FOR VALIDATION PURPOSES ONLY - [140180.TX]
GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments
July 31, 2021 (Unaudited)
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Description |
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Value |
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Common Stocks – 98.2% |
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China – 91.5% |
| |
128,850 |
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Aier Eye Hospital Group Co. Ltd. Class A (Health Care Equipment & Services) |
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$ 1,176,543 |
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330,100 |
|
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Alibaba Group Holding Ltd. (Retailing)* |
|
8,061,951 |
| |
20,982 |
|
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Alibaba Group Holding Ltd. ADR (Retailing)* |
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4,095,477 |
| |
520,000 |
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Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
|
810,476 |
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20,000 |
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ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
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435,427 |
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495,956 |
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Bank of Ningbo Co. Ltd. Class A (Banks) |
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2,492,138 |
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331,296 |
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Baoshan Iron & Steel Co. Ltd. Class A (Materials) |
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406,180 |
| |
26,260 |
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Bilibili, Inc. Class Z (Media & Entertainment)* |
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2,248,341 |
| |
4,619,000 |
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China Construction Bank Corp. Class H (Banks) |
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3,217,336 |
| |
403,000 |
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China Feihe Ltd. (Food Products)(a) |
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774,772 |
| |
533,000 |
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China Mengniu Dairy Co. Ltd. (Food Products)* |
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2,893,878 |
| |
131,500 |
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China Merchants Bank Co. Ltd. Class A (Banks) |
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949,212 |
| |
535,500 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
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4,073,848 |
| |
321,800 |
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China Vanke Co. Ltd. Class A (Real Estate) |
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1,031,005 |
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425,000 |
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China Vanke Co. Ltd. Class H (Real Estate) |
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1,107,149 |
| |
312,500 |
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CITIC Securities Co. Ltd. Class H (Diversified Financials) |
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695,931 |
| |
62,498 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
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5,363,577 |
| |
73,380 |
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East Money Information Co. Ltd. Class A (Diversified Financials) |
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353,902 |
| |
64,900 |
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Ecovacs Robotics Co. Ltd. Class A (Consumer Durables & Apparel) |
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1,722,142 |
| |
95,800 |
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ENN Energy Holdings Ltd. (Utilities) |
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1,999,183 |
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806,266 |
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Focus Media Information Technology Co. Ltd. Class A (Media & Entertainment) |
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940,460 |
| |
24,346 |
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Full Truck Alliance Co. Ltd. ADR (Transportation)*(b) |
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230,557 |
| |
124,800 |
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Ganfeng Lithium Co. Ltd. Class H (Materials)(a) |
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2,686,137 |
| |
93,400 |
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GDS Holdings Ltd. Class A (Software & Services)* |
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692,518 |
| |
556,000 |
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Geely Automobile Holdings Ltd. (Automobiles & Components) |
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1,865,040 |
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92,900 |
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Hangzhou Robam Appliances Co. Ltd. Class A (Consumer Durables & Apparel) |
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560,240 |
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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29,000 |
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Hangzhou Tigermed Consulting Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
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$ 563,194 |
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163,510 |
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Hongfa Technology Co. Ltd. Class A (Capital Goods) |
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1,666,816 |
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332,247 |
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Jiangsu Changshu Rural Commercial Bank Co. Ltd. Class A (Banks) |
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303,161 |
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151,434 |
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Jiangsu Hengrui Medicine Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences) |
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1,279,578 |
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508,000 |
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Jiumaojiu International Holdings Ltd. (Consumer Services)(a) |
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1,516,037 |
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132,028 |
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Juewei Food Co. Ltd. Class A (Food Products) |
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1,398,893 |
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442,000 |
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Kingdee International Software Group Co. Ltd. (Software & Services)* |
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1,380,448 |
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18,640 |
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Kweichow Moutai Co. Ltd. Class A (Food Products) |
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4,854,965 |
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228,674 |
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Luxshare Precision Industry Co. Ltd. Class A (Technology Hardware & Equipment) |
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1,314,214 |
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181,100 |
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Meituan Class B (Retailing)*(a) |
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5,011,295 |
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60,600 |
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Midea Group Co. Ltd. Class A (Consumer Durables & Apparel) |
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597,773 |
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626,000 |
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Minth Group Ltd. (Automobiles & Components) |
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2,647,376 |
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401,500 |
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Nayuki Holdings Ltd. (Consumer Services)* |
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583,820 |
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135,300 |
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NetEase, Inc. (Media & Entertainment) |
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2,691,147 |
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6,957 |
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NetEase, Inc. ADR (Media & Entertainment) |
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711,075 |
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543,160 |
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Ping An Bank Co. Ltd. Class A (Banks) |
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1,489,188 |
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260,000 |
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Ping An Insurance Group Co. of China Ltd. Class H (Insurance) |
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2,275,220 |
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283,401 |
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Sany Heavy Industry Co. Ltd. Class A (Capital Goods) |
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1,093,689 |
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96,500 |
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SF Holding Co. Ltd. Class A (Transportation) |
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885,928 |
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244,778 |
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Shenzhen Inovance Technology Co. Ltd.
