,944
  670,913      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   42,877,842
  30,956,500      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   26,297,460
  1,244,500      Techtronic Industries Co. Ltd. (Capital Goods)   22,192,292
    

 

     142,066,538

 

 

 

Hungary – 0.6%

  417,306      OTP Bank Nyrt. (Banks)*   22,503,616

 

 

 

India – 12.4%

  558,386      Amber Enterprises India Ltd. (Consumer Durables & Apparel)*   22,437,234
  128,851      Atul Ltd. (Materials)   15,682,942
  549,687      Avenue Supermarts Ltd. (Food & Staples Retailing)*(b)   25,888,209
  448,286      Computer Age Management Services Ltd. (Software & Services)   20,152,634
  2,879,274      Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)   18,884,917
  398,433      Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*   26,285,628
  1,355,744      Godrej Properties Ltd. (Real Estate)*   29,238,108
  936,379      ICICI Lombard General Insurance Co. Ltd. (Insurance)(b)   18,594,804
  428,509      Info Edge India Ltd. (Media & Entertainment)   30,101,155
  2,548,641      Infosys Ltd. (Software & Services)   55,544,863
  1,121,662      Kotak Mahindra Bank Ltd. (Banks)*   25,007,557
  675,669      Navin Fluorine International Ltd. (Materials)   33,246,622
  884,655      Route Mobile Ltd. (Software & Services)   24,578,431
  1,169,218      SBI Life Insurance Co. Ltd.
(Insurance)(b)
  17,298,989
  2,318,034      Sona Blw Precision Forgings Ltd. (Automobiles & Components)*(b)   13,682,677
  2,230,592      Tata Consumer Products Ltd. (Food Products)   22,693,186
  356,474      TeamLease Services Ltd. (Commercial & Professional Services)*   20,431,638
  3,137,663      Wipro Ltd. (Software & Services)   24,798,947
  17,359,208      Zomato Ltd. (Retailing)*   31,142,300
    

 

     475,690,841

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Indonesia – 2.0%

  55,312,400      Bank BTPN Syariah Tbk. PT (Banks)   $         9,067,176
  19,090,700      Bank Central Asia Tbk. PT (Banks)   39,410,025
  222,790,500      BFI Finance Indonesia Tbk. PT (Diversified Financials)   14,403,396
  12,294,300      Map Aktif Adiperkasa PT
(Retailing)*
  1,390,444
  194,857,000      Pakuwon Jati Tbk. PT (Real Estate)*   5,393,295
  9,821,711      Semen Indonesia Persero Tbk. PT (Materials)   5,234,039
    

 

     74,898,375

 

 

 

Mexico – 1.8%

  3,957,699      Arca Continental SAB de CV (Food Products)   23,949,484
  8,732,750      Gentera SAB de CV (Diversified Financials)*   5,102,010
  6,694,299      Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)   10,838,669
  8,424,200      Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)   27,769,972
    

 

     67,660,135

 

 

 

Peru – 0.2%

  433,843      Intercorp Financial Services, Inc. (Banks)   8,827,173

 

 

 

Philippines – 1.0%

  6,179,300      Del Monte Pacific Ltd. (Food Products)   1,869,820
  3,599,240      Jollibee Foods Corp. (Consumer Services)   13,681,217
  80,114,700      Monde Nissin Corp.
(Food Products)*(b)
  23,689,012
    

 

     39,240,049

 

 

 

Poland – 2.3%

  442,681      Dino Polska SA (Food & Staples Retailing)*(b)   35,425,971
  1,123,526      InPost SA (Transportation)*   22,030,127
  3,267,544      Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*   32,095,556
    

 

     89,551,654

 

 

 

Russia – 5.1%

  12,010,320      Detsky Mir PJSC (Retailing)(b)   23,038,349
  1,569,435      Fix Price Group Ltd. GDR
(Retailing)*
  11,998,331
  4,706,087      Moscow Exchange MICEX-RTS PJSC (Diversified Financials)   11,140,159
  412,763      Ozon Holdings plc ADR
(Retailing)*(c)
  21,550,356
  7,381,963      Sberbank of Russia PJSC (Banks)   30,862,328
  689,333      TCS Group Holding plc GDR (Banks)   57,059,853

 

 

 

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Russia – (continued)

  772,244      United Medical Group CY plc GDR (Health Care Equipment &
Services)*(b)
  $         9,502,105
  467,772      Yandex NV Class A (Media & Entertainment)*   31,775,752
    

 

     196,927,233

 

 