Class A (Capital Goods) |
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2,960,974 |
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35,900 |
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Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Services) |
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2,178,039 |
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104,174 |
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Shenzhen Sunway Communication Co. Ltd. Class A (Technology Hardware & Equipment) |
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418,473 |
| |
116,912 |
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Sungrow Power Supply Co. Ltd. Class A (Capital Goods) |
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3,052,357 |
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GOLDMAN SACHS CHINA EQUITY FUND
Schedule of Investments (continued)
July 31, 2021 (Unaudited)
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Description |
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Value |
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Common Stocks – (continued) |
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China – (continued) |
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69,500 |
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Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |
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$ 2,110,126 |
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187,600 |
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Tencent Holdings Ltd. (Media & Entertainment) |
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11,313,808 |
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1,011,000 |
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Topsports International Holdings Ltd. (Retailing)(a) |
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1,410,897 |
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194,000 |
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Tsingtao Brewery Co. Ltd. Class H (Food Products) |
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1,533,327 |
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311,452 |
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Universal Scientific Industrial Shanghai Co. Ltd. Class A (Technology Hardware & Equipment) |
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663,196 |
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97,100 |
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Wanhua Chemical Group Co. Ltd. Class A (Materials) |
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1,717,257 |
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958,000 |
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Weimob, Inc. (Software & Services)*(a) |
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1,299,739 |
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34,632 |
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Will Semiconductor Co. Ltd. Shanghai Class A (Semiconductors & Semiconductor Equipment) |
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1,626,499 |
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109,128 |
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WuXi AppTec Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a) |
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2,418,856 |
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265,000 |
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Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) |
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4,047,678 |
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43,523 |
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XPeng, Inc. ADR (Automobiles & Components)* |
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1,763,987 |
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45,400 |
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XPeng, Inc. Class A (Automobiles & Components)* |
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871,645 |
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234,978 |
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Yantai Jereh Oilfield Services Group Co. Ltd. Class A (Energy) |
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1,378,069 |
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90,507 |
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Yatsen Holding Ltd. ADR (Household & Personal Products)*(b) |
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610,017 |
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728,170 |
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Yunnan Aluminium Co. Ltd. Class A (Materials)* |
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1,610,984 |
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79,820 |
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Yunnan Energy New Material Co. Ltd. (Materials) |
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3,080,118 |
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9,762 |
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Zai Lab Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)* |
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1,411,683 |
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334,419 |
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Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A (Capital Goods) |
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1,110,557 |
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131,735,523 |
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Hong Kong – 5.4% |
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134,600 |
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AIA Group Ltd. (Insurance) |
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1,610,592 |
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124,500 |
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ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment) |
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1,605,266 |
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25,901 |
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Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) |
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1,655,325 |
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Description |
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Value |
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Common Stocks – (continued) |
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Hong Kong – (continued) |
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1,637,500 |
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Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |
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$ 1,391,052 |
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92,500 |
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Techtronic Industries Co. Ltd. (Capital Goods) |
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1,649,487 |
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7,911,722 |
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Taiwan – 1.3% |
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58,000 |
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MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |
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1,896,475 |
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TOTAL COMMON STOCKS
(Cost $129,814,425) |
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$141,543,720 |
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| Shares |
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Dividend
Rate |
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Value |