 

Saudi Arabia – 0.7%

  1,862,211      Saudi National Bank (The) (Banks)   27,309,515

 

 

 

Singapore – 0.5%

  4,343,793      Nanofilm Technologies International Ltd. (Materials)*   19,817,940

 

 

 

Slovenia – 0.3%

  720,520      Nova Ljubljanska Banka dd GDR (Banks)   11,025,847

 

 

 

South Africa – 2.4%

  1,102,220      Clicks Group Ltd. (Food & Staples Retailing)   19,942,085
  962,927      Distell Group Holdings Ltd. (Food Products)*   11,232,752
  1,713,464      JSE Ltd. (Diversified Financials)   11,986,084
  1,592,584      Mr Price Group Ltd. (Retailing)   23,696,498
  441,201      Santam Ltd. (Insurance)*   7,546,152
  7,082,837      Transaction Capital Ltd. (Diversified Financials)   17,403,439
    

 

     91,807,010

 

 

 

South Korea – 12.4%

  322,503      Fila Holdings Corp. (Consumer Durables & Apparel)   14,658,289
  327,761      Hankook Tire & Technology Co. Ltd. (Automobiles & Components)   13,795,591
  41,322      Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*   8,610,874
  104,454      KakaoBank Corp. (Banks)*   3,541,583
  25,737      Krafton, Inc. (Software & Services)*   11,142,818
  291,090      LG Electronics, Inc. (Consumer Durables & Apparel)   39,873,267
  143,760      NAVER Corp. (Media & Entertainment)   54,183,387
  72,605      NCSoft Corp. (Media & Entertainment)   52,074,043
  164,209      NHN KCP Corp. (Software & Services)*   7,531,325
  214,825      Orion Corp. (Food Products)   21,958,811
  63,318      Pearl Abyss Corp. (Media & Entertainment)*   4,076,751
  3,579,013      Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)   244,576,833
    

 

     476,023,572

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Taiwan – 11.7%

  370,000      ASMedia Technology, Inc. (Semiconductors & Semiconductor Equipment)   $     26,041,632
  3,162,680      Chailease Holding Co. Ltd. (Diversified Financials)*   26,245,902
  1,039,000      MediaTek, Inc. (Semiconductors & Semiconductor Equipment)   33,973,063
  375,600      momo.com, Inc. (Retailing)   20,952,476
  961,000      Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)   16,134,522
  94,147      Sea Ltd. ADR (Media &
Entertainment)*
  25,999,636
  12,577,883      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   262,871,465
  1,480,000      Taiwan Union Technology Corp. (Technology Hardware & Equipment)   6,176,990
  1,739,718      Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)   15,275,932
  1,326,000      Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)   16,455,256
    

 

     450,126,874

 

 

 

Thailand – 1.0%

  10,228,700      Airports of Thailand PCL (Transportation)   17,600,703
  6,684,100      Kasikornbank PCL (Banks)   20,931,943
    

 

     38,532,646

 

 

 

Turkey – 0.3%

  1,091,269      Mavi Giyim Sanayi ve Ticaret A/S Class B (Consumer Durables & Apparel)(b)   6,929,690
  3,980,988      Sok Marketler Ticaret A/S (Food & Staples Retailing)   5,413,532
    

 

     12,343,222

 

 

 

United Arab Emirates – 0.4%

  7,619,544      Abu Dhabi Commercial Bank PJSC (Banks)   14,562,215

 

 

 

United States – 0.8%

  28,097      EPAM Systems, Inc. (Software & Services)*   15,728,701
  8,343,600      Samsonite International SA (Consumer Durables & Apparel)*(b)   15,529,934
    

 

     31,258,635

 

 

 

Uruguay – 0.4%

  361,186      Dlocal Ltd. (Software & Services)*   16,303,936

 

 

 

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Vietnam – 0.4%

  3,593,283      Vietnam Dairy Products JSC (Food Products)   $     13,478,682

 

 

 
TOTAL COMMON STOCKS
(Cost $2,939,761,313)
  $3,794,714,341

 

 

    
  Exchange Traded Fund(c) – 0.8%
  755,927      iShares ESG Aware MSCI EM ETF   $     31,922,798
  (Cost $33,577,208)  

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(d) – 1.1%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  43,732,090      0.026%   $     43,732,090
  (Cost $43,732,090)  

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $3,017,070,611)
  $3,870,369,229

 

 

    
  Securities Lending Reinvestment Vehicle(d) – 0.8%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  28,948,470      0.026%   $     28,948,470
  (Cost $28,948,470)  

 

 

 
TOTAL INVESTMENTS – 101.5%
(Cost $3,046,019,081)
  $3,899,317,699

 

 

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (1.5)%

  (58,387,277)

 

 

  NET ASSETS – 100.0%   $3,840,930,422

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   All or a portion of security is on loan.
(d)   Represents an Affiliated Issuer.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

GDR  

— Global Depositary Receipt

 

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

            

 

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.5%
 

Argentina – 2.5%

  452      MercadoLibre, Inc. (Retailing)*   $     709,052

 

 

 

Brazil – 4.0%

  74,913      Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)*   125,856
  50,900      B3 SA - Brasil Bolsa Balcao (Diversified Financials)   149,038
  86,166      Banco Bradesco SA ADR (Banks)*   402,395
  62,121      Caixa Seguridade Participacoes S/A (Insurance)*   130,724
  3,438      Pagseguro Digital Ltd. Class A (Software & Services)*   190,603
  10,918      Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(a)   144,644
    

 

     1,143,260

 

 

 

China – 30.7%

  8,563      Alibaba Group Holding Ltd. ADR (Retailing)*   1,671,412
  54,000      Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)*   84,165
  15,000      ANTA Sports Products Ltd. (Consumer Durables & Apparel)   326,571
  2,026      Bilibili, Inc. ADR (Media & Entertainment)*   173,385
  94,000      China Feihe Ltd. (Food Products)(a)   180,716
  53,000      China Mengniu Dairy Co. Ltd.
(Food Products)*
  287,759
  80,500      China Merchants Bank Co. Ltd. Class H (Banks)   612,408
  3,900      Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)   334,698
  25,400      ENN Energy Holdings Ltd. (Utilities)   530,055
  6,467      Full Truck Alliance Co. Ltd. ADR (Transportation)*   61,242
  27,300      Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel)   164,635
  16,700      Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment)   95,977
  19,600      Meituan Class B (Retailing)*(a)   542,360
  53,500      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   468,170
  6,136      Qingdao Haier Biomedical Co. Ltd. Class A (Health Care Equipment & Services)   99,135
  5,900      SF Holding Co. Ltd. Class A (Transportation)   54,166
  3,000      Silergy Corp. (Semiconductors & Semiconductor Equipment)   407,054
  13,800      Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)   418,989

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

China – (continued)

  22,900      Tencent Holdings Ltd. (Media & Entertainment)   $   1,381,057
  105,000      Topsports International Holdings Ltd. (Retailing)(a)   146,532
  13,828      WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)   306,502
  148,000      Yunnan Aluminium Co. Ltd. Class A (Materials)*   327,431
  29,850      Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods)   99,127
    

 

     8,773,546

 

 

 

Egypt – 0.3%

  26,886      Commercial International Bank Egypt SAE (Banks)*   97,822

 

 

 

Greece – 0.8%

  14,485      JUMBO SA (Retailing)   230,122

 

 

 

Hong Kong – 5.0%

  47,200      AIA Group Ltd. (Insurance)   564,784
  7,967      Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)   509,169
  213,000      Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   180,943
  10,500      Techtronic Industries Co. Ltd. (Capital Goods)   187,239
    

 

     1,442,135

 

 

 

Hungary – 1.2%

  6,389      OTP Bank Nyrt. (Banks)*   344,533

 

 

 

India – 11.8%

  4,594      Avenue Supermarts Ltd. (Food & Staples Retailing)*(a)   216,360
  26,746      Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)   175,425
  3,168      Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*   209,001
  14,025      ICICI Lombard General Insurance Co. Ltd. (Insurance)(a)   278,511
  4,160      Info Edge India Ltd. (Media & Entertainment)   292,224
  33,714      Infosys Ltd. ADR (Software & Services)   745,754
  11,409      Kotak Mahindra Bank Ltd. (Banks)*   254,365
  11,321      SBI Life Insurance Co. Ltd. (Insurance)(a)   167,498
  15,705      Sona Blw Precision Forgings Ltd. (Automobiles & Components)*(a)   92,702
  38,155      Tata Consumer Products Ltd. (Food Products)   388,174

 

 

 

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

India – (continued)

  35,941      Wipro Ltd. (Software & Services)   $       284,065
  159,272      Zomato Ltd. (Retailing)*   285,733
    

 

     3,389,812

 

 

 

Indonesia – 1.5%

  611,200      Bank BTPN Syariah Tbk. PT (Banks)   100,192
  160,400      Bank Central Asia Tbk. PT (Banks)   331,123
    