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Investment Company(c) – 1.5% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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2,089,381 |
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0.026% |
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$ 2,089,381 |
| |
(Cost $2,089,381) |
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TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $131,903,806) |
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$143,633,101 |
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Securities Lending Reinvestment Vehicle(c) – 0.6% |
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Goldman Sachs Financial Square Government Fund —
Institutional
Shares |
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819,660 |
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0.026% |
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$ 819,660 |
| |
(Cost $819,660) |
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TOTAL INVESTMENTS – 100.3%
(Cost $132,723,466) |
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$144,452,761 |
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LIABILITIES IN EXCESS OF
OTHER ASSETS
– (0.3)% |
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(474,227) |
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NET ASSETS – 100.0% |
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$143,978,534 |
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| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
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| * |
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Security is currently in default and/or non-income producing. |
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| (a) |
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Exempt from registration under Rule 144A of the Securities Act of 1933. |
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| (b) |
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All or a portion of security is on loan. |
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| (c) |
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Represents an Affiliated Issuer. |
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| Investment Abbreviation: |
| ADR |
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— American Depositary Receipt |
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For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384
or visit us on the web at www.GSAMFUNDS.com. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
Schedule of Investments
July 31, 2021 (Unaudited)
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| Shares |
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Description |
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Value |
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Common Stocks – 98.8% |
| |
Argentina – 1.7% |
| |
41,201 |
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MercadoLibre, Inc. (Retailing)* |
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$ 64,632,009 |
| |
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Brazil – 5.0% |
| |
6,669,961 |
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Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA (Capital Goods)* |
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11,205,714 |
| |
4,317,057 |
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Atacadao SA (Food & Staples Retailing) |
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15,740,587 |
| |
2,726,200 |
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B3 SA - Brasil Bolsa Balcao (Diversified Financials) |
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7,982,441 |
| |
343,814 |
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Banco Bradesco SA ADR (Banks)* |
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1,605,611 |
| |
4,937,854 |
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Banco Bradesco SA (Preference) (Banks)*,(a) |
|
22,991,016 |
| |
1,028,548 |
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Blau Farmaceutica SA (Pharmaceuticals, Biotechnology & Life Sciences)* |
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10,170,445 |
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5,684,624 |
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Boa Vista Servicos SA (Commercial & Professional Services) |
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12,650,083 |
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6,214,560 |
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Caixa Seguridade Participacoes S/A (Insurance)* |
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13,077,632 |
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1,500,546 |
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Clear Sale SA (Software & Services)* |
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8,211,119 |
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4,535,100 |
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Locaweb Servicos de Internet SA (Software & Services)*(b) |
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21,690,461 |
| |
222,603 |
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Pagseguro Digital Ltd. Class A (Software & Services)* |
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12,341,110 |
| |
2,853,199 |
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Qualicorp Consultoria e Corretora de Seguros SA (Health Care Equipment & Services) |
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14,106,442 |
| |
1,772,486 |
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Rede D’Or Sao Luiz SA (Health Care Equipment & Services)*(b) |
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23,482,270 |
| |
667,454 |
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VTEX Class A (Media & Entertainment)* |
|
16,352,623 |
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|
191,607,554 |
| |
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| |
China – 30.5% |
| |
1,037,555 |
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Alibaba Group Holding Ltd. ADR (Retailing)* |
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202,520,360 |
| |
7,350,000 |
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Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)* |
|
11,455,767 |
| |
1,887,000 |
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ANTA Sports Products Ltd. (Consumer Durables & Apparel) |
|
41,082,576 |
| |
334,710 |
|
|
Bilibili, Inc. ADR (Media & Entertainment)* |
|
28,644,482 |
| |
9,050,000 |
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China Feihe Ltd. (Food Products)(b) |
|
17,398,721 |
| |
5,261,000 |
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China Mengniu Dairy Co. Ltd. (Food Products)* |
|
28,564,147 |
| |
9,875,500 |
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China Merchants Bank Co. Ltd. Class H (Banks) |
|
75,128,449 |
| |
416,932 |
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Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods) |
|
35,781,096 |
| |
192,234 |
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Daqo New Energy Corp. ADR (Semiconductors & Semiconductor Equipment)* |
|
11,389,864 |
| |
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| Shares |
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Description |
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Value |
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Common Stocks – (continued) |
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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)
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| Shares |
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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.