 

     431,315

 

 

 

Mexico – 3.0%

  51,499      Arca Continental SAB de CV (Food Products)   311,639
  57,665      Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)   93,365
  134,500      Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)   443,373
    

 

     848,377

 

 

 

Peru – 0.3%

  4,131      Intercorp Financial Services, Inc. (Banks)   84,066

 

 

 

Philippines – 1.1%

  20,160      Jollibee Foods Corp. (Consumer Services)   76,631
  770,700      Monde Nissin Corp. (Food Products)*(a)   227,887
    

 

     304,518

 

 

 

Poland – 1.7%

  10,042      InPost SA (Transportation)*   196,904
  29,308      Powszechna Kasa Oszczednosci Bank Polski SA (Banks)*   287,879
    

 

     484,783

 

 

 

Russia – 5.7%

  77,000      Detsky Mir PJSC (Retailing)(a)   147,702
  61,930      Moscow Exchange MICEX-RTS PJSC (Diversified Financials)   146,600
  5,154      Ozon Holdings plc ADR (Retailing)*   269,090
  17,044      Sberbank of Russia PJSC ADR (Banks)   283,467
  5,106      TCS Group Holding plc GDR (Banks)   422,652
  5,442      Yandex NV Class A (Media & Entertainment)*   369,675
    

 

        1,639,186

 

 

 

Saudi Arabia – 0.8%

  14,876      Saudi National Bank (The) (Banks)   218,158

 

 

 

South Africa – 2.4%

  18,399      Clicks Group Ltd. (Food & Staples Retailing)   332,887
  16,787      Mr Price Group Ltd. (Retailing)   249,778

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

South Africa – (continued)

  6,479      Santam Ltd. (Insurance)*   $       110,815
    

 

     693,480

 

 

 

South Korea – 12.6%

  762      KakaoBank Corp. (Banks)*   25,836
  189      Krafton, Inc. (Software & Services)*   81,827
  3,378      LG Electronics, Inc. (Consumer Durables & Apparel)   462,716
  1,423      NAVER Corp. (Media & Entertainment)   536,331
  606      NCSoft Corp. (Media & Entertainment)   434,638
  1,579      Orion Corp. (Food Products)   161,401
  938      Pearl Abyss Corp. (Media & Entertainment)*   60,393
  26,778      Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)   1,829,912
    

 

     3,593,054

 

 

 

Taiwan – 11.8%

  38,440      Chailease Holding Co. Ltd. (Diversified Financials)*   318,999
  11,000      MediaTek, Inc. (Semiconductors & Semiconductor Equipment)   359,676
  6,000      Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)   100,736
  896      Sea Ltd. ADR (Media & Entertainment)*   247,440
  106,000      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   2,215,347
  12,000      Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)   148,916
    

 

     3,391,114

 

 

 

Thailand – 1.2%

  94,000      Airports of Thailand PCL (Transportation)   161,747
  54,900      Kasikornbank PCL (Banks)   171,925
    

 

     333,672

 

 

 

United Arab Emirates – 0.5%

  75,735      Abu Dhabi Commercial Bank PJSC (Banks)   144,742

 

 

 

United States – 0.6%

  300      EPAM Systems, Inc. (Software & Services)*   167,940

 

 

 
TOTAL COMMON STOCKS
(Cost $28,495,609)
  $  28,464,687

 

 

 

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares     

Dividend

Rate

  Value
  Investment Company(b) – 0.4%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  113,743      0.026%   $     113,743
  (Cost $113,743)  

 

 

 
TOTAL INVESTMENTS – 99.9%
(Cost $28,609,352)
  $28,578,430

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.1%

  19,506

 

 

  NET ASSETS – 100.0%   $28,597,936

 

 

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

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

GDR  

— Global Depositary Receipt

 

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

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 95.8%
 

Denmark – 3.3%

  96,819      Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)   $    8,962,666

 

 

 

Finland – 1.7%

  75,838      Neste OYJ (Energy)   4,661,826

 

 

 

France – 6.4%

  159,540      BNP Paribas SA (Banks)   9,728,621
  70,036      Vinci SA (Capital Goods)   7,415,031
    

 

     17,143,652

 

 

 

Germany – 2.5%

  176,741      Infineon Technologies AG (Semiconductors & Semiconductor Equipment)   6,754,012

 

 

 

Japan – 18.0%

  65,200      Hoya Corp. (Health Care Equipment & Services)   9,204,260
  15,800      Keyence Corp. (Technology Hardware & Equipment)   8,800,647
  70,500      Nidec Corp. (Capital Goods)   7,913,168
  463,400      ORIX Corp. (Diversified Financials)   8,107,374
  98,100      Recruit Holdings Co. Ltd. (Commercial & Professional Services)   5,084,587
  62,100      Shiseido Co. Ltd. (Household & Personal Products)   4,150,498
  154,773      Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   5,151,856
    

 

     48,412,390

 

 

 

Netherlands – 5.1%

  86,437      Aalberts NV (Capital Goods)   5,269,471
  41,848      Koninklijke DSM NV (Materials)   8,435,787
    

 

     13,705,258

 

 

 

Singapore – 2.1%

  246,580      DBS Group Holdings Ltd. (Banks)   5,517,561

 

 

 

Spain – 12.5%

  52,106      Amadeus IT Group SA (Software & Services)*   3,417,154
  1,383,577      Banco Bilbao Vizcaya Argentaria SA (Banks)   8,856,948
  175,217      Cellnex Telecom SA (Telecommunication Services)(a)   11,427,065
  808,831      Iberdrola SA (Utilities)   9,734,356
  19,698      Iberdrola SA (Utilities)*   237,067
    

 

     33,672,590

 

 

 

Sweden – 2.2%

  358,878      Hexagon AB Class B (Technology Hardware & Equipment)   5,940,722

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Switzerland – 9.3%

  105,786      Nestle SA (Registered) (Food Products)   $  13,395,647
  28,705      Zurich Insurance Group AG (Insurance)   11,573,133
    

 

     24,968,780

 

 

 

Taiwan – 3.0%

  70,395      Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)   8,210,873

 

 

 

United Kingdom – 23.6%

  90,305      AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)   10,376,937
  175,435      Compass Group plc (Consumer Services)*   3,706,921
  1,405,270      DS Smith plc (Materials)   8,255,097
  221,758      Experian plc (Commercial & Professional Services)   9,763,077
  107,273      Farfetch Ltd. Class A (Retailing)*   5,376,523
  1,062,428      Informa plc (Media & Entertainment)*   7,300,281
  55,655      InterContinental Hotels Group plc (Consumer Services)*   3,675,657
  85,364      Reckitt Benckiser Group plc (Household & Personal Products)   6,530,316
  1,095,058      Rentokil Initial plc (Commercial & Professional Services)   8,626,303
    

 

     63,611,112

 

 

 

United States – 6.1%

  57,683      Ferguson plc (Capital Goods)   8,086,527
  50,047      Schneider Electric SE (Capital Goods)   8,382,298
    

 

     16,468,825

 

 

 
TOTAL COMMON STOCKS
(Cost $219,131,717)
  $258,030,267

 

 

 

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

Shares   

Dividend

Rate

  Value
Investment Company(b) – 2.1%

Goldman Sachs Financial Square Government Fund — Institutional Shares

5,716,173    0.026%   $    5,716,173
(Cost $5,716,173)  

 

TOTAL INVESTMENTS – 97.9%
(Cost $224,847,890)
  $263,746,440

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 2.1%

  5,634,824

 

NET ASSETS – 100.0%   $269,381,264

 

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

 

 

Investment Abbreviation:
ADR  

— American Depositary Receipt

 

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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Schedule of Investments

July 31, 2021 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 96.9%
 

Australia – 8.7%

  51,203      Rio Tinto plc (Materials)   $  4,349,201
  344,369      Sydney Airport (Transportation)*   1,981,560
  92,883      Westpac Banking Corp. (Banks)   1,668,406
    

 

     7,999,167

 

 

 

Denmark – 2.7%

  27,167      Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)   2,514,886

 

 

 

Finland – 4.5%

  351,262      Nordea Bank Abp (Banks)   4,113,423

 

 

 

France – 14.7%

  56,920      BNP Paribas SA (Banks)   3,470,936
  20,712      Gecina SA (REIT)   3,284,739
  62,104      Klepierre SA (REIT)   1,503,659
  26,271      Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)   2,707,839
  24,299      Vinci SA (Capital Goods)   2,572,646
    

 

     13,539,819

 

 

 

Germany – 3.2%

  43,999      Vonovia SE (Real Estate)   2,929,407

 

 

 

Italy – 4.9%

  260,076      Enel SpA (Utilities)   2,396,741
  173,917      UniCredit SpA (Banks)   2,080,286
    

 

     4,477,027

 

 

 

Japan – 5.5%

  100,400      ORIX Corp. (Diversified Financials)   1,756,539
  58,400      Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)   1,943,933
  26,200      Trend Micro, Inc. (Software & Services)   1,364,054
    

 

     5,064,526

 

 

 

Netherlands – 5.1%

  143,920      ING Groep NV (Banks)   1,846,594
  401,245      Koninklijke KPN NV (Telecommunication Services)   1,316,635
  78,454      Royal Dutch Shell plc Class A (Energy)   1,576,999
    

 

     4,740,228

 

 

 

Singapore – 3.6%

  76,100      DBS Group Holdings Ltd. (Banks)   1,702,840
  190,200      Singapore Exchange Ltd. (Diversified Financials)   1,664,247
    

 

     3,367,087

 

 

 

Spain – 3.5%

  267,514      Iberdrola SA (Utilities)   3,219,556

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Switzerland – 11.6%

  23,166      Nestle SA (Registered) (Food Products)   $  2,933,503
  6,544      Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)   2,528,027
  558      SGS SA (Registered) (Commercial & Professional Services)   1,806,066
  8,427      Zurich Insurance Group AG (Insurance)   3,397,554
    

 

     10,665,150

 

 

 

Taiwan – 2.8%

  122,000      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   2,549,739

 

 

 

United Kingdom – 18.1%

  33,763      AstraZeneca plc (Pharmaceuticals, Biotechnology & Life Sciences)   3,879,702
  570,898      BP plc (Energy)   2,291,598
  37,757      Coca-Cola Europacific Partners plc (Food Products)   2,343,200
  388,725      DS Smith plc (Materials)   2,283,520
  179,816      National Grid plc (Utilities)   2,299,147
  19,108      Reckitt Benckiser Group plc (Household & Personal Products)   1,461,756
  37,058      Unilever plc (Household & Personal Products)   2,132,745
    

 

     16,691,668

 

 

 

United States – 8.0%

  21,097      Ferguson plc (Capital Goods)   2,957,569
  11,392      Schneider Electric SE (Capital Goods)   1,908,029
  27,252      Swiss Re AG (Insurance)   2,470,681
    

 

     7,336,279

 

 

 
TOTAL COMMON STOCKS
(Cost $79,736,458)
  $89,207,962

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(a) – 2.2%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  2,039,249      0.026%   $  2,039,249
  (Cost $2,039,249)  

 

 

 
TOTAL INVESTMENTS – 99.1%
(Cost $81,775,707)
  $91,247,211

 

 

 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.9%
  794,543

 

 

  NET ASSETS – 100.0%   $92,041,754

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   Represents an Affiliated Issuer.

 

 

Investment Abbreviation:
REIT  

— Real Estate Investment Trust

 

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of July 31, 2021:

 

                                                                    
CHINA EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 10,278,261        $ 131,265,459        $             —  

Investment Company

       2,089,381                    

Securities Lending Reinvestment Vehicle

       819,660                    
Total      $ 13,187,302        $ 131,265,459        $  
EMERGING MARKETS EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 79,820,926        $ 25,399,545        $  

Asia

       509,691,321          2,642,275,507           

Europe

       59,745,331          97,492,269           

North America

       83,388,836          15,529,934           

South America

       258,379,656          22,991,016           

Exchange Traded Fund

       31,922,798                    

Investment Company

       43,732,090                    

Securities Lending Reinvestment Vehicle

       28,948,470                    
Total      $ 1,095,629,428        $ 2,803,688,271        $  
ESG EMERGING MARKETS EQUITY               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 693,480        $ 97,822        $  

Asia

       4,929,842          18,731,410           

Europe

                1,059,438           

North America

       1,016,317                    

South America

       1,936,378                    

Investment Company

       113,743                    
Total      $ 8,689,760        $ 19,888,670        $  
INTERNATIONAL EQUITY ESG               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 8,210,873        $ 53,929,951        $  

Europe

       11,317,245          168,103,373           

North America

                16,468,825           

Investment Company

       5,716,173                    
Total      $ 25,244,291        $ 238,502,149        $  
INTERNATIONAL EQUITY INCOME               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $        $ 10,981,352        $  

Australia and Oceania

                7,999,167           

Europe

       2,343,200          60,547,964           

North America

                7,336,279           

Investment Company

       2,039,249                    
Total      $ 4,382,449        $ 86,864,762        $  

 

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

Each of the China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

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

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’ performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

Schedule of Investments (continued)

July 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they 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 the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds 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.

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

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